# EDGAR Filing Document

**Accession Number:** 0001657201
**File Stem:** 0001193125-26-203109
**Filing Date:** 2026-5
**Character Count:** 5583318
**Document Hash:** 759b7bf668dcfaca377245233f1c39ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-203109.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001193125-26-203109

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**EFFECTIVENESS DATE**: 20260504

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23304
- **FILM NUMBER:** 26935386

**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 2027 Corporate Bond ETF (Series ID: S000060831)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000197647 | Invesco BulletShares 2027 Corporate Bond ETF | BSCR            |

### Invesco BulletShares 2026 Corporate Bond ETF (Series ID: S000060840)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000197656 | Invesco BulletShares 2026 Corporate Bond ETF | BSCQ            |

### Invesco Bloomberg Pricing Power ETF (Series ID: S000060841)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000197657 | Invesco Bloomberg Pricing Power ETF | POWA            |

### Invesco Investment Grade Defensive ETF (Series ID: S000062197)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000201205 | Invesco Investment Grade Defensive ETF | IIGD            |

### Invesco BulletShares 2028 Corporate Bond ETF (Series ID: S000062551)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000202950 | Invesco BulletShares 2028 Corporate Bond ETF | BSCS            |

### Invesco BulletShares 2026 High Yield Corporate Bond ETF (Series ID: S000062552)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000202951 | Invesco BulletShares 2026 High Yield Corporate Bond ETF | BSJQ            |

### Invesco RAFI(TM) Strategic US ETF (Series ID: S000062831)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000203478 | Invesco RAFI(TM) Strategic US ETF | IUS             |

### Invesco BulletShares 2028 Municipal Bond ETF (Series ID: S000062841)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000203488 | Invesco BulletShares 2028 Municipal Bond ETF | BSMS            |

### Invesco BulletShares 2026 Municipal Bond ETF (Series ID: S000062848)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000203495 | Invesco BulletShares 2026 Municipal Bond ETF | BSMQ            |

### Invesco BulletShares 2027 Municipal Bond ETF (Series ID: S000062849)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000203496 | Invesco BulletShares 2027 Municipal Bond ETF | BSMR            |

### Invesco Russell 1000(R) Dynamic Multifactor ETF (Series ID: S000064607)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000209106 | Invesco Russell 1000(R) Dynamic Multifactor ETF | OMFL            |

### Invesco Russell 2000(R) Dynamic Multifactor ETF (Series ID: S000064608)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000209109 | Invesco Russell 2000(R) Dynamic Multifactor ETF | OMFS            |

### Invesco BulletShares 2029 Corporate Bond ETF (Series ID: S000066016)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000213440 | Invesco BulletShares 2029 Corporate Bond ETF | BSCT            |

### Invesco BulletShares 2027 High Yield Corporate Bond ETF (Series ID: S000066017)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000213441 | Invesco BulletShares 2027 High Yield Corporate Bond ETF | BSJR            |

### Invesco BulletShares 2029 Municipal Bond ETF (Series ID: S000066147)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000213743 | Invesco BulletShares 2029 Municipal Bond ETF | BSMT            |

### Invesco BulletShares 2030 Municipal Bond ETF (Series ID: S000066148)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000213744 | Invesco BulletShares 2030 Municipal Bond ETF | BSMU            |

### Invesco BulletShares 2028 High Yield Corporate Bond ETF (Series ID: S000069362)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000221367 | Invesco BulletShares 2028 High Yield Corporate Bond ETF | BSJS            |

### Invesco BulletShares 2030 Corporate Bond ETF (Series ID: S000069363)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000221368 | Invesco BulletShares 2030 Corporate Bond ETF | BSCU            |

### Invesco International Developed Dynamic Multifactor ETF (Series ID: S000070974)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000225365 | Invesco International Developed Dynamic Multifactor ETF | IMFL            |

### Invesco BulletShares 2031 Corporate Bond ETF (Series ID: S000073018)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000229787 | Invesco BulletShares 2031 Corporate Bond ETF |  |

### 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 |  |

### Invesco BulletShares 2031 Municipal Bond ETF (Series ID: S000073020)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000229789 | Invesco BulletShares 2031 Municipal Bond ETF |  |

### Invesco BulletShares 2032 Corporate Bond ETF (Series ID: S000077356)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000237719 | Invesco BulletShares 2032 Corporate Bond ETF |  |

### Invesco BulletShares 2030 High Yield Corporate Bond ETF (Series ID: S000077357)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000237720 | Invesco BulletShares 2030 High Yield Corporate Bond ETF |  |

### Invesco BulletShares 2032 Municipal Bond ETF (Series ID: S000077358)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000237721 | Invesco BulletShares 2032 Municipal Bond ETF |  |

### Invesco BulletShares 2033 Corporate Bond ETF (Series ID: S000081672)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000244604 | Invesco BulletShares 2033 Corporate Bond ETF |  |

### Invesco BulletShares 2031 High Yield Corporate Bond ETF (Series ID: S000081673)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000244605 | Invesco BulletShares 2031 High Yield Corporate Bond ETF |  |

### Invesco BulletShares 2033 Municipal Bond ETF (Series ID: S000081674)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000244606 | Invesco BulletShares 2033 Municipal Bond ETF |  |

### Invesco BulletShares 2034 Corporate Bond ETF (Series ID: S000085324)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000250315 | Invesco BulletShares 2034 Corporate Bond ETF |  |

### Invesco BulletShares 2032 High Yield Corporate Bond ETF (Series ID: S000085325)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000250316 | Invesco BulletShares 2032 High Yield Corporate Bond ETF |  |

### Invesco BulletShares 2034 Municipal Bond ETF (Series ID: S000087650)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000253524 | Invesco BulletShares 2034 Municipal Bond ETF |  |

### Invesco BulletShares 2035 Corporate Bond ETF (Series ID: S000093055)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000261115 | Invesco BulletShares 2035 Corporate Bond ETF |  |

### Invesco BulletShares 2033 High Yield Corporate Bond ETF (Series ID: S000093056)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000261116 | Invesco BulletShares 2033 High Yield Corporate Bond ETF |  |

### Invesco BulletShares 2035 Municipal Bond ETF (Series ID: S000095230)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000263929 | Invesco BulletShares 2035 Municipal Bond ETF |  |

?xml version='1.0' encoding='ASCII'? b4561572-17f0-43d3-b40e-da617812e1b7

19.9 9.8 9.3 9.0 8.2 6.1 5.4 5.2 4.5 4.4 4.4 11.4 2.4 6.5 8.1 30.7 8.7 5.8 6.0 1.7 12.4 11.5 8.3 10.5 15.7 13.1 8.9 6.3 3.8 9.0 8.9 3.1 2.2 17.6 5.4 14.0 7.1 10.3 7.6 11.9 10.8 2.8 11.2 5.5 7.6 4.3 4.4 32.8 17.6 5.0 7.3 6.5 27.3 2.9 19.8 10.2 5.0 3.3 5.4 10.5 9.5 4.4 15.2 11.1 20.7 10.7 9.9 12.2 3.5 10.2 9.3 14.2 13.2 11.1 3.6 10.1 9.4 10.3 2.7 7.6 18.9 4.7 10.8 3.9 2.4 7.1 8.9 1.2 1.2 6.3 4.9 3.9 14.2 3.8 3.0 7.0 0.2 4.3 5.8 4.6 7.0 14.3 13.9 11.5 4.0 8.8 7.3 11.2 12.2 8.1 12.1 9.3 7.0 8.3 4.8 4.4 6.1 10.4 5.3 4.0 28.3 3.1 4.9 6.9 6.1 9.7 3.2 7.9 3.2 15.6 14.5 15.5 13.2 1.1 14.0 41.4 10.4 1.5 10.4 1.6 13.6 2.3 8.5 19.1 17.0 1.5 1.3 15.2 13.9 0.9 3.0 2.2 16.2 17.5 5.5 8.4 9.4 3.0 5.3 16.5 14.1 19.2 7.5 7.7 1.9 14.2 1.7 5.3 17.0 7.6 6.1 6.7 6.6 20.2 11.8 9.9 19.8 8.0 13.1 5.0 9.8 6.8 1.1 3.2 6.5 3.2 9.1 3.7 11.6 14.2 4.4 17.2 11.8 7.6 14.6 9.5 6.7 5.7 2.5 16.6 8.0 10.7 0.8 0.3 4.8 16.2 4.3 7.5 5.0 6.1 9.3 1.7 3.5 15.6 3.6 5.0 28.0 7.6 3.3 7.7 2.8 11.6 4.2 5.0 1.2 15.6 3.2 1.5 3.8 9.7 2.9 10.7 8.2 4.6 8.7 10.6 14.0 30.3 3.5 6.3 6.4 3.7 13.0 2.3 20.6 1.0 7.4 8.7 16.4 10.1 7.1 6.5 1.3 3.7 2.4 3.4 3.2 12.8 13.0 7.1 7.4 1.8 4.4 3.6 0.1 0.3 10.0 13.1 17.8 9.6 5.8 7.7 10.0 5.6 3.6 5.8 1.0 9.7 3.9 2.1 2.1 5.4 8.5 9.8 16.3 5.4 10.1 11.6 8.3 2.3 10.0 12.6 20.0 3.1 6.8 3.7 5.5 4.4 7.5 2.5 11.5 13.50 4.7 10.8 5.3 4.0 9.4 3.7 4.1 2.4 6.4 7.2 9.5 4.3 12.2 6.1 7.5 10.3 4.3 3.9 3.1 11.7 15.5 3.6 10.0 10.1 3.5 0.2 15.2 2.1 9.2 9.4 8.7 7.9 9.9 2.3 2.1 13.4 5.1 5.6 6.9 7.9 1.3 6.6 12.3 6.1 8.2 21.1 4.5 7.90 15.5 1.0 3.2 6.2 16.0 14.0 3.3 6.8 11.9 4.1 8.9 7.6 1.0 4.3 4.2 6.3 8.8 12.0 2.2 7.3 9.2 2.0 12.3 7.1 1.1 13.2 14.6 5.6 8.3 16.4 9.7 6.30 5.4 5.8 4.6 3.7 13.1 7.30 8.7 4.0 10.9 10.3 1.3 5.2 7.5 8.5 12.1 3.3 6.4 2.8 6.7 1.3 6.2 3.4 3.6 8.5 9.1 15.0 4.4 23.3 8.1 10.3 2.2 1.1 5.3 9.7 0001657201 false N-1A N-CSRS NYSEArca NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NYSEArca CboeBZX NASDAQ CboeBZX CboeBZX NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ NASDAQ 0001657201 ietsift:C000197647Member 2025-08-29 2026-02-28 0001657201 ietsift:C000197656Member 2025-08-29 2026-02-28 0001657201 ietsift:C000197657Member 2025-08-29 2026-02-28 0001657201 ietsift:C000201205Member 2025-08-29 2026-02-28 0001657201 ietsift:C000202950Member 2025-08-29 2026-02-28 0001657201 ietsift:C000202951Member 2025-08-29 2026-02-28 0001657201 ietsift:C000203478Member 2025-08-29 2026-02-28 0001657201 ietsift:C000203488Member 2025-08-29 2026-02-28 0001657201 ietsift:C000203495Member 2025-08-29 2026-02-28 0001657201 ietsift:C000203496Member 2025-08-29 2026-02-28 0001657201 ietsift:C000209106Member 2025-08-29 2026-02-28 0001657201 ietsift:C000209109Member 2025-08-29 2026-02-28 0001657201 ietsift:C000213440Member 2025-08-29 2026-02-28 0001657201 ietsift:C000213441Member 2025-08-29 2026-02-28 0001657201 ietsift:C000213743Member 2025-08-29 2026-02-28 0001657201 ietsift:C000213744Member 2025-08-29 2026-02-28 0001657201 ietsift:C000221367Member 2025-08-29 2026-02-28 0001657201 ietsift:C000221368Member 2025-08-29 2026-02-28 0001657201 ietsift:C000225365Member 2025-08-29 2026-02-28 0001657201 ietsift:C000229787Member 2025-08-29 2026-02-28 0001657201 ietsift:C000229788Member 2025-08-29 2026-02-28 0001657201 ietsift:C000229789Member 2025-08-29 2026-02-28 0001657201 ietsift:C000237719Member 2025-08-29 2026-02-28 0001657201 ietsift:C000237720Member 2025-08-29 2026-02-28 0001657201 ietsift:C000237721Member 2025-08-29 2026-02-28 0001657201 ietsift:C000244604Member 2025-08-29 2026-02-28 0001657201 ietsift:C000244605Member 2025-08-29 2026-02-28 0001657201 ietsift:C000244606Member 2025-08-29 2026-02-28 0001657201 ietsift:C000250315Member 2025-08-29 2026-02-28 0001657201 ietsift:C000250316Member 2025-08-29 2026-02-28 0001657201 ietsift:C000253524Member 2025-08-29 2026-02-28 0001657201 ietsift:C000261115Member 2025-08-29 2026-02-28 0001657201 ietsift:C000261116Member 2025-08-29 2026-02-28 0001657201 ietsift:C000263929Member 2025-08-29 2026-02-28 0001657201 2025-08-29 2026-02-28 0001657201 ietsift:C000197647Member 2026-02-28 0001657201 ietsift:C000197647Member ietsift:AmazonComInc31508222027Member 2026-02-28 0001657201 ietsift:C000197647Member ietsift:ATAndTInc23006012027Member 2026-02-28 0001657201 ietsift:C000197647Member ietsift:BankOfAmericaCorp32510212027Member 2026-02-28 0001657201 ietsift:C000197647Member ietsift:CitigroupInc44509292027Member 2026-02-28 0001657201 ietsift:C000197647Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000197647Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000197647Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000197647Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000197647Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000197647Member ietsift:GoldmanSachsGroupIncThe38501262027Member 2026-02-28 0001657201 ietsift:C000197647Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000197647Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000197647Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000197647Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000197647Member ietsift:MetaPlatformsInc35008152027Member 2026-02-28 0001657201 ietsift:C000197647Member ietsift:MicrosoftCorp33002062027Member 2026-02-28 0001657201 ietsift:C000197647Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000197647Member ietsift:MorganStanley36301202027Member 2026-02-28 0001657201 ietsift:C000197647Member ietsift:OracleCorp32511152027Member 2026-02-28 0001657201 ietsift:C000197647Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000197647Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000197647Member ietsift:WellsFargoAndCo43007222027Member 2026-02-28 0001657201 ietsift:C000197656Member 2026-02-28 0001657201 ietsift:C000197656Member ietsift:AbbVieInc29511212026Member 2026-02-28 0001657201 ietsift:C000197656Member ietsift:AerCapIrelandCapitalDACAerCapGlobalAviationTrust24510292026Member 2026-02-28 0001657201 ietsift:C000197656Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000197656Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000197656Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000197656Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000197656Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000197656Member ietsift:GoldmanSachsGroupIncThe35011162026Member 2026-02-28 0001657201 ietsift:C000197656Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000197656Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000197656Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000197656Member ietsift:JPMorganChaseAndCo29510012026Member 2026-02-28 0001657201 ietsift:C000197656Member ietsift:JPMorganChaseBankNA51112082026Member 2026-02-28 0001657201 ietsift:C000197656Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000197656Member ietsift:MicrosoftCorp24008082026Member 2026-02-28 0001657201 ietsift:C000197656Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000197656Member ietsift:MorganStanley31307272026Member 2026-02-28 0001657201 ietsift:C000197656Member ietsift:OracleCorp26507152026Member 2026-02-28 0001657201 ietsift:C000197656Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000197656Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000197656Member ietsift:WellsFargoAndCo30004222026Member 2026-02-28 0001657201 ietsift:C000197656Member ietsift:WellsFargoAndCo30010232026Member 2026-02-28 0001657201 ietsift:C000197657Member 2026-02-28 0001657201 ietsift:C000197657Member ietsift:AMETEKIncMember 2026-02-28 0001657201 ietsift:C000197657Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000197657Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000197657Member ietsift:CumminsIncMember 2026-02-28 0001657201 ietsift:C000197657Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000197657Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000197657Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000197657Member ietsift:InternationalPaperCoMember 2026-02-28 0001657201 ietsift:C000197657Member ietsift:IronMountainIncMember 2026-02-28 0001657201 ietsift:C000197657Member ietsift:JabilIncMember 2026-02-28 0001657201 ietsift:C000197657Member ietsift:KLACorpMember 2026-02-28 0001657201 ietsift:C000197657Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000197657Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000197657Member ietsift:OtherSectorsEachLessThan2Member 2026-02-28 0001657201 ietsift:C000197657Member ietsift:QuantaServicesIncMember 2026-02-28 0001657201 ietsift:C000197657Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000197657Member ietsift:SyscoCorpMember 2026-02-28 0001657201 ietsift:C000197657Member ietsift:USFoodsHoldingCorpMember 2026-02-28 0001657201 ietsift:C000197657Member ietsift:WalmartIncMember 2026-02-28 0001657201 ietsift:C000201205Member 2026-02-28 0001657201 ietsift:C000201205Member ietsift:CocaColaCoThe22501052032Member 2026-02-28 0001657201 ietsift:C000201205Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000201205Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000201205Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000201205Member ietsift:CostcoWholesaleCorp16004202030Member 2026-02-28 0001657201 ietsift:C000201205Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000201205Member ietsift:EquitableFinancialLifeGlobalFunding18003082028Member 2026-02-28 0001657201 ietsift:C000201205Member ietsift:FergusonFinancePLC45010242028Member 2026-02-28 0001657201 ietsift:C000201205Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000201205Member ietsift:FloridaPowerAndLightCo24502032032Member 2026-02-28 0001657201 ietsift:C000201205Member ietsift:GeorgiaPacificLLC23004302030Member 2026-02-28 0001657201 ietsift:C000201205Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000201205Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000201205Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000201205Member ietsift:JohnsonAndJohnson13009012030Member 2026-02-28 0001657201 ietsift:C000201205Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000201205Member ietsift:MetropolitanLifeGlobalFundingI29504092030Member 2026-02-28 0001657201 ietsift:C000201205Member ietsift:MomentivePerformanceMaterialsInc41310222028Member 2026-02-28 0001657201 ietsift:C000201205Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000201205Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000201205Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000201205Member ietsift:XilinxInc23806012030Member 2026-02-28 0001657201 ietsift:C000202950Member 2026-02-28 0001657201 ietsift:C000202950Member ietsift:AerCapIrelandCapitalDACAerCapGlobalAviationTrust30010292028Member 2026-02-28 0001657201 ietsift:C000202950Member ietsift:AmazonComInc39011202028Member 2026-02-28 0001657201 ietsift:C000202950Member ietsift:AmgenInc51503022028Member 2026-02-28 0001657201 ietsift:C000202950Member ietsift:AppleInc12002082028Member 2026-02-28 0001657201 ietsift:C000202950Member ietsift:AppleInc14008052028Member 2026-02-28 0001657201 ietsift:C000202950Member ietsift:CignaGroupThe43810152028Member 2026-02-28 0001657201 ietsift:C000202950Member ietsift:CitibankNA58009292028Member 2026-02-28 0001657201 ietsift:C000202950Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000202950Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000202950Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000202950Member ietsift:CVSHealthCorp43003252028Member 2026-02-28 0001657201 ietsift:C000202950Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000202950Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000202950Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000202950Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000202950Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000202950Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000202950Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000202950Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000202950Member ietsift:RTXCorp41311162028Member 2026-02-28 0001657201 ietsift:C000202950Member ietsift:SprintCapitalCorp68811152028Member 2026-02-28 0001657201 ietsift:C000202950Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000202951Member 2026-02-28 0001657201 ietsift:C000202951Member ietsift:AlticeFranceSA95011012029Member 2026-02-28 0001657201 ietsift:C000202951Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000202951Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000202951Member ietsift:DISHDBSCorp52512012026Member 2026-02-28 0001657201 ietsift:C000202951Member ietsift:EGGlobalFinancePLC120011302028Member 2026-02-28 0001657201 ietsift:C000202951Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000202951Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000202951Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000202951Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000202951Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000202951Member ietsift:IQVIAInc50010152026Member 2026-02-28 0001657201 ietsift:C000202951Member ietsift:LifePointHealthInc110010152030Member 2026-02-28 0001657201 ietsift:C000202951Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000202951Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000202951Member ietsift:NCRAtleosCorp95004012029Member 2026-02-28 0001657201 ietsift:C000202951Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000202951Member ietsift:SiriusXMRadioLLC31309012026Member 2026-02-28 0001657201 ietsift:C000202951Member ietsift:TalenEnergySupplyLLC86306012030Member 2026-02-28 0001657201 ietsift:C000202951Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000202951Member ietsift:VistraOperationsCoLLC77510152031Member 2026-02-28 0001657201 ietsift:C000202951Member ietsift:WESCODistributionInc72506152028Member 2026-02-28 0001657201 ietsift:C000203478Member 2026-02-28 0001657201 ietsift:C000203478Member ietsift:AlphabetIncClassAMember 2026-02-28 0001657201 ietsift:C000203478Member ietsift:AmazonComIncMember 2026-02-28 0001657201 ietsift:C000203478Member ietsift:AppleIncMember 2026-02-28 0001657201 ietsift:C000203478Member ietsift:BerkshireHathawayIncClassBMember 2026-02-28 0001657201 ietsift:C000203478Member ietsift:ChevronCorpMember 2026-02-28 0001657201 ietsift:C000203478Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000203478Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000203478Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000203478Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000203478Member ietsift:ExxonMobilCorpMember 2026-02-28 0001657201 ietsift:C000203478Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000203478Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000203478Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000203478Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000203478Member ietsift:JohnsonAndJohnsonMember 2026-02-28 0001657201 ietsift:C000203478Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000203478Member ietsift:MetaPlatformsIncClassAMember 2026-02-28 0001657201 ietsift:C000203478Member ietsift:MicrosoftCorpMember 2026-02-28 0001657201 ietsift:C000203478Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000203478Member ietsift:NVIDIACorpMember 2026-02-28 0001657201 ietsift:C000203478Member ietsift:OtherSectorsEachLessThan2Member 2026-02-28 0001657201 ietsift:C000203488Member 2026-02-28 0001657201 ietsift:C000203488Member ietsift:AdValoremPropertyTaxMember 2026-02-28 0001657201 ietsift:C000203488Member ietsift:AppropriationsMember 2026-02-28 0001657201 ietsift:C000203488Member ietsift:CollegeAndUniversityRevenueMember 2026-02-28 0001657201 ietsift:C000203488Member ietsift:ElectricPowerAndLightRevenueMember 2026-02-28 0001657201 ietsift:C000203488Member ietsift:GeneralFundMember 2026-02-28 0001657201 ietsift:C000203488Member ietsift:GrandParkwayTransportationCorpTELASupportedSeries2018ARB50010012043Member 2026-02-28 0001657201 ietsift:C000203488Member ietsift:HealthHospitalNursingHomeRevenueMember 2026-02-28 0001657201 ietsift:C000203488Member ietsift:HighwayTollsRevenueMember 2026-02-28 0001657201 ietsift:C000203488Member ietsift:IllinoisStateOfSeries2017DGOBonds50011012028Member 2026-02-28 0001657201 ietsift:C000203488Member ietsift:IncomeTaxRevenueMember 2026-02-28 0001657201 ietsift:C000203488Member ietsift:LeaseRevenueMember 2026-02-28 0001657201 ietsift:C000203488Member ietsift:LosAngelesCityOfCADepartmentOfWaterAndPowerSeries2025ARefRB50007012028Member 2026-02-28 0001657201 ietsift:C000203488Member ietsift:LosAngelesUnifiedSchoolDistrictElectionOf2008Series2018B1GOBonds50007012028Member 2026-02-28 0001657201 ietsift:C000203488Member ietsift:LosAngelesUnifiedSchoolDistrictElectionOf2008Series2018B1GOBonds52507012042Member 2026-02-28 0001657201 ietsift:C000203488Member ietsift:MiscellaneousRevenueMember 2026-02-28 0001657201 ietsift:C000203488Member ietsift:MontanaStateOfFacilityFinanceAuthorityBozemanDeaconessHealthServicesObligatedGroupSeries2018RB50006012048Member 2026-02-28 0001657201 ietsift:C000203488Member ietsift:NorthTexasTollwayAuthoritySeries2017ARefRB50001012043Member 2026-02-28 0001657201 ietsift:C000203488Member ietsift:OrlandoCityOfFLSeries2018BRB50010012048Member 2026-02-28 0001657201 ietsift:C000203488Member ietsift:OtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000203488Member ietsift:RevenueTypesEachLessThan3Member 2026-02-28 0001657201 ietsift:C000203488Member ietsift:SalesTaxRevenueMember 2026-02-28 0001657201 ietsift:C000203488Member ietsift:TexasStateOfWaterDevelopmentBoardSeries2018BRB50004152049Member 2026-02-28 0001657201 ietsift:C000203488Member ietsift:TriboroughBridgeAndTunnelAuthoritySeries2025ARB50002012028Member 2026-02-28 0001657201 ietsift:C000203488Member ietsift:WaterRevenueMember 2026-02-28 0001657201 ietsift:C000203495Member 2026-02-28 0001657201 ietsift:C000203495Member ietsift:AdValoremPropertyTaxMember 2026-02-28 0001657201 ietsift:C000203495Member ietsift:CaliforniaStateOfPublicWorksBoardVariousCapitalSeries2022ARefRB50008012026Member 2026-02-28 0001657201 ietsift:C000203495Member ietsift:CaliforniaStateOfSeries2018GOBonds50010012026Member 2026-02-28 0001657201 ietsift:C000203495Member ietsift:ChicagoCityOfILMetropolitanWaterReclamationDistrictSeries2016ARefGOBonds50012012026Member 2026-02-28 0001657201 ietsift:C000203495Member ietsift:CollegeAndUniversityRevenueMember 2026-02-28 0001657201 ietsift:C000203495Member ietsift:ColumbusCityOfOHSeries2015RefRB50006012032Member 2026-02-28 0001657201 ietsift:C000203495Member ietsift:GeneralFundMember 2026-02-28 0001657201 ietsift:C000203495Member ietsift:HealthHospitalNursingHomeRevenueMember 2026-02-28 0001657201 ietsift:C000203495Member ietsift:HighwayTollsRevenueMember 2026-02-28 0001657201 ietsift:C000203495Member ietsift:IllinoisStateOfTollHighwayAuthoritySeries2015BRB50001012040Member 2026-02-28 0001657201 ietsift:C000203495Member ietsift:LeaseRevenueMember 2026-02-28 0001657201 ietsift:C000203495Member ietsift:MarylandStateOfDepartmentOfTransportationSeries2019RB50010012026Member 2026-02-28 0001657201 ietsift:C000203495Member ietsift:MetropolitanTransportationAuthorityGreenBondsSubseries2016B1RB50011152036Member 2026-02-28 0001657201 ietsift:C000203495Member ietsift:MinnesotaStateOfPublicFacilitiesAuthoritySeries2016ARB50003012036Member 2026-02-28 0001657201 ietsift:C000203495Member ietsift:MiscellaneousRevenueMember 2026-02-28 0001657201 ietsift:C000203495Member ietsift:NewYorkCityOfNYSeries2017CRefGOBonds50008012026Member 2026-02-28 0001657201 ietsift:C000203495Member ietsift:NewYorkCityOfNYTransitionalFinanceAuthoritySubseries2016B1RB50008012034Member 2026-02-28 0001657201 ietsift:C000203495Member ietsift:OtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000203495Member ietsift:RevenueTypesEachLessThan3Member 2026-02-28 0001657201 ietsift:C000203495Member ietsift:SalesTaxRevenueMember 2026-02-28 0001657201 ietsift:C000203495Member ietsift:WaterRevenueMember 2026-02-28 0001657201 ietsift:C000203496Member 2026-02-28 0001657201 ietsift:C000203496Member ietsift:AdValoremPropertyTaxMember 2026-02-28 0001657201 ietsift:C000203496Member ietsift:AppropriationsMember 2026-02-28 0001657201 ietsift:C000203496Member ietsift:CaliforniaStateOfHealthFacilitiesFinancingAuthorityKaiserPermanenteSubseries2017A1RB50011012027Member 2026-02-28 0001657201 ietsift:C000203496Member ietsift:ClarkCountyOfNVSeries2017RefGOBonds50006012030Member 2026-02-28 0001657201 ietsift:C000203496Member ietsift:CollegeAndUniversityRevenueMember 2026-02-28 0001657201 ietsift:C000203496Member ietsift:ElectricPowerAndLightRevenueMember 2026-02-28 0001657201 ietsift:C000203496Member ietsift:GeneralFundMember 2026-02-28 0001657201 ietsift:C000203496Member ietsift:HealthHospitalNursingHomeRevenueMember 2026-02-28 0001657201 ietsift:C000203496Member ietsift:HighwayTollsRevenueMember 2026-02-28 0001657201 ietsift:C000203496Member ietsift:HoustonCityOfTXSeries2017BRefRB50011152042Member 2026-02-28 0001657201 ietsift:C000203496Member ietsift:HudsonYardsInfrastructureCorpSeries2017ARefRB50002152039Member 2026-02-28 0001657201 ietsift:C000203496Member ietsift:HudsonYardsInfrastructureCorpSeries2017ARefRB50002152042Member 2026-02-28 0001657201 ietsift:C000203496Member ietsift:IllinoisStateOfSeries2017CGOBonds50011012029Member 2026-02-28 0001657201 ietsift:C000203496Member ietsift:IncomeTaxRevenueMember 2026-02-28 0001657201 ietsift:C000203496Member ietsift:LeaseRevenueMember 2026-02-28 0001657201 ietsift:C000203496Member ietsift:MiscellaneousRevenueMember 2026-02-28 0001657201 ietsift:C000203496Member ietsift:NewJerseyStateOfSeries2020AGOBonds50006012027Member 2026-02-28 0001657201 ietsift:C000203496Member ietsift:NewYorkCityOfNYMunicipalWaterFinanceAuthoritySeries2018DD2RefRB50006152040Member 2026-02-28 0001657201 ietsift:C000203496Member ietsift:NewYorkCityOfNYTransitionalFinanceAuthoritySeries2017AE1RB50002012039Member 2026-02-28 0001657201 ietsift:C000203496Member ietsift:OtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000203496Member ietsift:RevenueTypesEachLessThan3Member 2026-02-28 0001657201 ietsift:C000203496Member ietsift:SalesTaxRevenueMember 2026-02-28 0001657201 ietsift:C000203496Member ietsift:TexasStateOfWaterDevelopmentBoardSeries2017ARB50010152047Member 2026-02-28 0001657201 ietsift:C000203496Member ietsift:WaterRevenueMember 2026-02-28 0001657201 ietsift:C000209106Member 2026-02-28 0001657201 ietsift:C000209106Member ietsift:AlphabetIncClassAMember 2026-02-28 0001657201 ietsift:C000209106Member ietsift:AlphabetIncClassCMember 2026-02-28 0001657201 ietsift:C000209106Member ietsift:AmazonComIncMember 2026-02-28 0001657201 ietsift:C000209106Member ietsift:AppleIncMember 2026-02-28 0001657201 ietsift:C000209106Member ietsift:AppliedMaterialsIncMember 2026-02-28 0001657201 ietsift:C000209106Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000209106Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000209106Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000209106Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000209106Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000209106Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000209106Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000209106Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000209106Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000209106Member ietsift:MetaPlatformsIncClassAMember 2026-02-28 0001657201 ietsift:C000209106Member ietsift:MicronTechnologyIncMember 2026-02-28 0001657201 ietsift:C000209106Member ietsift:MicrosoftCorpMember 2026-02-28 0001657201 ietsift:C000209106Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000209106Member ietsift:NVIDIACorpMember 2026-02-28 0001657201 ietsift:C000209106Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000209106Member ietsift:TeslaIncMember 2026-02-28 0001657201 ietsift:C000209106Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000209109Member 2026-02-28 0001657201 ietsift:C000209109Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000209109Member ietsift:CompassIncClassAMember 2026-02-28 0001657201 ietsift:C000209109Member ietsift:ConstelliumSEMember 2026-02-28 0001657201 ietsift:C000209109Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000209109Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000209109Member ietsift:DanaIncMember 2026-02-28 0001657201 ietsift:C000209109Member ietsift:DelekUSHoldingsIncMember 2026-02-28 0001657201 ietsift:C000209109Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000209109Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000209109Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000209109Member ietsift:HerbalifeLtdMember 2026-02-28 0001657201 ietsift:C000209109Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000209109Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000209109Member ietsift:InternationalSeawaysIncMember 2026-02-28 0001657201 ietsift:C000209109Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000209109Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000209109Member ietsift:PeabodyEnergyCorpMember 2026-02-28 0001657201 ietsift:C000209109Member ietsift:PraxisPrecisionMedicinesIncMember 2026-02-28 0001657201 ietsift:C000209109Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000209109Member ietsift:TerexCorpMember 2026-02-28 0001657201 ietsift:C000209109Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000209109Member ietsift:ViasatIncMember 2026-02-28 0001657201 ietsift:C000213440Member 2026-02-28 0001657201 ietsift:C000213440Member ietsift:AbbVieInc32011212029Member 2026-02-28 0001657201 ietsift:C000213440Member ietsift:AbbVieInc48003152029Member 2026-02-28 0001657201 ietsift:C000213440Member ietsift:AnheuserBuschInBevWorldwideInc47501232029Member 2026-02-28 0001657201 ietsift:C000213440Member ietsift:ATAndTInc43503012029Member 2026-02-28 0001657201 ietsift:C000213440Member ietsift:CenteneCorp46312152029Member 2026-02-28 0001657201 ietsift:C000213440Member ietsift:CiscoSystemsInc48502262029Member 2026-02-28 0001657201 ietsift:C000213440Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000213440Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000213440Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000213440Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000213440Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000213440Member ietsift:FiservInc35007012029Member 2026-02-28 0001657201 ietsift:C000213440Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000213440Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000213440Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000213440Member ietsift:InternationalBusinessMachinesCorp35005152029Member 2026-02-28 0001657201 ietsift:C000213440Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000213440Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000213440Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000213440Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000213440Member ietsift:VerizonCommunicationsInc40212032029Member 2026-02-28 0001657201 ietsift:C000213440Member ietsift:WellsFargoAndCo41501242029Member 2026-02-28 0001657201 ietsift:C000213441Member 2026-02-28 0001657201 ietsift:C000213441Member ietsift:AlliantHoldingsIntermediateLLCAlliantHoldingsCoIssuer67510152027Member 2026-02-28 0001657201 ietsift:C000213441Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000213441Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000213441Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000213441Member ietsift:DISHNetworkCorp117511152027Member 2026-02-28 0001657201 ietsift:C000213441Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000213441Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000213441Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000213441Member ietsift:IcahnEnterprisesLPIcahnEnterprisesFinanceCorp52505152027Member 2026-02-28 0001657201 ietsift:C000213441Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000213441Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000213441Member ietsift:LightningPowerLLC72508152032Member 2026-02-28 0001657201 ietsift:C000213441Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000213441Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000213441Member ietsift:MPTOperatingPartnershipLPMPTFinanceCorp50010152027Member 2026-02-28 0001657201 ietsift:C000213441Member ietsift:NexstarMediaInc56307152027Member 2026-02-28 0001657201 ietsift:C000213441Member ietsift:RakutenGroupInc112502152027Member 2026-02-28 0001657201 ietsift:C000213441Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000213441Member ietsift:SiriusXMRadioLLC50008012027Member 2026-02-28 0001657201 ietsift:C000213441Member ietsift:TenetHealthcareCorp51311012027Member 2026-02-28 0001657201 ietsift:C000213441Member ietsift:TKElevatorUSNewcoInc52507152027Member 2026-02-28 0001657201 ietsift:C000213441Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000213743Member 2026-02-28 0001657201 ietsift:C000213743Member ietsift:AdValoremPropertyTaxMember 2026-02-28 0001657201 ietsift:C000213743Member ietsift:CaliforniaStateOfSeries2019GOBonds50011012029Member 2026-02-28 0001657201 ietsift:C000213743Member ietsift:CollegeAndUniversityRevenueMember 2026-02-28 0001657201 ietsift:C000213743Member ietsift:ElectricPowerAndLightRevenueMember 2026-02-28 0001657201 ietsift:C000213743Member ietsift:GeneralFundMember 2026-02-28 0001657201 ietsift:C000213743Member ietsift:HealthHospitalNursingHomeRevenueMember 2026-02-28 0001657201 ietsift:C000213743Member ietsift:HighwayTollsRevenueMember 2026-02-28 0001657201 ietsift:C000213743Member ietsift:HillsboroughCountyOfFLIndustrialDevelopmentAuthorityBaycareHealthSystemSeries2024CRefRB50011152029Member 2026-02-28 0001657201 ietsift:C000213743Member ietsift:IncomeTaxRevenueMember 2026-02-28 0001657201 ietsift:C000213743Member ietsift:LeaseRevenueMember 2026-02-28 0001657201 ietsift:C000213743Member ietsift:MiscellaneousRevenueMember 2026-02-28 0001657201 ietsift:C000213743Member ietsift:NashvilleCityOfAndDavidsonCountyOfTNMetropolitanGovernmentHealthAndEducationalFacilitiesBoardTheVanderbiltUniversityMedicalCenterSeries2024RB50007012029Member 2026-02-28 0001657201 ietsift:C000213743Member ietsift:NewJerseyStateOfSeries2020AGOBonds50006012029Member 2026-02-28 0001657201 ietsift:C000213743Member ietsift:NewJerseyStateOfTurnpikeAuthoritySeries2019ARB50001012048Member 2026-02-28 0001657201 ietsift:C000213743Member ietsift:NewYorkCityOfNYSeries2019B1GOBonds50010012031Member 2026-02-28 0001657201 ietsift:C000213743Member ietsift:NewYorkCityOfNYTransitionalFinanceAuthoritySeries2019B1RB50011012035Member 2026-02-28 0001657201 ietsift:C000213743Member ietsift:OtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000213743Member ietsift:PennsylvaniaCommonwealthOfSeries2019RefGOBonds50007152029Member 2026-02-28 0001657201 ietsift:C000213743Member ietsift:PortAirportAndMarinaRevenueMember 2026-02-28 0001657201 ietsift:C000213743Member ietsift:RevenueTypesEachLessThan3Member 2026-02-28 0001657201 ietsift:C000213743Member ietsift:SalesTaxRevenueMember 2026-02-28 0001657201 ietsift:C000213743Member ietsift:TriboroughBridgeAndTunnelAuthoritySeries2025B2RB50003152029Member 2026-02-28 0001657201 ietsift:C000213743Member ietsift:UniversityOfCaliforniaSeries2024BXRB50005152029Member 2026-02-28 0001657201 ietsift:C000213743Member ietsift:WaterRevenueMember 2026-02-28 0001657201 ietsift:C000213744Member 2026-02-28 0001657201 ietsift:C000213744Member ietsift:AdValoremPropertyTaxMember 2026-02-28 0001657201 ietsift:C000213744Member ietsift:AppropriationsMember 2026-02-28 0001657201 ietsift:C000213744Member ietsift:CaliforniaStateOfSeries2020GOBonds40003012036Member 2026-02-28 0001657201 ietsift:C000213744Member ietsift:CaliforniaStateOfSeries2020GOBonds50003012035Member 2026-02-28 0001657201 ietsift:C000213744Member ietsift:CollegeAndUniversityRevenueMember 2026-02-28 0001657201 ietsift:C000213744Member ietsift:ElectricPowerAndLightRevenueMember 2026-02-28 0001657201 ietsift:C000213744Member ietsift:GeneralFundMember 2026-02-28 0001657201 ietsift:C000213744Member ietsift:HealthHospitalNursingHomeRevenueMember 2026-02-28 0001657201 ietsift:C000213744Member ietsift:IncomeTaxRevenueMember 2026-02-28 0001657201 ietsift:C000213744Member ietsift:LeaseRevenueMember 2026-02-28 0001657201 ietsift:C000213744Member ietsift:LosAngelesCityOfCADepartmentOfWaterAndPowerSeries2025CRefRB50007012030Member 2026-02-28 0001657201 ietsift:C000213744Member ietsift:LosAngelesUnifiedSchoolDistrictSeries2020RYQGOBonds50007012035Member 2026-02-28 0001657201 ietsift:C000213744Member ietsift:MetropolitanTransportationAuthorityGreenBondsSeries2020C1RB50011152050Member 2026-02-28 0001657201 ietsift:C000213744Member ietsift:MetropolitanTransportationAuthorityGreenBondsSeries2020C1RB52511152055Member 2026-02-28 0001657201 ietsift:C000213744Member ietsift:MiscellaneousRevenueMember 2026-02-28 0001657201 ietsift:C000213744Member ietsift:NewYorkCityOfNYSeries2020C1RefGOBonds50008012030Member 2026-02-28 0001657201 ietsift:C000213744Member ietsift:NewYorkStateOfDormitoryAuthoritySeries2020DRefRB50002152034Member 2026-02-28 0001657201 ietsift:C000213744Member ietsift:NewYorkStateUrbanDevelopmentCorpSeries2020CRefRB50003152047Member 2026-02-28 0001657201 ietsift:C000213744Member ietsift:OtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000213744Member ietsift:RevenueTypesEachLessThan3Member 2026-02-28 0001657201 ietsift:C000213744Member ietsift:SalesTaxRevenueMember 2026-02-28 0001657201 ietsift:C000213744Member ietsift:TriboroughBridgeAndTunnelAuthorityMTABridgesAndTunnelsSeries2020ARB50011152049Member 2026-02-28 0001657201 ietsift:C000213744Member ietsift:WaterRevenueMember 2026-02-28 0001657201 ietsift:C000221367Member 2026-02-28 0001657201 ietsift:C000221367Member ietsift:AvantorFundingInc46307152028Member 2026-02-28 0001657201 ietsift:C000221367Member ietsift:CCOHoldingsLLCCCOHoldingsCapitalCorp50002012028Member 2026-02-28 0001657201 ietsift:C000221367Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000221367Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000221367Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000221367Member ietsift:DISHDBSCorp57512012028Member 2026-02-28 0001657201 ietsift:C000221367Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000221367Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000221367Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000221367Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000221367Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000221367Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000221367Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000221367Member ietsift:MPTOperatingPartnershipLPMPTFinanceCorp85002152032Member 2026-02-28 0001657201 ietsift:C000221367Member ietsift:OrganonAndCoOrganonForeignDebtCoIssuerBV41304302028Member 2026-02-28 0001657201 ietsift:C000221367Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000221367Member ietsift:SiriusXMRadioLLC40007152028Member 2026-02-28 0001657201 ietsift:C000221367Member ietsift:TennecoInc80011172028Member 2026-02-28 0001657201 ietsift:C000221367Member ietsift:UnitedRentalsNorthAmericaInc48801152028Member 2026-02-28 0001657201 ietsift:C000221367Member ietsift:UnivisionCommunicationsInc80008152028Member 2026-02-28 0001657201 ietsift:C000221367Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000221367Member ietsift:VentureGlobalLNGInc81306012028Member 2026-02-28 0001657201 ietsift:C000221368Member 2026-02-28 0001657201 ietsift:C000221368Member ietsift:AlphabetInc41011152030Member 2026-02-28 0001657201 ietsift:C000221368Member ietsift:AmazonComInc41011202030Member 2026-02-28 0001657201 ietsift:C000221368Member ietsift:AmgenInc52503022030Member 2026-02-28 0001657201 ietsift:C000221368Member ietsift:BoeingCoThe51505012030Member 2026-02-28 0001657201 ietsift:C000221368Member ietsift:CitibankNA49105292030Member 2026-02-28 0001657201 ietsift:C000221368Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000221368Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000221368Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000221368Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000221368Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000221368Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000221368Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000221368Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000221368Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000221368Member ietsift:MetaPlatformsInc42011152030Member 2026-02-28 0001657201 ietsift:C000221368Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000221368Member ietsift:OracleCorp44509262030Member 2026-02-28 0001657201 ietsift:C000221368Member ietsift:PacificGasAndElectricCo45507012030Member 2026-02-28 0001657201 ietsift:C000221368Member ietsift:PhilipMorrisInternationalInc51302152030Member 2026-02-28 0001657201 ietsift:C000221368Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000221368Member ietsift:TakedaPharmaceuticalCoLtd20503312030Member 2026-02-28 0001657201 ietsift:C000221368Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000225365Member 2026-02-28 0001657201 ietsift:C000225365Member ietsift:BancaMonteDeiPaschiDiSienaSPAMember 2026-02-28 0001657201 ietsift:C000225365Member ietsift:BancoBPMSPAMember 2026-02-28 0001657201 ietsift:C000225365Member ietsift:BancoDeSabadellSAMember 2026-02-28 0001657201 ietsift:C000225365Member ietsift:CentricaPLCMember 2026-02-28 0001657201 ietsift:C000225365Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000225365Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000225365Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000225365Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000225365Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000225365Member ietsift:FurukawaElectricCoLtdMember 2026-02-28 0001657201 ietsift:C000225365Member ietsift:HanaFinancialGroupIncMember 2026-02-28 0001657201 ietsift:C000225365Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000225365Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000225365Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000225365Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000225365Member ietsift:MitsuiKinzokuCoLtdMember 2026-02-28 0001657201 ietsift:C000225365Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000225365Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000225365Member ietsift:SKSquareCoLtdMember 2026-02-28 0001657201 ietsift:C000225365Member ietsift:SumitomoElectricIndustriesLtdMember 2026-02-28 0001657201 ietsift:C000225365Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000225365Member ietsift:WooriFinancialGroupIncMember 2026-02-28 0001657201 ietsift:C000229787Member 2026-02-28 0001657201 ietsift:C000229787Member ietsift:AmazonComInc21005122031Member 2026-02-28 0001657201 ietsift:C000229787Member ietsift:AppleInc16502082031Member 2026-02-28 0001657201 ietsift:C000229787Member ietsift:ATAndTInc27506012031Member 2026-02-28 0001657201 ietsift:C000229787Member ietsift:BroadcomInc24502152031Member 2026-02-28 0001657201 ietsift:C000229787Member ietsift:CiscoSystemsInc49502262031Member 2026-02-28 0001657201 ietsift:C000229787Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000229787Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000229787Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000229787Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000229787Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000229787Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000229787Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000229787Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000229787Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000229787Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000229787Member ietsift:OracleCorp28803252031Member 2026-02-28 0001657201 ietsift:C000229787Member ietsift:OracleCorp49502042031Member 2026-02-28 0001657201 ietsift:C000229787Member ietsift:OrangeSA90003012031Member 2026-02-28 0001657201 ietsift:C000229787Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000229787Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000229787Member ietsift:VerizonCommunicationsInc25503212031Member 2026-02-28 0001657201 ietsift:C000229787Member ietsift:WaltDisneyCoThe26501132031Member 2026-02-28 0001657201 ietsift:C000229788Member 2026-02-28 0001657201 ietsift:C000229788Member ietsift:CloudSoftwareGroupInc65003312029Member 2026-02-28 0001657201 ietsift:C000229788Member ietsift:CloudSoftwareGroupInc90009302029Member 2026-02-28 0001657201 ietsift:C000229788Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000229788Member ietsift:ConnectFincoSARLConnectUSFincoLLC90009152029Member 2026-02-28 0001657201 ietsift:C000229788Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000229788Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000229788Member ietsift:EchoStarCorp107511302029Member 2026-02-28 0001657201 ietsift:C000229788Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000229788Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000229788Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000229788Member ietsift:ImolaMergerCorp47505152029Member 2026-02-28 0001657201 ietsift:C000229788Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000229788Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000229788Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000229788Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000229788Member ietsift:NeptuneBidcoUSInc92904152029Member 2026-02-28 0001657201 ietsift:C000229788Member ietsift:RakutenGroupInc97504152029Member 2026-02-28 0001657201 ietsift:C000229788Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000229788Member ietsift:StaplesInc107509012029Member 2026-02-28 0001657201 ietsift:C000229788Member ietsift:TransDigmInc63803012029Member 2026-02-28 0001657201 ietsift:C000229788Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000229788Member ietsift:VentureGlobalLNGInc95002012029Member 2026-02-28 0001657201 ietsift:C000229789Member 2026-02-28 0001657201 ietsift:C000229789Member ietsift:AdValoremPropertyTaxMember 2026-02-28 0001657201 ietsift:C000229789Member ietsift:CaliforniaStateOfBidGroupCSeries2021CRefGOBonds50010012031Member 2026-02-28 0001657201 ietsift:C000229789Member ietsift:CaliforniaStateOfHealthFacilitiesFinancingAuthorityCedarsSinaiHealthSystemSeries2021RefRB40008152048Member 2026-02-28 0001657201 ietsift:C000229789Member ietsift:CaliforniaStateOfSeries2021RefGOBonds40010012041Member 2026-02-28 0001657201 ietsift:C000229789Member ietsift:CaliforniaStateOfSeries2021RefGOBonds50009012041Member 2026-02-28 0001657201 ietsift:C000229789Member ietsift:ElectricPowerAndLightRevenueMember 2026-02-28 0001657201 ietsift:C000229789Member ietsift:GeneralFundMember 2026-02-28 0001657201 ietsift:C000229789Member ietsift:HighwayTollsRevenueMember 2026-02-28 0001657201 ietsift:C000229789Member ietsift:IllinoisStateOfTollHighwayAuthoritySeries2020ARB50001012045Member 2026-02-28 0001657201 ietsift:C000229789Member ietsift:IncomeTaxRevenueMember 2026-02-28 0001657201 ietsift:C000229789Member ietsift:IntermountainPowerAgencySeries2022ARefRB50007012045Member 2026-02-28 0001657201 ietsift:C000229789Member ietsift:LeaseRevenueMember 2026-02-28 0001657201 ietsift:C000229789Member ietsift:MassachusettsCommonwealthOfSeries2021CGOBonds50009012031Member 2026-02-28 0001657201 ietsift:C000229789Member ietsift:MiscellaneousRevenueMember 2026-02-28 0001657201 ietsift:C000229789Member ietsift:NewJerseyStateOfSeries2020AGOBonds40006012031Member 2026-02-28 0001657201 ietsift:C000229789Member ietsift:OtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000229789Member ietsift:PortAirportAndMarinaRevenueMember 2026-02-28 0001657201 ietsift:C000229789Member ietsift:RevenueTypesEachLessThan3Member 2026-02-28 0001657201 ietsift:C000229789Member ietsift:SalesTaxRevenueMember 2026-02-28 0001657201 ietsift:C000229789Member ietsift:TriboroughBridgeAndTunnelAuthoritySeries2021A1RefRB50005152051Member 2026-02-28 0001657201 ietsift:C000229789Member ietsift:UniversityOfCaliforniaLimitedSeries2021QRefRB50005152046Member 2026-02-28 0001657201 ietsift:C000229789Member ietsift:WaterRevenueMember 2026-02-28 0001657201 ietsift:C000237719Member 2026-02-28 0001657201 ietsift:C000237719Member ietsift:AerCapIrelandCapitalDACAerCapGlobalAviationTrust33001302032Member 2026-02-28 0001657201 ietsift:C000237719Member ietsift:AmazonComInc36004132032Member 2026-02-28 0001657201 ietsift:C000237719Member ietsift:AmazonComInc47012012032Member 2026-02-28 0001657201 ietsift:C000237719Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000237719Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000237719Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000237719Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000237719Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000237719Member ietsift:FordMotorCo32502122032Member 2026-02-28 0001657201 ietsift:C000237719Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000237719Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000237719Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000237719Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000237719Member ietsift:MetaPlatformsInc38508152032Member 2026-02-28 0001657201 ietsift:C000237719Member ietsift:MetaPlatformsInc46011152032Member 2026-02-28 0001657201 ietsift:C000237719Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000237719Member ietsift:OracleCorp48009262032Member 2026-02-28 0001657201 ietsift:C000237719Member ietsift:OracleCorp62511092032Member 2026-02-28 0001657201 ietsift:C000237719Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000237719Member ietsift:SprintCapitalCorp87503152032Member 2026-02-28 0001657201 ietsift:C000237719Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000237719Member ietsift:VerizonCommunicationsInc23603152032Member 2026-02-28 0001657201 ietsift:C000237720Member 2026-02-28 0001657201 ietsift:C000237720Member ietsift:APLDComputeCoLLC92512152030Member 2026-02-28 0001657201 ietsift:C000237720Member ietsift:AthenahealthGroupInc65002152030Member 2026-02-28 0001657201 ietsift:C000237720Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000237720Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000237720Member ietsift:DaVitaInc46306012030Member 2026-02-28 0001657201 ietsift:C000237720Member ietsift:EMRLDBorrowerLPEmeraldCoIssuerInc66312152030Member 2026-02-28 0001657201 ietsift:C000237720Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000237720Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000237720Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000237720Member ietsift:HUBInternationalLtd72506152030Member 2026-02-28 0001657201 ietsift:C000237720Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000237720Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000237720Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000237720Member ietsift:MauserPackagingSolutionsHoldingCo78804152030Member 2026-02-28 0001657201 ietsift:C000237720Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000237720Member ietsift:One011778BCULCNewRedFinanceInc40010152030Member 2026-02-28 0001657201 ietsift:C000237720Member ietsift:OtherSectorsEachLessThan2Member 2026-02-28 0001657201 ietsift:C000237720Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000237720Member ietsift:TenetHealthcareCorp61306152030Member 2026-02-28 0001657201 ietsift:C000237720Member ietsift:VoltaGridLLC73811012030Member 2026-02-28 0001657201 ietsift:C000237720Member ietsift:WULFComputeLLC77510152030Member 2026-02-28 0001657201 ietsift:C000237721Member 2026-02-28 0001657201 ietsift:C000237721Member ietsift:AdValoremPropertyTaxMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:AppropriationsMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:CaliforniaStateOfSeries2022RefGOBonds50009012035Member 2026-02-28 0001657201 ietsift:C000237721Member ietsift:CollegeAndUniversityRevenueMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:ElectricPowerAndLightRevenueMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:GeneralFundMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:HealthHospitalNursingHomeRevenueMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:HighwayTollsRevenueMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:IncomeTaxRevenueMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:IntergovenmentalAgreementMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:IowaStateOfFinanceAuthorityIowaFertilizerCoSeries2022RefRB50012012032Member 2026-02-28 0001657201 ietsift:C000237721Member ietsift:LeaseRevenueMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:MiscellaneousRevenueMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:NewJerseyStateOfSeries2020AGOBonds40006012032Member 2026-02-28 0001657201 ietsift:C000237721Member ietsift:NewYorkCityOfNYMunicipalWaterFinanceAuthoritySubseries2023AA1RB52506152052Member 2026-02-28 0001657201 ietsift:C000237721Member ietsift:NewYorkCityOfNYTransitionalFinanceAuthoritySeries2022F1RB50002012047Member 2026-02-28 0001657201 ietsift:C000237721Member ietsift:NewYorkStateOfDormitoryAuthoritySeries2022ARefRB50005012052Member 2026-02-28 0001657201 ietsift:C000237721Member ietsift:OtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:PortAirportAndMarinaRevenueMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:RegentsOfTheUniversityOfCaliforniaMedicalCenterSeries2022PRB50005152047Member 2026-02-28 0001657201 ietsift:C000237721Member ietsift:RevenueTypesEachLessThan3Member 2026-02-28 0001657201 ietsift:C000237721Member ietsift:SalesTaxRevenueMember 2026-02-28 0001657201 ietsift:C000237721Member ietsift:TarrantCountyCulturalEducationFacilitiesFinanceCorpBaylorScottAndWhiteHealthSeries2022RB50011152051Member 2026-02-28 0001657201 ietsift:C000237721Member ietsift:TexasStateOfTransportationCommissionStateHighwayFundSeries2024RefRB50010012032Member 2026-02-28 0001657201 ietsift:C000237721Member ietsift:UniversityOfCaliforniaSeries2022BKRB50005152052Member 2026-02-28 0001657201 ietsift:C000237721Member ietsift:WaterRevenueMember 2026-02-28 0001657201 ietsift:C000244604Member 2026-02-28 0001657201 ietsift:C000244604Member ietsift:AmgenInc52503022033Member 2026-02-28 0001657201 ietsift:C000244604Member ietsift:ATAndTInc25512012033Member 2026-02-28 0001657201 ietsift:C000244604Member ietsift:BancoSantanderSA69208082033Member 2026-02-28 0001657201 ietsift:C000244604Member ietsift:BPCapitalMarketsAmericaInc48102132033Member 2026-02-28 0001657201 ietsift:C000244604Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000244604Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000244604Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000244604Member ietsift:EnbridgeInc57003082033Member 2026-02-28 0001657201 ietsift:C000244604Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000244604Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000244604Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000244604Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000244604Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000244604Member ietsift:IntelCorp52002102033Member 2026-02-28 0001657201 ietsift:C000244604Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000244604Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000244604Member ietsift:OracleCorp53505042033Member 2026-02-28 0001657201 ietsift:C000244604Member ietsift:PhilipMorrisInternationalInc53802152033Member 2026-02-28 0001657201 ietsift:C000244604Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000244604Member ietsift:TMobileUSAInc50507152033Member 2026-02-28 0001657201 ietsift:C000244604Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000244604Member ietsift:VerizonCommunicationsInc45008102033Member 2026-02-28 0001657201 ietsift:C000244605Member 2026-02-28 0001657201 ietsift:C000244605Member ietsift:AlliedUniversalHoldcoLLC78802152031Member 2026-02-28 0001657201 ietsift:C000244605Member ietsift:BlackPearlComputeLLC61302152031Member 2026-02-28 0001657201 ietsift:C000244605Member ietsift:CCOHoldingsLLCCCOHoldingsCapitalCorp42502012031Member 2026-02-28 0001657201 ietsift:C000244605Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000244605Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000244605Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000244605Member ietsift:CoreWeaveInc90002012031Member 2026-02-28 0001657201 ietsift:C000244605Member ietsift:DirectvFinancingLLCDirectvFinancingCoObligorInc100002152031Member 2026-02-28 0001657201 ietsift:C000244605Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000244605Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000244605Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000244605Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000244605Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000244605Member ietsift:JetBlueAirwaysCorpJetBlueLoyaltyLP98809202031Member 2026-02-28 0001657201 ietsift:C000244605Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000244605Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000244605Member ietsift:PantherEscrowIssuerLLC71306012031Member 2026-02-28 0001657201 ietsift:C000244605Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000244605Member ietsift:UKGInc68802012031Member 2026-02-28 0001657201 ietsift:C000244605Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000244605Member ietsift:VentureGlobalLNGInc83806012031Member 2026-02-28 0001657201 ietsift:C000244605Member ietsift:WindstreamServicesLLCWindstreamEscrowFinanceCorp82510012031Member 2026-02-28 0001657201 ietsift:C000244606Member 2026-02-28 0001657201 ietsift:C000244606Member ietsift:AdValoremPropertyTaxMember 2026-02-28 0001657201 ietsift:C000244606Member ietsift:AppropriationsMember 2026-02-28 0001657201 ietsift:C000244606Member ietsift:CaliforniaStateOfSeries2016RefGOBonds30009012033Member 2026-02-28 0001657201 ietsift:C000244606Member ietsift:CaliforniaStateOfSeries2023GOBonds52509012053Member 2026-02-28 0001657201 ietsift:C000244606Member ietsift:CollegeAndUniversityRevenueMember 2026-02-28 0001657201 ietsift:C000244606Member ietsift:ConnecticutStateOfHealthAndEducationalFacilitiesAuthorityYaleUniversitySeries1999RB50007012033Member 2026-02-28 0001657201 ietsift:C000244606Member ietsift:ElectricPowerAndLightRevenueMember 2026-02-28 0001657201 ietsift:C000244606Member ietsift:GeneralFundMember 2026-02-28 0001657201 ietsift:C000244606Member ietsift:HealthHospitalNursingHomeRevenueMember 2026-02-28 0001657201 ietsift:C000244606Member ietsift:IncomeTaxRevenueMember 2026-02-28 0001657201 ietsift:C000244606Member ietsift:JeffersonCountyOfALSeries2024RefRB52510012045Member 2026-02-28 0001657201 ietsift:C000244606Member ietsift:JeffersonCountyOfALSeries2024RefRevenueWts52510012043Member 2026-02-28 0001657201 ietsift:C000244606Member ietsift:MiscellaneousRevenueMember 2026-02-28 0001657201 ietsift:C000244606Member ietsift:NewJerseyStateOfTransportationTrustFundAuthoritySeries2023BBRB50006152046Member 2026-02-28 0001657201 ietsift:C000244606Member ietsift:NewJerseyStateOfTurnpikeAuthoritySeries2022BRB50001012046Member 2026-02-28 0001657201 ietsift:C000244606Member ietsift:NewYorkCityOfNYTransitionalFinanceAuthoritySeries2023RB52505012048Member 2026-02-28 0001657201 ietsift:C000244606Member ietsift:NewYorkStateOfDormitoryAuthoritySeries2019RB20007012033Member 2026-02-28 0001657201 ietsift:C000244606Member ietsift:OtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000244606Member ietsift:PennsylvaniaCommonwealthOfTurnpikeCommissionFirstSeries2023RefRB50012012039Member 2026-02-28 0001657201 ietsift:C000244606Member ietsift:RevenueTypesEachLessThan3Member 2026-02-28 0001657201 ietsift:C000244606Member ietsift:SalesTaxRevenueMember 2026-02-28 0001657201 ietsift:C000244606Member ietsift:SewerRevenueMember 2026-02-28 0001657201 ietsift:C000244606Member ietsift:WaterRevenueMember 2026-02-28 0001657201 ietsift:C000250315Member 2026-02-28 0001657201 ietsift:C000250315Member ietsift:AbbVieInc50503152034Member 2026-02-28 0001657201 ietsift:C000250315Member ietsift:ATAndTInc54002152034Member 2026-02-28 0001657201 ietsift:C000250315Member ietsift:BoeingCoThe65305012034Member 2026-02-28 0001657201 ietsift:C000250315Member ietsift:BristolMyersSquibbCo52002222034Member 2026-02-28 0001657201 ietsift:C000250315Member ietsift:BroadcomInc34704152034Member 2026-02-28 0001657201 ietsift:C000250315Member ietsift:CiscoSystemsInc50502262034Member 2026-02-28 0001657201 ietsift:C000250315Member ietsift:CitibankNA55704302034Member 2026-02-28 0001657201 ietsift:C000250315Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000250315Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000250315Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000250315Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000250315Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000250315Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000250315Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000250315Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000250315Member ietsift:KrogerCoThe50009152034Member 2026-02-28 0001657201 ietsift:C000250315Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000250315Member ietsift:MetaPlatformsInc47508152034Member 2026-02-28 0001657201 ietsift:C000250315Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000250315Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000250315Member ietsift:UnitedHealthGroupInc51507152034Member 2026-02-28 0001657201 ietsift:C000250315Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000250316Member 2026-02-28 0001657201 ietsift:C000250316Member ietsift:AsurionLLCAndAsurionCoIssuerInc80012312032Member 2026-02-28 0001657201 ietsift:C000250316Member ietsift:CCOHoldingsLLCCCOHoldingsCapitalCorp45005012032Member 2026-02-28 0001657201 ietsift:C000250316Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000250316Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000250316Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000250316Member ietsift:DiscoveryGlobalHoldingsInc42803152032Member 2026-02-28 0001657201 ietsift:C000250316Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000250316Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000250316Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000250316Member ietsift:HUBInternationalLtd73801312032Member 2026-02-28 0001657201 ietsift:C000250316Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000250316Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000250316Member ietsift:IQVIAInc62506012032Member 2026-02-28 0001657201 ietsift:C000250316Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000250316Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000250316Member ietsift:One261229BCLtd100004152032Member 2026-02-28 0001657201 ietsift:C000250316Member ietsift:QuikreteHoldingsInc63803012032Member 2026-02-28 0001657201 ietsift:C000250316Member ietsift:QXOBuildingProductsInc67504302032Member 2026-02-28 0001657201 ietsift:C000250316Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000250316Member ietsift:TransDigmInc66303012032Member 2026-02-28 0001657201 ietsift:C000250316Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000250316Member ietsift:VentureGlobalLNGInc98802012032Member 2026-02-28 0001657201 ietsift:C000253524Member 2026-02-28 0001657201 ietsift:C000253524Member ietsift:AdValoremPropertyTaxMember 2026-02-28 0001657201 ietsift:C000253524Member ietsift:CollegeAndUniversityRevenueMember 2026-02-28 0001657201 ietsift:C000253524Member ietsift:ConnecticutStateOfSocialBondsSeries2024BGOBonds50001152039Member 2026-02-28 0001657201 ietsift:C000253524Member ietsift:ElectricPowerAndLightRevenueMember 2026-02-28 0001657201 ietsift:C000253524Member ietsift:GeneralFundMember 2026-02-28 0001657201 ietsift:C000253524Member ietsift:HealthHospitalNursingHomeRevenueMember 2026-02-28 0001657201 ietsift:C000253524Member ietsift:HighwayTollsRevenueMember 2026-02-28 0001657201 ietsift:C000253524Member ietsift:IncomeTaxRevenueMember 2026-02-28 0001657201 ietsift:C000253524Member ietsift:IntergovenmentalAgreementMember 2026-02-28 0001657201 ietsift:C000253524Member ietsift:LeaseRevenueMember 2026-02-28 0001657201 ietsift:C000253524Member ietsift:MassachusettsCommonwealthOfBayTransportationAuthoritySeries2024ARefRB52507012052Member 2026-02-28 0001657201 ietsift:C000253524Member ietsift:MassachusettsCommonwealthOfSeries2024AGOBonds50001012054Member 2026-02-28 0001657201 ietsift:C000253524Member ietsift:MiscellaneousRevenueMember 2026-02-28 0001657201 ietsift:C000253524Member ietsift:NewJerseyStateOfTransportationTrustFundAuthoritySeries2024AARefRB50006152039Member 2026-02-28 0001657201 ietsift:C000253524Member ietsift:NewYorkCityOfNYTransitionalFinanceAuthoritySeries2024RB52505012051Member 2026-02-28 0001657201 ietsift:C000253524Member ietsift:NewYorkStateOfDormitoryAuthorityMontefioreObligatedGroupSeries2024RB55011012047Member 2026-02-28 0001657201 ietsift:C000253524Member ietsift:OhioStateOfWaterDevelopmentAuthorityWaterPollutionControlLoanFundSeries2025RB50012012034Member 2026-02-28 0001657201 ietsift:C000253524Member ietsift:OtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000253524Member ietsift:RevenueTypesEachLessThan3Member 2026-02-28 0001657201 ietsift:C000253524Member ietsift:SalesTaxRevenueMember 2026-02-28 0001657201 ietsift:C000253524Member ietsift:SouthCarolinaStateOfPublicServiceAuthoritySanteeCooperSeries2024BRefRB50012012054Member 2026-02-28 0001657201 ietsift:C000253524Member ietsift:TriboroughBridgeAndTunnelAuthoritySeries2016ARefRB30011152034Member 2026-02-28 0001657201 ietsift:C000253524Member ietsift:TriboroughBridgeAndTunnelAuthoritySeries2024A1RB52505152064Member 2026-02-28 0001657201 ietsift:C000253524Member ietsift:WaterRevenueMember 2026-02-28 0001657201 ietsift:C000261115Member 2026-02-28 0001657201 ietsift:C000261115Member ietsift:AbbVieInc45005142035Member 2026-02-28 0001657201 ietsift:C000261115Member ietsift:AlphabetInc47011152035Member 2026-02-28 0001657201 ietsift:C000261115Member ietsift:AmazonComInc46511202035Member 2026-02-28 0001657201 ietsift:C000261115Member ietsift:ATAndTInc45005152035Member 2026-02-28 0001657201 ietsift:C000261115Member ietsift:BroadcomInc52007152035Member 2026-02-28 0001657201 ietsift:C000261115Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000261115Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000261115Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000261115Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000261115Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000261115Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000261115Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000261115Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000261115Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000261115Member ietsift:MetaPlatformsInc48811152035Member 2026-02-28 0001657201 ietsift:C000261115Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000261115Member ietsift:OracleCorp52009262035Member 2026-02-28 0001657201 ietsift:C000261115Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000261115Member ietsift:SynopsysInc51504012035Member 2026-02-28 0001657201 ietsift:C000261115Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000261115Member ietsift:VerizonCommunicationsInc47802152035Member 2026-02-28 0001657201 ietsift:C000261115Member ietsift:VerizonCommunicationsInc52504022035Member 2026-02-28 0001657201 ietsift:C000261116Member 2026-02-28 0001657201 ietsift:C000261116Member ietsift:CCOHoldingsLLCCCOHoldingsCapitalCorp45006012033Member 2026-02-28 0001657201 ietsift:C000261116Member ietsift:CCOHoldingsLLCCCOHoldingsCapitalCorp70002012033Member 2026-02-28 0001657201 ietsift:C000261116Member oef:CommunicationsSectorMember 2026-02-28 0001657201 ietsift:C000261116Member oef:ConsumerDiscretionarySectorMember 2026-02-28 0001657201 ietsift:C000261116Member oef:ConsumerStaplesSectorMember 2026-02-28 0001657201 ietsift:C000261116Member us-gaap:EnergySectorMember 2026-02-28 0001657201 ietsift:C000261116Member us-gaap:FinancialServicesSectorMember 2026-02-28 0001657201 ietsift:C000261116Member us-gaap:HealthcareSectorMember 2026-02-28 0001657201 ietsift:C000261116Member oef:IndustrialSectorMember 2026-02-28 0001657201 ietsift:C000261116Member oef:InformationTechnologySectorMember 2026-02-28 0001657201 ietsift:C000261116Member ietsift:JaneStreetGroupJSGFinanceInc67505012033Member 2026-02-28 0001657201 ietsift:C000261116Member ietsift:Level3FinancingInc68806302033Member 2026-02-28 0001657201 ietsift:C000261116Member oef:MaterialsSectorMember 2026-02-28 0001657201 ietsift:C000261116Member ietsift:MoneyMarketFundsPlusOtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000261116Member ietsift:OlympusWaterUSHoldingCorp72502152033Member 2026-02-28 0001657201 ietsift:C000261116Member ietsift:QuikreteHoldingsInc67503012033Member 2026-02-28 0001657201 ietsift:C000261116Member us-gaap:RealEstateSectorMember 2026-02-28 0001657201 ietsift:C000261116Member ietsift:TransDigmInc60001152033Member 2026-02-28 0001657201 ietsift:C000261116Member ietsift:TransDigmInc63805312033Member 2026-02-28 0001657201 ietsift:C000261116Member ietsift:UnitedRentalsNorthAmericaInc53811152033Member 2026-02-28 0001657201 ietsift:C000261116Member oef:UtilitiesSectorMember 2026-02-28 0001657201 ietsift:C000261116Member ietsift:VikingCruisesLtd58810152033Member 2026-02-28 0001657201 ietsift:C000263929Member 2026-02-28 0001657201 ietsift:C000263929Member ietsift:AdValoremPropertyTaxMember 2026-02-28 0001657201 ietsift:C000263929Member ietsift:CaliforniaStateOfHealthFacilitiesFinancingAuthorityAdventistHealthSystemSeries2025RB50012012035Member 2026-02-28 0001657201 ietsift:C000263929Member ietsift:CaliforniaStateOfSeries2025GOBonds50003012055Member 2026-02-28 0001657201 ietsift:C000263929Member ietsift:CollegeAndUniversityRevenueMember 2026-02-28 0001657201 ietsift:C000263929Member ietsift:ColoradoSpringsCityOfCOSeries2022ARB50011152039Member 2026-02-28 0001657201 ietsift:C000263929Member ietsift:ElectricPowerAndLightRevenueMember 2026-02-28 0001657201 ietsift:C000263929Member ietsift:GeneralFundMember 2026-02-28 0001657201 ietsift:C000263929Member ietsift:HealthHospitalNursingHomeRevenueMember 2026-02-28 0001657201 ietsift:C000263929Member ietsift:HighwayTollsRevenueMember 2026-02-28 0001657201 ietsift:C000263929Member ietsift:IncomeTaxRevenueMember 2026-02-28 0001657201 ietsift:C000263929Member ietsift:LeaseRevenueMember 2026-02-28 0001657201 ietsift:C000263929Member ietsift:MassachusettsCommonwealthOfDevelopmentFinanceAgencyBostonCollegeSeries2025RefRB50010012039Member 2026-02-28 0001657201 ietsift:C000263929Member ietsift:MiscellaneousRevenueMember 2026-02-28 0001657201 ietsift:C000263929Member ietsift:NewYorkCityOfNYSubseries2025G1GOBonds50002012035Member 2026-02-28 0001657201 ietsift:C000263929Member ietsift:NewYorkLibertyDevelopmentCorpGoldmanSachsHeadquartersSeries2005RefRB52510012035Member 2026-02-28 0001657201 ietsift:C000263929Member ietsift:OmahaCityOfNEPublicPowerDistrictSeries2025BRB50002012055Member 2026-02-28 0001657201 ietsift:C000263929Member ietsift:OrangeCountyOfFLHealthFacilitiesAuthorityOrlandoHealthObligatedGroupSeries2025RefRB50010012042Member 2026-02-28 0001657201 ietsift:C000263929Member ietsift:OtherAssetsLessLiabilitiesMember 2026-02-28 0001657201 ietsift:C000263929Member ietsift:PennsylvaniaCommonwealthOfHigherEducationalFacilitiesAuthorityThomasJeffersonUniversitySeries2025RefRB55008152055Member 2026-02-28 0001657201 ietsift:C000263929Member ietsift:RevenueTypesEachLessThan3Member 2026-02-28 0001657201 ietsift:C000263929Member ietsift:SalesTaxRevenueMember 2026-02-28 0001657201 ietsift:C000263929Member ietsift:UniversityOfCaliforniaSeries2025RB50005152039Member 2026-02-28 0001657201 ietsift:C000263929Member ietsift:WaterRevenueMember 2026-02-28 iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:sharesutr:Dietsift:Holding

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23304

#### Invesco Exchange-Traded Self-Indexed Fund Trust
(Exact name of registrant as specified in charter)

------

3500 Lacey Road Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Brian Hartigan, Principal Executive Officer

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 983-0903

#### Date of fiscal year end:

#### August 31

#### Date of reporting period:

#### February 28, 2026
Item 1. Reports to Stockholders.

(a) The Registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") is as follows:

![TSR_logo](images_2685.jpg)

### Invesco Bloomberg Pricing Power ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POWA \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Bloomberg Pricing Power ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Bloomberg Pricing Power ETF | $20 | 0.40% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$196804314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;2.27% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999042.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-POWA-SAR **Invesco Bloomberg Pricing Power ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2026 Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSCQ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2026 Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2026 Corporate Bond ETF | $5 | 0.10% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4141634998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., 2.40%, 08/08/2026 | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc., 2.95%, 11/21/2026 | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/2026 | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 3.00%, 04/22/2026 | &nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 3.00%, 10/23/2026 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 3.13%, 07/27/2026 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 2.95%, 10/01/2026 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 2.65%, 07/15/2026 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A., 5.11%, 12/08/2026 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.50%, 11/16/2026 | &nbsp;&nbsp;&nbsp;0.79% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9998970.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSCQ-SAR **Invesco BulletShares 2026 Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2026 High Yield Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSJQ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2026 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF | $210.41%<sup>†</sup> |

---

---

| | |
|:---|:---|
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1116760431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;DISH DBS Corp., 5.25%, 12/01/2026 | &nbsp;&nbsp;&nbsp;4.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC, 7.75%, 10/15/2031 | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;NCR Atleos Corp., 9.50%, 04/01/2029 | &nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Altice France S.A., 9.50%, 11/01/2029 | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO Distribution, Inc., 7.25%, 06/15/2028 | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Supply LLC, 8.63%, 06/01/2030 | &nbsp;&nbsp;&nbsp;3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;EG Global Finance PLC, 12.00%, 11/30/2028 | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health, Inc., 11.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 3.13%, 09/01/2026 | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;IQVIA, Inc., 5.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;2.36% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999186.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSJQ-SAR **Invesco BulletShares 2026 High Yield Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2026 Municipal Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSMQ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2026 Municipal Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2026 Municipal Bond ETF | $9 | 0.18% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$295485521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2017 C, Ref. GO Bonds, 5.00%, 08/01/2026 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2018, GO Bonds, 5.00%, 10/01/2026 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maryland (State of) Department of Transportation, Series 2019, RB, 5.00%, 10/01/2026 | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB, 5.00%, 08/01/2026 | &nbsp;&nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Minnesota (State of) Public Facilities Authority, Series 2016 A, RB, 5.00%, 03/01/2036 | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB, 5.00%, 08/01/2034 | &nbsp;&nbsp;&nbsp;0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Toll Highway Authority, Series 2015 B, RB, 5.00%, 01/01/2040 | &nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds, 5.00%, 12/01/2026 | &nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB, 5.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbus (City of), OH, Series 2015, Ref. RB, 5.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;0.34% |

---

 **Revenue type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999487.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSMQ-SAR **Invesco BulletShares 2026 Municipal Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2027 Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSCR \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2027 Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2027 Corporate Bond ETF | $5 | 0.10% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4614441774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., 3.30%, 02/06/2027 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 4.45%, 09/29/2027 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 3.15%, 08/22/2027 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley, 3.63%, 01/20/2027 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The), 3.85%, 01/26/2027 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 3.25%, 11/15/2027 | &nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 3.50%, 08/15/2027 | &nbsp;&nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 4.30%, 07/22/2027 | &nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 3.25%, 10/21/2027 | &nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 2.30%, 06/01/2027 | &nbsp;&nbsp;&nbsp;0.54% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999006.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSCR-SAR **Invesco BulletShares 2027 Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2027 High Yield Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSJR \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2027 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF | $21 | 0.42% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$826767191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;DISH Network Corp., 11.75%, 11/15/2027 | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group, Inc., 11.25%, 02/15/2027 | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media, Inc., 5.63%, 07/15/2027 | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lightning Power LLC, 7.25%, 08/15/2032 | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;TK Elevator U.S. Newco, Inc., 5.25%, 07/15/2027 | &nbsp;&nbsp;&nbsp;1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 5.00%, 08/01/2027 | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 5.13%, 11/01/2027 | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027 | &nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027 | &nbsp;&nbsp;&nbsp;1.57% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999330.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSJR-SAR **Invesco BulletShares 2027 High Yield Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2027 Municipal Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSMR \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2027 Municipal Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2027 Municipal Bond ETF | $9 | 0.18% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$320364959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of), Series 2017 C, GO Bonds, 5.00%, 11/01/2029 | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of), Series 2020 A, GO Bonds, 5.00%, 06/01/2027 | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB, 5.00%, 06/15/2040 | &nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB, 5.00%, 02/01/2039 | &nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clark (County of), NV, Series 2017, Ref. GO Bonds, 5.00%, 06/01/2030 | &nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, 5.00%, 02/15/2042 | &nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, 5.00%, 02/15/2039 | &nbsp;&nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas (State of) Water Development Board, Series 2017 A, RB, 5.00%, 10/15/2047 | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-1, RB, 5.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houston (City of), TX, Series 2017 B, Ref. RB, 5.00%, 11/15/2042 | &nbsp;&nbsp;&nbsp;0.26% |

---

 **Revenue type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999451.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSMR-SAR **Invesco BulletShares 2027 Municipal Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2028 Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSCS \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2028 Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2028 Corporate Bond ETF | $5 | 0.10% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3406500445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 4.30%, 03/25/2028 | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 5.15%, 03/02/2028 | &nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cigna Group (The), 4.38%, 10/15/2028 | &nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/2028 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;RTX Corp., 4.13%, 11/16/2028 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital Corp., 6.88%, 11/15/2028 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A., 5.80%, 09/29/2028 | &nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 3.90%, 11/20/2028 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., 1.20%, 02/08/2028 | &nbsp;&nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., 1.40%, 08/05/2028 | &nbsp;&nbsp;&nbsp;0.53% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999150.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSCS-SAR **Invesco BulletShares 2028 Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2028 High Yield Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSJS \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2028 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF | $21 | 0.42% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$646777390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028 | &nbsp;&nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;DISH DBS Corp., 5.75%, 12/01/2028 | &nbsp;&nbsp;&nbsp;1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 8.13%, 06/01/2028 | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028 | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio LLC, 4.00%, 07/15/2028 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenneco, Inc., 8.00%, 11/17/2028 | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Rentals (North America), Inc., 4.88%, 01/15/2028 | &nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;MPT Operating Partnership L.P./MPT Finance Corp., 8.50%, 02/15/2032 | &nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avantor Funding, Inc., 4.63%, 07/15/2028 | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Univision Communications, Inc., 8.00%, 08/15/2028 | &nbsp;&nbsp;&nbsp;1.10% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999582.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSJS-SAR **Invesco BulletShares 2028 High Yield Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2028 Municipal Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSMS \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2028 Municipal Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2028 Municipal Bond ETF | $9 | 0.18% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$278571168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Texas (State of) Water Development Board, Series 2018 B, RB, 5.00%, 04/15/2049 | &nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series 2025 A, RB, 5.00%, 02/01/2028 | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority, Series 2017 A, Ref. RB, 5.00%, 01/01/2043 | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles (City of), CA Department of Water & Power, Series 2025 A, Ref. RB, 5.00%, 07/01/2028 | &nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds, 5.00%, 07/01/2028 | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Montana (State of) Facility Finance Authority (Bozeman Deaconess Health Services Obligated Group), Series 2018, RB, 5.00%, 06/01/2048 | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of), Series 2017 D, GO Bonds, 5.00%, 11/01/2028 | &nbsp;&nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds, 5.25%, 07/01/2042 | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB, 5.00%, 10/01/2043 | &nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orlando (City of), FL, Series 2018 B, RB, 5.00%, 10/01/2048 | &nbsp;&nbsp;&nbsp;0.30% |

---

 **Revenue type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999415.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSMS-SAR **Invesco BulletShares 2028 Municipal Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2029 Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSCT \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2029 Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2029 Corporate Bond ETF | $5 | 0.10% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2840968530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc., 3.20%, 11/21/2029 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp., 4.63%, 12/15/2029 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp., 3.50%, 05/15/2029 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 4.02%, 12/03/2029 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 4.35%, 03/01/2029 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/2029 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc., 3.50%, 07/01/2029 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.80%, 03/15/2029 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 4.85%, 02/26/2029 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., 4.15%, 01/24/2029 | &nbsp;&nbsp;&nbsp;0.65% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999294.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSCT-SAR **Invesco BulletShares 2029 Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2029 High Yield Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSJT \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2029 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF | $21 | 0.42% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$467225411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., 10.75%, 11/30/2029 | &nbsp;&nbsp;&nbsp;2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., 6.50%, 03/31/2029 | &nbsp;&nbsp;&nbsp;1.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group, Inc., 9.00%, 09/30/2029 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 9.50%, 02/01/2029 | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.38%, 03/01/2029 | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc., 9.29%, 04/15/2029 | &nbsp;&nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Staples, Inc., 10.75%, 09/01/2029 | &nbsp;&nbsp;&nbsp;0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group, Inc., 9.75%, 04/15/2029 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Connect Finco S.a.r.l./Connect US Finco LLC, 9.00%, 09/15/2029 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Imola Merger Corp., 4.75%, 05/15/2029 | &nbsp;&nbsp;&nbsp;0.82% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999690.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSJT-SAR **Invesco BulletShares 2029 High Yield Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2029 Municipal Bond ETF

### BSMT \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2029 Municipal Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco BulletShares 2029 Municipal Bond ETF | $9 | 0.18% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$254357139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series 2025 B-2, RB, 5.00%, 03/15/2029 | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of), Series 2020 A, GO Bonds, 5.00%, 06/01/2029 | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2019 B-1, GO Bonds, 5.00%, 10/01/2031 | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2024 C, Ref. RB, 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB, 5.00%, 11/01/2035 | &nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB, 5.00%, 07/01/2029 | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Turnpike Authority, Series 2019 A, RB, 5.00%, 01/01/2048 | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2019, GO Bonds, 5.00%, 11/01/2029 | &nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds, 5.00%, 07/15/2029 | &nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of California, Series 2024 BX, RB, 5.00%, 05/15/2029 | &nbsp;&nbsp;&nbsp;0.32% |

---

**Revenue type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999358.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSMT-SAR **Invesco BulletShares 2029 Municipal Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2030 Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSCU \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2030 Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2030 Corporate Bond ETF | $5 | 0.10% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2464017706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), 5.15%, 05/01/2030 | &nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 4.20%, 11/15/2030 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas and Electric Co., 4.55%, 07/01/2030 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 4.45%, 09/26/2030 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 5.25%, 03/02/2030 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A., 4.91%, 05/29/2030 | &nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., 4.10%, 11/15/2030 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 4.10%, 11/20/2030 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/2030 | &nbsp;&nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 5.13%, 02/15/2030 | &nbsp;&nbsp;&nbsp;0.60% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999546.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSCU-SAR **Invesco BulletShares 2030 Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2030 High Yield Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSJU \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2030 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF | $21 | 0.42% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$254018677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;HUB International Ltd., 7.25%, 06/15/2030 | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;WULF Compute LLC, 7.75%, 10/15/2030 | &nbsp;&nbsp;&nbsp;1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc., 4.63%, 06/01/2030 | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2030 | &nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;APLD ComputeCo LLC, 9.25%, 12/15/2030 | &nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;athenahealth Group, Inc., 6.50%, 02/15/2030 | &nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;VoltaGrid LLC, 7.38%, 11/01/2030 | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., 6.13%, 06/15/2030 | &nbsp;&nbsp;&nbsp;1.11% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999798.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSJU-SAR **Invesco BulletShares 2030 High Yield Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2030 Municipal Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSMU \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2030 Municipal Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2030 Municipal Bond ETF | $9 | 0.18% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$244723631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB, 5.25%, 11/15/2055 | &nbsp;&nbsp;&nbsp;0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2020, GO Bonds, 4.00%, 03/01/2036 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB, 5.00%, 07/01/2030 | &nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2020, GO Bonds, 5.00%, 03/01/2035 | &nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, Series 2020 RYQ, GO Bonds, 5.00%, 07/01/2035 | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB, 5.00%, 11/15/2049 | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York State Urban Development Corp., Series 2020 C, Ref. RB, 5.00%, 03/15/2047 | &nbsp;&nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB, 5.00%, 11/15/2050 | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority, Series 2020 D, Ref. RB, 5.00%, 02/15/2034 | &nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Series 2020 C-1, Ref. GO Bonds, 5.00%, 08/01/2030 | &nbsp;&nbsp;&nbsp;0.36% |

---

 **Revenue type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999978.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSMU-SAR **Invesco BulletShares 2030 Municipal Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2031 Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSCV \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2031 Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2031 Corporate Bond ETF | $5 | 0.10% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1652545607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 2.55%, 03/21/2031 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orange S.A., 9.00%, 03/01/2031 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 2.88%, 03/25/2031 | &nbsp;&nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 2.75%, 06/01/2031 | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 2.10%, 05/12/2031 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 4.95%, 02/26/2031 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 2.45%, 02/15/2031 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., 1.65%, 02/08/2031 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 4.95%, 02/04/2031 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The), 2.65%, 01/13/2031 | &nbsp;&nbsp;&nbsp;0.71% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999654.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSCV-SAR **Invesco BulletShares 2031 Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2031 High Yield Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSJV \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2031 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2031 High Yield Corporate Bond ETF | $21 | 0.42% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$82021939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Panther Escrow Issuer LLC, 7.13%, 06/01/2031 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/2031 | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC, 7.88%, 02/15/2031 | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;UKG, Inc., 6.88%, 02/01/2031 | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/2031 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 8.38%, 06/01/2031 | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc., 10.00%, 02/15/2031 | &nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Pearl Compute LLC, 6.13%, 02/15/2031 | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;JetBlue Airways Corp./JetBlue Loyalty L.P., 9.88%, 09/20/2031 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreWeave, Inc., 9.00%, 02/01/2031 | &nbsp;&nbsp;&nbsp;1.14% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999906.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSJV-SAR **Invesco BulletShares 2031 High Yield Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2031 Municipal Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSMV \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2031 Municipal Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2031 Municipal Bond ETF | $9 | 0.18% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$175363281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB, 5.00%, 05/15/2051 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of), Series 2020 A, GO Bonds, 4.00%, 06/01/2031 | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of) Toll Highway Authority, Series 2020 A, RB, 5.00%, 01/01/2045 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of California (Limited), Series 2021 Q, Ref. RB, 5.00%, 05/15/2046 | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB, 4.00%, 08/15/2048 | &nbsp;&nbsp;&nbsp;0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2021, Ref. GO Bonds, 4.00%, 10/01/2041 | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2021, Ref. GO Bonds, 5.00%, 09/01/2041 | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) (Bid Group C), Series 2021 C, Ref. GO Bonds, 5.00%, 10/01/2031 | &nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (Commonwealth of), Series 2021 C, GO Bonds, 5.00%, 09/01/2031 | &nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intermountain Power Agency, Series 2022 A, Ref. RB, 5.00%, 07/01/2045 | &nbsp;&nbsp;&nbsp;0.33% |

---

 **Revenue type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999726.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSMV-SAR **Invesco BulletShares 2031 Municipal Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2032 Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSCW \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2032 Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2032 Corporate Bond ETF | $5 | 0.10% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1417656492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 4.60%, 11/15/2032 | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 2.36%, 03/15/2032 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.30%, 01/30/2032 | &nbsp;&nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 3.85%, 08/15/2032 | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 4.80%, 09/26/2032 | &nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital Corp., 8.75%, 03/15/2032 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 3.60%, 04/13/2032 | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 6.25%, 11/09/2032 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 4.70%, 12/01/2032 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co., 3.25%, 02/12/2032 | &nbsp;&nbsp;&nbsp;0.78% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999762.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSCW-SAR **Invesco BulletShares 2032 Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2032 High Yield Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSJW \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2032 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2032 High Yield Corporate Bond ETF | $21 | 0.42% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$35875479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1261229 BC Ltd., 10.00%, 04/15/2032 | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., 6.38%, 03/01/2032 | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asurion LLC and Asurion Co-Issuer, Inc., 8.00%, 12/31/2032 | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 05/01/2032 | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Discovery Global Holdings, Inc., 4.28%, 03/15/2032 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products, Inc., 6.75%, 04/30/2032 | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.63%, 03/01/2032 | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG, Inc., 9.88%, 02/01/2032 | &nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;IQVIA, Inc., 6.25%, 06/01/2032 | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;HUB International Ltd., 7.38%, 01/31/2032 | &nbsp;&nbsp;&nbsp;1.24% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10000050.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSJW-SAR **Invesco BulletShares 2032 High Yield Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2032 Municipal Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSMW \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2032 Municipal Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2032 Municipal Bond ETF | $9 | 0.18% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$165652638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center, Series 2022 P, RB, 5.00%, 05/15/2047 | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of California, Series 2022 BK, RB, 5.00%, 05/15/2052 | &nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of), Series 2020 A, GO Bonds, 4.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB, 5.25%, 06/15/2052 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority, Series 2022 A, Ref. RB, 5.00%, 05/01/2052 | &nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB, 5.00%, 12/01/2032 | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2022, RB, 5.00%, 11/15/2051 | &nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2022, Ref. GO Bonds, 5.00%, 09/01/2035 | &nbsp;&nbsp;&nbsp;0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB, 5.00%, 02/01/2047 | &nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas (State of) Transportation Commission State Highway Fund, Series 2024, Ref. RB, 5.00%, 10/01/2032 | &nbsp;&nbsp;&nbsp;0.37% |

---

 **Revenue type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999834.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSMW-SAR **Invesco BulletShares 2032 Municipal Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2033 Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSCX \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2033 Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2033 Corporate Bond ETF | $5 | 0.10% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$941187689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc., 5.25%, 03/02/2033 | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 2.55%, 12/01/2033 | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 5.35%, 05/04/2033 | &nbsp;&nbsp;&nbsp;1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA, Inc., 5.05%, 07/15/2033 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., 5.70%, 03/08/2033 | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 5.38%, 02/15/2033 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp., 5.20%, 02/10/2033 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc., 4.81%, 02/13/2033 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A., 6.92%, 08/08/2033 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 4.50%, 08/10/2033 | &nbsp;&nbsp;&nbsp;0.83% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999870.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSCX-SAR **Invesco BulletShares 2033 Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2033 High Yield Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSJX \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2033 High Yield Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2033 High Yield Corporate Bond ETF | $21 | 0.42% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7636746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.38%, 05/31/2033 | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jane Street Group/JSG Finance, Inc., 6.75%, 05/01/2033 | &nbsp;&nbsp;&nbsp;1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Level 3 Financing, Inc., 6.88%, 06/30/2033 | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding Corp., 7.25%, 02/15/2033 | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 7.00%, 02/01/2033 | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Viking Cruises Ltd., 5.88%, 10/15/2033 | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 06/01/2033 | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc., 6.75%, 03/01/2033 | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm, Inc., 6.00%, 01/15/2033 | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Rentals (North America), Inc., 5.38%, 11/15/2033 | &nbsp;&nbsp;&nbsp;1.45% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10000158.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSJX-SAR **Invesco BulletShares 2033 High Yield Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2033 Municipal Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSSX \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2033 Municipal Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2033 Municipal Bond ETF | $9 | 0.18% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$120440725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2023, GO Bonds, 5.25%, 09/01/2053 | &nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferson (County of), AL, Series 2024, Ref. RB, 5.25%, 10/01/2045 | &nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority, Series 2019, RB, 2.00%, 07/01/2033 | &nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB, 5.00%, 12/01/2039 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB, 5.00%, 06/15/2046 | &nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 1999, RB, 5.00%, 07/01/2033 | &nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2023, RB, 5.25%, 05/01/2048 | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferson (County of), AL, Series 2024, Ref. Revenue Wts., 5.25%, 10/01/2043 | &nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Turnpike Authority, Series 2022 B, RB, 5.00%, 01/01/2046 | &nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2016, Ref. GO Bonds, 3.00%, 09/01/2033 | &nbsp;&nbsp;&nbsp;0.38% |

---

 **Revenue type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999942.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSSX-SAR **Invesco BulletShares 2033 Municipal Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2034 Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSCY \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2034 Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2034 Corporate Bond ETF | $5 | 0.10% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$480046924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc., 5.05%, 03/15/2034 | &nbsp;&nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 3.47%, 04/15/2034 | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 5.40%, 02/15/2034 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), 6.53%, 05/01/2034 | &nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 5.20%, 02/22/2034 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc., 5.05%, 02/26/2034 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 4.75%, 08/15/2034 | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The), 5.00%, 09/15/2034 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A., 5.57%, 04/30/2034 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., 5.15%, 07/15/2034 | &nbsp;&nbsp;&nbsp;0.74% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10000014.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSCY-SAR **Invesco BulletShares 2034 Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2034 Municipal Bond ETF

### BSMY \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2034 Municipal Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco BulletShares 2034 Municipal Bond ETF | $9 | 0.18% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$104800768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings** 

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB, 5.25%, 05/15/2064 | &nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (Commonwealth of), Series 2024 A, GO Bonds, 5.00%, 01/01/2054 | &nbsp;&nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB, 3.00%, 11/15/2034 | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2024, RB, 5.50%, 11/01/2047 | &nbsp;&nbsp;&nbsp;0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2025, RB, 5.00%, 12/01/2034 | &nbsp;&nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey (State of) Transportation Trust Fund Authority, Series 2024 AA, Ref. RB, 5.00%, 06/15/2039 | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Connecticut (State of) (Social Bonds), Series 2024 B, GO Bonds, 5.00%, 01/15/2039 | &nbsp;&nbsp;&nbsp;0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, 5.00%, 12/01/2054 | &nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Series 2024, RB, 5.25%, 05/01/2051 | &nbsp;&nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB, 5.25%, 07/01/2052 | &nbsp;&nbsp;&nbsp;0.33% |

---

**Revenue type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10000086.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSMY-SAR **Invesco BulletShares 2034 Municipal Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2035 Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSCZ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2035 Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco BulletShares 2035 Corporate Bond ETF | $5 | 0.10% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$195466905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 4.88%, 11/15/2035 | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., 5.20%, 09/26/2035 | &nbsp;&nbsp;&nbsp;1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., 4.70%, 11/15/2035 | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 4.65%, 11/20/2035 | &nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., 5.20%, 07/15/2035 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc., 4.50%, 05/14/2035 | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc., 5.15%, 04/01/2035 | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., 4.50%, 05/15/2035 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 5.25%, 04/02/2035 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 4.78%, 02/15/2035 | &nbsp;&nbsp;&nbsp;0.74% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10000122.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSCZ-SAR **Invesco BulletShares 2035 Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco BulletShares 2035 Municipal Bond ETF

### BSMZ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco BulletShares 2035 Municipal Bond ETF (the "Fund") for the period September 15, 2025 (commencement of operations) to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco BulletShares 2035 Municipal Bond ETF | $8 | 0.18% |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | **The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher.**  |
| *\** | **Annualized.**  |

---

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$38756730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB, 5.25%, 10/01/2035 | &nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2025, GO Bonds, 5.00%, 03/01/2055 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, Ref. RB, 5.00%, 10/01/2042 | &nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Health Facilities Financing Authority(Adventist Health System), Series 2025, RB, 5.00%, 12/01/2035 | &nbsp;&nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Subseries 2025 G-1, GO Bonds, 5.00%, 02/01/2035 | &nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of California, Series 2025, RB, 5.00%, 05/15/2039 | &nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (Commonwealth of) Development Finance Agency (Boston College), Series 2025, Ref. RB, 5.00%, 10/01/2039 | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Colorado Springs (City of), CO, Series 2022 A, RB, 5.00%, 11/15/2039 | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2025, Ref. RB, 5.50%, 08/15/2055 | &nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Omaha (City of), NE Public Power District, Series 2025 B, RB, 5.00%, 02/01/2055 | &nbsp;&nbsp;&nbsp;0.49% |
| \* Excluding money market fund holdings, if any. |  |

---

**Revenue type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10074249.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-BSMZ-SAR **Invesco BulletShares 2035 Municipal Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco International Developed Dynamic Multifactor ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMFL \| Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco International Developed Dynamic Multifactor ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco International Developed Dynamic Multifactor ETF | $19 | 0.34% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$978823633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co. Ltd. | &nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Electric Industries Ltd. | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Woori Financial Group, Inc. | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Kinzoku Co. Ltd. | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco BPM S.p.A. | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Furukawa Electric Co. Ltd. | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banca Monte dei Paschi di Siena S.p.A. | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco de Sabadell S.A. | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;0.66% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999618.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-IMFL-SAR **Invesco International Developed Dynamic Multifactor ETF**

![TSR_logo](images_2685.jpg)

### Invesco Investment Grade Defensive ETF

### IIGD \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Investment Grade Defensive ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Investment Grade Defensive ETF | $7 | 0.13% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$31168794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson, 1.30%, 09/01/2030 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Finance PLC, 4.50%, 10/24/2028 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xilinx, Inc., 2.38%, 06/01/2030 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I, 2.95%, 04/09/2030 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp., 1.60%, 04/20/2030 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Power & Light Co., 2.45%, 02/03/2032 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Georgia-Pacific LLC, 2.30%, 04/30/2030 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding, 1.80%, 03/08/2028 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The), 2.25%, 01/05/2032 | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Momentive Performance Materials, Inc., 4.13%, 10/22/2028 | &nbsp;&nbsp;&nbsp;0.64% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999078.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-IIGD-SAR **Invesco Investment Grade Defensive ETF**![TSR_logo](images_2685.jpg)

### Invesco RAFI<sup>TM</sup> Strategic US ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IUS \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco RAFI<sup>TM</sup> Strategic US ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco RAFI<sup>TM</sup> Strategic US ETF | $10 | 0.19% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$736485591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;6.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;1.21% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999114.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

P-IUS-SAR **Invesco RAFI<sup>TM</sup> Strategic US ETF**

![TSR_logo](images_2685.jpg)

### Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMFL \| Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | $15 | 0.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4425569287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.03% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999222.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OMFL-SAR **Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF**

![TSR_logo](images_2685.jpg)

### Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMFS \| Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

### What Were The Fund Costs For The Last Six Months ?
 *(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF | $20 | 0.39% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$275628242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass, Inc., Class A | &nbsp;&nbsp;&nbsp;0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellium SE | &nbsp;&nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Herbalife Ltd. | &nbsp;&nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. | &nbsp;&nbsp;&nbsp;0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Seaways, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;0.27% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9999258.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory Documents?
Only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact your broker-dealer.

![TSR_QRcode](images_2684.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OMFS-SAR **Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

------

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

------

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

------

Item 5. Audit Committee of Listed Registrants.

Not applicable for a semi-annual report.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](imge3e3ccbc1.jpg)

------

### Invesco Semi-Annual Financial Statements and Other Information
February 28, 2026

---

| | |
|:---|:---|
| **BSCQ** | Invesco BulletShares 2026 Corporate Bond ETF |
| **BSCR** | Invesco BulletShares 2027 Corporate Bond ETF |
| **BSCS** | Invesco BulletShares 2028 Corporate Bond ETF |
| **BSCT** | Invesco BulletShares 2029 Corporate Bond ETF |
| **BSCU** | Invesco BulletShares 2030 Corporate Bond ETF |
| **BSCV** | Invesco BulletShares 2031 Corporate Bond ETF |
| **BSCW** | Invesco BulletShares 2032 Corporate Bond ETF |
| **BSCX** | Invesco BulletShares 2033 Corporate Bond ETF |
| **BSCY** | Invesco BulletShares 2034 Corporate Bond ETF |
| **BSCZ** | Invesco BulletShares 2035 Corporate Bond ETF |
| **BSJQ** | Invesco BulletShares 2026 High Yield Corporate Bond ETF |
| **BSJR** | Invesco BulletShares 2027 High Yield Corporate Bond ETF |
| **BSJS** | Invesco BulletShares 2028 High Yield Corporate Bond ETF |
| **BSJT** | Invesco BulletShares 2029 High Yield Corporate Bond ETF |
| **BSJU** | Invesco BulletShares 2030 High Yield Corporate Bond ETF |
| **BSJV** | Invesco BulletShares 2031 High Yield Corporate Bond ETF |
| **BSJW** | Invesco BulletShares 2032 High Yield Corporate Bond ETF |
| **BSJX** | Invesco BulletShares 2033 High Yield Corporate Bond ETF |
| **BSMQ** | Invesco BulletShares 2026 Municipal Bond ETF |
| **BSMR** | Invesco BulletShares 2027 Municipal Bond ETF |
| **BSMS** | Invesco BulletShares 2028 Municipal Bond ETF |
| **BSMT** | Invesco BulletShares 2029 Municipal Bond ETF |
| **BSMU** | Invesco BulletShares 2030 Municipal Bond ETF |
| **BSMV** | Invesco BulletShares 2031 Municipal Bond ETF |
| **BSMW** | Invesco BulletShares 2032 Municipal Bond ETF |
| **BSSX** | Invesco BulletShares 2033 Municipal Bond ETF |
| **BSMY** | Invesco BulletShares 2034 Municipal Bond ETF |
| **BSMZ** | Invesco BulletShares 2035 Municipal Bond ETF |

---

------

## **Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_1)<br>| &nbsp;&nbsp;**3** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2027 Corporate Bond ETF (BSCR)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_8)<br>| &nbsp;&nbsp;**10** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2028 Corporate Bond ETF (BSCS)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_17)<br>| &nbsp;&nbsp;**19** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2029 Corporate Bond ETF (BSCT)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_26)<br>| &nbsp;&nbsp;**28** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2030 Corporate Bond ETF (BSCU)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_35)<br>| &nbsp;&nbsp;**37** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2031 Corporate Bond ETF (BSCV)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_44)<br>| &nbsp;&nbsp;**46** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2032 Corporate Bond ETF (BSCW)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_52)<br>| &nbsp;&nbsp;**54** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2033 Corporate Bond ETF (BSCX)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_59)<br>| &nbsp;&nbsp;**61** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2034 Corporate Bond ETF (BSCY)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_65)<br>| &nbsp;&nbsp;**67** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_71)<br>| &nbsp;&nbsp;**73** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_78)<br>| &nbsp;&nbsp;**80** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_81)<br>| &nbsp;&nbsp;**83** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_85)<br>| &nbsp;&nbsp;**87** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_91)<br>| &nbsp;&nbsp;**93** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_99)<br>| &nbsp;&nbsp;**101** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_105)<br>| &nbsp;&nbsp;**107** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_110)<br>| &nbsp;&nbsp;**112** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_115)<br>| &nbsp;&nbsp;**117** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_119)<br>| &nbsp;&nbsp;**121** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2027 Municipal Bond ETF (BSMR)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_164)<br>| &nbsp;&nbsp;**166** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2028 Municipal Bond ETF (BSMS)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_214)<br>| &nbsp;&nbsp;**216** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2029 Municipal Bond ETF (BSMT)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_255)<br>| &nbsp;&nbsp;**257** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2030 Municipal Bond ETF (BSMU)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_291)<br>| &nbsp;&nbsp;**293** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2031 Municipal Bond ETF (BSMV)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_324)<br>| &nbsp;&nbsp;**326** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2032 Municipal Bond ETF (BSMW)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_353)<br>| &nbsp;&nbsp;**355** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2033 Municipal Bond ETF (BSSX)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_387)<br>| &nbsp;&nbsp;**389** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2034 Municipal Bond ETF (BSMY)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_416)<br>| &nbsp;&nbsp;**418** |
| &nbsp;&nbsp;&nbsp;[Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)](#xx_9a38ac60-51f2-49f6-874e-cc5bf84f0627_449)<br>| &nbsp;&nbsp;**451** |
| [Statements of Assets and Liabilities](#xx_008da7cd-66e3-409d-8ebe-8ea335adb427_2)<br>| &nbsp;&nbsp;**474** |
| [Statements of Operations](#xx_008da7cd-66e3-409d-8ebe-8ea335adb427_8)<br>| &nbsp;&nbsp;**480** |
| [Statements of Changes in Net Assets](#xx_008da7cd-66e3-409d-8ebe-8ea335adb427_14)<br>| &nbsp;&nbsp;**486** |
| [Financial Highlights](#xx_1b538690-61ee-4694-ad1f-6a97d2062c8d_1)<br>| &nbsp;&nbsp;**496** |
| [Notes to Financial Statements](#xx_49e0b0f0-86ac-4415-9413-84a6a746e4ca_1)<br>| &nbsp;&nbsp;**524** |
| [Approval of Investment Advisory Contracts](#xx_e9e90e4e-96e0-403d-aa4d-6e7f06dad762_1)<br>| &nbsp;&nbsp;**540** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_f1ebd23e-29e1-4f09-8cf1-2d74dc4bc8cc_1)<br>| &nbsp;&nbsp;**542** |

---

------

#### 2

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-100.96%** | **U.S. Dollar Denominated Bonds & Notes-100.96%** | **U.S. Dollar Denominated Bonds & Notes-100.96%** |
| **Aerospace & Defense-0.85%** | **Aerospace & Defense-0.85%** | **Aerospace & Defense-0.85%** |
| General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.15%, 06/01/2026<br>| $&nbsp;&nbsp;5879000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5840374 |
| &nbsp;&nbsp;&nbsp;2.13%, 08/15/2026<sup>(b)</sup><br>| &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5915655 |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, 11/01/2026<br>| &nbsp;&nbsp;8625000 | &nbsp;&nbsp;&nbsp;&nbsp; 8559911 |
| &nbsp;&nbsp;&nbsp;5.75%, 11/08/2026<br>| 14888000 | &nbsp;&nbsp;&nbsp;&nbsp; 15058668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35374608 |
| **Air Freight & Logistics-0.36%** | **Air Freight & Logistics-0.36%** | **Air Freight & Logistics-0.36%** |
| FedEx Corp., 3.25%, 04/01/2026<br>| &nbsp;&nbsp;8899000 | &nbsp;&nbsp;&nbsp;&nbsp; 8893069 |
| United Parcel Service, Inc., 2.40%, 11/15/2026<br>| &nbsp;&nbsp;5969000 | &nbsp;&nbsp;&nbsp;&nbsp; 5914586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14807655 |
| **Automobiles-4.36%** | **Automobiles-4.36%** | **Automobiles-4.36%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 07/07/2026<br>| 11301000 | &nbsp;&nbsp;&nbsp;&nbsp; 11358451 |
| &nbsp;&nbsp;&nbsp;1.30%, 09/09/2026<sup>(b)</sup><br>| &nbsp;&nbsp;8939000 | &nbsp;&nbsp;&nbsp;&nbsp; 8822780 |
| &nbsp;&nbsp;&nbsp;2.30%, 09/09/2026<br>| &nbsp;&nbsp;5199000 | &nbsp;&nbsp;&nbsp;&nbsp; 5157274 |
| &nbsp;&nbsp;&nbsp;4.40%, 10/05/2026<br>| &nbsp;&nbsp;8321000 | &nbsp;&nbsp;&nbsp;&nbsp; 8348074 |
| Ford Motor Co., 4.35%, 12/08/2026<sup>(b)</sup><br>| 17888000 | &nbsp;&nbsp;&nbsp;&nbsp; 17887651 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.95%, 06/10/2026<br>| 10683000 | &nbsp;&nbsp;&nbsp;&nbsp; 10738698 |
| &nbsp;&nbsp;&nbsp;2.70%, 08/10/2026<br>| 15478000 | &nbsp;&nbsp;&nbsp;&nbsp; 15373940 |
| &nbsp;&nbsp;&nbsp;5.13%, 11/05/2026<br>| 13380000 | &nbsp;&nbsp;&nbsp;&nbsp; 13459117 |
| PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 03/30/2026<sup>(b)</sup><br>| &nbsp;&nbsp;5904000 | &nbsp;&nbsp;&nbsp;&nbsp; 5905969 |
| &nbsp;&nbsp;&nbsp;5.20%, 11/09/2026<br>| &nbsp;&nbsp;5879000 | &nbsp;&nbsp;&nbsp;&nbsp; 5936028 |
| Toyota Motor Corp. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;1.34%, 03/25/2026<br>| &nbsp;&nbsp;9219000 | &nbsp;&nbsp;&nbsp;&nbsp; 9203004 |
| &nbsp;&nbsp;&nbsp;5.28%, 07/13/2026<sup>(b)</sup><br>| &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5982337 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.20%, 05/15/2026<br>| &nbsp;&nbsp;9039000 | &nbsp;&nbsp;&nbsp;&nbsp; 9064556 |
| &nbsp;&nbsp;&nbsp;4.45%, 05/18/2026<br>| 16692000 | &nbsp;&nbsp;&nbsp;&nbsp; 16715000 |
| &nbsp;&nbsp;&nbsp;1.13%, 06/18/2026<sup>(b)</sup><br>| 10319000 | &nbsp;&nbsp;&nbsp;&nbsp; 10236260 |
| &nbsp;&nbsp;&nbsp;4.55%, 08/07/2026<sup>(b)</sup><br>| &nbsp;&nbsp;9139000 | &nbsp;&nbsp;&nbsp;&nbsp; 9167537 |
| &nbsp;&nbsp;&nbsp;5.00%, 08/14/2026<br>| &nbsp;&nbsp;7703000 | &nbsp;&nbsp;&nbsp;&nbsp; 7743570 |
| &nbsp;&nbsp;&nbsp;5.40%, 11/20/2026<sup>(b)</sup><br>| &nbsp;&nbsp;9363000 | &nbsp;&nbsp;&nbsp;&nbsp; 9467328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180567574 |
| **Banks-25.97%** | **Banks-25.97%** | **Banks-25.97%** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 03/03/2026<br>| 21427000 | &nbsp;&nbsp;&nbsp;&nbsp; 21427227 |
| &nbsp;&nbsp;&nbsp;3.50%, 04/19/2026<br>| 29807000 | &nbsp;&nbsp;&nbsp;&nbsp; 29787169 |
| &nbsp;&nbsp;&nbsp;4.25%, 10/22/2026<br>| 23847000 | &nbsp;&nbsp;&nbsp;&nbsp; 23886104 |
| Bank of America N.A., 5.53%, 08/18/2026<br>| 20494000 | &nbsp;&nbsp;&nbsp;&nbsp; 20620665 |
| Bank of Montreal (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, 06/05/2026<sup>(b)</sup><br>| 13944000 | &nbsp;&nbsp;&nbsp;&nbsp; 13992174 |
| &nbsp;&nbsp;&nbsp;5.27%, 12/11/2026<sup>(b)</sup><br>| 13712000 | &nbsp;&nbsp;&nbsp;&nbsp; 13859869 |
| Bank of Nova Scotia (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;1.05%, 03/02/2026<br>| &nbsp;&nbsp;8751000 | &nbsp;&nbsp;&nbsp;&nbsp; 8751000 |
| &nbsp;&nbsp;&nbsp;1.35%, 06/24/2026<sup>(b)</sup><br>| &nbsp;&nbsp;7709000 | &nbsp;&nbsp;&nbsp;&nbsp; 7648489 |
| &nbsp;&nbsp;&nbsp;1.30%, 09/15/2026<br>| &nbsp;&nbsp;9313000 | &nbsp;&nbsp;&nbsp;&nbsp; 9186603 |
| &nbsp;&nbsp;&nbsp;5.35%, 12/07/2026<br>| 13712000 | &nbsp;&nbsp;&nbsp;&nbsp; 13874542 |
| Barclays PLC (United Kingdom), 5.20%, 05/12/2026<br>| 24445000 | &nbsp;&nbsp;&nbsp;&nbsp; 24499409 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| BPCE S.A. (France), 3.38%, 12/02/2026<br>| $&nbsp;&nbsp;6215000 | &nbsp;&nbsp;$6191198 |
| Canadian Imperial Bank of Commerce (Canada), 5.93%, 10/02/2026<sup>(b)</sup><br>| &nbsp;&nbsp;8745000 | &nbsp;&nbsp;&nbsp;&nbsp; 8847329 |
| Capital One N.A., 3.45%, 07/27/2026<sup>(b)</sup><br>| 10357000 | &nbsp;&nbsp;&nbsp;&nbsp; 10338504 |
| Citibank N.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.44%, 04/30/2026<br>| 23848000 | &nbsp;&nbsp;&nbsp;&nbsp; 23877485 |
| &nbsp;&nbsp;&nbsp;4.93%, 08/06/2026<br>| 17887000 | &nbsp;&nbsp;&nbsp;&nbsp; 17955834 |
| &nbsp;&nbsp;&nbsp;5.49%, 12/04/2026<sup>(b)</sup><br>| 23847000 | &nbsp;&nbsp;&nbsp;&nbsp; 24107983 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, 03/09/2026<br>| 17888000 | &nbsp;&nbsp;&nbsp;&nbsp; 17889781 |
| &nbsp;&nbsp;&nbsp;3.40%, 05/01/2026<sup>(b)</sup><br>| 23845000 | &nbsp;&nbsp;&nbsp;&nbsp; 23822768 |
| &nbsp;&nbsp;&nbsp;3.20%, 10/21/2026<br>| 30946000 | &nbsp;&nbsp;&nbsp;&nbsp; 30822805 |
| &nbsp;&nbsp;&nbsp;4.30%, 11/20/2026<br>| 10349000 | &nbsp;&nbsp;&nbsp;&nbsp; 10368162 |
| Cooperatieve Rabobank U.A. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 07/21/2026<br>| 17884000 | &nbsp;&nbsp;&nbsp;&nbsp; 17861669 |
| &nbsp;&nbsp;&nbsp;4.33%, 08/28/2026<sup>(b)</sup><br>| &nbsp;&nbsp;5151000 | &nbsp;&nbsp;&nbsp;&nbsp; 5163042 |
| &nbsp;&nbsp;&nbsp;5.50%, 10/05/2026<sup>(b)</sup><br>| &nbsp;&nbsp;7231000 | &nbsp;&nbsp;&nbsp;&nbsp; 7300805 |
| HSBC Holdings PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, 03/08/2026<br>| 19196000 | &nbsp;&nbsp;&nbsp;&nbsp; 19198906 |
| &nbsp;&nbsp;&nbsp;4.38%, 11/23/2026<br>| &nbsp;&nbsp;9237000 | &nbsp;&nbsp;&nbsp;&nbsp; 9262723 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, 04/01/2026<br>| 26377000 | &nbsp;&nbsp;&nbsp;&nbsp; 26364826 |
| &nbsp;&nbsp;&nbsp;3.20%, 06/15/2026<br>| 18064000 | &nbsp;&nbsp;&nbsp;&nbsp; 18031423 |
| &nbsp;&nbsp;&nbsp;2.95%, 10/01/2026<sup>(b)</sup><br>| 35766000 | &nbsp;&nbsp;&nbsp;&nbsp; 35580290 |
| &nbsp;&nbsp;&nbsp;7.63%, 10/15/2026<br>| &nbsp;&nbsp;5862000 | &nbsp;&nbsp;&nbsp;&nbsp; 5984323 |
| &nbsp;&nbsp;&nbsp;4.13%, 12/15/2026<br>| 23844000 | &nbsp;&nbsp;&nbsp;&nbsp; 23879230 |
| JPMorgan Chase Bank N.A., 5.11%, 12/08/2026<br>| 32786000 | &nbsp;&nbsp;&nbsp;&nbsp; 33085853 |
| KeyBank N.A., 3.40%, 05/20/2026<br>| &nbsp;&nbsp;6149000 | &nbsp;&nbsp;&nbsp;&nbsp; 6139347 |
| Lloyds Banking Group PLC (United Kingdom), 4.65%, 03/24/2026<br>| 17885000 | &nbsp;&nbsp;&nbsp;&nbsp; 17891653 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, 03/01/2026<br>| 21892000 | &nbsp;&nbsp;&nbsp;&nbsp; 21892000 |
| &nbsp;&nbsp;&nbsp;2.76%, 09/13/2026<sup>(b)</sup><br>| 10347000 | &nbsp;&nbsp;&nbsp;&nbsp; 10285757 |
| Mizuho Financial Group, Inc. (Japan), 2.84%, 09/13/2026<sup>(b)</sup><br>| 10353000 | &nbsp;&nbsp;&nbsp;&nbsp; 10299007 |
| Morgan Stanley Bank N.A. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 04/21/2026<sup>(b)</sup><br>| 15517000 | &nbsp;&nbsp;&nbsp;&nbsp; 15519508 |
| &nbsp;&nbsp;&nbsp;5.88%, 10/30/2026<sup>(b)</sup><br>| 17028000 | &nbsp;&nbsp;&nbsp;&nbsp; 17235192 |
| NatWest Group PLC (United Kingdom), 4.80%, 04/05/2026<br>| 17886000 | &nbsp;&nbsp;&nbsp;&nbsp; 17897597 |
| PNC Financial Services Group, Inc. (The), 1.15%, 08/13/2026<br>| &nbsp;&nbsp;7541000 | &nbsp;&nbsp;&nbsp;&nbsp; 7451419 |
| Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;1.15%, 07/14/2026<br>| &nbsp;&nbsp;7709000 | &nbsp;&nbsp;&nbsp;&nbsp; 7632483 |
| &nbsp;&nbsp;&nbsp;5.20%, 07/20/2026<br>| 10349000 | &nbsp;&nbsp;&nbsp;&nbsp; 10400313 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;3.78%, 03/09/2026<sup>(b)</sup><br>| 13818000 | &nbsp;&nbsp;&nbsp;&nbsp; 13817840 |
| &nbsp;&nbsp;&nbsp;5.88%, 07/13/2026<sup>(b)</sup><br>| &nbsp;&nbsp;8748000 | &nbsp;&nbsp;&nbsp;&nbsp; 8811791 |
| &nbsp;&nbsp;&nbsp;2.63%, 07/14/2026<sup>(b)</sup><br>| 26827000 | &nbsp;&nbsp;&nbsp;&nbsp; 26708651 |
| &nbsp;&nbsp;&nbsp;1.40%, 09/17/2026<sup>(b)</sup><br>| 23847000 | &nbsp;&nbsp;&nbsp;&nbsp; 23540598 |
| &nbsp;&nbsp;&nbsp;3.01%, 10/19/2026<sup>(b)</sup><br>| 15528000 | &nbsp;&nbsp;&nbsp;&nbsp; 15450435 |

---

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

------

#### 3

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| Toronto-Dominion Bank (The) (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;5.53%, 07/17/2026<sup>(b)</sup><br>| $| 21456000 | &nbsp;&nbsp;&nbsp;&nbsp;$21584746 |
| &nbsp;&nbsp;&nbsp;5.26%, 12/11/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5179000 | &nbsp;&nbsp;&nbsp;&nbsp; 5237327 |
| &nbsp;&nbsp;&nbsp;4.57%, 12/17/2026<br>|  | 16692000 | &nbsp;&nbsp;&nbsp;&nbsp; 16788994 |
| Truist Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, 05/15/2026<br>|  | &nbsp;&nbsp;7734000 | &nbsp;&nbsp;&nbsp;&nbsp; 7722090 |
| &nbsp;&nbsp;&nbsp;3.80%, 10/30/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;8786000 | &nbsp;&nbsp;&nbsp;&nbsp; 8778174 |
| U.S. Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;Series V, 2.38%, 07/22/2026<br>|  | 16094000 | &nbsp;&nbsp;&nbsp;&nbsp; 16010858 |
| &nbsp;&nbsp;&nbsp;Series W, 3.10%, 04/27/2026<br>|  | 10279000 | &nbsp;&nbsp;&nbsp;&nbsp; 10266218 |
| UBS AG (Switzerland) |  |  |  |
| &nbsp;&nbsp;&nbsp;1.25%, 06/01/2026<sup>(b)</sup><br>|  | 10066000 | &nbsp;&nbsp;&nbsp;&nbsp; 9999015 |
| &nbsp;&nbsp;&nbsp;1.25%, 08/07/2026<br>|  | 19446000 | &nbsp;&nbsp;&nbsp;&nbsp; 19231134 |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 04/22/2026<br>|  | 41728000 | &nbsp;&nbsp;&nbsp;&nbsp; 41675298 |
| &nbsp;&nbsp;&nbsp;4.10%, 06/03/2026<br>|  | 29052000 | &nbsp;&nbsp;&nbsp;&nbsp; 29066629 |
| &nbsp;&nbsp;&nbsp;3.00%, 10/23/2026<br>|  | 41725000 | &nbsp;&nbsp;&nbsp;&nbsp; 41481115 |
| Wells Fargo Bank N.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, 08/07/2026<sup>(b)</sup><br>|  | 26229000 | &nbsp;&nbsp;&nbsp;&nbsp; 26374963 |
| &nbsp;&nbsp;&nbsp;5.25%, 12/11/2026<br>|  | 26827000 | &nbsp;&nbsp;&nbsp;&nbsp; 27116141 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1075774483 |
| **Beverages-1.47%** | **Beverages-1.47%** | **Beverages-1.47%** | **Beverages-1.47%** |
| Constellation Brands, Inc., 3.70%, 12/06/2026<br>|  | &nbsp;&nbsp;7185000 | &nbsp;&nbsp;&nbsp;&nbsp; 7173410 |
| Diageo Capital PLC (United Kingdom), 5.38%, 10/05/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;9517000 | &nbsp;&nbsp;&nbsp;&nbsp; 9585555 |
| Molson Coors Beverage Co., 3.00%, 07/15/2026<br>|  | 23827000 | &nbsp;&nbsp;&nbsp;&nbsp; 23729753 |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.38%, 10/06/2026<br>|  | 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11818231 |
| &nbsp;&nbsp;&nbsp;5.13%, 11/10/2026<br>|  | &nbsp;&nbsp;8321000 | &nbsp;&nbsp;&nbsp;&nbsp; 8391978 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60698927 |
| **Biotechnology-3.19%** | **Biotechnology-3.19%** | **Biotechnology-3.19%** | **Biotechnology-3.19%** |
| AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 05/14/2026<br>|  | 23847053 | &nbsp;&nbsp;&nbsp;&nbsp; 23816051 |
| &nbsp;&nbsp;&nbsp;2.95%, 11/21/2026<br>|  | 47583000 | &nbsp;&nbsp;&nbsp;&nbsp; 47290525 |
| Amgen, Inc., 2.60%, 08/19/2026<br>|  | 14898000 | &nbsp;&nbsp;&nbsp;&nbsp; 14812550 |
| Gilead Sciences, Inc., 3.65%, 03/01/2026<br>|  | 28366000 | &nbsp;&nbsp;&nbsp;&nbsp; 28366000 |
| Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026<sup>(b)</sup><br>|  | 17870000 | &nbsp;&nbsp;&nbsp;&nbsp; 17803871 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132088997 |
| **Broadline Retail-1.00%** | **Broadline Retail-1.00%** | **Broadline Retail-1.00%** | **Broadline Retail-1.00%** |
| Amazon.com, Inc., 1.00%, 05/12/2026<br>|  | 32786000 | &nbsp;&nbsp;&nbsp;&nbsp; 32611013 |
| eBay, Inc., 1.40%, 05/10/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;8899000 | &nbsp;&nbsp;&nbsp;&nbsp; 8855180 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41466193 |
| **Capital Markets-6.61%** | **Capital Markets-6.61%** | **Capital Markets-6.61%** | **Capital Markets-6.61%** |
| Ameriprise Financial, Inc., 2.88%, 09/15/2026<br>|  | &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5869632 |
| Ares Capital Corp., 2.15%, 07/15/2026<br>|  | 11899000 | &nbsp;&nbsp;&nbsp;&nbsp; 11789367 |
| Bank of New York Mellon Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 05/04/2026<br>|  | &nbsp;&nbsp;7709000 | &nbsp;&nbsp;&nbsp;&nbsp; 7694757 |
| &nbsp;&nbsp;&nbsp;2.45%, 08/17/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;7709000 | &nbsp;&nbsp;&nbsp;&nbsp; 7664520 |
| &nbsp;&nbsp;&nbsp;1.05%, 10/15/2026<br>|  | &nbsp;&nbsp;4679000 | &nbsp;&nbsp;&nbsp;&nbsp; 4599841 |
| Blackstone Secured Lending Fund, 2.75%, 09/16/2026<br>|  | &nbsp;&nbsp;8374000 | &nbsp;&nbsp;&nbsp;&nbsp; 8282805 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** |
| Blue Owl Capital Corp., 3.40%, 07/15/2026<sup>(b)</sup><br>| $| 11899000 | &nbsp;&nbsp;$11796957 |
| Brookfield Finance, Inc. (Canada), 4.25%, 06/02/2026<br>|  | &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5960495 |
| Charles Schwab Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;0.90%, 03/11/2026<sup>(b)</sup><br>|  | 12898000 | &nbsp;&nbsp;&nbsp;&nbsp; 12888146 |
| &nbsp;&nbsp;&nbsp;1.15%, 05/13/2026<br>|  | 11849000 | &nbsp;&nbsp;&nbsp;&nbsp; 11785782 |
| &nbsp;&nbsp;&nbsp;5.88%, 08/24/2026<br>|  | 11849000 | &nbsp;&nbsp;&nbsp;&nbsp; 11944628 |
| Deutsche Bank AG (Germany), 1.69%, 03/19/2026<br>|  | &nbsp;&nbsp;8474000 | &nbsp;&nbsp;&nbsp;&nbsp; 8465099 |
| Goldman Sachs Group, Inc. (The), 3.50%, 11/16/2026<br>|  | 32786000 | &nbsp;&nbsp;&nbsp;&nbsp; 32723655 |
| Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;3.13%, 07/27/2026<br>|  | 35766000 | &nbsp;&nbsp;&nbsp;&nbsp; 35649350 |
| &nbsp;&nbsp;&nbsp;6.25%, 08/09/2026<br>|  | &nbsp;&nbsp;7461000 | &nbsp;&nbsp;&nbsp;&nbsp; 7536278 |
| &nbsp;&nbsp;&nbsp;4.35%, 09/08/2026<br>|  | 26827000 | &nbsp;&nbsp;&nbsp;&nbsp; 26891013 |
| Nasdaq, Inc., 3.85%, 06/30/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5085000 | &nbsp;&nbsp;&nbsp;&nbsp; 5084288 |
| Nomura Holdings, Inc. (Japan), 1.65%, 07/14/2026<sup>(b)</sup><br>|  | 14903000 | &nbsp;&nbsp;&nbsp;&nbsp; 14780394 |
| State Street Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, 05/19/2026<br>|  | &nbsp;&nbsp;7699000 | &nbsp;&nbsp;&nbsp;&nbsp; 7679506 |
| &nbsp;&nbsp;&nbsp;5.27%, 08/03/2026<sup>(b)</sup><br>|  | 14310000 | &nbsp;&nbsp;&nbsp;&nbsp; 14372771 |
| UBS Group AG (Switzerland), 4.55%, 04/17/2026<br>|  | 20494000 | &nbsp;&nbsp;&nbsp;&nbsp; 20507339 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273966623 |
| **Chemicals-0.70%** | **Chemicals-0.70%** | **Chemicals-0.70%** | **Chemicals-0.70%** |
| Ecolab, Inc., 2.70%, 11/01/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;8899000 | &nbsp;&nbsp;&nbsp;&nbsp; 8844140 |
| EIDP, Inc., 4.50%, 05/15/2026<br>|  | &nbsp;&nbsp;7145000 | &nbsp;&nbsp;&nbsp;&nbsp; 7147060 |
| PPG Industries, Inc., 1.20%, 03/15/2026<br>|  | &nbsp;&nbsp;7266000 | &nbsp;&nbsp;&nbsp;&nbsp; 7257520 |
| Westlake Corp., 3.60%, 08/15/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5910000 | &nbsp;&nbsp;&nbsp;&nbsp; 5899010 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29147730 |
| **Commercial Services & Supplies-0.63%** | **Commercial Services & Supplies-0.63%** | **Commercial Services & Supplies-0.63%** | **Commercial Services & Supplies-0.63%** |
| CDW LLC/CDW Finance Corp., 2.67%, 12/01/2026<br>|  | 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11797057 |
| Republic Services, Inc., 2.90%, 07/01/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5880142 |
| Veralto Corp., 5.50%, 09/18/2026<br>|  | &nbsp;&nbsp;8281000 | &nbsp;&nbsp;&nbsp;&nbsp; 8339015 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26016214 |
| **Communications Equipment-0.43%** | **Communications Equipment-0.43%** | **Communications Equipment-0.43%** | **Communications Equipment-0.43%** |
| Cisco Systems, Inc., 2.50%, 09/20/2026<br>|  | 17878300 | &nbsp;&nbsp;&nbsp;&nbsp; 17760858 |
| **Consumer Finance-2.12%** | **Consumer Finance-2.12%** | **Consumer Finance-2.12%** | **Consumer Finance-2.12%** |
| American Express Co., 1.65%, 11/04/2026<sup>(b)</sup><br>|  | 11384000 | &nbsp;&nbsp;&nbsp;&nbsp; 11223271 |
| Capital One Financial Corp., 3.75%, 07/28/2026<br>|  | 17888000 | &nbsp;&nbsp;&nbsp;&nbsp; 17861780 |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 03/01/2026<br>|  | 12898650 | &nbsp;&nbsp;&nbsp;&nbsp; 12898650 |
| &nbsp;&nbsp;&nbsp;5.40%, 04/06/2026<br>|  | 19022000 | &nbsp;&nbsp;&nbsp;&nbsp; 19042928 |
| &nbsp;&nbsp;&nbsp;1.50%, 06/10/2026<br>|  | 14278000 | &nbsp;&nbsp;&nbsp;&nbsp; 14182310 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/06/2026<br>|  | &nbsp;&nbsp;7739000 | &nbsp;&nbsp;&nbsp;&nbsp; 7740793 |
| Synchrony Financial, 3.70%, 08/04/2026<br>|  | &nbsp;&nbsp;4679000 | &nbsp;&nbsp;&nbsp;&nbsp; 4670036 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87619768 |
| **Consumer Staples Distribution & Retail-1.34%** | **Consumer Staples Distribution & Retail-1.34%** | **Consumer Staples Distribution & Retail-1.34%** | **Consumer Staples Distribution & Retail-1.34%** |
| Kroger Co. (The), 2.65%, 10/15/2026<br>|  | &nbsp;&nbsp;8979000 | &nbsp;&nbsp;&nbsp;&nbsp; 8914964 |
| Sysco Corp., 3.30%, 07/15/2026<sup>(b)</sup><br>|  | 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11892279 |

---

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

------

#### 4

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** |
| Target Corp., 2.50%, 04/15/2026<br>| $| 11919000 | &nbsp;&nbsp;$11898795 |
| Walmart, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 04/15/2026<br>|  | &nbsp;&nbsp;7959000 | &nbsp;&nbsp;&nbsp;&nbsp; 7959566 |
| &nbsp;&nbsp;&nbsp;1.05%, 09/17/2026<sup>(b)</sup><br>|  | 14898000 | &nbsp;&nbsp;&nbsp;&nbsp; 14683986 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55349590 |
| **Containers & Packaging-0.14%** | **Containers & Packaging-0.14%** | **Containers & Packaging-0.14%** | **Containers & Packaging-0.14%** |
| Sonoco Products Co., 4.45%, 09/01/2026<br>|  | &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5911086 |
| **Diversified Telecommunication Services-0.75%** | **Diversified Telecommunication Services-0.75%** | **Diversified Telecommunication Services-0.75%** | **Diversified Telecommunication Services-0.75%** |
| AT&T, Inc., 1.70%, 03/25/2026<br>|  | 30936000 | &nbsp;&nbsp;&nbsp;&nbsp; 30890962 |
| **Electric Utilities-3.54%** | **Electric Utilities-3.54%** | **Electric Utilities-3.54%** | **Electric Utilities-3.54%** |
| Commonwealth Edison Co., 2.55%, 06/15/2026<br>|  | &nbsp;&nbsp;5945000 | &nbsp;&nbsp;&nbsp;&nbsp; 5923025 |
| Duke Energy Carolinas LLC, 2.95%, 12/01/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;7185000 | &nbsp;&nbsp;&nbsp;&nbsp; 7140984 |
| Duke Energy Corp., 2.65%, 09/01/2026<br>|  | 17898000 | &nbsp;&nbsp;&nbsp;&nbsp; 17783553 |
| Emera US Finance L.P. (Canada), 3.55%, 06/15/2026<br>|  | &nbsp;&nbsp;8899000 | &nbsp;&nbsp;&nbsp;&nbsp; 8881820 |
| Entergy Corp., 2.95%, 09/01/2026<br>|  | &nbsp;&nbsp;8899000 | &nbsp;&nbsp;&nbsp;&nbsp; 8854080 |
| Exelon Corp., 3.40%, 04/15/2026<br>|  | &nbsp;&nbsp;8939000 | &nbsp;&nbsp;&nbsp;&nbsp; 8932071 |
| Florida Power & Light Co., 4.45%, 05/15/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5963529 |
| Fortis, Inc. (Canada), 3.06%, 10/04/2026<br>|  | 13041000 | &nbsp;&nbsp;&nbsp;&nbsp; 12961924 |
| National Rural Utilities Cooperative Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 03/13/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;6185000 | &nbsp;&nbsp;&nbsp;&nbsp; 6182612 |
| &nbsp;&nbsp;&nbsp;1.00%, 06/15/2026<br>|  | &nbsp;&nbsp;7085000 | &nbsp;&nbsp;&nbsp;&nbsp; 7026931 |
| PPL Capital Funding, Inc., 3.10%, 05/15/2026<br>|  | &nbsp;&nbsp;7763000 | &nbsp;&nbsp;&nbsp;&nbsp; 7747882 |
| San Diego Gas & Electric Co., 2.50%, 05/15/2026<br>|  | &nbsp;&nbsp;5199000 | &nbsp;&nbsp;&nbsp;&nbsp; 5183955 |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, 03/01/2026<br>|  | &nbsp;&nbsp;6185000 | &nbsp;&nbsp;&nbsp;&nbsp; 6185000 |
| &nbsp;&nbsp;&nbsp;4.40%, 09/06/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5879000 | &nbsp;&nbsp;&nbsp;&nbsp; 5889267 |
| Southern Co. (The), 3.25%, 07/01/2026<br>|  | 20808000 | &nbsp;&nbsp;&nbsp;&nbsp; 20765421 |
| Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026<br>|  | &nbsp;&nbsp;5116000 | &nbsp;&nbsp;&nbsp;&nbsp; 5110314 |
| Xcel Energy, Inc., 3.35%, 12/01/2026<br>|  | &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5874028 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146406396 |
| **Electrical Equipment-0.21%** | **Electrical Equipment-0.21%** | **Electrical Equipment-0.21%** | **Electrical Equipment-0.21%** |
| Emerson Electric Co., 0.88%, 10/15/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;8979000 | &nbsp;&nbsp;&nbsp;&nbsp; 8823194 |
| **Electronic Equipment, Instruments & Components-0.62%** | **Electronic Equipment, Instruments & Components-0.62%** | **Electronic Equipment, Instruments & Components-0.62%** | **Electronic Equipment, Instruments & Components-0.62%** |
| Avnet, Inc., 4.63%, 04/15/2026<br>|  | &nbsp;&nbsp;6477000 | &nbsp;&nbsp;&nbsp;&nbsp; 6476850 |
| Jabil, Inc., 1.70%, 04/15/2026<br>|  | &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5880378 |
| TD SYNNEX Corp., 1.75%, 08/09/2026<br>|  | &nbsp;&nbsp;8342000 | &nbsp;&nbsp;&nbsp;&nbsp; 8252718 |
| Vontier Corp., 1.80%, 04/01/2026<br>|  | &nbsp;&nbsp;5159000 | &nbsp;&nbsp;&nbsp;&nbsp; 5147437 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25757383 |
| **Energy Equipment & Services-0.17%** | **Energy Equipment & Services-0.17%** | **Energy Equipment & Services-0.17%** | **Energy Equipment & Services-0.17%** |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 2.06%, 12/15/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;7145000 | &nbsp;&nbsp;&nbsp;&nbsp; 7046369 |
| **Entertainment-0.73%** | **Entertainment-0.73%** | **Entertainment-0.73%** | **Entertainment-0.73%** |
| Netflix, Inc., 4.38%, 11/15/2026<br>|  | 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11966957 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment-(continued)** | **Entertainment-(continued)** | **Entertainment-(continued)** | **Entertainment-(continued)** |
| Take-Two Interactive Software, Inc., 5.00%, 03/28/2026<br>| $| &nbsp;&nbsp;6517000 | &nbsp;&nbsp;$6520074 |
| TWDC Enterprises 18 Corp., 1.85%, 07/30/2026<br>|  | 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11826626 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30313657 |
| **Financial Services-5.01%** | **Financial Services-5.01%** | **Financial Services-5.01%** | **Financial Services-5.01%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 2.45%, 10/29/2026<br>|  | 44705000 | &nbsp;&nbsp;&nbsp;&nbsp; 44279452 |
| Berkshire Hathaway, Inc., 3.13%, 03/15/2026<br>|  | 29807000 | &nbsp;&nbsp;&nbsp;&nbsp; 29795704 |
| Blackstone Private Credit Fund, 2.63%, 12/15/2026<br>|  | 14809000 | &nbsp;&nbsp;&nbsp;&nbsp; 14578888 |
| Block, Inc., 2.75%, 06/01/2026<br>|  | 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11875462 |
| Fidelity National Information Services, Inc., 1.15%, 03/01/2026<sup>(b)</sup><br>|  | 12898000 | &nbsp;&nbsp;&nbsp;&nbsp; 12898000 |
| Fiserv, Inc., 3.20%, 07/01/2026<br>|  | 23861000 | &nbsp;&nbsp;&nbsp;&nbsp; 23784771 |
| Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.20%, 03/01/2026<br>|  | 11335000 | &nbsp;&nbsp;&nbsp;&nbsp; 11335000 |
| &nbsp;&nbsp;&nbsp;4.80%, 04/01/2026<br>|  | &nbsp;&nbsp;8938569 | &nbsp;&nbsp;&nbsp;&nbsp; 8942180 |
| Mastercard, Inc., 2.95%, 11/21/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;8979000 | &nbsp;&nbsp;&nbsp;&nbsp; 8929124 |
| PayPal Holdings, Inc., 2.65%, 10/01/2026<sup>(b)</sup><br>|  | 14898000 | &nbsp;&nbsp;&nbsp;&nbsp; 14794587 |
| State Street Bank and Trust Co., 4.59%, 11/25/2026<sup>(b)</sup><br>|  | 13710000 | &nbsp;&nbsp;&nbsp;&nbsp; 13800166 |
| Voya Financial, Inc., 3.65%, 06/15/2026<br>|  | &nbsp;&nbsp;5293000 | &nbsp;&nbsp;&nbsp;&nbsp; 5288001 |
| Western Union Co. (The), 1.35%, 03/15/2026<br>|  | &nbsp;&nbsp;7112000 | &nbsp;&nbsp;&nbsp;&nbsp; 7103934 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207405269 |
| **Food Products-1.67%** | **Food Products-1.67%** | **Food Products-1.67%** | **Food Products-1.67%** |
| Archer-Daniels-Midland Co., 2.50%, 08/11/2026<sup>(b)</sup><br>|  | 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11849012 |
| Bunge Ltd. Finance Corp., 3.25%, 08/15/2026<br>|  | &nbsp;&nbsp;8321000 | &nbsp;&nbsp;&nbsp;&nbsp; 8293986 |
| Conagra Brands, Inc., 5.30%, 10/01/2026<br>|  | &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5935783 |
| Hershey Co. (The), 2.30%, 08/15/2026<br>|  | &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5920955 |
| Ingredion, Inc., 3.20%, 10/01/2026<br>|  | &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5873438 |
| Kellanova, 3.25%, 04/01/2026<br>|  | &nbsp;&nbsp;8939000 | &nbsp;&nbsp;&nbsp;&nbsp; 8933722 |
| Kraft Heinz Foods Co. (The), 3.00%, 06/01/2026<br>|  | 22347000 | &nbsp;&nbsp;&nbsp;&nbsp; 22294106 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69101002 |
| **Gas Utilities-0.14%** | **Gas Utilities-0.14%** | **Gas Utilities-0.14%** | **Gas Utilities-0.14%** |
| Southern California Gas Co., Series TT, 2.60%, 06/15/2026<br>|  | &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5937569 |
| **Ground Transportation-0.94%** | **Ground Transportation-0.94%** | **Ground Transportation-0.94%** | **Ground Transportation-0.94%** |
| Canadian National Railway Co. (Canada), 2.75%, 03/01/2026<br>|  | &nbsp;&nbsp;5159000 | &nbsp;&nbsp;&nbsp;&nbsp; 5159000 |
| Canadian Pacific Railway Co. (Canada), 1.75%, 12/02/2026<br>|  | 11899000 | &nbsp;&nbsp;&nbsp;&nbsp; 11717853 |
| CSX Corp., 2.60%, 11/01/2026<br>|  | &nbsp;&nbsp;8281000 | &nbsp;&nbsp;&nbsp;&nbsp; 8214981 |
| Norfolk Southern Corp., 2.90%, 06/15/2026<br>|  | &nbsp;&nbsp;7145000 | &nbsp;&nbsp;&nbsp;&nbsp; 7124733 |
| Union Pacific Corp., 2.75%, 03/01/2026<br>|  | &nbsp;&nbsp;6703000 | &nbsp;&nbsp;&nbsp;&nbsp; 6703000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38919567 |

---

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

------

#### 5

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Health Care Equipment & Supplies-0.78%** | **Health Care Equipment & Supplies-0.78%** | **Health Care Equipment & Supplies-0.78%** |
| Abbott Laboratories, 3.75%, 11/30/2026<br>| $20240000 | &nbsp;&nbsp;$20244579 |
| Stryker Corp., 3.50%, 03/15/2026<br>| 11913000 | &nbsp;&nbsp;&nbsp;&nbsp; 11909786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32154365 |
| **Health Care Providers & Services-3.09%** | **Health Care Providers & Services-3.09%** | **Health Care Providers & Services-3.09%** |
| Cardinal Health, Inc., 4.70%, 11/15/2026<br>| &nbsp;&nbsp;5879000 | &nbsp;&nbsp;&nbsp;&nbsp; 5914812 |
| Cigna Group (The), 1.25%, 03/15/2026<sup>(b)</sup><br>| &nbsp;&nbsp;6477000 | &nbsp;&nbsp;&nbsp;&nbsp; 6469750 |
| CVS Health Corp., 2.88%, 06/01/2026<br>| 20848000 | &nbsp;&nbsp;&nbsp;&nbsp; 20797157 |
| Elevance Health, Inc., 1.50%, 03/15/2026<sup>(b)</sup><br>| &nbsp;&nbsp;7799000 | &nbsp;&nbsp;&nbsp;&nbsp; 7791252 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 06/15/2026<br>| 17878000 | &nbsp;&nbsp;&nbsp;&nbsp; 17890230 |
| &nbsp;&nbsp;&nbsp;5.38%, 09/01/2026<br>| 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11932561 |
| Laboratory Corp. of America Holdings, 1.55%, 06/01/2026<br>| &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5860964 |
| McKesson Corp., 1.30%, 08/15/2026<br>| &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5830779 |
| Quest Diagnostics, Inc., 3.45%, 06/01/2026<sup>(b)</sup><br>| &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5892083 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.10%, 03/15/2026<sup>(b)</sup><br>| 11912000 | &nbsp;&nbsp;&nbsp;&nbsp; 11907410 |
| &nbsp;&nbsp;&nbsp;1.15%, 05/15/2026<br>| 11917000 | &nbsp;&nbsp;&nbsp;&nbsp; 11851138 |
| &nbsp;&nbsp;&nbsp;4.75%, 07/15/2026<sup>(b)</sup><br>| &nbsp;&nbsp;7743000 | &nbsp;&nbsp;&nbsp;&nbsp; 7769204 |
| Universal Health Services, Inc., 1.65%, 09/01/2026<br>| &nbsp;&nbsp;8281000 | &nbsp;&nbsp;&nbsp;&nbsp; 8173144 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128080484 |
| **Health Care REITs-0.39%** | **Health Care REITs-0.39%** | **Health Care REITs-0.39%** |
| Healthpeak OP LLC, 3.25%, 07/15/2026<br>| &nbsp;&nbsp;7763000 | &nbsp;&nbsp;&nbsp;&nbsp; 7742119 |
| Welltower OP LLC, 4.25%, 04/01/2026<br>| &nbsp;&nbsp;8321000 | &nbsp;&nbsp;&nbsp;&nbsp; 8319476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16061595 |
| **Hotels, Restaurants & Leisure-0.64%** | **Hotels, Restaurants & Leisure-0.64%** | **Hotels, Restaurants & Leisure-0.64%** |
| Booking Holdings, Inc., 3.60%, 06/01/2026<br>| 11897000 | &nbsp;&nbsp;&nbsp;&nbsp; 11886355 |
| Marriott International, Inc., Series R, 3.13%, 06/15/2026<br>| &nbsp;&nbsp;8899000 | &nbsp;&nbsp;&nbsp;&nbsp; 8879949 |
| Starbucks Corp., 2.45%, 06/15/2026<sup>(b)</sup><br>| &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5934028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26700332 |
| **Household Durables-0.17%** | **Household Durables-0.17%** | **Household Durables-0.17%** |
| DR Horton, Inc., 1.30%, 10/15/2026<br>| &nbsp;&nbsp;7145000 | &nbsp;&nbsp;&nbsp;&nbsp; 7033602 |
| **Household Products-0.61%** | **Household Products-0.61%** | **Household Products-0.61%** |
| Colgate-Palmolive Co., 4.80%, 03/02/2026<br>| &nbsp;&nbsp;5159000 | &nbsp;&nbsp;&nbsp;&nbsp; 5159000 |
| Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;1.00%, 04/23/2026<br>| 11279000 | &nbsp;&nbsp;&nbsp;&nbsp; 11234879 |
| &nbsp;&nbsp;&nbsp;2.45%, 11/03/2026<sup>(b)</sup><br>| &nbsp;&nbsp;9099000 | &nbsp;&nbsp;&nbsp;&nbsp; 9032561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25426440 |
| **Industrial Conglomerates-0.61%** | **Industrial Conglomerates-0.61%** | **Industrial Conglomerates-0.61%** |
| 3M Co., 2.25%, 09/19/2026<sup>(b)</sup><br>| &nbsp;&nbsp;7763000 | &nbsp;&nbsp;&nbsp;&nbsp; 7695476 |
| Honeywell International, Inc., 2.50%, 11/01/2026<sup>(b)</sup><br>| 17858000 | &nbsp;&nbsp;&nbsp;&nbsp; 17715916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25411392 |
| **Insurance-1.72%** | **Insurance-1.72%** | **Insurance-1.72%** |
| Allstate Corp. (The), 3.28%, 12/15/2026<br>| &nbsp;&nbsp;6617000 | &nbsp;&nbsp;&nbsp;&nbsp; 6590130 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** |
| Arch Capital Finance LLC, 4.01%, 12/15/2026<br>| $| &nbsp;&nbsp;5959000 | &nbsp;&nbsp;$5959934 |
| Chubb INA Holdings LLC, 3.35%, 05/03/2026<br>|  | 17878000 | &nbsp;&nbsp;&nbsp;&nbsp; 17858569 |
| Loews Corp., 3.75%, 04/01/2026<br>|  | &nbsp;&nbsp;5149000 | &nbsp;&nbsp;&nbsp;&nbsp; 5147551 |
| Manulife Financial Corp. (Canada), 4.15%, 03/04/2026<br>|  | 10399000 | &nbsp;&nbsp;&nbsp;&nbsp; 10398953 |
| Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;7185000 | &nbsp;&nbsp;&nbsp;&nbsp; 7182475 |
| Old Republic International Corp., 3.88%, 08/26/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;6517000 | &nbsp;&nbsp;&nbsp;&nbsp; 6513390 |
| Prudential Financial, Inc., 1.50%, 03/10/2026<br>|  | &nbsp;&nbsp;5199000 | &nbsp;&nbsp;&nbsp;&nbsp; 5195985 |
| Trinity Acquisition PLC, 4.40%, 03/15/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;6477000 | &nbsp;&nbsp;&nbsp;&nbsp; 6476892 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71323879 |
| **Interactive Media & Services-0.57%** | **Interactive Media & Services-0.57%** | **Interactive Media & Services-0.57%** | **Interactive Media & Services-0.57%** |
| Alphabet, Inc., 2.00%, 08/15/2026<br>|  | 23897000 | &nbsp;&nbsp;&nbsp;&nbsp; 23704449 |
| **IT Services-0.47%** | **IT Services-0.47%** | **IT Services-0.47%** | **IT Services-0.47%** |
| CGI, Inc. (Canada), 1.45%, 09/14/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;7082000 | &nbsp;&nbsp;&nbsp;&nbsp; 6986034 |
| DXC Technology Co., 1.80%, 09/15/2026<br>|  | &nbsp;&nbsp;4759000 | &nbsp;&nbsp;&nbsp;&nbsp; 4694844 |
| Kyndryl Holdings, Inc., 2.05%, 10/15/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;7853000 | &nbsp;&nbsp;&nbsp;&nbsp; 7733352 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19414230 |
| **Leisure Products-0.14%** | **Leisure Products-0.14%** | **Leisure Products-0.14%** | **Leisure Products-0.14%** |
| Hasbro, Inc., 3.55%, 11/19/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5868000 | &nbsp;&nbsp;&nbsp;&nbsp; 5848829 |
| **Life Sciences Tools & Services-0.60%** | **Life Sciences Tools & Services-0.60%** | **Life Sciences Tools & Services-0.60%** | **Life Sciences Tools & Services-0.60%** |
| Illumina, Inc., 4.65%, 09/09/2026<br>|  | &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5980106 |
| Thermo Fisher Scientific, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 08/10/2026<br>|  | &nbsp;&nbsp;7085000 | &nbsp;&nbsp;&nbsp;&nbsp; 7113138 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/05/2026<sup>(b)</sup><br>|  | 11849000 | &nbsp;&nbsp;&nbsp;&nbsp; 11955711 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25048955 |
| **Machinery-2.78%** | **Machinery-2.78%** | **Machinery-2.78%** | **Machinery-2.78%** |
| Caterpillar Financial Services Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.90%, 03/02/2026<br>|  | &nbsp;&nbsp;6909000 | &nbsp;&nbsp;&nbsp;&nbsp; 6909000 |
| &nbsp;&nbsp;&nbsp;4.35%, 05/15/2026<br>|  | 17260000 | &nbsp;&nbsp;&nbsp;&nbsp; 17275384 |
| &nbsp;&nbsp;&nbsp;1.15%, 09/14/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5876148 |
| &nbsp;&nbsp;&nbsp;4.45%, 10/16/2026<br>|  | &nbsp;&nbsp;8979000 | &nbsp;&nbsp;&nbsp;&nbsp; 9020531 |
| CNH Industrial Capital LLC, 1.45%, 07/15/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;7145000 | &nbsp;&nbsp;&nbsp;&nbsp; 7073765 |
| Fortive Corp., 3.15%, 06/15/2026<br>|  | 10683000 | &nbsp;&nbsp;&nbsp;&nbsp; 10646231 |
| Illinois Tool Works, Inc., 2.65%, 11/15/2026<sup>(b)</sup><br>|  | 11869000 | &nbsp;&nbsp;&nbsp;&nbsp; 11792026 |
| John Deere Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, 03/03/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5677000 | &nbsp;&nbsp;&nbsp;&nbsp; 5677802 |
| &nbsp;&nbsp;&nbsp;4.75%, 06/08/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;7085000 | &nbsp;&nbsp;&nbsp;&nbsp; 7099757 |
| &nbsp;&nbsp;&nbsp;2.65%, 06/10/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5939041 |
| &nbsp;&nbsp;&nbsp;1.05%, 06/17/2026<br>|  | &nbsp;&nbsp;6477000 | &nbsp;&nbsp;&nbsp;&nbsp; 6424666 |
| &nbsp;&nbsp;&nbsp;5.15%, 09/08/2026<br>|  | &nbsp;&nbsp;6477000 | &nbsp;&nbsp;&nbsp;&nbsp; 6524630 |
| Wabtec Corp., 3.45%, 11/15/2026<br>|  | &nbsp;&nbsp;8899000 | &nbsp;&nbsp;&nbsp;&nbsp; 8869008 |
| Xylem, Inc., 3.25%, 11/01/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5934190 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115062179 |

---

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

------

#### 6

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media-0.40%** | **Media-0.40%** | **Media-0.40%** |
| Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026<br>| $16642000 | &nbsp;&nbsp;$16639314 |
| **Multi-Utilities-0.95%** | **Multi-Utilities-0.95%** | **Multi-Utilities-0.95%** |
| Ameren Corp., 5.70%, 12/01/2026<br>| &nbsp;&nbsp;7185000 | &nbsp;&nbsp;&nbsp;&nbsp; 7265343 |
| CenterPoint Energy, Inc., 1.45%, 06/01/2026<br>| &nbsp;&nbsp;5897000 | &nbsp;&nbsp;&nbsp;&nbsp; 5859288 |
| Dominion Energy, Inc., Series A, 1.45%, 04/15/2026<br>| &nbsp;&nbsp;6656000 | &nbsp;&nbsp;&nbsp;&nbsp; 6636070 |
| DTE Electric Co., 4.85%, 12/01/2026<sup>(b)</sup><br>| &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 6005772 |
| DTE Energy Co., 2.85%, 10/01/2026<br>| &nbsp;&nbsp;7135000 | &nbsp;&nbsp;&nbsp;&nbsp; 7090956 |
| Sempra, 5.40%, 08/01/2026<br>| &nbsp;&nbsp;6577000 | &nbsp;&nbsp;&nbsp;&nbsp; 6607572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39465001 |
| **Office REITs-0.29%** | **Office REITs-0.29%** | **Office REITs-0.29%** |
| Boston Properties L.P., 2.75%, 10/01/2026<br>| 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11827370 |
| **Oil, Gas & Consumable Fuels-5.39%** | **Oil, Gas & Consumable Fuels-5.39%** | **Oil, Gas & Consumable Fuels-5.39%** |
| Boardwalk Pipelines L.P., 5.95%, 06/01/2026<br>| &nbsp;&nbsp;5677000 | &nbsp;&nbsp;&nbsp;&nbsp; 5677000 |
| Chevron Corp., 2.95%, 05/16/2026<sup>(b)</sup><br>| 26821000 | &nbsp;&nbsp;&nbsp;&nbsp; 26768880 |
| Diamondback Energy, Inc., 3.25%, 12/01/2026<br>| &nbsp;&nbsp;8898000 | &nbsp;&nbsp;&nbsp;&nbsp; 8860746 |
| Enbridge, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;1.60%, 10/04/2026<sup>(b)</sup><br>| &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5878460 |
| &nbsp;&nbsp;&nbsp;5.90%, 11/15/2026<sup>(b)</sup><br>| &nbsp;&nbsp;8899000 | &nbsp;&nbsp;&nbsp;&nbsp; 9008001 |
| &nbsp;&nbsp;&nbsp;4.25%, 12/01/2026<sup>(b)</sup><br>| &nbsp;&nbsp;8939000 | &nbsp;&nbsp;&nbsp;&nbsp; 8951620 |
| Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 07/15/2026<br>| &nbsp;&nbsp;6477000 | &nbsp;&nbsp;&nbsp;&nbsp; 6469533 |
| &nbsp;&nbsp;&nbsp;6.05%, 12/01/2026<br>| 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 12079350 |
| EQT Corp., 6.38%, 04/01/2029<br>| &nbsp;&nbsp;7110000 | &nbsp;&nbsp;&nbsp;&nbsp; 7348488 |
| Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.04%, 03/01/2026<br>| 25737000 | &nbsp;&nbsp;&nbsp;&nbsp; 25737000 |
| &nbsp;&nbsp;&nbsp;2.28%, 08/16/2026<sup>(b)</sup><br>| 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11831396 |
| Kinder Morgan, Inc., 1.75%, 11/15/2026<br>| &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5814520 |
| MPLX L.P., 1.75%, 03/01/2026<br>| 15478000 | &nbsp;&nbsp;&nbsp;&nbsp; 15478000 |
| ONEOK, Inc., 5.55%, 11/01/2026<br>| &nbsp;&nbsp;8899000 | &nbsp;&nbsp;&nbsp;&nbsp; 8979936 |
| Plains All American Pipeline L.P./PAA Finance Corp., 4.50%, 12/15/2026<br>| &nbsp;&nbsp;8939000 | &nbsp;&nbsp;&nbsp;&nbsp; 8968198 |
| Shell International Finance B.V. |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 05/10/2026<br>| 19985000 | &nbsp;&nbsp;&nbsp;&nbsp; 19948494 |
| &nbsp;&nbsp;&nbsp;2.50%, 09/12/2026<br>| 11869000 | &nbsp;&nbsp;&nbsp;&nbsp; 11784828 |
| Spectra Energy Partners L.P., 3.38%, 10/15/2026<br>| &nbsp;&nbsp;7176000 | &nbsp;&nbsp;&nbsp;&nbsp; 7149526 |
| Valero Energy Corp., 3.40%, 09/15/2026<br>| &nbsp;&nbsp;5025000 | &nbsp;&nbsp;&nbsp;&nbsp; 5005137 |
| Williams Cos., Inc. (The), 5.40%, 03/02/2026<br>| 11323000 | &nbsp;&nbsp;&nbsp;&nbsp; 11323000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223062113 |
| **Personal Care Products-0.20%** | **Personal Care Products-0.20%** | **Personal Care Products-0.20%** |
| Unilever Capital Corp. (United Kingdom), 2.00%, 07/28/2026<sup>(b)</sup><br>| &nbsp;&nbsp;8324000 | &nbsp;&nbsp;&nbsp;&nbsp; 8265906 |
| **Pharmaceuticals-2.39%** | **Pharmaceuticals-2.39%** | **Pharmaceuticals-2.39%** |
| AstraZeneca Finance LLC (United Kingdom), 1.20%, 05/28/2026<sup>(b)</sup><br>| 13688000 | &nbsp;&nbsp;&nbsp;&nbsp; 13601073 |
| AstraZeneca PLC (United Kingdom), 0.70%, 04/08/2026<br>| 13060000 | &nbsp;&nbsp;&nbsp;&nbsp; 13018808 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Johnson & Johnson, 2.45%, 03/01/2026<br>| $| 18427000 | &nbsp;&nbsp;$18427000 |
| Pfizer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 06/03/2026<br>|  | 15004000 | &nbsp;&nbsp;&nbsp;&nbsp; 14960553 |
| &nbsp;&nbsp;&nbsp;3.00%, 12/15/2026<sup>(b)</sup><br>|  | 19058000 | &nbsp;&nbsp;&nbsp;&nbsp; 18962797 |
| Utah Acquisition Sub, Inc., 3.95%, 06/15/2026<br>|  | 19963000 | &nbsp;&nbsp;&nbsp;&nbsp; 19942152 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98912383 |
| **Professional Services-0.19%** | **Professional Services-0.19%** | **Professional Services-0.19%** | **Professional Services-0.19%** |
| Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5943676 |
| Concentrix Corp., 6.65%, 08/02/2026<br>|  | &nbsp;&nbsp;2079000 | &nbsp;&nbsp;&nbsp;&nbsp; 2091698 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8035374 |
| **Residential REITs-0.29%** | **Residential REITs-0.29%** | **Residential REITs-0.29%** | **Residential REITs-0.29%** |
| Camden Property Trust, 5.85%, 11/03/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5966928 |
| ERP Operating L.P., 2.85%, 11/01/2026<br>|  | &nbsp;&nbsp;5999000 | &nbsp;&nbsp;&nbsp;&nbsp; 5963500 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11930428 |
| **Retail REITs-0.89%** | **Retail REITs-0.89%** | **Retail REITs-0.89%** | **Retail REITs-0.89%** |
| Brixmor Operating Partnership L.P., 4.13%, 06/15/2026<br>|  | &nbsp;&nbsp;7145000 | &nbsp;&nbsp;&nbsp;&nbsp; 7144091 |
| Kimco Realty OP LLC, 2.80%, 10/01/2026<br>|  | &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5861977 |
| Realty Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 06/01/2026<br>|  | &nbsp;&nbsp;7047000 | &nbsp;&nbsp;&nbsp;&nbsp; 7048724 |
| &nbsp;&nbsp;&nbsp;4.13%, 10/15/2026<br>|  | &nbsp;&nbsp;7703000 | &nbsp;&nbsp;&nbsp;&nbsp; 7711401 |
| Simon Property Group L.P., 3.25%, 11/30/2026<br>|  | &nbsp;&nbsp;8999000 | &nbsp;&nbsp;&nbsp;&nbsp; 8971815 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36738008 |
| **Semiconductors & Semiconductor Equipment-1.51%** | **Semiconductors & Semiconductor Equipment-1.51%** | **Semiconductors & Semiconductor Equipment-1.51%** | **Semiconductors & Semiconductor Equipment-1.51%** |
| Advanced Micro Devices, Inc., 4.21%, 09/24/2026<sup>(b)</sup><br>|  | 10399000 | &nbsp;&nbsp;&nbsp;&nbsp; 10429727 |
| Analog Devices, Inc., 3.50%, 12/05/2026<br>|  | 10683000 | &nbsp;&nbsp;&nbsp;&nbsp; 10661687 |
| Intel Corp., 2.60%, 05/19/2026<br>|  | 11918995 | &nbsp;&nbsp;&nbsp;&nbsp; 11884244 |
| Marvell Technology, Inc., 1.65%, 04/15/2026<br>|  | &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5882114 |
| NVIDIA Corp., 3.20%, 09/16/2026<br>|  | 11849000 | &nbsp;&nbsp;&nbsp;&nbsp; 11815209 |
| Skyworks Solutions, Inc., 1.80%, 06/01/2026<br>|  | &nbsp;&nbsp;5879000 | &nbsp;&nbsp;&nbsp;&nbsp; 5843974 |
| Texas Instruments, Inc., 1.13%, 09/15/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;5979000 | &nbsp;&nbsp;&nbsp;&nbsp; 5897620 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62414575 |
| **Software-3.74%** | **Software-3.74%** | **Software-3.74%** | **Software-3.74%** |
| Fortinet, Inc., 1.00%, 03/15/2026<br>|  | &nbsp;&nbsp;5879000 | &nbsp;&nbsp;&nbsp;&nbsp; 5868606 |
| Intuit, Inc., 5.25%, 09/15/2026<sup>(b)</sup><br>|  | &nbsp;&nbsp;8939000 | &nbsp;&nbsp;&nbsp;&nbsp; 8995096 |
| Microsoft Corp., 2.40%, 08/08/2026<br>|  | 47687000 | &nbsp;&nbsp;&nbsp;&nbsp; 47408771 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 03/25/2026<br>|  | 31166000 | &nbsp;&nbsp;&nbsp;&nbsp; 31112134 |
| &nbsp;&nbsp;&nbsp;2.65%, 07/15/2026<br>|  | 35766000 | &nbsp;&nbsp;&nbsp;&nbsp; 35555143 |
| Roper Technologies, Inc., 3.80%, 12/15/2026<br>|  | &nbsp;&nbsp;8361000 | &nbsp;&nbsp;&nbsp;&nbsp; 8352123 |
| VMware LLC, 1.40%, 08/15/2026<br>|  | 17878000 | &nbsp;&nbsp;&nbsp;&nbsp; 17669652 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154961525 |

---

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

------

#### 7

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Specialized REITs-1.71%** | **Specialized REITs-1.71%** | **Specialized REITs-1.71%** |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.60%, 04/15/2026<br>| $&nbsp;&nbsp;8321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8297479 |
| &nbsp;&nbsp;&nbsp;1.45%, 09/15/2026<sup>(b)</sup><br>| &nbsp;&nbsp;7085000 | &nbsp;&nbsp;&nbsp;&nbsp; 6990297 |
| &nbsp;&nbsp;&nbsp;3.38%, 10/15/2026<br>| 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11873745 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 06/15/2026<br>| &nbsp;&nbsp;8939000 | &nbsp;&nbsp;&nbsp;&nbsp; 8930273 |
| &nbsp;&nbsp;&nbsp;1.05%, 07/15/2026<br>| 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11790631 |
| Equinix, Inc., 1.45%, 05/15/2026<br>| &nbsp;&nbsp;8321000 | &nbsp;&nbsp;&nbsp;&nbsp; 8276194 |
| Extra Space Storage L.P., 3.50%, 07/01/2026<br>| &nbsp;&nbsp;6960000 | &nbsp;&nbsp;&nbsp;&nbsp; 6947938 |
| Public Storage Operating Co., 1.50%, 11/09/2026<sup>(b)</sup><br>| &nbsp;&nbsp;7703000 | &nbsp;&nbsp;&nbsp;&nbsp; 7584075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70690632 |
| **Specialty Retail-3.30%** | **Specialty Retail-3.30%** | **Specialty Retail-3.30%** |
| Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.02%, 06/15/2026<br>| &nbsp;&nbsp;5923000 | &nbsp;&nbsp;&nbsp;&nbsp; 5927179 |
| &nbsp;&nbsp;&nbsp;4.90%, 10/01/2026<br>| 20577500 | &nbsp;&nbsp;&nbsp;&nbsp; 20651982 |
| Home Depot, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 04/01/2026<sup>(b)</sup><br>| 14976000 | &nbsp;&nbsp;&nbsp;&nbsp; 14965179 |
| &nbsp;&nbsp;&nbsp;5.15%, 06/25/2026<br>| 15478000 | &nbsp;&nbsp;&nbsp;&nbsp; 15542128 |
| &nbsp;&nbsp;&nbsp;2.13%, 09/15/2026<br>| 10949000 | &nbsp;&nbsp;&nbsp;&nbsp; 10853841 |
| &nbsp;&nbsp;&nbsp;4.95%, 09/30/2026<sup>(b)</sup><br>| &nbsp;&nbsp;8738500 | &nbsp;&nbsp;&nbsp;&nbsp; 8787106 |
| Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 04/01/2026<br>| 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11920874 |
| &nbsp;&nbsp;&nbsp;2.50%, 04/15/2026<br>| 16124000 | &nbsp;&nbsp;&nbsp;&nbsp; 16096319 |
| O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.55%, 03/15/2026<br>| &nbsp;&nbsp;5159000 | &nbsp;&nbsp;&nbsp;&nbsp; 5157374 |
| &nbsp;&nbsp;&nbsp;5.75%, 11/20/2026<br>| &nbsp;&nbsp;8931000 | &nbsp;&nbsp;&nbsp;&nbsp; 9037565 |
| Ross Stores, Inc., 0.88%, 04/15/2026<sup>(b)</sup><br>| &nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5877376 |
| TJX Cos., Inc. (The), 2.25%, 09/15/2026<br>| 11849000 | &nbsp;&nbsp;&nbsp;&nbsp; 11760413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136577336 |
| **Technology Hardware, Storage & Peripherals-1.91%** | **Technology Hardware, Storage & Peripherals-1.91%** | **Technology Hardware, Storage & Peripherals-1.91%** |
| Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, 08/04/2026<br>| 26837000 | &nbsp;&nbsp;&nbsp;&nbsp; 26693407 |
| &nbsp;&nbsp;&nbsp;2.05%, 09/11/2026<br>| 23827000 | &nbsp;&nbsp;&nbsp;&nbsp; 23613720 |
| Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 04/01/2026<br>| &nbsp;&nbsp;7739000 | &nbsp;&nbsp;&nbsp;&nbsp; 7724486 |
| &nbsp;&nbsp;&nbsp;4.45%, 09/25/2026<br>| 14888000 | &nbsp;&nbsp;&nbsp;&nbsp; 14934037 |
| HP, Inc., 1.45%, 06/17/2026<sup>(b)</sup><br>| &nbsp;&nbsp;6136000 | &nbsp;&nbsp;&nbsp;&nbsp; 6092193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79057843 |
| **Textiles, Apparel & Luxury Goods-0.28%** | **Textiles, Apparel & Luxury Goods-0.28%** | **Textiles, Apparel & Luxury Goods-0.28%** |
| NIKE, Inc., 2.38%, 11/01/2026<br>| 11919000 | &nbsp;&nbsp;&nbsp;&nbsp; 11803206 |
| **Tobacco-0.99%** | **Tobacco-0.99%** | **Tobacco-0.99%** |
| Altria Group, Inc., 2.63%, 09/16/2026<br>| &nbsp;&nbsp;5959000 | &nbsp;&nbsp;&nbsp;&nbsp; 5916498 |
| B.A.T. Capital Corp. (United Kingdom), 3.22%, 09/06/2026<br>| 11913000 | &nbsp;&nbsp;&nbsp;&nbsp; 11871427 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Tobacco-(continued)** | **Tobacco-(continued)** | **Tobacco-(continued)** |
| B.A.T. International Finance PLC (United Kingdom), 1.67%, 03/25/2026<br>| &nbsp;&nbsp;15478000 | &nbsp;&nbsp;$15454434 |
| Philip Morris International, Inc., 0.88%, 05/01/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;7739000 | &nbsp;&nbsp;&nbsp;&nbsp; 7700540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40942899 |
| **Trading Companies & Distributors-0.52%** | **Trading Companies & Distributors-0.52%** | **Trading Companies & Distributors-0.52%** |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, 06/25/2026<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;7085000 | &nbsp;&nbsp;&nbsp;&nbsp; 7110839 |
| &nbsp;&nbsp;&nbsp;1.88%, 08/15/2026<br>| &nbsp;&nbsp;14380000 | &nbsp;&nbsp;&nbsp;&nbsp; 14235610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21346449 |
| **Wireless Telecommunication Services-0.49%** | **Wireless Telecommunication Services-0.49%** | **Wireless Telecommunication Services-0.49%** |
| Rogers Communications, Inc. (Canada), 2.90%, 11/15/2026<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5899000 | &nbsp;&nbsp;&nbsp;&nbsp; 5855040 |
| T-Mobile USA, Inc., 2.63%, 04/15/2026<br>| &nbsp;&nbsp;14280000 | &nbsp;&nbsp;&nbsp;&nbsp; 14254571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20109611 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $4,174,315,522) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $4,174,315,522) | &nbsp;&nbsp;4181202378 |
|  | **Shares** |  |
| **Money Market Funds-1.19%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(c)(d)</sup><br>(Cost $49,353,750)<br>| &nbsp;&nbsp;49353750 | &nbsp;&nbsp;&nbsp;&nbsp; 49353750 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-102.15%<br>(Cost $4,223,669,272) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-102.15%<br>(Cost $4,223,669,272) | &nbsp;&nbsp;4230556128 |
| **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-3.63%** | **Money Market Funds-3.63%** | **Money Market Funds-3.63%** |
| Invesco Private Government Fund, 3.64%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp;41619485 | &nbsp;&nbsp;&nbsp;&nbsp; 41619485 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup><br>| 108641779 | &nbsp;&nbsp;&nbsp;&nbsp; 108674372 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $150,293,857) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $150,293,857) | &nbsp;&nbsp;&nbsp;&nbsp;150293857 |
| TOTAL INVESTMENTS IN SECURITIES-105.78%<br>(Cost $4,373,963,129) | TOTAL INVESTMENTS IN SECURITIES-105.78%<br>(Cost $4,373,963,129) | &nbsp;&nbsp;4380849985 |
| OTHER ASSETS LESS LIABILITIES-(5.78)% | OTHER ASSETS LESS LIABILITIES-(5.78)% | &nbsp;&nbsp;&nbsp;&nbsp;(239214987) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $4141634998 |

---

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

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

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

------

#### 8

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)—(continued)
February 28, 2026

(Unaudited)

---

| | |
|:---|:---|
| 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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$8482547 | &nbsp;&nbsp;&nbsp;$912330701 | &nbsp;&nbsp;&nbsp;$(871459498) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$49353750 | &nbsp;&nbsp;&nbsp;$1300299 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70321420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127095070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155797005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41619485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972,172\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;183133851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315343432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389803513) | &nbsp;&nbsp;&nbsp;&nbsp;(13874) | &nbsp;&nbsp;&nbsp;&nbsp;14476 | &nbsp;&nbsp;&nbsp;&nbsp;108674372 | &nbsp;&nbsp;&nbsp;&nbsp;2,620,699\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$261937818 | &nbsp;&nbsp;&nbsp;$1354769203 | &nbsp;&nbsp;&nbsp;$(1417060016) | &nbsp;&nbsp;&nbsp;$(13874) | &nbsp;&nbsp;&nbsp;$14476 | &nbsp;&nbsp;&nbsp;$199647607 | &nbsp;&nbsp;&nbsp;$4893170 |

---

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

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

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 9

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Corporate Bond ETF (BSCR)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-99.04%** | **U.S. Dollar Denominated Bonds & Notes-99.04%** | **U.S. Dollar Denominated Bonds & Notes-99.04%** |
| **Aerospace & Defense-1.91%** | **Aerospace & Defense-1.91%** | **Aerospace & Defense-1.91%** |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.04%, 05/01/2027<br>| $20075000 | &nbsp;&nbsp;&nbsp;&nbsp;$20292572 |
| &nbsp;&nbsp;&nbsp;6.26%, 05/01/2027<br>| 10009000 | &nbsp;&nbsp;&nbsp;&nbsp; 10255656 |
| General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 04/01/2027<br>| &nbsp;&nbsp;7554000 | &nbsp;&nbsp;&nbsp;&nbsp; 7545919 |
| &nbsp;&nbsp;&nbsp;2.63%, 11/15/2027<br>| &nbsp;&nbsp;5038000 | &nbsp;&nbsp;&nbsp;&nbsp; 4960732 |
| Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027<sup>(b)</sup><br>| &nbsp;&nbsp;6048000 | &nbsp;&nbsp;&nbsp;&nbsp; 6003126 |
| L3Harris Technologies, Inc., 5.40%, 01/15/2027<br>| 12590000 | &nbsp;&nbsp;&nbsp;&nbsp; 12758966 |
| Lockheed Martin Corp., 5.10%, 11/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;7561000 | &nbsp;&nbsp;&nbsp;&nbsp; 7744396 |
| Northrop Grumman Corp., 3.20%, 02/01/2027<sup>(b)</sup><br>| &nbsp;&nbsp;7525000 | &nbsp;&nbsp;&nbsp;&nbsp; 7489052 |
| RTX Corp., 3.13%, 05/04/2027<br>| 11083000 | &nbsp;&nbsp;&nbsp;&nbsp; 11000851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88051270 |
| **Air Freight & Logistics-0.22%** | **Air Freight & Logistics-0.22%** | **Air Freight & Logistics-0.22%** |
| United Parcel Service, Inc., 3.05%, 11/15/2027<br>| 10071000 | &nbsp;&nbsp;&nbsp;&nbsp; 9988362 |
| **Automobile Components-0.52%** | **Automobile Components-0.52%** | **Automobile Components-0.52%** |
| BorgWarner, Inc., 2.65%, 07/01/2027<br>| 11082000 | &nbsp;&nbsp;&nbsp;&nbsp; 10886948 |
| Lear Corp., 3.80%, 09/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5546000 | &nbsp;&nbsp;&nbsp;&nbsp; 5534681 |
| United Rentals (North America), Inc., 3.88%, 11/15/2027<br>| &nbsp;&nbsp;7558000 | &nbsp;&nbsp;&nbsp;&nbsp; 7531442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23953071 |
| **Automobiles-5.70%** | **Automobiles-5.70%** | **Automobiles-5.70%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.35%, 01/08/2027<br>| &nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 4974087 |
| &nbsp;&nbsp;&nbsp;4.90%, 03/12/2027<br>| &nbsp;&nbsp;7054000 | &nbsp;&nbsp;&nbsp;&nbsp; 7133466 |
| &nbsp;&nbsp;&nbsp;4.55%, 07/09/2027<br>| &nbsp;&nbsp;9070000 | &nbsp;&nbsp;&nbsp;&nbsp; 9160425 |
| &nbsp;&nbsp;&nbsp;4.90%, 07/09/2027<br>| &nbsp;&nbsp;7054000 | &nbsp;&nbsp;&nbsp;&nbsp; 7151771 |
| &nbsp;&nbsp;&nbsp;4.45%, 10/22/2027<br>| &nbsp;&nbsp;7557000 | &nbsp;&nbsp;&nbsp;&nbsp; 7632827 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.27%, 01/09/2027<br>| &nbsp;&nbsp;9066000 | &nbsp;&nbsp;&nbsp;&nbsp; 9066615 |
| &nbsp;&nbsp;&nbsp;5.80%, 03/05/2027<br>| 15118000 | &nbsp;&nbsp;&nbsp;&nbsp; 15325947 |
| &nbsp;&nbsp;&nbsp;5.85%, 05/17/2027<br>| 15112000 | &nbsp;&nbsp;&nbsp;&nbsp; 15363236 |
| &nbsp;&nbsp;&nbsp;4.95%, 05/28/2027<br>| 15112000 | &nbsp;&nbsp;&nbsp;&nbsp; 15222464 |
| &nbsp;&nbsp;&nbsp;4.13%, 08/17/2027<br>| 12591000 | &nbsp;&nbsp;&nbsp;&nbsp; 12549706 |
| &nbsp;&nbsp;&nbsp;3.82%, 11/02/2027<br>| &nbsp;&nbsp;7552000 | &nbsp;&nbsp;&nbsp;&nbsp; 7494479 |
| &nbsp;&nbsp;&nbsp;7.35%, 11/04/2027<br>| 15118000 | &nbsp;&nbsp;&nbsp;&nbsp; 15778122 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 10/01/2027<br>| &nbsp;&nbsp;7558000 | &nbsp;&nbsp;&nbsp;&nbsp; 7581097 |
| &nbsp;&nbsp;&nbsp;6.80%, 10/01/2027<sup>(b)</sup><br>| 10073000 | &nbsp;&nbsp;&nbsp;&nbsp; 10452319 |
| Honda Motor Co. Ltd. (Japan), 2.53%, 03/10/2027<br>| 10076000 | &nbsp;&nbsp;&nbsp;&nbsp; 9948213 |
| PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 05/13/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5042000 | &nbsp;&nbsp;&nbsp;&nbsp; 5124878 |
| &nbsp;&nbsp;&nbsp;4.45%, 08/06/2027<sup>(b)</sup><br>| &nbsp;&nbsp;7049000 | &nbsp;&nbsp;&nbsp;&nbsp; 7138297 |
| Toyota Motor Corp. (Japan), 4.19%, 06/30/2027<br>| &nbsp;&nbsp;5039000 | &nbsp;&nbsp;&nbsp;&nbsp; 5074701 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Automobiles-(continued)** | **Automobiles-(continued)** | **Automobiles-(continued)** | **Automobiles-(continued)** |
| Toyota Motor Credit Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, 01/08/2027<sup>(b)</sup><br>| $| &nbsp;&nbsp;6521000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6571271 |
| &nbsp;&nbsp;&nbsp;3.20%, 01/11/2027<br>|  | &nbsp;&nbsp;7558000 | &nbsp;&nbsp;&nbsp;&nbsp; 7527376 |
| &nbsp;&nbsp;&nbsp;1.90%, 01/13/2027<br>|  | &nbsp;&nbsp;7555000 | &nbsp;&nbsp;&nbsp;&nbsp; 7437821 |
| &nbsp;&nbsp;&nbsp;3.05%, 03/22/2027<sup>(b)</sup><br>|  | 14109000 | &nbsp;&nbsp;&nbsp;&nbsp; 14025445 |
| &nbsp;&nbsp;&nbsp;4.50%, 05/14/2027<br>|  | 10037000 | &nbsp;&nbsp;&nbsp;&nbsp; 10137314 |
| &nbsp;&nbsp;&nbsp;1.15%, 08/13/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;6048000 | &nbsp;&nbsp;&nbsp;&nbsp; 5843582 |
| &nbsp;&nbsp;&nbsp;4.55%, 09/20/2027<br>|  | 10038000 | &nbsp;&nbsp;&nbsp;&nbsp; 10168149 |
| &nbsp;&nbsp;&nbsp;4.35%, 10/08/2027<sup>(b)</sup><br>|  | 12590000 | &nbsp;&nbsp;&nbsp;&nbsp; 12727297 |
| &nbsp;&nbsp;&nbsp;5.45%, 11/10/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;7050000 | &nbsp;&nbsp;&nbsp;&nbsp; 7259788 |
| &nbsp;&nbsp;&nbsp;Series B, 5.00%, 03/19/2027<br>|  | &nbsp;&nbsp;9068000 | &nbsp;&nbsp;&nbsp;&nbsp; 9194429 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263065122 |
| **Banks-12.84%** | **Banks-12.84%** | **Banks-12.84%** | **Banks-12.84%** |
| Banco Santander S.A. (Spain) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 04/11/2027<br>|  | 10082000 | &nbsp;&nbsp;&nbsp;&nbsp; 10110956 |
| &nbsp;&nbsp;&nbsp;5.29%, 08/18/2027<br>|  | 17631000 | &nbsp;&nbsp;&nbsp;&nbsp; 17944584 |
| Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 10/21/2027<br>|  | 25025000 | &nbsp;&nbsp;&nbsp;&nbsp; 24841958 |
| &nbsp;&nbsp;&nbsp;Series L, 4.18%, 11/25/2027<br>|  | 20148000 | &nbsp;&nbsp;&nbsp;&nbsp; 20167833 |
| Bank of Montreal (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, 03/08/2027<sup>(b)</sup><br>|  | 12597000 | &nbsp;&nbsp;&nbsp;&nbsp; 12466607 |
| &nbsp;&nbsp;&nbsp;5.37%, 06/04/2027<br>|  | &nbsp;&nbsp;7554000 | &nbsp;&nbsp;&nbsp;&nbsp; 7696815 |
| &nbsp;&nbsp;&nbsp;Series H, 4.70%, 09/14/2027<sup>(b)</sup><br>|  | 10074000 | &nbsp;&nbsp;&nbsp;&nbsp; 10207220 |
| Bank of Nova Scotia (The) (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;1.95%, 02/02/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;7560000 | &nbsp;&nbsp;&nbsp;&nbsp; 7436772 |
| &nbsp;&nbsp;&nbsp;2.95%, 03/11/2027<br>|  | &nbsp;&nbsp;7052000 | &nbsp;&nbsp;&nbsp;&nbsp; 7000799 |
| &nbsp;&nbsp;&nbsp;5.40%, 06/04/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;8566000 | &nbsp;&nbsp;&nbsp;&nbsp; 8739373 |
| Canadian Imperial Bank of Commerce (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, 04/07/2027<sup>(b)</sup><br>|  | 10044000 | &nbsp;&nbsp;&nbsp;&nbsp; 10016723 |
| &nbsp;&nbsp;&nbsp;5.24%, 06/28/2027<br>|  | 13605000 | &nbsp;&nbsp;&nbsp;&nbsp; 13858403 |
| Citibank N.A., 4.58%, 05/29/2027<br>|  | 22539000 | &nbsp;&nbsp;&nbsp;&nbsp; 22741623 |
| Citigroup, Inc., 4.45%, 09/29/2027<br>|  | 38793000 | &nbsp;&nbsp;&nbsp;&nbsp; 39038355 |
| Cooperatieve Rabobank U.A. (Netherlands) |  |  |  |
| &nbsp;&nbsp;&nbsp;5.04%, 03/05/2027<br>|  | &nbsp;&nbsp;6553000 | &nbsp;&nbsp;&nbsp;&nbsp; 6643143 |
| &nbsp;&nbsp;&nbsp;4.37%, 05/27/2027<br>|  | &nbsp;&nbsp;4994000 | &nbsp;&nbsp;&nbsp;&nbsp; 5037716 |
| Fifth Third Bancorp, 2.55%, 05/05/2027<br>|  | &nbsp;&nbsp;7554000 | &nbsp;&nbsp;&nbsp;&nbsp; 7440709 |
| Fifth Third Bank N.A., 2.25%, 02/01/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;6042000 | &nbsp;&nbsp;&nbsp;&nbsp; 5957357 |
| HSBC USA, Inc., 5.29%, 03/04/2027<sup>(b)</sup><br>|  | 10019000 | &nbsp;&nbsp;&nbsp;&nbsp; 10167381 |
| JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 04/29/2027<br>|  | &nbsp;&nbsp;5042000 | &nbsp;&nbsp;&nbsp;&nbsp; 5278725 |
| &nbsp;&nbsp;&nbsp;4.25%, 10/01/2027<br>|  | 15113000 | &nbsp;&nbsp;&nbsp;&nbsp; 15225478 |
| &nbsp;&nbsp;&nbsp;3.63%, 12/01/2027<br>|  | 11079000 | &nbsp;&nbsp;&nbsp;&nbsp; 11029302 |
| KeyBank N.A., 5.85%, 11/15/2027<sup>(b)</sup><br>|  | 10018000 | &nbsp;&nbsp;&nbsp;&nbsp; 10318091 |
| KeyCorp, 2.25%, 04/06/2027<br>|  | &nbsp;&nbsp;8056000 | &nbsp;&nbsp;&nbsp;&nbsp; 7910865 |
| Lloyds Banking Group PLC (United Kingdom), 3.75%, 01/11/2027<br>|  | 12599000 | &nbsp;&nbsp;&nbsp;&nbsp; 12597146 |
| Manufacturers and Traders Trust Co., 3.40%, 08/17/2027<br>|  | &nbsp;&nbsp;4936000 | &nbsp;&nbsp;&nbsp;&nbsp; 4903164 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.68%, 02/22/2027<br>|  | 10035000 | &nbsp;&nbsp;&nbsp;&nbsp; 10026703 |
| &nbsp;&nbsp;&nbsp;3.29%, 07/25/2027<sup>(b)</sup><br>|  | 10079000 | &nbsp;&nbsp;&nbsp;&nbsp; 10028151 |

---

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

------

#### 10

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| Mizuho Financial Group, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.66%, 02/28/2027<sup>(b)</sup><br>| $| &nbsp;&nbsp;5011000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5002591 |
| &nbsp;&nbsp;&nbsp;3.17%, 09/11/2027<sup>(b)</sup><br>|  | 11080000 | &nbsp;&nbsp;&nbsp;&nbsp; 10982393 |
| PNC Bank N.A., 3.10%, 10/25/2027<br>|  | 10074000 | &nbsp;&nbsp;&nbsp;&nbsp; 9964244 |
| PNC Financial Services Group, Inc. (The), 3.15%, 05/19/2027<br>|  | &nbsp;&nbsp;7530000 | &nbsp;&nbsp;&nbsp;&nbsp; 7475119 |
| Royal Bank of Canada (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 01/19/2027<sup>(b)</sup><br>|  | 12590000 | &nbsp;&nbsp;&nbsp;&nbsp; 12705875 |
| &nbsp;&nbsp;&nbsp;2.05%, 01/21/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5022000 | &nbsp;&nbsp;&nbsp;&nbsp; 4948124 |
| &nbsp;&nbsp;&nbsp;3.63%, 05/04/2027<sup>(b)</sup><br>|  | 12092000 | &nbsp;&nbsp;&nbsp;&nbsp; 12082371 |
| &nbsp;&nbsp;&nbsp;4.24%, 08/03/2027<br>|  | 12593000 | &nbsp;&nbsp;&nbsp;&nbsp; 12675844 |
| &nbsp;&nbsp;&nbsp;6.00%, 11/01/2027<sup>(b)</sup><br>|  | 13550000 | &nbsp;&nbsp;&nbsp;&nbsp; 14027997 |
| Santander Holdings USA, Inc., 4.40%, 07/13/2027<br>|  | 10573000 | &nbsp;&nbsp;&nbsp;&nbsp; 10602072 |
| Standard Chartered Bank (United Kingdom), 4.85%, 12/03/2027<br>|  | &nbsp;&nbsp;5039000 | &nbsp;&nbsp;&nbsp;&nbsp; 5134193 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, 01/11/2027<sup>(b)</sup><br>|  | 12590000 | &nbsp;&nbsp;&nbsp;&nbsp; 12554548 |
| &nbsp;&nbsp;&nbsp;2.17%, 01/14/2027<br>|  | &nbsp;&nbsp;5042000 | &nbsp;&nbsp;&nbsp;&nbsp; 4972585 |
| &nbsp;&nbsp;&nbsp;3.36%, 07/12/2027<sup>(b)</sup><br>|  | 17570000 | &nbsp;&nbsp;&nbsp;&nbsp; 17471977 |
| &nbsp;&nbsp;&nbsp;3.35%, 10/18/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;7532000 | &nbsp;&nbsp;&nbsp;&nbsp; 7490914 |
| Toronto-Dominion Bank (The) (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;1.95%, 01/12/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;7558000 | &nbsp;&nbsp;&nbsp;&nbsp; 7441922 |
| &nbsp;&nbsp;&nbsp;2.80%, 03/10/2027<sup>(b)</sup><br>|  | 11079000 | &nbsp;&nbsp;&nbsp;&nbsp; 10978968 |
| &nbsp;&nbsp;&nbsp;4.98%, 04/05/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;8561000 | &nbsp;&nbsp;&nbsp;&nbsp; 8669788 |
| &nbsp;&nbsp;&nbsp;4.11%, 06/08/2027<sup>(b)</sup><br>|  | 15115000 | &nbsp;&nbsp;&nbsp;&nbsp; 15175261 |
| &nbsp;&nbsp;&nbsp;4.69%, 09/15/2027<br>|  | 15109000 | &nbsp;&nbsp;&nbsp;&nbsp; 15311871 |
| Truist Financial Corp., 1.13%, 08/03/2027<br>|  | &nbsp;&nbsp;7552000 | &nbsp;&nbsp;&nbsp;&nbsp; 7280379 |
| U.S. Bancorp, Series X, 3.15%, 04/27/2027<sup>(b)</sup><br>|  | 13094000 | &nbsp;&nbsp;&nbsp;&nbsp; 13023754 |
| UBS AG (Switzerland), 5.00%, 07/09/2027<br>|  | &nbsp;&nbsp;6100000 | &nbsp;&nbsp;&nbsp;&nbsp; 6204967 |
| Wells Fargo & Co., 4.30%, 07/22/2027<br>|  | 25184000 | &nbsp;&nbsp;&nbsp;&nbsp; 25281144 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592290853 |
| **Beverages-1.76%** | **Beverages-1.76%** | **Beverages-1.76%** | **Beverages-1.76%** |
| Coca-Cola Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.38%, 03/25/2027<sup>(b)</sup><br>|  | 10077000 | &nbsp;&nbsp;&nbsp;&nbsp; 10062453 |
| &nbsp;&nbsp;&nbsp;2.90%, 05/25/2027<br>|  | &nbsp;&nbsp;5037000 | &nbsp;&nbsp;&nbsp;&nbsp; 4997896 |
| &nbsp;&nbsp;&nbsp;1.45%, 06/01/2027<br>|  | 15116000 | &nbsp;&nbsp;&nbsp;&nbsp; 14735383 |
| Constellation Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 05/09/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5037000 | &nbsp;&nbsp;&nbsp;&nbsp; 5014341 |
| &nbsp;&nbsp;&nbsp;4.35%, 05/09/2027<br>|  | &nbsp;&nbsp;6045000 | &nbsp;&nbsp;&nbsp;&nbsp; 6075355 |
| Diageo Capital PLC (United Kingdom), 5.30%, 10/24/2027<br>|  | &nbsp;&nbsp;7561000 | &nbsp;&nbsp;&nbsp;&nbsp; 7740084 |
| Keurig Dr Pepper, Inc., 5.10%, 03/15/2027<br>|  | &nbsp;&nbsp;7560000 | &nbsp;&nbsp;&nbsp;&nbsp; 7642623 |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 02/07/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5037000 | &nbsp;&nbsp;&nbsp;&nbsp; 5072411 |
| &nbsp;&nbsp;&nbsp;2.63%, 03/19/2027<br>|  | &nbsp;&nbsp;5037000 | &nbsp;&nbsp;&nbsp;&nbsp; 4982653 |
| &nbsp;&nbsp;&nbsp;3.00%, 10/15/2027<sup>(b)</sup><br>|  | 15117000 | &nbsp;&nbsp;&nbsp;&nbsp; 15001848 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81325047 |
| **Biotechnology-1.51%** | **Biotechnology-1.51%** | **Biotechnology-1.51%** | **Biotechnology-1.51%** |
| AbbVie, Inc., 4.80%, 03/15/2027<br>|  | 22589000 | &nbsp;&nbsp;&nbsp;&nbsp; 22804671 |
| Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.20%, 02/21/2027<br>|  | 17303000 | &nbsp;&nbsp;&nbsp;&nbsp; 17030215 |
| &nbsp;&nbsp;&nbsp;3.20%, 11/02/2027<br>|  | 10076000 | &nbsp;&nbsp;&nbsp;&nbsp; 9991179 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| Gilead Sciences, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.95%, 03/01/2027<sup>(b)</sup><br>| $| 12595000 | &nbsp;&nbsp;&nbsp;&nbsp;$12505781 |
| &nbsp;&nbsp;&nbsp;1.20%, 10/01/2027<br>|  | &nbsp;&nbsp;7557000 | &nbsp;&nbsp;&nbsp;&nbsp; 7271511 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69603357 |
| **Broadline Retail-2.09%** | **Broadline Retail-2.09%** | **Broadline Retail-2.09%** | **Broadline Retail-2.09%** |
| Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, 04/13/2027<br>|  | 20154000 | &nbsp;&nbsp;&nbsp;&nbsp; 20090876 |
| &nbsp;&nbsp;&nbsp;1.20%, 06/03/2027<sup>(b)</sup><br>|  | 12590000 | &nbsp;&nbsp;&nbsp;&nbsp; 12227782 |
| &nbsp;&nbsp;&nbsp;3.15%, 08/22/2027<br>|  | 35266000 | &nbsp;&nbsp;&nbsp;&nbsp; 35061622 |
| &nbsp;&nbsp;&nbsp;4.55%, 12/01/2027<sup>(b)</sup><br>|  | 20148000 | &nbsp;&nbsp;&nbsp;&nbsp; 20476404 |
| eBay, Inc., 3.60%, 06/05/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;8566000 | &nbsp;&nbsp;&nbsp;&nbsp; 8541023 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96397707 |
| **Building Products-0.24%** | **Building Products-0.24%** | **Building Products-0.24%** | **Building Products-0.24%** |
| Carlisle Cos., Inc., 3.75%, 12/01/2027<br>|  | &nbsp;&nbsp;6041000 | &nbsp;&nbsp;&nbsp;&nbsp; 6025556 |
| Owens Corning, 5.50%, 06/15/2027<br>|  | &nbsp;&nbsp;5039000 | &nbsp;&nbsp;&nbsp;&nbsp; 5132912 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11158468 |
| **Capital Markets-5.81%** | **Capital Markets-5.81%** | **Capital Markets-5.81%** | **Capital Markets-5.81%** |
| Ares Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 01/15/2027<br>|  | &nbsp;&nbsp;9040000 | &nbsp;&nbsp;&nbsp;&nbsp; 9251249 |
| &nbsp;&nbsp;&nbsp;2.88%, 06/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5038000 | &nbsp;&nbsp;&nbsp;&nbsp; 4946512 |
| Bank of New York Mellon Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.05%, 01/26/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;8563000 | &nbsp;&nbsp;&nbsp;&nbsp; 8437545 |
| &nbsp;&nbsp;&nbsp;3.25%, 05/16/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;7533000 | &nbsp;&nbsp;&nbsp;&nbsp; 7504141 |
| BlackRock, Inc., 3.20%, 03/15/2027<br>|  | &nbsp;&nbsp;7027000 | &nbsp;&nbsp;&nbsp;&nbsp; 6997301 |
| Blackstone Secured Lending Fund, 2.13%, 02/15/2027<br>|  | &nbsp;&nbsp;6222000 | &nbsp;&nbsp;&nbsp;&nbsp; 6064129 |
| Blue Owl Capital Corp., 2.63%, 01/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5034000 | &nbsp;&nbsp;&nbsp;&nbsp; 4908655 |
| Blue Owl Credit Income Corp., 7.75%, 09/16/2027<br>|  | &nbsp;&nbsp;6046000 | &nbsp;&nbsp;&nbsp;&nbsp; 6166618 |
| Cboe Global Markets, Inc., 3.65%, 01/12/2027<br>|  | &nbsp;&nbsp;6548000 | &nbsp;&nbsp;&nbsp;&nbsp; 6538909 |
| Charles Schwab Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 03/02/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;6552000 | &nbsp;&nbsp;&nbsp;&nbsp; 6519014 |
| &nbsp;&nbsp;&nbsp;2.45%, 03/03/2027<br>|  | 15117000 | &nbsp;&nbsp;&nbsp;&nbsp; 14928151 |
| &nbsp;&nbsp;&nbsp;3.30%, 04/01/2027<br>|  | &nbsp;&nbsp;7495000 | &nbsp;&nbsp;&nbsp;&nbsp; 7454991 |
| FactSet Research Systems, Inc., 2.90%, 03/01/2027<br>|  | &nbsp;&nbsp;5042000 | &nbsp;&nbsp;&nbsp;&nbsp; 4979332 |
| FS KKR Capital Corp., 3.25%, 07/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 4836176 |
| Goldman Sachs Group, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;5.95%, 01/15/2027<br>|  | &nbsp;&nbsp;8142000 | &nbsp;&nbsp;&nbsp;&nbsp; 8278062 |
| &nbsp;&nbsp;&nbsp;3.85%, 01/26/2027<br>|  | 30119000 | &nbsp;&nbsp;&nbsp;&nbsp; 30113895 |
| Jefferies Financial Group, Inc., 4.85%, 01/15/2027<br>|  | &nbsp;&nbsp;7552000 | &nbsp;&nbsp;&nbsp;&nbsp; 7598034 |
| Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;3.63%, 01/20/2027<sup>(b)</sup><br>|  | 30223000 | &nbsp;&nbsp;&nbsp;&nbsp; 30177898 |
| &nbsp;&nbsp;&nbsp;3.95%, 04/23/2027<br>|  | 20156000 | &nbsp;&nbsp;&nbsp;&nbsp; 20152382 |
| Nomura Holdings, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.33%, 01/22/2027<br>|  | 12590000 | &nbsp;&nbsp;&nbsp;&nbsp; 12415017 |
| &nbsp;&nbsp;&nbsp;5.59%, 07/02/2027<br>|  | &nbsp;&nbsp;5005000 | &nbsp;&nbsp;&nbsp;&nbsp; 5107601 |
| &nbsp;&nbsp;&nbsp;5.39%, 07/06/2027<br>|  | &nbsp;&nbsp;5034000 | &nbsp;&nbsp;&nbsp;&nbsp; 5122285 |
| Northern Trust Corp., 4.00%, 05/10/2027<br>|  | 10080000 | &nbsp;&nbsp;&nbsp;&nbsp; 10116112 |
| S&P Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.95%, 01/22/2027<br>|  | &nbsp;&nbsp;5016000 | &nbsp;&nbsp;&nbsp;&nbsp; 4973802 |
| &nbsp;&nbsp;&nbsp;2.45%, 03/01/2027<br>|  | 12458000 | &nbsp;&nbsp;&nbsp;&nbsp; 12291732 |

---

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

------

#### 11

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** |
| State Street Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.99%, 03/18/2027<sup>(b)</sup><br>| $| 10074000 | &nbsp;&nbsp;&nbsp;&nbsp;$10198454 |
| &nbsp;&nbsp;&nbsp;4.33%, 10/22/2027<br>|  | 12089000 | &nbsp;&nbsp;&nbsp;&nbsp; 12209996 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268287993 |
| **Chemicals-1.11%** | **Chemicals-1.11%** | **Chemicals-1.11%** | **Chemicals-1.11%** |
| Air Products and Chemicals, Inc., 1.85%, 05/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;6553000 | &nbsp;&nbsp;&nbsp;&nbsp; 6422155 |
| Albemarle Corp., 4.65%, 06/01/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;6552000 | &nbsp;&nbsp;&nbsp;&nbsp; 6601855 |
| Ecolab, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 02/01/2027<br>|  | &nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 4942034 |
| &nbsp;&nbsp;&nbsp;3.25%, 12/01/2027<br>|  | &nbsp;&nbsp;5033000 | &nbsp;&nbsp;&nbsp;&nbsp; 5005802 |
| LYB International Finance II B.V., 3.50%, 03/02/2027<br>|  | &nbsp;&nbsp;5956000 | &nbsp;&nbsp;&nbsp;&nbsp; 5935345 |
| Mosaic Co. (The), 4.05%, 11/15/2027<br>|  | &nbsp;&nbsp;7049000 | &nbsp;&nbsp;&nbsp;&nbsp; 7058917 |
| Sherwin-Williams Co. (The), 3.45%, 06/01/2027<br>|  | 15116000 | &nbsp;&nbsp;&nbsp;&nbsp; 15047525 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51013633 |
| **Commercial Services & Supplies-0.69%** | **Commercial Services & Supplies-0.69%** | **Commercial Services & Supplies-0.69%** | **Commercial Services & Supplies-0.69%** |
| Cintas Corp. No. 2, 3.70%, 04/01/2027<br>|  | 10080000 | &nbsp;&nbsp;&nbsp;&nbsp; 10073381 |
| Republic Services, Inc., 3.38%, 11/15/2027<br>|  | &nbsp;&nbsp;6554000 | &nbsp;&nbsp;&nbsp;&nbsp; 6516118 |
| Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 07/03/2027<br>|  | &nbsp;&nbsp;7525000 | &nbsp;&nbsp;&nbsp;&nbsp; 7642280 |
| &nbsp;&nbsp;&nbsp;3.15%, 11/15/2027<br>|  | &nbsp;&nbsp;7553000 | &nbsp;&nbsp;&nbsp;&nbsp; 7495319 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31727098 |
| **Communications Equipment-0.55%** | **Communications Equipment-0.55%** | **Communications Equipment-0.55%** | **Communications Equipment-0.55%** |
| Cisco Systems, Inc., 4.80%, 02/26/2027<sup>(b)</sup><br>|  | 20079000 | &nbsp;&nbsp;&nbsp;&nbsp; 20276980 |
| Nokia OYJ (Finland), 4.38%, 06/12/2027<br>|  | &nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 5042054 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25319034 |
| **Construction & Engineering-0.13%** | **Construction & Engineering-0.13%** | **Construction & Engineering-0.13%** | **Construction & Engineering-0.13%** |
| Quanta Services, Inc., 4.75%, 08/09/2027<br>|  | &nbsp;&nbsp;6044000 | &nbsp;&nbsp;&nbsp;&nbsp; 6111045 |
| **Construction Materials-0.11%** | **Construction Materials-0.11%** | **Construction Materials-0.11%** | **Construction Materials-0.11%** |
| Martin Marietta Materials, Inc., 3.50%, 12/15/2027<br>|  | &nbsp;&nbsp;4986000 | &nbsp;&nbsp;&nbsp;&nbsp; 4954902 |
| **Consumer Finance-3.93%** | **Consumer Finance-3.93%** | **Consumer Finance-3.93%** | **Consumer Finance-3.93%** |
| Ally Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 06/09/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;7558000 | &nbsp;&nbsp;&nbsp;&nbsp; 7620337 |
| &nbsp;&nbsp;&nbsp;7.10%, 11/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;7531000 | &nbsp;&nbsp;&nbsp;&nbsp; 7896347 |
| American Express Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.55%, 03/04/2027<sup>(b)</sup><br>|  | 17630000 | &nbsp;&nbsp;&nbsp;&nbsp; 17434986 |
| &nbsp;&nbsp;&nbsp;3.30%, 05/03/2027<br>|  | 16594500 | &nbsp;&nbsp;&nbsp;&nbsp; 16517678 |
| &nbsp;&nbsp;&nbsp;5.85%, 11/05/2027<br>|  | 15117000 | &nbsp;&nbsp;&nbsp;&nbsp; 15604133 |
| Capital One Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 02/09/2027<sup>(b)</sup><br>|  | 10074000 | &nbsp;&nbsp;&nbsp;&nbsp; 10089238 |
| &nbsp;&nbsp;&nbsp;3.75%, 03/09/2027<br>|  | 13604000 | &nbsp;&nbsp;&nbsp;&nbsp; 13589229 |
| &nbsp;&nbsp;&nbsp;3.65%, 05/11/2027<br>|  | 10077000 | &nbsp;&nbsp;&nbsp;&nbsp; 10043594 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 01/17/2027<br>| $| 12597000 | &nbsp;&nbsp;&nbsp;&nbsp;$12619543 |
| &nbsp;&nbsp;&nbsp;2.35%, 02/26/2027<br>|  | 10079000 | &nbsp;&nbsp;&nbsp;&nbsp; 9922817 |
| &nbsp;&nbsp;&nbsp;5.00%, 04/09/2027<sup>(b)</sup><br>|  | 12547000 | &nbsp;&nbsp;&nbsp;&nbsp; 12677926 |
| &nbsp;&nbsp;&nbsp;5.40%, 05/08/2027<br>|  | 12047000 | &nbsp;&nbsp;&nbsp;&nbsp; 12239202 |
| &nbsp;&nbsp;&nbsp;5.00%, 07/15/2027<br>|  | &nbsp;&nbsp;5034000 | &nbsp;&nbsp;&nbsp;&nbsp; 5100352 |
| &nbsp;&nbsp;&nbsp;5.35%, 07/15/2027<br>|  | 11080000 | &nbsp;&nbsp;&nbsp;&nbsp; 11274818 |
| &nbsp;&nbsp;&nbsp;2.70%, 08/20/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;9070000 | &nbsp;&nbsp;&nbsp;&nbsp; 8907522 |
| Synchrony Financial, 3.95%, 12/01/2027<sup>(b)</sup><br>|  | 10071000 | &nbsp;&nbsp;&nbsp;&nbsp; 10029945 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181567667 |
| **Consumer Staples Distribution & Retail-1.37%** | **Consumer Staples Distribution & Retail-1.37%** | **Consumer Staples Distribution & Retail-1.37%** | **Consumer Staples Distribution & Retail-1.37%** |
| Costco Wholesale Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 05/18/2027<sup>(b)</sup><br>|  | 10074540 | &nbsp;&nbsp;&nbsp;&nbsp; 10016577 |
| &nbsp;&nbsp;&nbsp;1.38%, 06/20/2027<br>|  | 12599000 | &nbsp;&nbsp;&nbsp;&nbsp; 12246695 |
| Kroger Co. (The), 3.70%, 08/01/2027<br>|  | &nbsp;&nbsp;6048000 | &nbsp;&nbsp;&nbsp;&nbsp; 6040962 |
| Sysco Corp., 3.25%, 07/15/2027<br>|  | &nbsp;&nbsp;7553000 | &nbsp;&nbsp;&nbsp;&nbsp; 7497386 |
| Target Corp., 1.95%, 01/15/2027<sup>(b)</sup><br>|  | 10079000 | &nbsp;&nbsp;&nbsp;&nbsp; 9928934 |
| Walmart, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 04/28/2027<br>|  | &nbsp;&nbsp;7553000 | &nbsp;&nbsp;&nbsp;&nbsp; 7605346 |
| &nbsp;&nbsp;&nbsp;3.95%, 09/09/2027<sup>(b)</sup><br>|  | 10072000 | &nbsp;&nbsp;&nbsp;&nbsp; 10129397 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63465297 |
| **Containers & Packaging-0.11%** | **Containers & Packaging-0.11%** | **Containers & Packaging-0.11%** | **Containers & Packaging-0.11%** |
| Packaging Corp. of America, 3.40%, 12/15/2027<br>|  | &nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 4999623 |
| **Diversified REITs-0.22%** | **Diversified REITs-0.22%** | **Diversified REITs-0.22%** | **Diversified REITs-0.22%** |
| Digital Realty Trust L.P., 3.70%, 08/15/2027<br>|  | 10074000 | &nbsp;&nbsp;&nbsp;&nbsp; 10038981 |
| **Diversified Telecommunication Services-1.76%** | **Diversified Telecommunication Services-1.76%** | **Diversified Telecommunication Services-1.76%** | **Diversified Telecommunication Services-1.76%** |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 03/01/2027<br>|  | 15010000 | &nbsp;&nbsp;&nbsp;&nbsp; 15051023 |
| &nbsp;&nbsp;&nbsp;2.30%, 06/01/2027<br>|  | 25190000 | &nbsp;&nbsp;&nbsp;&nbsp; 24719806 |
| Telefonica Emisiones S.A. (Spain), 4.10%, 03/08/2027<br>|  | 12587000 | &nbsp;&nbsp;&nbsp;&nbsp; 12602040 |
| TELUS Corp. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 02/16/2027<br>|  | &nbsp;&nbsp;6041000 | &nbsp;&nbsp;&nbsp;&nbsp; 5974905 |
| &nbsp;&nbsp;&nbsp;3.70%, 09/15/2027<br>|  | &nbsp;&nbsp;5034000 | &nbsp;&nbsp;&nbsp;&nbsp; 5009266 |
| Verizon Communications, Inc., 4.13%, 03/16/2027<br>|  | 17633000 | &nbsp;&nbsp;&nbsp;&nbsp; 17701150 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81058190 |
| **Electric Utilities-4.32%** | **Electric Utilities-4.32%** | **Electric Utilities-4.32%** | **Electric Utilities-4.32%** |
| Alabama Power Co., 3.75%, 09/01/2027<br>|  | &nbsp;&nbsp;5541000 | &nbsp;&nbsp;&nbsp;&nbsp; 5550304 |
| American Electric Power Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 11/01/2027<br>|  | &nbsp;&nbsp;5041000 | &nbsp;&nbsp;&nbsp;&nbsp; 5189518 |
| &nbsp;&nbsp;&nbsp;3.20%, 11/13/2027<br>|  | &nbsp;&nbsp;5034000 | &nbsp;&nbsp;&nbsp;&nbsp; 4978374 |
| Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 01/05/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;6028000 | &nbsp;&nbsp;&nbsp;&nbsp; 6077044 |
| &nbsp;&nbsp;&nbsp;3.15%, 08/15/2027<br>|  | &nbsp;&nbsp;7560000 | &nbsp;&nbsp;&nbsp;&nbsp; 7481913 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/08/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5040000 | &nbsp;&nbsp;&nbsp;&nbsp; 5138373 |
| Duke Energy Florida LLC, 3.20%, 01/15/2027<br>|  | &nbsp;&nbsp;6545000 | &nbsp;&nbsp;&nbsp;&nbsp; 6515471 |
| Duke Energy Progress LLC, 4.35%, 03/06/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5042000 | &nbsp;&nbsp;&nbsp;&nbsp; 5076938 |
| Edison International, 5.75%, 06/15/2027<br>|  | &nbsp;&nbsp;6047000 | &nbsp;&nbsp;&nbsp;&nbsp; 6141541 |

---

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

------

#### 12

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Eversource Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, 03/01/2027<br>| $| &nbsp;&nbsp;6554000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6484993 |
| &nbsp;&nbsp;&nbsp;4.60%, 07/01/2027<br>|  | &nbsp;&nbsp;6047000 | &nbsp;&nbsp;&nbsp;&nbsp; 6093353 |
| Exelon Corp., 2.75%, 03/15/2027<br>|  | &nbsp;&nbsp;6502000 | &nbsp;&nbsp;&nbsp;&nbsp; 6427357 |
| FirstEnergy Corp., Series B, 3.90%, 07/15/2027<br>|  | 15116000 | &nbsp;&nbsp;&nbsp;&nbsp; 15184049 |
| Georgia Power Co., 5.00%, 02/23/2027<br>|  | &nbsp;&nbsp;5037000 | &nbsp;&nbsp;&nbsp;&nbsp; 5094122 |
| ITC Holdings Corp., 3.35%, 11/15/2027<br>|  | &nbsp;&nbsp;5034000 | &nbsp;&nbsp;&nbsp;&nbsp; 4997418 |
| National Rural Utilities Cooperative Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 02/05/2027<br>|  | &nbsp;&nbsp;6023000 | &nbsp;&nbsp;&nbsp;&nbsp; 6074649 |
| &nbsp;&nbsp;&nbsp;4.12%, 09/16/2027<br>|  | &nbsp;&nbsp;5540000 | &nbsp;&nbsp;&nbsp;&nbsp; 5567763 |
| &nbsp;&nbsp;&nbsp;3.95%, 12/10/2027<br>|  | &nbsp;&nbsp;6550000 | &nbsp;&nbsp;&nbsp;&nbsp; 6574219 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.88%, 01/15/2027<br>|  | 10077000 | &nbsp;&nbsp;&nbsp;&nbsp; 9908652 |
| &nbsp;&nbsp;&nbsp;3.55%, 05/01/2027<br>|  | 15012000 | &nbsp;&nbsp;&nbsp;&nbsp; 14957749 |
| &nbsp;&nbsp;&nbsp;4.63%, 07/15/2027<sup>(b)</sup><br>|  | 12590000 | &nbsp;&nbsp;&nbsp;&nbsp; 12715831 |
| Pacific Gas and Electric Co., 2.10%, 08/01/2027<sup>(b)</sup><br>|  | 10075000 | &nbsp;&nbsp;&nbsp;&nbsp; 9823376 |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 02/01/2027<br>|  | &nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 5071106 |
| &nbsp;&nbsp;&nbsp;5.85%, 11/01/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;7556000 | &nbsp;&nbsp;&nbsp;&nbsp; 7767082 |
| &nbsp;&nbsp;&nbsp;Series D, 4.70%, 06/01/2027<br>|  | &nbsp;&nbsp;6046000 | &nbsp;&nbsp;&nbsp;&nbsp; 6093576 |
| Virginia Electric & Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 3.50%, 03/15/2027<br>|  | &nbsp;&nbsp;7557000 | &nbsp;&nbsp;&nbsp;&nbsp; 7532031 |
| &nbsp;&nbsp;&nbsp;Series B, 3.75%, 05/15/2027<br>|  | &nbsp;&nbsp;6047000 | &nbsp;&nbsp;&nbsp;&nbsp; 6041593 |
| Xcel Energy, Inc., 1.75%, 03/15/2027<br>|  | &nbsp;&nbsp;5040000 | &nbsp;&nbsp;&nbsp;&nbsp; 4931748 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199490143 |
| **Electrical Equipment-0.11%** | **Electrical Equipment-0.11%** | **Electrical Equipment-0.11%** | **Electrical Equipment-0.11%** |
| Emerson Electric Co., 1.80%, 10/15/2027<br>|  | &nbsp;&nbsp;5037000 | &nbsp;&nbsp;&nbsp;&nbsp; 4894287 |
| **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<br>|  | &nbsp;&nbsp;7055000 | &nbsp;&nbsp;&nbsp;&nbsp; 7148663 |
| &nbsp;&nbsp;&nbsp;3.80%, 11/15/2027<br>|  | &nbsp;&nbsp;7556000 | &nbsp;&nbsp;&nbsp;&nbsp; 7571643 |
| Jabil, Inc., 4.25%, 05/15/2027<br>|  | &nbsp;&nbsp;5042000 | &nbsp;&nbsp;&nbsp;&nbsp; 5062682 |
| Keysight Technologies, Inc., 4.60%, 04/06/2027<br>|  | &nbsp;&nbsp;7049000 | &nbsp;&nbsp;&nbsp;&nbsp; 7090434 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26873422 |
| **Energy Equipment & Services-0.29%** | **Energy Equipment & Services-0.29%** | **Energy Equipment & Services-0.29%** | **Energy Equipment & Services-0.29%** |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/2027<br>|  | 13585000 | &nbsp;&nbsp;&nbsp;&nbsp; 13483506 |
| **Entertainment-0.46%** | **Entertainment-0.46%** | **Entertainment-0.46%** | **Entertainment-0.46%** |
| Take-Two Interactive Software, Inc., 3.70%, 04/14/2027<br>|  | &nbsp;&nbsp;6043000 | &nbsp;&nbsp;&nbsp;&nbsp; 6028563 |
| TWDC Enterprises 18 Corp., 2.95%, 06/15/2027<sup>(b)</sup><br>|  | 10079000 | &nbsp;&nbsp;&nbsp;&nbsp; 9999582 |
| Walt Disney Co. (The), 3.70%, 03/23/2027<br>|  | &nbsp;&nbsp;5036000 | &nbsp;&nbsp;&nbsp;&nbsp; 5038805 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21066950 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Financial Services-3.44%** | **Financial Services-3.44%** | **Financial Services-3.44%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;6.10%, 01/15/2027<br>| $&nbsp;&nbsp;9071000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9226045 |
| &nbsp;&nbsp;&nbsp;6.45%, 04/15/2027<br>| 15103000 | &nbsp;&nbsp;&nbsp;&nbsp; 15485700 |
| &nbsp;&nbsp;&nbsp;3.65%, 07/21/2027<br>| 10074000 | &nbsp;&nbsp;&nbsp;&nbsp; 10041481 |
| &nbsp;&nbsp;&nbsp;4.63%, 10/15/2027<br>| &nbsp;&nbsp;6049000 | &nbsp;&nbsp;&nbsp;&nbsp; 6107331 |
| BlackRock Funding, Inc., 4.60%, 07/26/2027<sup>(b)</sup><br>| &nbsp;&nbsp;8036000 | &nbsp;&nbsp;&nbsp;&nbsp; 8138269 |
| Blackstone Private Credit Fund, 3.25%, 03/15/2027<sup>(b)</sup><br>| 10021000 | &nbsp;&nbsp;&nbsp;&nbsp; 9844364 |
| Corebridge Financial, Inc., 3.65%, 04/05/2027<br>| 12498000 | &nbsp;&nbsp;&nbsp;&nbsp; 12435970 |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, 03/15/2027<br>| &nbsp;&nbsp;7525000 | &nbsp;&nbsp;&nbsp;&nbsp; 7599019 |
| &nbsp;&nbsp;&nbsp;2.25%, 06/01/2027<br>| 10074000 | &nbsp;&nbsp;&nbsp;&nbsp; 9847118 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, 01/15/2027<br>| &nbsp;&nbsp;7553000 | &nbsp;&nbsp;&nbsp;&nbsp; 7433966 |
| &nbsp;&nbsp;&nbsp;4.95%, 08/15/2027<br>| &nbsp;&nbsp;5037000 | &nbsp;&nbsp;&nbsp;&nbsp; 5079672 |
| LPL Holdings, Inc., 5.70%, 05/20/2027<br>| &nbsp;&nbsp;5036000 | &nbsp;&nbsp;&nbsp;&nbsp; 5120560 |
| Mastercard, Inc., 3.30%, 03/26/2027<sup>(b)</sup><br>| 10074000 | &nbsp;&nbsp;&nbsp;&nbsp; 10032959 |
| ORIX Corp. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 07/18/2027<br>| &nbsp;&nbsp;5015000 | &nbsp;&nbsp;&nbsp;&nbsp; 5007064 |
| &nbsp;&nbsp;&nbsp;5.00%, 09/13/2027<br>| &nbsp;&nbsp;5015000 | &nbsp;&nbsp;&nbsp;&nbsp; 5096981 |
| PayPal Holdings, Inc., 3.90%, 06/01/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5034000 | &nbsp;&nbsp;&nbsp;&nbsp; 5041580 |
| Visa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.90%, 04/15/2027<br>| 15111000 | &nbsp;&nbsp;&nbsp;&nbsp; 14825827 |
| &nbsp;&nbsp;&nbsp;0.75%, 08/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5042000 | &nbsp;&nbsp;&nbsp;&nbsp; 4846918 |
| &nbsp;&nbsp;&nbsp;2.75%, 09/15/2027<br>| &nbsp;&nbsp;7558000 | &nbsp;&nbsp;&nbsp;&nbsp; 7464363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158675187 |
| **Food Products-1.98%** | **Food Products-1.98%** | **Food Products-1.98%** |
| Bunge Ltd. Finance Corp., 3.75%, 09/25/2027<br>| &nbsp;&nbsp;6043000 | &nbsp;&nbsp;&nbsp;&nbsp; 6030392 |
| Campbell's Co. (The), 5.20%, 03/19/2027<br>| &nbsp;&nbsp;5016000 | &nbsp;&nbsp;&nbsp;&nbsp; 5082198 |
| Conagra Brands, Inc., 1.38%, 11/01/2027<br>| 10075000 | &nbsp;&nbsp;&nbsp;&nbsp; 9646925 |
| General Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, 01/30/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 5066957 |
| &nbsp;&nbsp;&nbsp;3.20%, 02/10/2027<sup>(b)</sup><br>| &nbsp;&nbsp;7533000 | &nbsp;&nbsp;&nbsp;&nbsp; 7490690 |
| Hormel Foods Corp., 4.80%, 03/30/2027<br>| &nbsp;&nbsp;5038000 | &nbsp;&nbsp;&nbsp;&nbsp; 5091611 |
| JM Smucker Co. (The), 3.38%, 12/15/2027<br>| &nbsp;&nbsp;5042000 | &nbsp;&nbsp;&nbsp;&nbsp; 5002755 |
| Kellanova, 3.40%, 11/15/2027<br>| &nbsp;&nbsp;6043000 | &nbsp;&nbsp;&nbsp;&nbsp; 6012825 |
| Kraft Heinz Foods Co. (The), 3.88%, 05/15/2027<br>| 13600000 | &nbsp;&nbsp;&nbsp;&nbsp; 13580844 |
| McCormick & Co., Inc., 3.40%, 08/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;7554000 | &nbsp;&nbsp;&nbsp;&nbsp; 7521568 |
| Mondelez International, Inc., 2.63%, 03/17/2027<br>| &nbsp;&nbsp;7557000 | &nbsp;&nbsp;&nbsp;&nbsp; 7467728 |
| Tyson Foods, Inc., 3.55%, 06/02/2027<br>| 13607000 | &nbsp;&nbsp;&nbsp;&nbsp; 13549357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91543850 |

---

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

------

#### 13

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Gas Utilities-0.26%** | **Gas Utilities-0.26%** | **Gas Utilities-0.26%** |
| Atmos Energy Corp., 3.00%, 06/15/2027<br>| $&nbsp;&nbsp;5042000 | &nbsp;&nbsp;$5003002 |
| Southern California Gas Co., 2.95%, 04/15/2027<br>| &nbsp;&nbsp;7048000 | &nbsp;&nbsp;&nbsp;&nbsp; 6983668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11986670 |
| **Ground Transportation-0.51%** | **Ground Transportation-0.51%** | **Ground Transportation-0.51%** |
| Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5016000 | &nbsp;&nbsp;&nbsp;&nbsp; 4995107 |
| CSX Corp., 3.25%, 06/01/2027<br>| &nbsp;&nbsp;8569000 | &nbsp;&nbsp;&nbsp;&nbsp; 8517076 |
| Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, 02/05/2027<br>| &nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 4962595 |
| &nbsp;&nbsp;&nbsp;3.00%, 04/15/2027<br>| &nbsp;&nbsp;5039000 | &nbsp;&nbsp;&nbsp;&nbsp; 5006365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23481143 |
| **Health Care Equipment & Supplies-1.19%** | **Health Care Equipment & Supplies-1.19%** | **Health Care Equipment & Supplies-1.19%** |
| Baxter International, Inc., 1.92%, 02/01/2027<br>| &nbsp;&nbsp;8378000 | &nbsp;&nbsp;&nbsp;&nbsp; 8215272 |
| Becton, Dickinson and Co., 3.70%, 06/06/2027<br>| 17319000 | &nbsp;&nbsp;&nbsp;&nbsp; 17264826 |
| GE HealthCare Technologies, Inc., 5.65%, 11/15/2027<br>| 17636000 | &nbsp;&nbsp;&nbsp;&nbsp; 18126387 |
| Stryker Corp., 4.55%, 02/10/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5039000 | &nbsp;&nbsp;&nbsp;&nbsp; 5078369 |
| Zimmer Biomet Holdings, Inc., 4.70%, 02/19/2027<br>| &nbsp;&nbsp;6026000 | &nbsp;&nbsp;&nbsp;&nbsp; 6072292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54757146 |
| **Health Care Providers & Services-4.49%** | **Health Care Providers & Services-4.49%** | **Health Care Providers & Services-4.49%** |
| Cardinal Health, Inc., 3.41%, 06/15/2027<br>| 12312000 | &nbsp;&nbsp;&nbsp;&nbsp; 12244537 |
| Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, 12/15/2027<br>| &nbsp;&nbsp;7559000 | &nbsp;&nbsp;&nbsp;&nbsp; 7505812 |
| &nbsp;&nbsp;&nbsp;4.63%, 12/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5038000 | &nbsp;&nbsp;&nbsp;&nbsp; 5103523 |
| Centene Corp., 4.25%, 12/15/2027<br>| 22007000 | &nbsp;&nbsp;&nbsp;&nbsp; 21886941 |
| Cigna Group (The) |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 03/01/2027<br>| 13366000 | &nbsp;&nbsp;&nbsp;&nbsp; 13320087 |
| &nbsp;&nbsp;&nbsp;3.05%, 10/15/2027<br>| &nbsp;&nbsp;5484000 | &nbsp;&nbsp;&nbsp;&nbsp; 5427110 |
| CommonSpirit Health, 6.07%, 11/01/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5115000 | &nbsp;&nbsp;&nbsp;&nbsp; 5278406 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.63%, 04/01/2027<br>| &nbsp;&nbsp;7560000 | &nbsp;&nbsp;&nbsp;&nbsp; 7539673 |
| &nbsp;&nbsp;&nbsp;1.30%, 08/21/2027<br>| 22669000 | &nbsp;&nbsp;&nbsp;&nbsp; 21835363 |
| Elevance Health, Inc., 3.65%, 12/01/2027<br>| 16120000 | &nbsp;&nbsp;&nbsp;&nbsp; 16064087 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 02/15/2027<sup>(b)</sup><br>| 12090000 | &nbsp;&nbsp;&nbsp;&nbsp; 12112014 |
| &nbsp;&nbsp;&nbsp;3.13%, 03/15/2027<br>| 10072000 | &nbsp;&nbsp;&nbsp;&nbsp; 9990794 |
| Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.35%, 02/03/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5687000 | &nbsp;&nbsp;&nbsp;&nbsp; 5548178 |
| &nbsp;&nbsp;&nbsp;3.95%, 03/15/2027<br>| &nbsp;&nbsp;4702000 | &nbsp;&nbsp;&nbsp;&nbsp; 4698382 |
| Icon Investments Six DAC, 5.81%, 05/08/2027<br>| &nbsp;&nbsp;7557000 | &nbsp;&nbsp;&nbsp;&nbsp; 7626165 |
| Kaiser Foundation Hospitals, 3.15%, 05/01/2027<br>| &nbsp;&nbsp;5790000 | &nbsp;&nbsp;&nbsp;&nbsp; 5759368 |
| Laboratory Corp. of America Holdings, 3.60%, 09/01/2027<br>| &nbsp;&nbsp;6022000 | &nbsp;&nbsp;&nbsp;&nbsp; 6001880 |
| SSM Health Care Corp., Series A, 3.82%, 06/01/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5037000 | &nbsp;&nbsp;&nbsp;&nbsp; 5038921 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, 01/15/2027<br>| $| &nbsp;&nbsp;7560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7540268 |
| &nbsp;&nbsp;&nbsp;3.38%, 04/15/2027<br>|  | &nbsp;&nbsp;6298000 | &nbsp;&nbsp;&nbsp;&nbsp; 6270208 |
| &nbsp;&nbsp;&nbsp;4.60%, 04/15/2027<br>|  | &nbsp;&nbsp;5034000 | &nbsp;&nbsp;&nbsp;&nbsp; 5074718 |
| &nbsp;&nbsp;&nbsp;3.70%, 05/15/2027<br>|  | &nbsp;&nbsp;6027000 | &nbsp;&nbsp;&nbsp;&nbsp; 6020583 |
| &nbsp;&nbsp;&nbsp;2.95%, 10/15/2027<br>|  | &nbsp;&nbsp;9574000 | &nbsp;&nbsp;&nbsp;&nbsp; 9468145 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207355163 |
| **Health Care REITs-0.37%** | **Health Care REITs-0.37%** | **Health Care REITs-0.37%** | **Health Care REITs-0.37%** |
| Healthcare Realty Holdings L.P., 3.75%, 07/01/2027<br>|  | &nbsp;&nbsp;5034000 | &nbsp;&nbsp;&nbsp;&nbsp; 5019462 |
| Omega Healthcare Investors, Inc., 4.50%, 04/01/2027<br>|  | &nbsp;&nbsp;7030000 | &nbsp;&nbsp;&nbsp;&nbsp; 7043311 |
| Welltower OP LLC, 2.70%, 02/15/2027<br>|  | &nbsp;&nbsp;5038000 | &nbsp;&nbsp;&nbsp;&nbsp; 4983728 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17046501 |
| **Hotels, Restaurants & Leisure-1.52%** | **Hotels, Restaurants & Leisure-1.52%** | **Hotels, Restaurants & Leisure-1.52%** | **Hotels, Restaurants & Leisure-1.52%** |
| Darden Restaurants, Inc., 3.85%, 05/01/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5037000 | &nbsp;&nbsp;&nbsp;&nbsp; 5030355 |
| Expedia Group, Inc., 4.63%, 08/01/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;7546000 | &nbsp;&nbsp;&nbsp;&nbsp; 7601024 |
| Hyatt Hotels Corp., 5.75%, 01/30/2027<br>|  | &nbsp;&nbsp;6021000 | &nbsp;&nbsp;&nbsp;&nbsp; 6104063 |
| Las Vegas Sands Corp., 5.90%, 06/01/2027<br>|  | &nbsp;&nbsp;7556000 | &nbsp;&nbsp;&nbsp;&nbsp; 7689540 |
| Marriott International, Inc., 5.00%, 10/15/2027<br>|  | 10077000 | &nbsp;&nbsp;&nbsp;&nbsp; 10240633 |
| McDonald's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 03/01/2027<br>|  | &nbsp;&nbsp;8565000 | &nbsp;&nbsp;&nbsp;&nbsp; 8542653 |
| &nbsp;&nbsp;&nbsp;3.50%, 07/01/2027<br>|  | 10071000 | &nbsp;&nbsp;&nbsp;&nbsp; 10035650 |
| Starbucks Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 02/08/2027<sup>(b)</sup><br>|  | 10044000 | &nbsp;&nbsp;&nbsp;&nbsp; 10129936 |
| &nbsp;&nbsp;&nbsp;2.00%, 03/12/2027<br>|  | &nbsp;&nbsp;5041000 | &nbsp;&nbsp;&nbsp;&nbsp; 4953763 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70327617 |
| **Household Durables-0.37%** | **Household Durables-0.37%** | **Household Durables-0.37%** | **Household Durables-0.37%** |
| D.R. Horton, Inc., 1.40%, 10/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5036000 | &nbsp;&nbsp;&nbsp;&nbsp; 4850716 |
| Leggett & Platt, Inc., 3.50%, 11/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5020000 | &nbsp;&nbsp;&nbsp;&nbsp; 4961197 |
| Lennar Corp., 4.75%, 11/29/2027<br>|  | &nbsp;&nbsp;7054000 | &nbsp;&nbsp;&nbsp;&nbsp; 7120108 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16932021 |
| **Household Products-0.72%** | **Household Products-0.72%** | **Household Products-0.72%** | **Household Products-0.72%** |
| Colgate-Palmolive Co., 3.10%, 08/15/2027<br>|  | &nbsp;&nbsp;5039000 | &nbsp;&nbsp;&nbsp;&nbsp; 5010839 |
| Kimberly-Clark Corp., 1.05%, 09/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;6047000 | &nbsp;&nbsp;&nbsp;&nbsp; 5821747 |
| Procter & Gamble Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;1.90%, 02/01/2027<sup>(b)</sup><br>|  | 10039000 | &nbsp;&nbsp;&nbsp;&nbsp; 9882726 |
| &nbsp;&nbsp;&nbsp;2.80%, 03/25/2027<br>|  | &nbsp;&nbsp;5039000 | &nbsp;&nbsp;&nbsp;&nbsp; 4996435 |
| &nbsp;&nbsp;&nbsp;2.85%, 08/11/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;7558000 | &nbsp;&nbsp;&nbsp;&nbsp; 7495226 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33206973 |
| **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<br>|  | &nbsp;&nbsp;7027000 | &nbsp;&nbsp;&nbsp;&nbsp; 6985115 |
| **Industrial Conglomerates-0.80%** | **Industrial Conglomerates-0.80%** | **Industrial Conglomerates-0.80%** | **Industrial Conglomerates-0.80%** |
| 3M Co., 2.88%, 10/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;8568000 | &nbsp;&nbsp;&nbsp;&nbsp; 8459068 |
| Eaton Corp., 3.10%, 09/15/2027<br>|  | &nbsp;&nbsp;7055000 | &nbsp;&nbsp;&nbsp;&nbsp; 6997396 |

---

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

------

#### 14

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Industrial Conglomerates-(continued)** | **Industrial Conglomerates-(continued)** | **Industrial Conglomerates-(continued)** | **Industrial Conglomerates-(continued)** |
| Honeywell International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.10%, 03/01/2027<sup>(b)</sup><br>| $| 10072000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9816393 |
| &nbsp;&nbsp;&nbsp;4.65%, 07/30/2027<br>|  | 11586000 | &nbsp;&nbsp;&nbsp;&nbsp; 11733709 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37006566 |
| **Insurance-1.78%** | **Insurance-1.78%** | **Insurance-1.78%** | **Insurance-1.78%** |
| American National Group, Inc., 5.00%, 06/15/2027<br>|  | &nbsp;&nbsp;5038000 | &nbsp;&nbsp;&nbsp;&nbsp; 5069893 |
| Aon Corp., 8.21%, 01/01/2027<br>|  | &nbsp;&nbsp;5216000 | &nbsp;&nbsp;&nbsp;&nbsp; 5379612 |
| Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/2027<br>|  | &nbsp;&nbsp;6042000 | &nbsp;&nbsp;&nbsp;&nbsp; 5959121 |
| Aon North America, Inc., 5.13%, 03/01/2027<br>|  | &nbsp;&nbsp;6047000 | &nbsp;&nbsp;&nbsp;&nbsp; 6109929 |
| Arthur J. Gallagher & Co., 4.60%, 12/15/2027<br>|  | &nbsp;&nbsp;7557000 | &nbsp;&nbsp;&nbsp;&nbsp; 7644501 |
| Berkshire Hathaway Finance Corp., 2.30%, 03/15/2027<br>|  | &nbsp;&nbsp;7530000 | &nbsp;&nbsp;&nbsp;&nbsp; 7428347 |
| Brighthouse Financial, Inc., 3.70%, 06/22/2027<br>|  | &nbsp;&nbsp;7622000 | &nbsp;&nbsp;&nbsp;&nbsp; 7530327 |
| CNA Financial Corp., 3.45%, 08/15/2027<br>|  | &nbsp;&nbsp;5039000 | &nbsp;&nbsp;&nbsp;&nbsp; 5002750 |
| Manulife Financial Corp. (Canada), 2.48%, 05/19/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5016000 | &nbsp;&nbsp;&nbsp;&nbsp; 4939215 |
| Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027<br>|  | &nbsp;&nbsp;9571000 | &nbsp;&nbsp;&nbsp;&nbsp; 9662336 |
| Progressive Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, 01/15/2027<br>|  | &nbsp;&nbsp;5041000 | &nbsp;&nbsp;&nbsp;&nbsp; 4985181 |
| &nbsp;&nbsp;&nbsp;2.50%, 03/15/2027<br>|  | &nbsp;&nbsp;5040000 | &nbsp;&nbsp;&nbsp;&nbsp; 4976555 |
| Willis North America, Inc., 4.65%, 06/15/2027<br>|  | &nbsp;&nbsp;7560000 | &nbsp;&nbsp;&nbsp;&nbsp; 7611746 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82299513 |
| **Interactive Media & Services-0.79%** | **Interactive Media & Services-0.79%** | **Interactive Media & Services-0.79%** | **Interactive Media & Services-0.79%** |
| Alphabet, Inc., 0.80%, 08/15/2027<sup>(b)</sup><br>|  | 10074000 | &nbsp;&nbsp;&nbsp;&nbsp; 9693243 |
| Meta Platforms, Inc., 3.50%, 08/15/2027<br>|  | 26681000 | &nbsp;&nbsp;&nbsp;&nbsp; 26665212 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36358455 |
| **IT Services-0.80%** | **IT Services-0.80%** | **IT Services-0.80%** | **IT Services-0.80%** |
| International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.30%, 01/27/2027<br>|  | &nbsp;&nbsp;5038000 | &nbsp;&nbsp;&nbsp;&nbsp; 5017986 |
| &nbsp;&nbsp;&nbsp;2.20%, 02/09/2027<br>|  | &nbsp;&nbsp;6549000 | &nbsp;&nbsp;&nbsp;&nbsp; 6455452 |
| &nbsp;&nbsp;&nbsp;1.70%, 05/15/2027<br>|  | 12597000 | &nbsp;&nbsp;&nbsp;&nbsp; 12285362 |
| &nbsp;&nbsp;&nbsp;4.15%, 07/27/2027<br>|  | &nbsp;&nbsp;7558000 | &nbsp;&nbsp;&nbsp;&nbsp; 7600158 |
| VeriSign, Inc., 4.75%, 07/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5459000 | &nbsp;&nbsp;&nbsp;&nbsp; 5462671 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36821629 |
| **Leisure Products-0.10%** | **Leisure Products-0.10%** | **Leisure Products-0.10%** | **Leisure Products-0.10%** |
| Hasbro, Inc., 3.50%, 09/15/2027<br>|  | &nbsp;&nbsp;4789000 | &nbsp;&nbsp;&nbsp;&nbsp; 4762966 |
| **Life Sciences Tools & Services-0.38%** | **Life Sciences Tools & Services-0.38%** | **Life Sciences Tools & Services-0.38%** | **Life Sciences Tools & Services-0.38%** |
| Agilent Technologies, Inc., 4.20%, 09/09/2027<br>|  | &nbsp;&nbsp;6041000 | &nbsp;&nbsp;&nbsp;&nbsp; 6069355 |
| Illumina, Inc., 5.75%, 12/13/2027<br>|  | &nbsp;&nbsp;5033000 | &nbsp;&nbsp;&nbsp;&nbsp; 5183530 |
| Thermo Fisher Scientific, Inc., 4.80%, 11/21/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;6048000 | &nbsp;&nbsp;&nbsp;&nbsp; 6155505 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17408390 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Machinery-3.21%** | **Machinery-3.21%** | **Machinery-3.21%** |
| Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.70%, 01/08/2027<sup>(b)</sup><br>| $&nbsp;&nbsp;5036000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4949833 |
| &nbsp;&nbsp;&nbsp;4.50%, 01/08/2027<br>| &nbsp;&nbsp;5023000 | &nbsp;&nbsp;&nbsp;&nbsp; 5056080 |
| &nbsp;&nbsp;&nbsp;5.00%, 05/14/2027<br>| &nbsp;&nbsp;8563000 | &nbsp;&nbsp;&nbsp;&nbsp; 8700120 |
| &nbsp;&nbsp;&nbsp;3.60%, 08/12/2027<br>| &nbsp;&nbsp;7054000 | &nbsp;&nbsp;&nbsp;&nbsp; 7054266 |
| &nbsp;&nbsp;&nbsp;1.10%, 09/14/2027<sup>(b)</sup><br>| &nbsp;&nbsp;7554000 | &nbsp;&nbsp;&nbsp;&nbsp; 7278155 |
| &nbsp;&nbsp;&nbsp;4.40%, 10/15/2027<br>| &nbsp;&nbsp;6546000 | &nbsp;&nbsp;&nbsp;&nbsp; 6622279 |
| &nbsp;&nbsp;&nbsp;4.60%, 11/15/2027<br>| &nbsp;&nbsp;9572000 | &nbsp;&nbsp;&nbsp;&nbsp; 9729759 |
| CNH Industrial Capital LLC, 4.50%, 10/08/2027<br>| &nbsp;&nbsp;5038000 | &nbsp;&nbsp;&nbsp;&nbsp; 5075599 |
| CNH Industrial N.V., 3.85%, 11/15/2027<br>| &nbsp;&nbsp;5036000 | &nbsp;&nbsp;&nbsp;&nbsp; 5032308 |
| Ingersoll Rand, Inc., 5.20%, 06/15/2027<br>| &nbsp;&nbsp;7051000 | &nbsp;&nbsp;&nbsp;&nbsp; 7156015 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 01/08/2027<br>| &nbsp;&nbsp;7552000 | &nbsp;&nbsp;&nbsp;&nbsp; 7603034 |
| &nbsp;&nbsp;&nbsp;1.70%, 01/11/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5019000 | &nbsp;&nbsp;&nbsp;&nbsp; 4935078 |
| &nbsp;&nbsp;&nbsp;4.85%, 03/05/2027<br>| &nbsp;&nbsp;5545000 | &nbsp;&nbsp;&nbsp;&nbsp; 5610607 |
| &nbsp;&nbsp;&nbsp;2.35%, 03/08/2027<br>| &nbsp;&nbsp;5036000 | &nbsp;&nbsp;&nbsp;&nbsp; 4971309 |
| &nbsp;&nbsp;&nbsp;1.75%, 03/09/2027<br>| &nbsp;&nbsp;5037000 | &nbsp;&nbsp;&nbsp;&nbsp; 4939750 |
| &nbsp;&nbsp;&nbsp;4.90%, 06/11/2027<br>| &nbsp;&nbsp;7057000 | &nbsp;&nbsp;&nbsp;&nbsp; 7167114 |
| &nbsp;&nbsp;&nbsp;4.20%, 07/15/2027<br>| &nbsp;&nbsp;8064000 | &nbsp;&nbsp;&nbsp;&nbsp; 8126114 |
| &nbsp;&nbsp;&nbsp;2.80%, 09/08/2027<br>| &nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 4975123 |
| &nbsp;&nbsp;&nbsp;4.15%, 09/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;9040000 | &nbsp;&nbsp;&nbsp;&nbsp; 9105435 |
| Otis Worldwide Corp., 2.29%, 04/05/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5037000 | &nbsp;&nbsp;&nbsp;&nbsp; 4960930 |
| Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 03/01/2027<br>| &nbsp;&nbsp;7052000 | &nbsp;&nbsp;&nbsp;&nbsp; 7021103 |
| &nbsp;&nbsp;&nbsp;4.25%, 09/15/2027<br>| 12087000 | &nbsp;&nbsp;&nbsp;&nbsp; 12167824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148237835 |
| **Media-0.84%** | **Media-0.84%** | **Media-0.84%** |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.35%, 01/15/2027<br>| 14107000 | &nbsp;&nbsp;&nbsp;&nbsp; 13932919 |
| &nbsp;&nbsp;&nbsp;3.30%, 02/01/2027<br>| 12549400 | &nbsp;&nbsp;&nbsp;&nbsp; 12502162 |
| &nbsp;&nbsp;&nbsp;3.30%, 04/01/2027<br>| &nbsp;&nbsp;6436000 | &nbsp;&nbsp;&nbsp;&nbsp; 6403827 |
| Paramount Global, 2.90%, 01/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5886000 | &nbsp;&nbsp;&nbsp;&nbsp; 5782685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38621593 |
| **Metals & Mining-0.38%** | **Metals & Mining-0.38%** | **Metals & Mining-0.38%** |
| ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027<br>| 12086000 | &nbsp;&nbsp;&nbsp;&nbsp; 12571432 |
| Nucor Corp., 4.30%, 05/23/2027<br>| &nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 5068573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17640005 |
| **Multi-Utilities-1.01%** | **Multi-Utilities-1.01%** | **Multi-Utilities-1.01%** |
| Ameren Corp., 1.95%, 03/15/2027<br>| &nbsp;&nbsp;5036000 | &nbsp;&nbsp;&nbsp;&nbsp; 4935475 |
| DTE Energy Co., 4.95%, 07/01/2027<br>| 12088000 | &nbsp;&nbsp;&nbsp;&nbsp; 12236569 |
| NiSource, Inc., 3.49%, 05/15/2027<br>| 10080000 | &nbsp;&nbsp;&nbsp;&nbsp; 10030373 |
| Public Service Enterprise Group, Inc., 5.85%, 11/15/2027<br>| &nbsp;&nbsp;7055000 | &nbsp;&nbsp;&nbsp;&nbsp; 7278827 |
| Sempra, 3.25%, 06/15/2027<br>| &nbsp;&nbsp;7552000 | &nbsp;&nbsp;&nbsp;&nbsp; 7488895 |
| WEC Energy Group, Inc., 1.38%, 10/15/2027<br>| &nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 4846568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46816707 |
| **Office REITs-0.17%** | **Office REITs-0.17%** | **Office REITs-0.17%** |
| Boston Properties L.P., 6.75%, 12/01/2027<br>| &nbsp;&nbsp;7556000 | &nbsp;&nbsp;&nbsp;&nbsp; 7887274 |

---

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

------

#### 15

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil, Gas & Consumable Fuels-6.31%** | **Oil, Gas & Consumable Fuels-6.31%** | **Oil, Gas & Consumable Fuels-6.31%** |
| Boardwalk Pipelines L.P., 4.45%, 07/15/2027<br>| $&nbsp;&nbsp;5037000 | &nbsp;&nbsp;$5060511 |
| BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.54%, 04/06/2027<br>| &nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 5024896 |
| &nbsp;&nbsp;&nbsp;5.02%, 11/17/2027<sup>(b)</sup><br>| 11586000 | &nbsp;&nbsp;&nbsp;&nbsp; 11825891 |
| BP Capital Markets PLC, 3.28%, 09/19/2027<br>| 15058000 | &nbsp;&nbsp;&nbsp;&nbsp; 14980619 |
| Canadian Natural Resources Ltd. (Canada), 3.85%, 06/01/2027<br>| 12590000 | &nbsp;&nbsp;&nbsp;&nbsp; 12593783 |
| Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027<br>| 12107000 | &nbsp;&nbsp;&nbsp;&nbsp; 12224698 |
| Chevron Corp., 2.00%, 05/11/2027<br>| 10077000 | &nbsp;&nbsp;&nbsp;&nbsp; 9894325 |
| Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.41%, 02/26/2027<br>| &nbsp;&nbsp;7528000 | &nbsp;&nbsp;&nbsp;&nbsp; 7585707 |
| &nbsp;&nbsp;&nbsp;1.02%, 08/12/2027<br>| &nbsp;&nbsp;7559000 | &nbsp;&nbsp;&nbsp;&nbsp; 7293847 |
| &nbsp;&nbsp;&nbsp;3.95%, 08/13/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5040000 | &nbsp;&nbsp;&nbsp;&nbsp; 5068353 |
| Coterra Energy, Inc., 3.90%, 05/15/2027<br>| &nbsp;&nbsp;6922000 | &nbsp;&nbsp;&nbsp;&nbsp; 6916984 |
| DCP Midstream Operating L.P., 5.63%, 07/15/2027<br>| &nbsp;&nbsp;5041000 | &nbsp;&nbsp;&nbsp;&nbsp; 5140312 |
| Diamondback Energy, Inc., 5.20%, 04/18/2027<br>| &nbsp;&nbsp;8563000 | &nbsp;&nbsp;&nbsp;&nbsp; 8674745 |
| Enbridge, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 04/05/2027<br>| &nbsp;&nbsp;7529000 | &nbsp;&nbsp;&nbsp;&nbsp; 7631065 |
| &nbsp;&nbsp;&nbsp;3.70%, 07/15/2027<br>| &nbsp;&nbsp;7052000 | &nbsp;&nbsp;&nbsp;&nbsp; 7039839 |
| Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 03/15/2027<br>| &nbsp;&nbsp;7024000 | &nbsp;&nbsp;&nbsp;&nbsp; 7048043 |
| &nbsp;&nbsp;&nbsp;4.20%, 04/15/2027<br>| &nbsp;&nbsp;6047000 | &nbsp;&nbsp;&nbsp;&nbsp; 6064737 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/01/2027<br>| &nbsp;&nbsp;7560000 | &nbsp;&nbsp;&nbsp;&nbsp; 7571875 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, 01/11/2027<br>| 10078000 | &nbsp;&nbsp;&nbsp;&nbsp; 10145510 |
| &nbsp;&nbsp;&nbsp;3.95%, 02/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5789000 | &nbsp;&nbsp;&nbsp;&nbsp; 5792875 |
| EQT Corp., 3.90%, 10/01/2027<br>| &nbsp;&nbsp;9433000 | &nbsp;&nbsp;&nbsp;&nbsp; 9420812 |
| Equinor ASA (Norway), 3.00%, 04/06/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5040000 | &nbsp;&nbsp;&nbsp;&nbsp; 5010560 |
| Exxon Mobil Corp., 3.29%, 03/19/2027<sup>(b)</sup><br>| 10071000 | &nbsp;&nbsp;&nbsp;&nbsp; 10044851 |
| Hess Corp., 4.30%, 04/01/2027<br>| 10074000 | &nbsp;&nbsp;&nbsp;&nbsp; 10117061 |
| MPLX L.P., 4.13%, 03/01/2027<br>| 12592000 | &nbsp;&nbsp;&nbsp;&nbsp; 12603025 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 07/13/2027<br>| &nbsp;&nbsp;5042500 | &nbsp;&nbsp;&nbsp;&nbsp; 5048829 |
| &nbsp;&nbsp;&nbsp;4.25%, 09/24/2027<br>| 12590000 | &nbsp;&nbsp;&nbsp;&nbsp; 12654814 |
| Phillips 66 Co., 4.95%, 12/01/2027<br>| &nbsp;&nbsp;7554000 | &nbsp;&nbsp;&nbsp;&nbsp; 7686492 |
| Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027<br>| 15107000 | &nbsp;&nbsp;&nbsp;&nbsp; 15180692 |
| South Bow USA Infrastructure Holdings LLC (Canada), 4.91%, 09/01/2027<br>| &nbsp;&nbsp;7050000 | &nbsp;&nbsp;&nbsp;&nbsp; 7128552 |
| Targa Resources Corp., 5.20%, 07/01/2027<br>| &nbsp;&nbsp;7559000 | &nbsp;&nbsp;&nbsp;&nbsp; 7682282 |
| TC PipeLines L.P., 3.90%, 05/25/2027<br>| &nbsp;&nbsp;5041000 | &nbsp;&nbsp;&nbsp;&nbsp; 5033253 |
| Valero Energy Corp., 2.15%, 09/15/2027<br>| &nbsp;&nbsp;5686000 | &nbsp;&nbsp;&nbsp;&nbsp; 5541311 |
| Williams Cos., Inc. (The), 3.75%, 06/15/2027<br>| 14553000 | &nbsp;&nbsp;&nbsp;&nbsp; 14527797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291258946 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Passenger Airlines-0.38%** | **Passenger Airlines-0.38%** | **Passenger Airlines-0.38%** |
| Southwest Airlines Co., 5.13%, 06/15/2027<br>| $17407000 | &nbsp;&nbsp;$17616064 |
| **Personal Care Products-0.49%** | **Personal Care Products-0.49%** | **Personal Care Products-0.49%** |
| Estee Lauder Cos., Inc. (The), 3.15%, 03/15/2027<br>| &nbsp;&nbsp;5016000 | &nbsp;&nbsp;&nbsp;&nbsp; 4984751 |
| Unilever Capital Corp. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, 05/05/2027<sup>(b)</sup><br>| 10079000 | &nbsp;&nbsp;&nbsp;&nbsp; 10003502 |
| &nbsp;&nbsp;&nbsp;4.25%, 08/12/2027<br>| &nbsp;&nbsp;7556000 | &nbsp;&nbsp;&nbsp;&nbsp; 7621095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22609348 |
| **Pharmaceuticals-4.08%** | **Pharmaceuticals-4.08%** | **Pharmaceuticals-4.08%** |
| AstraZeneca Finance LLC (United Kingdom), 4.80%, 02/26/2027<sup>(b)</sup><br>| 12552000 | &nbsp;&nbsp;&nbsp;&nbsp; 12665398 |
| AstraZeneca PLC (United Kingdom), 3.13%, 06/12/2027<sup>(b)</sup><br>| &nbsp;&nbsp;7557000 | &nbsp;&nbsp;&nbsp;&nbsp; 7516450 |
| Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 02/27/2027<br>| &nbsp;&nbsp;5157000 | &nbsp;&nbsp;&nbsp;&nbsp; 5138079 |
| &nbsp;&nbsp;&nbsp;1.13%, 11/13/2027<sup>(b)</sup><br>| 10074000 | &nbsp;&nbsp;&nbsp;&nbsp; 9672790 |
| Eli Lilly and Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 02/09/2027<sup>(b)</sup><br>| 10074000 | &nbsp;&nbsp;&nbsp;&nbsp; 10145044 |
| &nbsp;&nbsp;&nbsp;3.10%, 05/15/2027<br>| &nbsp;&nbsp;4031000 | &nbsp;&nbsp;&nbsp;&nbsp; 4009683 |
| &nbsp;&nbsp;&nbsp;4.15%, 08/14/2027<br>| &nbsp;&nbsp;7558000 | &nbsp;&nbsp;&nbsp;&nbsp; 7615709 |
| Haleon US Capital LLC, 3.38%, 03/24/2027<br>| 19825000 | &nbsp;&nbsp;&nbsp;&nbsp; 19734050 |
| Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 03/01/2027<br>| &nbsp;&nbsp;7557000 | &nbsp;&nbsp;&nbsp;&nbsp; 7632410 |
| &nbsp;&nbsp;&nbsp;2.95%, 03/03/2027<br>| 10077000 | &nbsp;&nbsp;&nbsp;&nbsp; 10022098 |
| &nbsp;&nbsp;&nbsp;0.95%, 09/01/2027<sup>(b)</sup><br>| 15061000 | &nbsp;&nbsp;&nbsp;&nbsp; 14512226 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.70%, 06/10/2027<sup>(b)</sup><br>| 15109000 | &nbsp;&nbsp;&nbsp;&nbsp; 14768616 |
| &nbsp;&nbsp;&nbsp;3.85%, 09/15/2027<br>| &nbsp;&nbsp;7560000 | &nbsp;&nbsp;&nbsp;&nbsp; 7599951 |
| Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 02/14/2027<br>| 12599000 | &nbsp;&nbsp;&nbsp;&nbsp; 12402841 |
| &nbsp;&nbsp;&nbsp;3.10%, 05/17/2027<sup>(b)</sup><br>| 10074000 | &nbsp;&nbsp;&nbsp;&nbsp; 10020864 |
| Pfizer, Inc., 3.88%, 11/15/2027<br>| 10080000 | &nbsp;&nbsp;&nbsp;&nbsp; 10131860 |
| Royalty Pharma PLC, 1.75%, 09/02/2027<br>| 10074000 | &nbsp;&nbsp;&nbsp;&nbsp; 9755234 |
| Viatris, Inc., 2.30%, 06/22/2027<br>| &nbsp;&nbsp;7548000 | &nbsp;&nbsp;&nbsp;&nbsp; 7363831 |
| Zoetis, Inc., 3.00%, 09/12/2027<br>| &nbsp;&nbsp;7557000 | &nbsp;&nbsp;&nbsp;&nbsp; 7470345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188177479 |
| **Professional Services-0.17%** | **Professional Services-0.17%** | **Professional Services-0.17%** |
| Equifax, Inc., 5.10%, 12/15/2027<br>| &nbsp;&nbsp;7534000 | &nbsp;&nbsp;&nbsp;&nbsp; 7675561 |
| **Residential REITs-0.13%** | **Residential REITs-0.13%** | **Residential REITs-0.13%** |
| Mid-America Apartments L.P., 3.60%, 06/01/2027<br>| &nbsp;&nbsp;6047000 | &nbsp;&nbsp;&nbsp;&nbsp; 6035429 |
| **Retail REITs-0.82%** | **Retail REITs-0.82%** | **Retail REITs-0.82%** |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 01/15/2027<br>| &nbsp;&nbsp;6050000 | &nbsp;&nbsp;&nbsp;&nbsp; 6009675 |
| &nbsp;&nbsp;&nbsp;3.95%, 08/15/2027<br>| &nbsp;&nbsp;5985000 | &nbsp;&nbsp;&nbsp;&nbsp; 5999843 |
| Regency Centers L.P., 3.60%, 02/01/2027<br>| &nbsp;&nbsp;5291000 | &nbsp;&nbsp;&nbsp;&nbsp; 5281329 |
| Simon Property Group L.P. |  |  |
| &nbsp;&nbsp;&nbsp;1.38%, 01/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5526000 | &nbsp;&nbsp;&nbsp;&nbsp; 5415082 |
| &nbsp;&nbsp;&nbsp;3.38%, 06/15/2027<br>| &nbsp;&nbsp;7561000 | &nbsp;&nbsp;&nbsp;&nbsp; 7527122 |
| &nbsp;&nbsp;&nbsp;3.38%, 12/01/2027<br>| &nbsp;&nbsp;7561000 | &nbsp;&nbsp;&nbsp;&nbsp; 7515994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37749045 |

---

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

------

#### 16

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors & Semiconductor Equipment-1.76%** | **Semiconductors & Semiconductor Equipment-1.76%** | **Semiconductors & Semiconductor Equipment-1.76%** |
| Applied Materials, Inc., 3.30%, 04/01/2027<br>| $12088000 | &nbsp;&nbsp;$12047819 |
| Broadcom, Inc., 5.05%, 07/12/2027<sup>(b)</sup><br>| &nbsp;&nbsp;4964000 | &nbsp;&nbsp;&nbsp;&nbsp; 5047874 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 03/25/2027<sup>(b)</sup><br>| 10078000 | &nbsp;&nbsp;&nbsp;&nbsp; 10064253 |
| &nbsp;&nbsp;&nbsp;3.15%, 05/11/2027<br>| 10076000 | &nbsp;&nbsp;&nbsp;&nbsp; 9981991 |
| &nbsp;&nbsp;&nbsp;3.75%, 08/05/2027<br>| 12596000 | &nbsp;&nbsp;&nbsp;&nbsp; 12559717 |
| QUALCOMM, Inc., 3.25%, 05/20/2027<sup>(b)</sup><br>| 20156000 | &nbsp;&nbsp;&nbsp;&nbsp; 20059892 |
| Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, 02/08/2027<br>| &nbsp;&nbsp;6550000 | &nbsp;&nbsp;&nbsp;&nbsp; 6599332 |
| &nbsp;&nbsp;&nbsp;2.90%, 11/03/2027<br>| &nbsp;&nbsp;5034000 | &nbsp;&nbsp;&nbsp;&nbsp; 4977694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81338572 |
| **Software-3.39%** | **Software-3.39%** | **Software-3.39%** |
| Accenture Capital, Inc., 3.90%, 10/04/2027<br>| 11079000 | &nbsp;&nbsp;&nbsp;&nbsp; 11122196 |
| Adobe, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, 02/01/2027<sup>(b)</sup><br>| &nbsp;&nbsp;8568000 | &nbsp;&nbsp;&nbsp;&nbsp; 8447058 |
| &nbsp;&nbsp;&nbsp;4.85%, 04/04/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5036000 | &nbsp;&nbsp;&nbsp;&nbsp; 5095472 |
| Autodesk, Inc., 3.50%, 06/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5036000 | &nbsp;&nbsp;&nbsp;&nbsp; 5008188 |
| Cadence Design Systems, Inc., 4.20%, 09/10/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5022000 | &nbsp;&nbsp;&nbsp;&nbsp; 5048248 |
| Intuit, Inc., 1.35%, 07/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5034000 | &nbsp;&nbsp;&nbsp;&nbsp; 4872044 |
| Microsoft Corp., 3.30%, 02/06/2027<sup>(b)</sup><br>| 40299000 | &nbsp;&nbsp;&nbsp;&nbsp; 40179209 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 04/01/2027<br>| 22671000 | &nbsp;&nbsp;&nbsp;&nbsp; 22345084 |
| &nbsp;&nbsp;&nbsp;3.25%, 11/15/2027<br>| 27705000 | &nbsp;&nbsp;&nbsp;&nbsp; 27219401 |
| Roper Technologies, Inc., 1.40%, 09/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;7053000 | &nbsp;&nbsp;&nbsp;&nbsp; 6787026 |
| Synopsys, Inc., 4.55%, 04/01/2027<sup>(b)</sup><br>| 10079000 | &nbsp;&nbsp;&nbsp;&nbsp; 10157454 |
| Workday, Inc., 3.50%, 04/01/2027<sup>(b)</sup><br>| 10072000 | &nbsp;&nbsp;&nbsp;&nbsp; 10020695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156302075 |
| **Specialized REITs-1.39%** | **Specialized REITs-1.39%** | **Specialized REITs-1.39%** |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 01/15/2027<br>| &nbsp;&nbsp;7558000 | &nbsp;&nbsp;&nbsp;&nbsp; 7482323 |
| &nbsp;&nbsp;&nbsp;3.65%, 03/15/2027<br>| &nbsp;&nbsp;6550000 | &nbsp;&nbsp;&nbsp;&nbsp; 6529479 |
| &nbsp;&nbsp;&nbsp;3.55%, 07/15/2027<br>| &nbsp;&nbsp;7554000 | &nbsp;&nbsp;&nbsp;&nbsp; 7519435 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 03/01/2027<br>| &nbsp;&nbsp;5040000 | &nbsp;&nbsp;&nbsp;&nbsp; 5041941 |
| &nbsp;&nbsp;&nbsp;2.90%, 03/15/2027<br>| &nbsp;&nbsp;7560000 | &nbsp;&nbsp;&nbsp;&nbsp; 7480244 |
| &nbsp;&nbsp;&nbsp;3.65%, 09/01/2027<br>| 10080000 | &nbsp;&nbsp;&nbsp;&nbsp; 10035364 |
| Public Storage Operating Co., 3.09%, 09/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5042000 | &nbsp;&nbsp;&nbsp;&nbsp; 5007971 |
| SBA Communications Corp., 3.88%, 02/15/2027<sup>(b)</sup><br>| 15067000 | &nbsp;&nbsp;&nbsp;&nbsp; 14984118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64080875 |
| **Specialty Retail-1.68%** | **Specialty Retail-1.68%** | **Specialty Retail-1.68%** |
| AutoZone, Inc., 3.75%, 06/01/2027<br>| &nbsp;&nbsp;6044000 | &nbsp;&nbsp;&nbsp;&nbsp; 6034347 |
| Home Depot, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 04/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;7552000 | &nbsp;&nbsp;&nbsp;&nbsp; 7464783 |
| &nbsp;&nbsp;&nbsp;2.88%, 04/15/2027<br>| &nbsp;&nbsp;7553000 | &nbsp;&nbsp;&nbsp;&nbsp; 7489399 |
| &nbsp;&nbsp;&nbsp;4.88%, 06/25/2027<sup>(b)</sup><br>| 10079000 | &nbsp;&nbsp;&nbsp;&nbsp; 10231103 |
| &nbsp;&nbsp;&nbsp;2.80%, 09/14/2027<sup>(b)</sup><br>| 10073000 | &nbsp;&nbsp;&nbsp;&nbsp; 9950955 |
| Lowe`s Cos., Inc., 3.95%, 10/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;6545000 | &nbsp;&nbsp;&nbsp;&nbsp; 6567232 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** |
| Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.35%, 04/01/2027<br>| $| &nbsp;&nbsp;7554000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7515773 |
| &nbsp;&nbsp;&nbsp;3.10%, 05/03/2027<br>|  | 15118000 | &nbsp;&nbsp;&nbsp;&nbsp; 14985215 |
| O'Reilly Automotive, Inc., 3.60%, 09/01/2027<br>|  | &nbsp;&nbsp;7555000 | &nbsp;&nbsp;&nbsp;&nbsp; 7522092 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77760899 |
| **Technology Hardware, Storage & Peripherals-2.60%** | **Technology Hardware, Storage & Peripherals-2.60%** | **Technology Hardware, Storage & Peripherals-2.60%** | **Technology Hardware, Storage & Peripherals-2.60%** |
| Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.35%, 02/09/2027<br>|  | 22668500 | &nbsp;&nbsp;&nbsp;&nbsp; 22609521 |
| &nbsp;&nbsp;&nbsp;3.20%, 05/11/2027<sup>(b)</sup><br>|  | 20155000 | &nbsp;&nbsp;&nbsp;&nbsp; 20087381 |
| &nbsp;&nbsp;&nbsp;3.00%, 06/20/2027<sup>(b)</sup><br>|  | 10077000 | &nbsp;&nbsp;&nbsp;&nbsp; 10017312 |
| &nbsp;&nbsp;&nbsp;2.90%, 09/12/2027<br>|  | 20154000 | &nbsp;&nbsp;&nbsp;&nbsp; 19965714 |
| &nbsp;&nbsp;&nbsp;3.00%, 11/13/2027<sup>(b)</sup><br>|  | 15111000 | &nbsp;&nbsp;&nbsp;&nbsp; 15002685 |
| Hewlett Packard Enterprise Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.05%, 09/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;9070000 | &nbsp;&nbsp;&nbsp;&nbsp; 9090140 |
| &nbsp;&nbsp;&nbsp;4.40%, 09/25/2027<br>|  | 12599000 | &nbsp;&nbsp;&nbsp;&nbsp; 12675441 |
| IBM International Capital Pte. Ltd., 4.60%, 02/05/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5041000 | &nbsp;&nbsp;&nbsp;&nbsp; 5074737 |
| NetApp, Inc., 2.38%, 06/22/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5537000 | &nbsp;&nbsp;&nbsp;&nbsp; 5426206 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119949137 |
| **Textiles, Apparel & Luxury Goods-0.22%** | **Textiles, Apparel & Luxury Goods-0.22%** | **Textiles, Apparel & Luxury Goods-0.22%** | **Textiles, Apparel & Luxury Goods-0.22%** |
| NIKE, Inc., 2.75%, 03/27/2027<br>|  | 10079000 | &nbsp;&nbsp;&nbsp;&nbsp; 9984056 |
| **Tobacco-0.97%** | **Tobacco-0.97%** | **Tobacco-0.97%** | **Tobacco-0.97%** |
| B.A.T. Capital Corp. (United Kingdom), 4.70%, 04/02/2027<br>|  | &nbsp;&nbsp;9072000 | &nbsp;&nbsp;&nbsp;&nbsp; 9136075 |
| Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 02/12/2027<br>|  | &nbsp;&nbsp;7533000 | &nbsp;&nbsp;&nbsp;&nbsp; 7603490 |
| &nbsp;&nbsp;&nbsp;3.13%, 08/17/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5040000 | &nbsp;&nbsp;&nbsp;&nbsp; 5005158 |
| &nbsp;&nbsp;&nbsp;4.38%, 11/01/2027<br>|  | &nbsp;&nbsp;7559000 | &nbsp;&nbsp;&nbsp;&nbsp; 7637027 |
| &nbsp;&nbsp;&nbsp;5.13%, 11/17/2027<br>|  | 15118000 | &nbsp;&nbsp;&nbsp;&nbsp; 15440439 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44822189 |
| **Trading Companies & Distributors-0.53%** | **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><br>|  | &nbsp;&nbsp;7553000 | &nbsp;&nbsp;&nbsp;&nbsp; 7440050 |
| &nbsp;&nbsp;&nbsp;3.63%, 04/01/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;5016000 | &nbsp;&nbsp;&nbsp;&nbsp; 4984241 |
| &nbsp;&nbsp;&nbsp;3.63%, 12/01/2027<br>|  | &nbsp;&nbsp;5035000 | &nbsp;&nbsp;&nbsp;&nbsp; 5003121 |
| &nbsp;&nbsp;&nbsp;5.85%, 12/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;7032000 | &nbsp;&nbsp;&nbsp;&nbsp; 7245353 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24672765 |
| **Water Utilities-0.24%** | **Water Utilities-0.24%** | **Water Utilities-0.24%** | **Water Utilities-0.24%** |
| American Water Capital Corp., 2.95%, 09/01/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;6042000 | &nbsp;&nbsp;&nbsp;&nbsp; 5977089 |
| Essential Utilities, Inc., 4.80%, 08/15/2027<br>|  | &nbsp;&nbsp;5042000 | &nbsp;&nbsp;&nbsp;&nbsp; 5096939 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11074028 |
| **Wireless Telecommunication Services-0.28%** | **Wireless Telecommunication Services-0.28%** | **Wireless Telecommunication Services-0.28%** | **Wireless Telecommunication Services-0.28%** |
| Rogers Communications, Inc. (Canada), 3.20%, 03/15/2027<br>|  | 12983000 | &nbsp;&nbsp;&nbsp;&nbsp; 12891425 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $4,536,796,288) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $4,536,796,288) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $4,536,796,288) | &nbsp;&nbsp;4570341240 |

---

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

------

#### 17

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Corporate Bond ETF (BSCR)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Money Market Funds-0.17%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(c)(d)</sup><br>(Cost $7,946,598)<br>| &nbsp;&nbsp;7946598 | &nbsp;&nbsp;$7946598 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.21%<br>(Cost $4,544,742,886) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.21%<br>(Cost $4,544,742,886) | &nbsp;&nbsp;4578287838 |
| **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-6.30%** | **Money Market Funds-6.30%** | **Money Market Funds-6.30%** |
| Invesco Private Government Fund, 3.64%<sup>(c)(d)(e)</sup><br>| 79773471 | &nbsp;&nbsp;&nbsp;&nbsp; 79773471 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup><br>| 210623501 | &nbsp;&nbsp;$210686688 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $290,460,159) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $290,460,159) | &nbsp;&nbsp;&nbsp;&nbsp;290460159 |
| TOTAL INVESTMENTS IN SECURITIES-105.51%<br>(Cost $4,835,203,045) | TOTAL INVESTMENTS IN SECURITIES-105.51%<br>(Cost $4,835,203,045) | &nbsp;&nbsp;4868747997 |
| OTHER ASSETS LESS LIABILITIES-(5.51)% | OTHER ASSETS LESS LIABILITIES-(5.51)% | &nbsp;&nbsp;&nbsp;&nbsp;(254306223) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $4614441774 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$1145113 | &nbsp;&nbsp;&nbsp;$166370500 | &nbsp;&nbsp;&nbsp;$(159569015) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$7946598 | &nbsp;&nbsp;&nbsp;$332199 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;106041096 | &nbsp;&nbsp;&nbsp;&nbsp;237323955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263591580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79773471 | &nbsp;&nbsp;&nbsp;&nbsp;1,989,443\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;275917356 | &nbsp;&nbsp;&nbsp;&nbsp;569167376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(634394718) | &nbsp;&nbsp;&nbsp;&nbsp;(19686) | &nbsp;&nbsp;&nbsp;&nbsp;16360 | &nbsp;&nbsp;&nbsp;&nbsp;210686688 | &nbsp;&nbsp;&nbsp;&nbsp;5,368,245\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$383103565 | &nbsp;&nbsp;&nbsp;$972861831 | &nbsp;&nbsp;&nbsp;$(1057555313) | &nbsp;&nbsp;&nbsp;$(19686) | &nbsp;&nbsp;&nbsp;$16360 | &nbsp;&nbsp;&nbsp;$298406757 | &nbsp;&nbsp;&nbsp;$7689887 |

---

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

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

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 18

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Corporate Bond ETF (BSCS)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**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-2.61%** | **Aerospace & Defense-2.61%** | **Aerospace & Defense-2.61%** |
| Boeing Co. (The), 3.25%, 02/01/2028<br>| $&nbsp;&nbsp;9007500 | &nbsp;&nbsp;$8905263 |
| General Dynamics Corp., 3.75%, 05/15/2028<br>| &nbsp;&nbsp;8190000 | &nbsp;&nbsp;&nbsp;&nbsp; 8219028 |
| HEICO Corp., 5.25%, 08/01/2028<br>| &nbsp;&nbsp;4894000 | &nbsp;&nbsp;&nbsp;&nbsp; 5040277 |
| Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028<br>| &nbsp;&nbsp;4903000 | &nbsp;&nbsp;&nbsp;&nbsp; 4680896 |
| L3Harris Technologies, Inc., 4.40%, 06/15/2028<br>| &nbsp;&nbsp;6942000 | &nbsp;&nbsp;&nbsp;&nbsp; 6996534 |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 05/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4096000 | &nbsp;&nbsp;&nbsp;&nbsp; 4153041 |
| &nbsp;&nbsp;&nbsp;4.15%, 08/15/2028<br>| &nbsp;&nbsp;4097000 | &nbsp;&nbsp;&nbsp;&nbsp; 4139736 |
| Northrop Grumman Corp., 3.25%, 01/15/2028<br>| 16378000 | &nbsp;&nbsp;&nbsp;&nbsp; 16216071 |
| RTX Corp., 4.13%, 11/16/2028<br>| 24564000 | &nbsp;&nbsp;&nbsp;&nbsp; 24720367 |
| Spirit AeroSystems, Inc., 4.60%, 06/15/2028<br>| &nbsp;&nbsp;5729000 | &nbsp;&nbsp;&nbsp;&nbsp; 5781099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88852312 |
| **Air Freight & Logistics-0.14%** | **Air Freight & Logistics-0.14%** | **Air Freight & Logistics-0.14%** |
| C.H. Robinson Worldwide, Inc., 4.20%, 04/15/2028<br>| &nbsp;&nbsp;4908000 | &nbsp;&nbsp;&nbsp;&nbsp; 4922899 |
| **Automobiles-4.35%** | **Automobiles-4.35%** | **Automobiles-4.35%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, 01/12/2028<br>| &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 4160706 |
| &nbsp;&nbsp;&nbsp;3.50%, 02/15/2028<br>| &nbsp;&nbsp;4096000 | &nbsp;&nbsp;&nbsp;&nbsp; 4072512 |
| &nbsp;&nbsp;&nbsp;4.55%, 03/03/2028<br>| &nbsp;&nbsp;5326000 | &nbsp;&nbsp;&nbsp;&nbsp; 5395960 |
| &nbsp;&nbsp;&nbsp;2.00%, 03/24/2028<br>| &nbsp;&nbsp;6143000 | &nbsp;&nbsp;&nbsp;&nbsp; 5916937 |
| &nbsp;&nbsp;&nbsp;5.13%, 07/07/2028<br>| &nbsp;&nbsp;6550000 | &nbsp;&nbsp;&nbsp;&nbsp; 6726703 |
| &nbsp;&nbsp;&nbsp;4.25%, 09/01/2028<br>| &nbsp;&nbsp;5730000 | &nbsp;&nbsp;&nbsp;&nbsp; 5779199 |
| &nbsp;&nbsp;&nbsp;5.65%, 11/15/2028<br>| &nbsp;&nbsp;6552000 | &nbsp;&nbsp;&nbsp;&nbsp; 6840783 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, 02/16/2028<br>| &nbsp;&nbsp;6143000 | &nbsp;&nbsp;&nbsp;&nbsp; 5961234 |
| &nbsp;&nbsp;&nbsp;5.92%, 03/20/2028<br>| &nbsp;&nbsp;8150000 | &nbsp;&nbsp;&nbsp;&nbsp; 8372130 |
| &nbsp;&nbsp;&nbsp;6.80%, 05/12/2028<br>| 12229000 | &nbsp;&nbsp;&nbsp;&nbsp; 12794685 |
| &nbsp;&nbsp;&nbsp;6.80%, 11/07/2028<br>| 12235000 | &nbsp;&nbsp;&nbsp;&nbsp; 12899148 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, 04/15/2028<br>| &nbsp;&nbsp;6140000 | &nbsp;&nbsp;&nbsp;&nbsp; 6292783 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/01/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6141000 | &nbsp;&nbsp;&nbsp;&nbsp; 6267980 |
| Honda Motor Co. Ltd. (Japan), 4.44%, 07/08/2028<br>| &nbsp;&nbsp;5726000 | &nbsp;&nbsp;&nbsp;&nbsp; 5793268 |
| PACCAR Financial Corp., 4.55%, 03/03/2028<br>| &nbsp;&nbsp;4897000 | &nbsp;&nbsp;&nbsp;&nbsp; 4989712 |
| Toyota Motor Corp. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;5.12%, 07/13/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4093000 | &nbsp;&nbsp;&nbsp;&nbsp; 4219191 |
| &nbsp;&nbsp;&nbsp;3.67%, 07/20/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 4101704 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.05%, 01/11/2028<br>| &nbsp;&nbsp;4090000 | &nbsp;&nbsp;&nbsp;&nbsp; 4047934 |
| &nbsp;&nbsp;&nbsp;4.63%, 01/12/2028<sup>(b)</sup><br>| &nbsp;&nbsp;8191000 | &nbsp;&nbsp;&nbsp;&nbsp; 8332748 |
| &nbsp;&nbsp;&nbsp;1.90%, 04/06/2028<br>| &nbsp;&nbsp;6145000 | &nbsp;&nbsp;&nbsp;&nbsp; 5935130 |
| &nbsp;&nbsp;&nbsp;4.05%, 09/05/2028<br>| &nbsp;&nbsp;6550000 | &nbsp;&nbsp;&nbsp;&nbsp; 6608653 |
| &nbsp;&nbsp;&nbsp;5.25%, 09/11/2028<br>| &nbsp;&nbsp;6125000 | &nbsp;&nbsp;&nbsp;&nbsp; 6347083 |
| &nbsp;&nbsp;&nbsp;Series B, 3.75%, 01/12/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6140000 | &nbsp;&nbsp;&nbsp;&nbsp; 6151009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148007192 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks-12.01%** | **Banks-12.01%** | **Banks-12.01%** |
| Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 04/12/2028<br>| $10191000 | &nbsp;&nbsp;&nbsp;&nbsp;$10264720 |
| &nbsp;&nbsp;&nbsp;5.59%, 08/08/2028<br>| 12279000 | &nbsp;&nbsp;&nbsp;&nbsp; 12730727 |
| &nbsp;&nbsp;&nbsp;6.61%, 11/07/2028<sup>(b)</sup><br>| 10230000 | &nbsp;&nbsp;&nbsp;&nbsp; 10905955 |
| Bank of Montreal (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;5.20%, 02/01/2028<br>| &nbsp;&nbsp;9829000 | &nbsp;&nbsp;&nbsp;&nbsp; 10079106 |
| &nbsp;&nbsp;&nbsp;5.72%, 09/25/2028<br>| &nbsp;&nbsp;8189000 | &nbsp;&nbsp;&nbsp;&nbsp; 8544401 |
| Bank of Nova Scotia (The) (Canada), 5.25%, 06/12/2028<br>| &nbsp;&nbsp;6140000 | &nbsp;&nbsp;&nbsp;&nbsp; 6328350 |
| Barclays PLC (United Kingdom), 4.84%, 05/09/2028<br>| 16378000 | &nbsp;&nbsp;&nbsp;&nbsp; 16505085 |
| Canadian Imperial Bank of Commerce (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 04/28/2028<sup>(b)</sup><br>| &nbsp;&nbsp;8182000 | &nbsp;&nbsp;&nbsp;&nbsp; 8371585 |
| &nbsp;&nbsp;&nbsp;5.99%, 10/03/2028<sup>(b)</sup><br>| &nbsp;&nbsp;5730000 | &nbsp;&nbsp;&nbsp;&nbsp; 6017233 |
| Capital One N.A., 4.65%, 09/13/2028<br>| &nbsp;&nbsp;7338000 | &nbsp;&nbsp;&nbsp;&nbsp; 7455661 |
| Citibank N.A., 5.80%, 09/29/2028<br>| 20469000 | &nbsp;&nbsp;&nbsp;&nbsp; 21440883 |
| Citigroup, Inc., 4.13%, 07/25/2028<br>| 17190000 | &nbsp;&nbsp;&nbsp;&nbsp; 17216319 |
| Cooperatieve Rabobank U.A. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 01/21/2028<sup>(b)</sup><br>| &nbsp;&nbsp;5726000 | &nbsp;&nbsp;&nbsp;&nbsp; 5861972 |
| &nbsp;&nbsp;&nbsp;3.96%, 10/17/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4089000 | &nbsp;&nbsp;&nbsp;&nbsp; 4118216 |
| Fifth Third Bancorp, 3.95%, 03/14/2028<br>| &nbsp;&nbsp;5323000 | &nbsp;&nbsp;&nbsp;&nbsp; 5326075 |
| HSBC USA, Inc., 4.65%, 06/03/2028<br>| &nbsp;&nbsp;7365000 | &nbsp;&nbsp;&nbsp;&nbsp; 7491258 |
| KeyCorp, 4.10%, 04/30/2028<br>| &nbsp;&nbsp;6143000 | &nbsp;&nbsp;&nbsp;&nbsp; 6162896 |
| Lloyds Banking Group PLC (United Kingdom), 4.38%, 03/22/2028<sup>(b)</sup><br>| 12285000 | &nbsp;&nbsp;&nbsp;&nbsp; 12388173 |
| Manufacturers & Traders Trust Co., 4.70%, 01/27/2028<sup>(b)</sup><br>| &nbsp;&nbsp;9787000 | &nbsp;&nbsp;&nbsp;&nbsp; 9934389 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;3.96%, 03/02/2028<sup>(b)</sup><br>| 10646000 | &nbsp;&nbsp;&nbsp;&nbsp; 10676345 |
| &nbsp;&nbsp;&nbsp;4.05%, 09/11/2028<sup>(b)</sup><br>| &nbsp;&nbsp;8182000 | &nbsp;&nbsp;&nbsp;&nbsp; 8230975 |
| Mizuho Financial Group, Inc. (Japan), 4.02%, 03/05/2028<br>| 10640000 | &nbsp;&nbsp;&nbsp;&nbsp; 10686955 |
| National Bank of Canada (Canada), 5.60%, 12/18/2028<br>| &nbsp;&nbsp;8187000 | &nbsp;&nbsp;&nbsp;&nbsp; 8553892 |
| Pinnacle Bank, 5.63%, 02/15/2028<br>| &nbsp;&nbsp;4065000 | &nbsp;&nbsp;&nbsp;&nbsp; 4153377 |
| PNC Bank N.A. |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 01/22/2028<sup>(b)</sup><br>| &nbsp;&nbsp;5727000 | &nbsp;&nbsp;&nbsp;&nbsp; 5683172 |
| &nbsp;&nbsp;&nbsp;4.05%, 07/26/2028<br>| 10235000 | &nbsp;&nbsp;&nbsp;&nbsp; 10255449 |
| Regions Financial Corp., 1.80%, 08/12/2028<sup>(b)</sup><br>| &nbsp;&nbsp;5314000 | &nbsp;&nbsp;&nbsp;&nbsp; 5033483 |
| Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 01/12/2028<br>| &nbsp;&nbsp;6139000 | &nbsp;&nbsp;&nbsp;&nbsp; 6271249 |
| &nbsp;&nbsp;&nbsp;5.20%, 08/01/2028<br>| &nbsp;&nbsp;8189000 | &nbsp;&nbsp;&nbsp;&nbsp; 8437687 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;5.52%, 01/13/2028<br>| 15559000 | &nbsp;&nbsp;&nbsp;&nbsp; 16043899 |
| &nbsp;&nbsp;&nbsp;3.54%, 01/17/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6136000 | &nbsp;&nbsp;&nbsp;&nbsp; 6108768 |
| &nbsp;&nbsp;&nbsp;5.80%, 07/13/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6115000 | &nbsp;&nbsp;&nbsp;&nbsp; 6375771 |
| &nbsp;&nbsp;&nbsp;3.94%, 07/19/2028<br>| &nbsp;&nbsp;6144000 | &nbsp;&nbsp;&nbsp;&nbsp; 6164480 |
| &nbsp;&nbsp;&nbsp;5.72%, 09/14/2028<sup>(b)</sup><br>| &nbsp;&nbsp;9006000 | &nbsp;&nbsp;&nbsp;&nbsp; 9391841 |
| &nbsp;&nbsp;&nbsp;1.90%, 09/17/2028<br>| 16378000 | &nbsp;&nbsp;&nbsp;&nbsp; 15566397 |

---

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

------

#### 19

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| Toronto-Dominion Bank (The) (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;5.16%, 01/10/2028<br>| $| 10229000 | &nbsp;&nbsp;&nbsp;&nbsp;$10470236 |
| &nbsp;&nbsp;&nbsp;3.91%, 01/13/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;8183000 | &nbsp;&nbsp;&nbsp;&nbsp; 8196160 |
| &nbsp;&nbsp;&nbsp;4.86%, 01/31/2028<sup>(b)</sup><br>|  | 10234000 | &nbsp;&nbsp;&nbsp;&nbsp; 10430841 |
| &nbsp;&nbsp;&nbsp;4.57%, 06/02/2028<br>|  | &nbsp;&nbsp;8191000 | &nbsp;&nbsp;&nbsp;&nbsp; 8310773 |
| &nbsp;&nbsp;&nbsp;5.52%, 07/17/2028<sup>(b)</sup><br>|  | 10238000 | &nbsp;&nbsp;&nbsp;&nbsp; 10610586 |
| &nbsp;&nbsp;&nbsp;4.11%, 10/13/2028<br>|  | &nbsp;&nbsp;8191000 | &nbsp;&nbsp;&nbsp;&nbsp; 8231702 |
| U.S. Bancorp, 3.90%, 04/26/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6956000 | &nbsp;&nbsp;&nbsp;&nbsp; 6988363 |
| UBS AG (Switzerland) |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 02/15/2028<br>|  | &nbsp;&nbsp;7820000 | &nbsp;&nbsp;&nbsp;&nbsp; 8371217 |
| &nbsp;&nbsp;&nbsp;5.65%, 09/11/2028<br>|  | 12279000 | &nbsp;&nbsp;&nbsp;&nbsp; 12813862 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409200484 |
| **Beverages-1.40%** | **Beverages-1.40%** | **Beverages-1.40%** | **Beverages-1.40%** |
| Coca-Cola Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 03/05/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6139000 | &nbsp;&nbsp;&nbsp;&nbsp; 5900797 |
| &nbsp;&nbsp;&nbsp;1.00%, 03/15/2028<sup>(b)</sup><br>|  | 10640000 | &nbsp;&nbsp;&nbsp;&nbsp; 10118659 |
| Constellation Brands, Inc., 3.60%, 02/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;5728000 | &nbsp;&nbsp;&nbsp;&nbsp; 5695706 |
| Diageo Capital PLC (United Kingdom), 3.88%, 05/18/2028<br>|  | &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 4106480 |
| Keurig Dr Pepper, Inc., 4.35%, 05/15/2028<br>|  | &nbsp;&nbsp;4092000 | &nbsp;&nbsp;&nbsp;&nbsp; 4117463 |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 02/07/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6144000 | &nbsp;&nbsp;&nbsp;&nbsp; 6241211 |
| &nbsp;&nbsp;&nbsp;3.60%, 02/18/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6144000 | &nbsp;&nbsp;&nbsp;&nbsp; 6147165 |
| &nbsp;&nbsp;&nbsp;4.45%, 05/15/2028<br>|  | &nbsp;&nbsp;5321000 | &nbsp;&nbsp;&nbsp;&nbsp; 5410392 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47737873 |
| **Biotechnology-1.51%** | **Biotechnology-1.51%** | **Biotechnology-1.51%** | **Biotechnology-1.51%** |
| AbbVie, Inc., 4.65%, 03/15/2028<br>|  | 10229000 | &nbsp;&nbsp;&nbsp;&nbsp; 10413252 |
| Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, 03/02/2028<br>|  | 30704000 | &nbsp;&nbsp;&nbsp;&nbsp; 31452008 |
| &nbsp;&nbsp;&nbsp;1.65%, 08/15/2028<br>|  | 10100000 | &nbsp;&nbsp;&nbsp;&nbsp; 9602756 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51468016 |
| **Broadline Retail-1.12%** | **Broadline Retail-1.12%** | **Broadline Retail-1.12%** | **Broadline Retail-1.12%** |
| Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 05/12/2028<br>|  | 18418000 | &nbsp;&nbsp;&nbsp;&nbsp; 17660849 |
| &nbsp;&nbsp;&nbsp;3.90%, 11/20/2028<br>|  | 20468000 | &nbsp;&nbsp;&nbsp;&nbsp; 20585104 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38245953 |
| **Building Products-0.43%** | **Building Products-0.43%** | **Building Products-0.43%** | **Building Products-0.43%** |
| Amrize Finance US LLC, 4.70%, 04/07/2028<br>|  | &nbsp;&nbsp;5726000 | &nbsp;&nbsp;&nbsp;&nbsp; 5815943 |
| Lennox International, Inc., 5.50%, 09/15/2028<br>|  | &nbsp;&nbsp;4084000 | &nbsp;&nbsp;&nbsp;&nbsp; 4227925 |
| Masco Corp., 1.50%, 02/15/2028<br>|  | &nbsp;&nbsp;4893000 | &nbsp;&nbsp;&nbsp;&nbsp; 4671029 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14714897 |
| **Capital Markets-5.19%** | **Capital Markets-5.19%** | **Capital Markets-5.19%** | **Capital Markets-5.19%** |
| Ameriprise Financial, Inc., 5.70%, 12/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4914000 | &nbsp;&nbsp;&nbsp;&nbsp; 5144599 |
| Ares Capital Corp., 2.88%, 06/15/2028<sup>(b)</sup><br>|  | 10235000 | &nbsp;&nbsp;&nbsp;&nbsp; 9765719 |
| Ares Management Corp., 6.38%, 11/10/2028<br>|  | &nbsp;&nbsp;4078000 | &nbsp;&nbsp;&nbsp;&nbsp; 4279786 |
| Ares Strategic Income Fund, 5.70%, 03/15/2028<br>|  | &nbsp;&nbsp;8186000 | &nbsp;&nbsp;&nbsp;&nbsp; 8254306 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** |
| Bank of New York Mellon Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 01/29/2028<br>| $| &nbsp;&nbsp;6143041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6114321 |
| &nbsp;&nbsp;&nbsp;3.85%, 04/28/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;7364000 | &nbsp;&nbsp;&nbsp;&nbsp; 7400727 |
| &nbsp;&nbsp;&nbsp;1.65%, 07/14/2028<br>|  | &nbsp;&nbsp;4086000 | &nbsp;&nbsp;&nbsp;&nbsp; 3909048 |
| &nbsp;&nbsp;&nbsp;3.00%, 10/30/2028<br>|  | &nbsp;&nbsp;4085000 | &nbsp;&nbsp;&nbsp;&nbsp; 3990028 |
| Blackstone Secured Lending Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, 04/13/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;5726000 | &nbsp;&nbsp;&nbsp;&nbsp; 5748712 |
| &nbsp;&nbsp;&nbsp;2.85%, 09/30/2028<br>|  | &nbsp;&nbsp;5234666 | &nbsp;&nbsp;&nbsp;&nbsp; 4905477 |
| Blue Owl Credit Income Corp., 7.95%, 06/13/2028<br>|  | &nbsp;&nbsp;5326000 | &nbsp;&nbsp;&nbsp;&nbsp; 5522698 |
| Blue Owl Technology Finance Corp., 6.10%, 03/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;5287000 | &nbsp;&nbsp;&nbsp;&nbsp; 5258440 |
| Brookfield Finance, Inc. (Canada), 3.90%, 01/25/2028<br>|  | &nbsp;&nbsp;8594000 | &nbsp;&nbsp;&nbsp;&nbsp; 8579007 |
| Charles Schwab Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 01/25/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;5729000 | &nbsp;&nbsp;&nbsp;&nbsp; 5682788 |
| &nbsp;&nbsp;&nbsp;2.00%, 03/20/2028<br>|  | 10230000 | &nbsp;&nbsp;&nbsp;&nbsp; 9885853 |
| CME Group, Inc., 3.75%, 06/15/2028<br>|  | &nbsp;&nbsp;4074000 | &nbsp;&nbsp;&nbsp;&nbsp; 4075909 |
| FS KKR Capital Corp., 3.13%, 10/12/2028<br>|  | &nbsp;&nbsp;6115000 | &nbsp;&nbsp;&nbsp;&nbsp; 5569692 |
| Golub Capital BDC, Inc., 7.05%, 12/05/2028<br>|  | &nbsp;&nbsp;5730000 | &nbsp;&nbsp;&nbsp;&nbsp; 5965376 |
| HPS Corporate Lending Fund, 5.45%, 01/14/2028<br>|  | &nbsp;&nbsp;6144000 | &nbsp;&nbsp;&nbsp;&nbsp; 6172163 |
| Jefferies Financial Group, Inc., 5.88%, 07/21/2028<br>|  | &nbsp;&nbsp;8185000 | &nbsp;&nbsp;&nbsp;&nbsp; 8451549 |
| Marex Group PLC (United Kingdom), 5.83%, 05/08/2028<br>|  | &nbsp;&nbsp;4080000 | &nbsp;&nbsp;&nbsp;&nbsp; 4162466 |
| Nasdaq, Inc., 5.35%, 06/28/2028<br>|  | &nbsp;&nbsp;6523000 | &nbsp;&nbsp;&nbsp;&nbsp; 6718026 |
| Nomura Holdings, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp;5.84%, 01/18/2028<br>|  | &nbsp;&nbsp;4504000 | &nbsp;&nbsp;&nbsp;&nbsp; 4651140 |
| &nbsp;&nbsp;&nbsp;6.07%, 07/12/2028<br>|  | &nbsp;&nbsp;7371000 | &nbsp;&nbsp;&nbsp;&nbsp; 7703506 |
| &nbsp;&nbsp;&nbsp;2.17%, 07/14/2028<br>|  | &nbsp;&nbsp;8183000 | &nbsp;&nbsp;&nbsp;&nbsp; 7836557 |
| Northern Trust Corp., 3.65%, 08/03/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4085000 | &nbsp;&nbsp;&nbsp;&nbsp; 4088115 |
| S&P Global, Inc., 4.75%, 08/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;5728000 | &nbsp;&nbsp;&nbsp;&nbsp; 5850462 |
| State Street Corp., 4.54%, 02/28/2028<br>|  | 11052000 | &nbsp;&nbsp;&nbsp;&nbsp; 11228516 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176914986 |
| **Chemicals-0.89%** | **Chemicals-0.89%** | **Chemicals-0.89%** | **Chemicals-0.89%** |
| Air Products and Chemicals, Inc., 4.30%, 06/11/2028<br>|  | &nbsp;&nbsp;4908000 | &nbsp;&nbsp;&nbsp;&nbsp; 4969986 |
| Ecolab, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 01/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4094000 | &nbsp;&nbsp;&nbsp;&nbsp; 4208912 |
| &nbsp;&nbsp;&nbsp;4.30%, 06/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4098000 | &nbsp;&nbsp;&nbsp;&nbsp; 4147001 |
| Nutrien Ltd. (Canada), 4.90%, 03/27/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6140000 | &nbsp;&nbsp;&nbsp;&nbsp; 6252783 |
| PPG Industries, Inc., 3.75%, 03/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6553000 | &nbsp;&nbsp;&nbsp;&nbsp; 6550578 |
| Sherwin-Williams Co. (The), 4.30%, 08/15/2028<br>|  | &nbsp;&nbsp;4098000 | &nbsp;&nbsp;&nbsp;&nbsp; 4136312 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30265572 |
| **Commercial Services & Supplies-0.84%** | **Commercial Services & Supplies-0.84%** | **Commercial Services & Supplies-0.84%** | **Commercial Services & Supplies-0.84%** |
| CDW LLC/CDW Finance Corp., 3.28%, 12/01/2028<br>|  | &nbsp;&nbsp;4085000 | &nbsp;&nbsp;&nbsp;&nbsp; 3989249 |
| Republic Services, Inc., 3.95%, 05/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6550018 | &nbsp;&nbsp;&nbsp;&nbsp; 6572636 |
| Veralto Corp., 5.35%, 09/18/2028<br>|  | &nbsp;&nbsp;5711000 | &nbsp;&nbsp;&nbsp;&nbsp; 5899178 |

---

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

------

#### 20

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** |
| Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.15%, 03/15/2028<sup>(b)</sup><br>| $| &nbsp;&nbsp;4096000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3893456 |
| &nbsp;&nbsp;&nbsp;4.50%, 03/15/2028<br>|  | &nbsp;&nbsp;8189000 | &nbsp;&nbsp;&nbsp;&nbsp; 8314584 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28669103 |
| **Communications Equipment-0.41%** | **Communications Equipment-0.41%** | **Communications Equipment-0.41%** | **Communications Equipment-0.41%** |
| Cisco Systems, Inc., 4.55%, 02/24/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;8191000 | &nbsp;&nbsp;&nbsp;&nbsp; 8324257 |
| Motorola Solutions, Inc., 4.60%, 02/23/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;5729000 | &nbsp;&nbsp;&nbsp;&nbsp; 5794359 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14118616 |
| **Construction & Engineering-0.12%** | **Construction & Engineering-0.12%** | **Construction & Engineering-0.12%** | **Construction & Engineering-0.12%** |
| Quanta Services, Inc., 4.30%, 08/09/2028<br>|  | &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 4130480 |
| **Consumer Finance-2.09%** | **Consumer Finance-2.09%** | **Consumer Finance-2.09%** | **Consumer Finance-2.09%** |
| Ally Financial, Inc., 2.20%, 11/02/2028<br>|  | &nbsp;&nbsp;6137000 | &nbsp;&nbsp;&nbsp;&nbsp; 5843274 |
| Capital One Financial Corp., 3.80%, 01/31/2028<br>|  | 11457000 | &nbsp;&nbsp;&nbsp;&nbsp; 11428420 |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 01/09/2028<br>|  | &nbsp;&nbsp;8187000 | &nbsp;&nbsp;&nbsp;&nbsp; 8460379 |
| &nbsp;&nbsp;&nbsp;5.05%, 04/04/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;9824000 | &nbsp;&nbsp;&nbsp;&nbsp; 10019068 |
| &nbsp;&nbsp;&nbsp;2.40%, 04/10/2028<br>|  | &nbsp;&nbsp;8182000 | &nbsp;&nbsp;&nbsp;&nbsp; 7920950 |
| &nbsp;&nbsp;&nbsp;5.80%, 06/23/2028<br>|  | 11048000 | &nbsp;&nbsp;&nbsp;&nbsp; 11453176 |
| &nbsp;&nbsp;&nbsp;2.40%, 10/15/2028<br>|  | &nbsp;&nbsp;8182000 | &nbsp;&nbsp;&nbsp;&nbsp; 7845720 |
| &nbsp;&nbsp;&nbsp;4.20%, 10/27/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;8190000 | &nbsp;&nbsp;&nbsp;&nbsp; 8223450 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71194437 |
| **Consumer Staples Distribution & Retail-1.49%** | **Consumer Staples Distribution & Retail-1.49%** | **Consumer Staples Distribution & Retail-1.49%** | **Consumer Staples Distribution & Retail-1.49%** |
| Dollar General Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 05/01/2028<br>|  | &nbsp;&nbsp;4089000 | &nbsp;&nbsp;&nbsp;&nbsp; 4106621 |
| &nbsp;&nbsp;&nbsp;5.20%, 07/05/2028<br>|  | &nbsp;&nbsp;4091000 | &nbsp;&nbsp;&nbsp;&nbsp; 4198521 |
| Dollar Tree, Inc., 4.20%, 05/15/2028<br>|  | 10234000 | &nbsp;&nbsp;&nbsp;&nbsp; 10277530 |
| Target Corp., 4.35%, 06/15/2028<br>|  | &nbsp;&nbsp;4098000 | &nbsp;&nbsp;&nbsp;&nbsp; 4156424 |
| Walmart, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 04/15/2028<br>|  | &nbsp;&nbsp;6145000 | &nbsp;&nbsp;&nbsp;&nbsp; 6185146 |
| &nbsp;&nbsp;&nbsp;3.70%, 06/26/2028<br>|  | 12111000 | &nbsp;&nbsp;&nbsp;&nbsp; 12144810 |
| &nbsp;&nbsp;&nbsp;1.50%, 09/22/2028<sup>(b)</sup><br>|  | 10238000 | &nbsp;&nbsp;&nbsp;&nbsp; 9741159 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50810211 |
| **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><br>|  | &nbsp;&nbsp;4826000 | &nbsp;&nbsp;&nbsp;&nbsp; 4836670 |
| **Distributors-0.20%** | **Distributors-0.20%** | **Distributors-0.20%** | **Distributors-0.20%** |
| LKQ Corp., 5.75%, 06/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6545000 | &nbsp;&nbsp;&nbsp;&nbsp; 6722994 |
| **Diversified REITs-0.81%** | **Diversified REITs-0.81%** | **Diversified REITs-0.81%** | **Diversified REITs-0.81%** |
| CubeSmart L.P., 2.25%, 12/15/2028<br>|  | &nbsp;&nbsp;4488000 | &nbsp;&nbsp;&nbsp;&nbsp; 4278693 |
| Digital Realty Trust L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, 01/15/2028<br>|  | &nbsp;&nbsp;7364000 | &nbsp;&nbsp;&nbsp;&nbsp; 7581013 |
| &nbsp;&nbsp;&nbsp;4.45%, 07/15/2028<br>|  | &nbsp;&nbsp;5326000 | &nbsp;&nbsp;&nbsp;&nbsp; 5382333 |
| VICI Properties L.P., 4.75%, 02/15/2028<sup>(b)</sup><br>|  | 10234000 | &nbsp;&nbsp;&nbsp;&nbsp; 10339219 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27581258 |
| **Diversified Telecommunication Services-1.01%** | **Diversified Telecommunication Services-1.01%** | **Diversified Telecommunication Services-1.01%** | **Diversified Telecommunication Services-1.01%** |
| AT&T, Inc., 1.65%, 02/01/2028<br>|  | 18420000 | &nbsp;&nbsp;&nbsp;&nbsp; 17673544 |
| Verizon Communications, Inc., 2.10%, 03/22/2028<br>|  | 17440000 | &nbsp;&nbsp;&nbsp;&nbsp; 16855972 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34529516 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric Utilities-6.68%** | **Electric Utilities-6.68%** | **Electric Utilities-6.68%** |
| Berkshire Hathaway Energy Co., 3.25%, 04/15/2028<br>| $&nbsp;&nbsp;4895000 | &nbsp;&nbsp;$4847644 |
| CenterPoint Energy Houston Electric LLC, 5.20%, 10/01/2028<br>| &nbsp;&nbsp;4098000 | &nbsp;&nbsp;&nbsp;&nbsp; 4236204 |
| Commonwealth Edison Co., 3.70%, 08/15/2028<br>| &nbsp;&nbsp;4507000 | &nbsp;&nbsp;&nbsp;&nbsp; 4503289 |
| Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 01/08/2028<br>| &nbsp;&nbsp;7372000 | &nbsp;&nbsp;&nbsp;&nbsp; 7377801 |
| &nbsp;&nbsp;&nbsp;5.60%, 03/01/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6139000 | &nbsp;&nbsp;&nbsp;&nbsp; 6333727 |
| Duke Energy Corp., 4.30%, 03/15/2028<br>| &nbsp;&nbsp;7371000 | &nbsp;&nbsp;&nbsp;&nbsp; 7434218 |
| Duke Energy Florida LLC, 3.80%, 07/15/2028<br>| &nbsp;&nbsp;4908000 | &nbsp;&nbsp;&nbsp;&nbsp; 4915742 |
| Duke Energy Progress LLC, 3.70%, 09/01/2028<br>| &nbsp;&nbsp;4089000 | &nbsp;&nbsp;&nbsp;&nbsp; 4085724 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 03/15/2028<br>| &nbsp;&nbsp;4489000 | &nbsp;&nbsp;&nbsp;&nbsp; 4467683 |
| &nbsp;&nbsp;&nbsp;5.25%, 11/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4912000 | &nbsp;&nbsp;&nbsp;&nbsp; 5007891 |
| Entergy Corp., 1.90%, 06/15/2028<br>| &nbsp;&nbsp;5325000 | &nbsp;&nbsp;&nbsp;&nbsp; 5089845 |
| Eversource Energy, 5.45%, 03/01/2028<br>| 10643000 | &nbsp;&nbsp;&nbsp;&nbsp; 10925328 |
| Exelon Corp., 5.15%, 03/15/2028<br>| &nbsp;&nbsp;8191000 | &nbsp;&nbsp;&nbsp;&nbsp; 8382777 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, 04/01/2028<br>| &nbsp;&nbsp;8190000 | &nbsp;&nbsp;&nbsp;&nbsp; 8399974 |
| &nbsp;&nbsp;&nbsp;4.40%, 05/15/2028<br>| &nbsp;&nbsp;6137000 | &nbsp;&nbsp;&nbsp;&nbsp; 6216549 |
| Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, 05/16/2028<br>| &nbsp;&nbsp;6139000 | &nbsp;&nbsp;&nbsp;&nbsp; 6240022 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/01/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6140000 | &nbsp;&nbsp;&nbsp;&nbsp; 6176423 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 02/07/2028<br>| &nbsp;&nbsp;5709000 | &nbsp;&nbsp;&nbsp;&nbsp; 5674533 |
| &nbsp;&nbsp;&nbsp;4.75%, 02/07/2028<br>| &nbsp;&nbsp;4908000 | &nbsp;&nbsp;&nbsp;&nbsp; 4993444 |
| &nbsp;&nbsp;&nbsp;4.80%, 03/15/2028<br>| &nbsp;&nbsp;4896000 | &nbsp;&nbsp;&nbsp;&nbsp; 4991793 |
| &nbsp;&nbsp;&nbsp;Series D, 4.15%, 08/25/2028<br>| &nbsp;&nbsp;5733000 | &nbsp;&nbsp;&nbsp;&nbsp; 5774586 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 02/04/2028<sup>(b)</sup><br>| &nbsp;&nbsp;8186000 | &nbsp;&nbsp;&nbsp;&nbsp; 8339815 |
| &nbsp;&nbsp;&nbsp;4.90%, 02/28/2028<br>| 10230000 | &nbsp;&nbsp;&nbsp;&nbsp; 10418098 |
| &nbsp;&nbsp;&nbsp;1.90%, 06/15/2028<br>| 12285000 | &nbsp;&nbsp;&nbsp;&nbsp; 11762003 |
| Oncor Electric Delivery Co. LLC, 4.30%, 05/15/2028<br>| &nbsp;&nbsp;4898000 | &nbsp;&nbsp;&nbsp;&nbsp; 4946741 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 06/04/2028<br>| &nbsp;&nbsp;6536000 | &nbsp;&nbsp;&nbsp;&nbsp; 6659458 |
| &nbsp;&nbsp;&nbsp;3.00%, 06/15/2028<br>| &nbsp;&nbsp;6549000 | &nbsp;&nbsp;&nbsp;&nbsp; 6402000 |
| &nbsp;&nbsp;&nbsp;3.75%, 07/01/2028<br>| &nbsp;&nbsp;7146000 | &nbsp;&nbsp;&nbsp;&nbsp; 7098400 |
| PG&E Corp., 5.00%, 07/01/2028<br>| &nbsp;&nbsp;8161000 | &nbsp;&nbsp;&nbsp;&nbsp; 8144283 |
| San Diego Gas & Electric Co., 4.95%, 08/15/2028<br>| &nbsp;&nbsp;4908000 | &nbsp;&nbsp;&nbsp;&nbsp; 5038426 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, 03/01/2028<br>| &nbsp;&nbsp;6143000 | &nbsp;&nbsp;&nbsp;&nbsp; 6288796 |
| &nbsp;&nbsp;&nbsp;5.65%, 10/01/2028<br>| &nbsp;&nbsp;4493000 | &nbsp;&nbsp;&nbsp;&nbsp; 4662118 |
| Southern Co. (The), 4.85%, 06/15/2028<br>| &nbsp;&nbsp;6143000 | &nbsp;&nbsp;&nbsp;&nbsp; 6267139 |
| Southwestern Electric Power Co., Series M, 4.10%, 09/15/2028<br>| &nbsp;&nbsp;4689000 | &nbsp;&nbsp;&nbsp;&nbsp; 4697277 |
| Virginia Electric & Power Co., Series A, 3.80%, 04/01/2028<br>| &nbsp;&nbsp;5730000 | &nbsp;&nbsp;&nbsp;&nbsp; 5729306 |
| Xcel Energy, Inc., 4.00%, 06/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;5158000 | &nbsp;&nbsp;&nbsp;&nbsp; 5170297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227699354 |

---

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

------

#### 21

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electrical Equipment-0.54%** | **Electrical Equipment-0.54%** | **Electrical Equipment-0.54%** |
| Emerson Electric Co., 2.00%, 12/21/2028<br>| $&nbsp;&nbsp;8165000 | &nbsp;&nbsp;$7793283 |
| Regal Rexnord Corp., 6.05%, 04/15/2028<sup>(b)</sup><br>| 10230000 | &nbsp;&nbsp;&nbsp;&nbsp; 10609315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18402598 |
| **Electronic Equipment, Instruments & Components-1.31%** | **Electronic Equipment, Instruments & Components-1.31%** | **Electronic Equipment, Instruments & Components-1.31%** |
| Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 06/12/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6145000 | &nbsp;&nbsp;&nbsp;&nbsp; 6225902 |
| &nbsp;&nbsp;&nbsp;3.90%, 11/15/2028<br>| &nbsp;&nbsp;6141000 | &nbsp;&nbsp;&nbsp;&nbsp; 6168743 |
| Arrow Electronics, Inc., 3.88%, 01/12/2028<br>| &nbsp;&nbsp;4080000 | &nbsp;&nbsp;&nbsp;&nbsp; 4060348 |
| Avnet, Inc., 6.25%, 03/15/2028<br>| &nbsp;&nbsp;4085000 | &nbsp;&nbsp;&nbsp;&nbsp; 4239355 |
| Jabil, Inc., 3.95%, 01/12/2028<br>| &nbsp;&nbsp;4096000 | &nbsp;&nbsp;&nbsp;&nbsp; 4089673 |
| TD SYNNEX Corp., 2.38%, 08/09/2028<br>| &nbsp;&nbsp;4893000 | &nbsp;&nbsp;&nbsp;&nbsp; 4686738 |
| Teledyne Technologies, Inc., 2.25%, 04/01/2028<br>| &nbsp;&nbsp;5726000 | &nbsp;&nbsp;&nbsp;&nbsp; 5541191 |
| Trane Technologies Holdco, Inc., 3.75%, 08/21/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4489000 | &nbsp;&nbsp;&nbsp;&nbsp; 4501019 |
| Trimble, Inc., 4.90%, 06/15/2028<br>| &nbsp;&nbsp;4911000 | &nbsp;&nbsp;&nbsp;&nbsp; 4958113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44471082 |
| **Energy Equipment & Services-0.12%** | **Energy Equipment & Services-0.12%** | **Energy Equipment & Services-0.12%** |
| Patterson-UTI Energy, Inc., 3.95%, 02/01/2028<br>| &nbsp;&nbsp;3941000 | &nbsp;&nbsp;&nbsp;&nbsp; 3916294 |
| **Entertainment-0.91%** | **Entertainment-0.91%** | **Entertainment-0.91%** |
| Netflix, Inc., 5.88%, 11/15/2028<sup>(b)</sup><br>| 15550000 | &nbsp;&nbsp;&nbsp;&nbsp; 16362397 |
| Take-Two Interactive Software, Inc., 4.95%, 03/28/2028<br>| &nbsp;&nbsp;6554000 | &nbsp;&nbsp;&nbsp;&nbsp; 6667282 |
| Walt Disney Co. (The), 2.20%, 01/13/2028<sup>(b)</sup><br>| &nbsp;&nbsp;8188000 | &nbsp;&nbsp;&nbsp;&nbsp; 7999599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31029278 |
| **Financial Services-3.66%** | **Financial Services-3.66%** | **Financial Services-3.66%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 01/23/2028<br>| &nbsp;&nbsp;4484000 | &nbsp;&nbsp;&nbsp;&nbsp; 4476837 |
| &nbsp;&nbsp;&nbsp;4.88%, 04/01/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6145000 | &nbsp;&nbsp;&nbsp;&nbsp; 6249321 |
| &nbsp;&nbsp;&nbsp;5.75%, 06/06/2028<sup>(b)</sup><br>| &nbsp;&nbsp;8189000 | &nbsp;&nbsp;&nbsp;&nbsp; 8482240 |
| &nbsp;&nbsp;&nbsp;3.00%, 10/29/2028<br>| 30696000 | &nbsp;&nbsp;&nbsp;&nbsp; 29871981 |
| Blackstone Private Credit Fund, 7.30%, 11/27/2028<br>| &nbsp;&nbsp;5287000 | &nbsp;&nbsp;&nbsp;&nbsp; 5530144 |
| Block Financial LLC, 2.50%, 07/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 3903841 |
| Fidelity National Information Services, Inc., 1.65%, 03/01/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6139000 | &nbsp;&nbsp;&nbsp;&nbsp; 5861884 |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, 03/02/2028<br>| &nbsp;&nbsp;7371000 | &nbsp;&nbsp;&nbsp;&nbsp; 7541890 |
| &nbsp;&nbsp;&nbsp;5.38%, 08/21/2028<br>| &nbsp;&nbsp;5731000 | &nbsp;&nbsp;&nbsp;&nbsp; 5874840 |
| Global Payments, Inc., 4.50%, 11/15/2028<br>| 14327000 | &nbsp;&nbsp;&nbsp;&nbsp; 14364012 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 04/03/2028<br>| &nbsp;&nbsp;4080000 | &nbsp;&nbsp;&nbsp;&nbsp; 4129721 |
| &nbsp;&nbsp;&nbsp;6.75%, 11/17/2028<br>| &nbsp;&nbsp;6145000 | &nbsp;&nbsp;&nbsp;&nbsp; 6518958 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| Mastercard, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 01/15/2028<sup>(b)</sup><br>| $| &nbsp;&nbsp;6145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6201401 |
| &nbsp;&nbsp;&nbsp;3.50%, 02/26/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4089000 | &nbsp;&nbsp;&nbsp;&nbsp; 4087427 |
| &nbsp;&nbsp;&nbsp;4.88%, 03/09/2028<br>|  | &nbsp;&nbsp;6143000 | &nbsp;&nbsp;&nbsp;&nbsp; 6279953 |
| MGIC Investment Corp., 5.25%, 08/15/2028<br>|  | &nbsp;&nbsp;5294000 | &nbsp;&nbsp;&nbsp;&nbsp; 5292038 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124666488 |
| **Food Products-1.61%** | **Food Products-1.61%** | **Food Products-1.61%** | **Food Products-1.61%** |
| Campbell's Co. (The), 4.15%, 03/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;8188552 | &nbsp;&nbsp;&nbsp;&nbsp; 8215371 |
| General Mills, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 04/17/2028<br>|  | 11460000 | &nbsp;&nbsp;&nbsp;&nbsp; 11507125 |
| &nbsp;&nbsp;&nbsp;5.50%, 10/17/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4092000 | &nbsp;&nbsp;&nbsp;&nbsp; 4245668 |
| Hershey Co. (The), 4.55%, 02/24/2028<br>|  | &nbsp;&nbsp;4090000 | &nbsp;&nbsp;&nbsp;&nbsp; 4159938 |
| Hormel Foods Corp., 1.70%, 06/03/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6140000 | &nbsp;&nbsp;&nbsp;&nbsp; 5868308 |
| J.M. Smucker Co. (The), 5.90%, 11/15/2028<br>|  | &nbsp;&nbsp;6138000 | &nbsp;&nbsp;&nbsp;&nbsp; 6438817 |
| Kellanova, 4.30%, 05/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4912000 | &nbsp;&nbsp;&nbsp;&nbsp; 4963885 |
| Mondelez International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 05/06/2028<br>|  | &nbsp;&nbsp;5732000 | &nbsp;&nbsp;&nbsp;&nbsp; 5776849 |
| &nbsp;&nbsp;&nbsp;4.13%, 05/07/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;3783000 | &nbsp;&nbsp;&nbsp;&nbsp; 3799522 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54975483 |
| **Gas Utilities-0.22%** | **Gas Utilities-0.22%** | **Gas Utilities-0.22%** | **Gas Utilities-0.22%** |
| CenterPoint Energy Resources Corp., 5.25%, 03/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;7370000 | &nbsp;&nbsp;&nbsp;&nbsp; 7572422 |
| **Ground Transportation-0.85%** | **Ground Transportation-0.85%** | **Ground Transportation-0.85%** | **Ground Transportation-0.85%** |
| Canadian Pacific Railway Co. (Canada), 4.00%, 06/01/2028<br>|  | &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 4107533 |
| CSX Corp., 3.80%, 03/01/2028<br>|  | &nbsp;&nbsp;6546000 | &nbsp;&nbsp;&nbsp;&nbsp; 6553807 |
| Ryder System, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.65%, 03/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4049000 | &nbsp;&nbsp;&nbsp;&nbsp; 4175593 |
| &nbsp;&nbsp;&nbsp;5.25%, 06/01/2028<br>|  | &nbsp;&nbsp;5287000 | &nbsp;&nbsp;&nbsp;&nbsp; 5432786 |
| Union Pacific Corp., 3.95%, 09/10/2028<br>|  | &nbsp;&nbsp;8632300 | &nbsp;&nbsp;&nbsp;&nbsp; 8675352 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28945071 |
| **Health Care Equipment & Supplies-1.75%** | **Health Care Equipment & Supplies-1.75%** | **Health Care Equipment & Supplies-1.75%** | **Health Care Equipment & Supplies-1.75%** |
| Abbott Laboratories, 1.15%, 01/30/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;5323000 | &nbsp;&nbsp;&nbsp;&nbsp; 5091951 |
| Baxter International, Inc., 2.27%, 12/01/2028<sup>(b)</sup><br>|  | 10221000 | &nbsp;&nbsp;&nbsp;&nbsp; 9666288 |
| Becton, Dickinson and Co., 4.69%, 02/13/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6532000 | &nbsp;&nbsp;&nbsp;&nbsp; 6625456 |
| Edwards Lifesciences Corp., 4.30%, 06/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4913000 | &nbsp;&nbsp;&nbsp;&nbsp; 4945598 |
| GE HealthCare Technologies, Inc., 4.15%, 12/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4911000 | &nbsp;&nbsp;&nbsp;&nbsp; 4938057 |
| Medtronic Global Holdings S.C.A., 4.25%, 03/30/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;8190000 | &nbsp;&nbsp;&nbsp;&nbsp; 8271289 |
| Stryker Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, 02/10/2028<br>|  | &nbsp;&nbsp;5735000 | &nbsp;&nbsp;&nbsp;&nbsp; 5823007 |
| &nbsp;&nbsp;&nbsp;3.65%, 03/07/2028<br>|  | &nbsp;&nbsp;4917000 | &nbsp;&nbsp;&nbsp;&nbsp; 4904872 |
| &nbsp;&nbsp;&nbsp;4.85%, 12/08/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4912000 | &nbsp;&nbsp;&nbsp;&nbsp; 5046703 |
| Zimmer Biomet Holdings, Inc., 5.35%, 12/01/2028<br>|  | &nbsp;&nbsp;4089000 | &nbsp;&nbsp;&nbsp;&nbsp; 4238359 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59551580 |

---

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

------

#### 22

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Health Care Providers & Services-4.82%** | **Health Care Providers & Services-4.82%** | **Health Care Providers & Services-4.82%** |
| Centene Corp., 2.45%, 07/15/2028<br>| $18834000 | &nbsp;&nbsp;$17759647 |
| Cigna Group (The), 4.38%, 10/15/2028<br>| 31089177 | &nbsp;&nbsp;&nbsp;&nbsp; 31418475 |
| CVS Health Corp., 4.30%, 03/25/2028<br>| 40935000 | &nbsp;&nbsp;&nbsp;&nbsp; 41194856 |
| Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 03/01/2028<br>| 10231990 | &nbsp;&nbsp;&nbsp;&nbsp; 10266109 |
| &nbsp;&nbsp;&nbsp;4.00%, 09/15/2028<br>| &nbsp;&nbsp;6141000 | &nbsp;&nbsp;&nbsp;&nbsp; 6152425 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 03/01/2028<sup>(b)</sup><br>| &nbsp;&nbsp;5733000 | &nbsp;&nbsp;&nbsp;&nbsp; 5853742 |
| &nbsp;&nbsp;&nbsp;5.20%, 06/01/2028<sup>(b)</sup><br>| &nbsp;&nbsp;8187000 | &nbsp;&nbsp;&nbsp;&nbsp; 8393161 |
| &nbsp;&nbsp;&nbsp;5.63%, 09/01/2028<br>| 12283000 | &nbsp;&nbsp;&nbsp;&nbsp; 12672995 |
| Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 03/01/2028<br>| &nbsp;&nbsp;4039000 | &nbsp;&nbsp;&nbsp;&nbsp; 4150708 |
| &nbsp;&nbsp;&nbsp;5.75%, 12/01/2028<br>| &nbsp;&nbsp;4089000 | &nbsp;&nbsp;&nbsp;&nbsp; 4238792 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 02/15/2028<br>| &nbsp;&nbsp;8184000 | &nbsp;&nbsp;&nbsp;&nbsp; 8402278 |
| &nbsp;&nbsp;&nbsp;3.85%, 06/15/2028<br>| &nbsp;&nbsp;9419000 | &nbsp;&nbsp;&nbsp;&nbsp; 9428710 |
| &nbsp;&nbsp;&nbsp;4.40%, 06/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4089000 | &nbsp;&nbsp;&nbsp;&nbsp; 4140673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164072571 |
| **Health Care REITs-0.58%** | **Health Care REITs-0.58%** | **Health Care REITs-0.58%** |
| Healthpeak OP LLC, 2.13%, 12/01/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4076000 | &nbsp;&nbsp;&nbsp;&nbsp; 3878414 |
| Omega Healthcare Investors, Inc., 4.75%, 01/15/2028<br>| &nbsp;&nbsp;4472000 | &nbsp;&nbsp;&nbsp;&nbsp; 4518087 |
| Ventas Realty L.P., 4.00%, 03/01/2028<br>| &nbsp;&nbsp;5322000 | &nbsp;&nbsp;&nbsp;&nbsp; 5321471 |
| Welltower OP LLC, 4.25%, 04/15/2028<br>| &nbsp;&nbsp;6143000 | &nbsp;&nbsp;&nbsp;&nbsp; 6195398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19913370 |
| **Hotels, Restaurants & Leisure-1.81%** | **Hotels, Restaurants & Leisure-1.81%** | **Hotels, Restaurants & Leisure-1.81%** |
| Booking Holdings, Inc., 3.55%, 03/15/2028<br>| &nbsp;&nbsp;4091000 | &nbsp;&nbsp;&nbsp;&nbsp; 4067289 |
| Expedia Group, Inc., 3.80%, 02/15/2028<br>| &nbsp;&nbsp;8186750 | &nbsp;&nbsp;&nbsp;&nbsp; 8149686 |
| Hyatt Hotels Corp., 5.05%, 03/30/2028<br>| &nbsp;&nbsp;4085000 | &nbsp;&nbsp;&nbsp;&nbsp; 4168574 |
| Las Vegas Sands Corp., 5.63%, 06/15/2028<br>| &nbsp;&nbsp;8187000 | &nbsp;&nbsp;&nbsp;&nbsp; 8389078 |
| Marriott International, Inc., 5.55%, 10/15/2028<br>| &nbsp;&nbsp;5734000 | &nbsp;&nbsp;&nbsp;&nbsp; 5959723 |
| McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.80%, 04/01/2028<br>| &nbsp;&nbsp;8598514 | &nbsp;&nbsp;&nbsp;&nbsp; 8608671 |
| &nbsp;&nbsp;&nbsp;4.80%, 08/14/2028<br>| &nbsp;&nbsp;4917000 | &nbsp;&nbsp;&nbsp;&nbsp; 5032557 |
| Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 03/01/2028<br>| &nbsp;&nbsp;4916000 | &nbsp;&nbsp;&nbsp;&nbsp; 4886976 |
| &nbsp;&nbsp;&nbsp;4.50%, 05/15/2028<br>| &nbsp;&nbsp;6140000 | &nbsp;&nbsp;&nbsp;&nbsp; 6218145 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/15/2028<br>| &nbsp;&nbsp;6143000 | &nbsp;&nbsp;&nbsp;&nbsp; 6166838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61647537 |
| **Household Durables-0.15%** | **Household Durables-0.15%** | **Household Durables-0.15%** |
| Mohawk Industries, Inc., 5.85%, 09/18/2028<br>| &nbsp;&nbsp;4904000 | &nbsp;&nbsp;&nbsp;&nbsp; 5113441 |
| **Household Products-0.39%** | **Household Products-0.39%** | **Household Products-0.39%** |
| Clorox Co. (The), 3.90%, 05/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 4099415 |
| Colgate-Palmolive Co., 4.60%, 03/01/2028<br>| &nbsp;&nbsp;4097000 | &nbsp;&nbsp;&nbsp;&nbsp; 4170668 |
| Procter & Gamble Co. (The), 3.95%, 01/26/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4910000 | &nbsp;&nbsp;&nbsp;&nbsp; 4952037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13222120 |
| **Independent Power and Renewable Electricity Producers-0.22%** | **Independent Power and Renewable Electricity Producers-0.22%** | **Independent Power and Renewable Electricity Producers-0.22%** |
| AES Corp. (The), 5.45%, 06/01/2028<sup>(b)</sup><br>| &nbsp;&nbsp;7368000 | &nbsp;&nbsp;&nbsp;&nbsp; 7539453 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Industrial Conglomerates-0.39%** | **Industrial Conglomerates-0.39%** | **Industrial Conglomerates-0.39%** |
| 3M Co., 3.63%, 09/14/2028<sup>(b)</sup><br>| $&nbsp;&nbsp;4912000 | &nbsp;&nbsp;$4892117 |
| Eaton Corp., 4.35%, 05/18/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 4147726 |
| Honeywell International, Inc., 4.95%, 02/15/2028<br>| &nbsp;&nbsp;4097000 | &nbsp;&nbsp;&nbsp;&nbsp; 4187887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13227730 |
| **Insurance-0.39%** | **Insurance-0.39%** | **Insurance-0.39%** |
| Brown & Brown, Inc., 4.70%, 06/23/2028<br>| &nbsp;&nbsp;4070000 | &nbsp;&nbsp;&nbsp;&nbsp; 4109677 |
| Lincoln National Corp., 3.80%, 03/01/2028<br>| &nbsp;&nbsp;4094000 | &nbsp;&nbsp;&nbsp;&nbsp; 4057928 |
| Willis North America, Inc., 4.50%, 09/15/2028<br>| &nbsp;&nbsp;4908000 | &nbsp;&nbsp;&nbsp;&nbsp; 4940660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13108265 |
| **Interactive Media & Services-0.61%** | **Interactive Media & Services-0.61%** | **Interactive Media & Services-0.61%** |
| Alphabet, Inc., 3.88%, 11/15/2028<br>| &nbsp;&nbsp;8184000 | &nbsp;&nbsp;&nbsp;&nbsp; 8245253 |
| Meta Platforms, Inc., 4.60%, 05/15/2028<sup>(b)</sup><br>| 12282000 | &nbsp;&nbsp;&nbsp;&nbsp; 12528763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20774016 |
| **IT Services-0.64%** | **IT Services-0.64%** | **IT Services-0.64%** |
| DXC Technology Co., 2.38%, 09/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;5310000 | &nbsp;&nbsp;&nbsp;&nbsp; 5010872 |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 02/06/2028<sup>(b)</sup><br>| &nbsp;&nbsp;8189000 | &nbsp;&nbsp;&nbsp;&nbsp; 8297392 |
| &nbsp;&nbsp;&nbsp;4.65%, 02/10/2028<br>| &nbsp;&nbsp;8188000 | &nbsp;&nbsp;&nbsp;&nbsp; 8319534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21627798 |
| **Life Sciences Tools & Services-0.27%** | **Life Sciences Tools & Services-0.27%** | **Life Sciences Tools & Services-0.27%** |
| Revvity, Inc., 1.90%, 09/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4079000 | &nbsp;&nbsp;&nbsp;&nbsp; 3866900 |
| Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028<br>| &nbsp;&nbsp;5732000 | &nbsp;&nbsp;&nbsp;&nbsp; 5448979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9315879 |
| **Machinery-2.76%** | **Machinery-2.76%** | **Machinery-2.76%** |
| Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 01/10/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4090000 | &nbsp;&nbsp;&nbsp;&nbsp; 4102044 |
| &nbsp;&nbsp;&nbsp;3.95%, 11/14/2028<br>| &nbsp;&nbsp;8600000 | &nbsp;&nbsp;&nbsp;&nbsp; 8649139 |
| &nbsp;&nbsp;&nbsp;Series K, 4.10%, 08/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6140000 | &nbsp;&nbsp;&nbsp;&nbsp; 6198777 |
| CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 03/21/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4090000 | &nbsp;&nbsp;&nbsp;&nbsp; 4146224 |
| &nbsp;&nbsp;&nbsp;4.55%, 04/10/2028<br>| &nbsp;&nbsp;4897000 | &nbsp;&nbsp;&nbsp;&nbsp; 4947430 |
| Ingersoll Rand, Inc., 5.40%, 08/14/2028<br>| &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 4236617 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, 01/07/2028<br>| &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 4172973 |
| &nbsp;&nbsp;&nbsp;4.75%, 01/20/2028<sup>(b)</sup><br>| &nbsp;&nbsp;9007000 | &nbsp;&nbsp;&nbsp;&nbsp; 9202265 |
| &nbsp;&nbsp;&nbsp;4.90%, 03/03/2028<br>| &nbsp;&nbsp;5326000 | &nbsp;&nbsp;&nbsp;&nbsp; 5458645 |
| &nbsp;&nbsp;&nbsp;1.50%, 03/06/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4094000 | &nbsp;&nbsp;&nbsp;&nbsp; 3931234 |
| &nbsp;&nbsp;&nbsp;4.95%, 07/14/2028<br>| 12279000 | &nbsp;&nbsp;&nbsp;&nbsp; 12628512 |
| &nbsp;&nbsp;&nbsp;Series I, 4.25%, 06/05/2028<br>| &nbsp;&nbsp;5731000 | &nbsp;&nbsp;&nbsp;&nbsp; 5807913 |
| Otis Worldwide Corp., 5.25%, 08/16/2028<br>| &nbsp;&nbsp;6137000 | &nbsp;&nbsp;&nbsp;&nbsp; 6333869 |
| Wabtec Corp., 4.70%, 09/15/2028<br>| 10231000 | &nbsp;&nbsp;&nbsp;&nbsp; 10394216 |
| Xylem, Inc., 1.95%, 01/30/2028<br>| &nbsp;&nbsp;4089000 | &nbsp;&nbsp;&nbsp;&nbsp; 3951089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94160947 |
| **Marine Transportation-0.12%** | **Marine Transportation-0.12%** | **Marine Transportation-0.12%** |
| Kirby Corp., 4.20%, 03/01/2028<br>| &nbsp;&nbsp;4065000 | &nbsp;&nbsp;&nbsp;&nbsp; 4079587 |

---

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

------

#### 23

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media-1.15%** | **Media-1.15%** | **Media-1.15%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 02/15/2028<br>| $&nbsp;&nbsp;8166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8098214 |
| &nbsp;&nbsp;&nbsp;4.20%, 03/15/2028<br>| 10199000 | &nbsp;&nbsp;&nbsp;&nbsp; 10195502 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.15%, 02/15/2028<br>| 10632000 | &nbsp;&nbsp;&nbsp;&nbsp; 10514901 |
| &nbsp;&nbsp;&nbsp;3.55%, 05/01/2028<br>| &nbsp;&nbsp;6421000 | &nbsp;&nbsp;&nbsp;&nbsp; 6391479 |
| Paramount Global, 3.38%, 02/15/2028<br>| &nbsp;&nbsp;4083000 | &nbsp;&nbsp;&nbsp;&nbsp; 3948516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39148612 |
| **Metals & Mining-0.50%** | **Metals & Mining-0.50%** | **Metals & Mining-0.50%** |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 03/01/2028<br>| &nbsp;&nbsp;3978000 | &nbsp;&nbsp;&nbsp;&nbsp; 3978295 |
| &nbsp;&nbsp;&nbsp;4.38%, 08/01/2028<br>| &nbsp;&nbsp;3501000 | &nbsp;&nbsp;&nbsp;&nbsp; 3505543 |
| Nucor Corp., 3.95%, 05/01/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4089000 | &nbsp;&nbsp;&nbsp;&nbsp; 4105125 |
| Steel Dynamics, Inc., 4.00%, 12/15/2028<br>| &nbsp;&nbsp;5325000 | &nbsp;&nbsp;&nbsp;&nbsp; 5331004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16919967 |
| **Multi-Utilities-1.57%** | **Multi-Utilities-1.57%** | **Multi-Utilities-1.57%** |
| Dominion Energy, Inc., 4.60%, 05/15/2028<br>| &nbsp;&nbsp;8189000 | &nbsp;&nbsp;&nbsp;&nbsp; 8308552 |
| DTE Electric Co., Series A, 1.90%, 04/01/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4710000 | &nbsp;&nbsp;&nbsp;&nbsp; 4542060 |
| DTE Energy Co., 4.88%, 06/01/2028<br>| &nbsp;&nbsp;8597000 | &nbsp;&nbsp;&nbsp;&nbsp; 8764640 |
| National Grid PLC (United Kingdom), 5.60%, 06/12/2028<br>| &nbsp;&nbsp;5731000 | &nbsp;&nbsp;&nbsp;&nbsp; 5934041 |
| NiSource, Inc., 5.25%, 03/30/2028<br>| &nbsp;&nbsp;8598000 | &nbsp;&nbsp;&nbsp;&nbsp; 8817883 |
| Public Service Enterprise Group, Inc., 5.88%, 10/15/2028<br>| &nbsp;&nbsp;4916000 | &nbsp;&nbsp;&nbsp;&nbsp; 5137357 |
| Sempra, 3.40%, 02/01/2028<br>| &nbsp;&nbsp;8186609 | &nbsp;&nbsp;&nbsp;&nbsp; 8102210 |
| WEC Energy Group, Inc., 2.20%, 12/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4097000 | &nbsp;&nbsp;&nbsp;&nbsp; 3914796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53521539 |
| **Oil, Gas & Consumable Fuels-5.47%** | **Oil, Gas & Consumable Fuels-5.47%** | **Oil, Gas & Consumable Fuels-5.47%** |
| BP Capital Markets PLC, 3.72%, 11/28/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6549000 | &nbsp;&nbsp;&nbsp;&nbsp; 6540580 |
| Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, 01/15/2028<br>| &nbsp;&nbsp;4883000 | &nbsp;&nbsp;&nbsp;&nbsp; 4906947 |
| &nbsp;&nbsp;&nbsp;4.48%, 02/26/2028<sup>(b)</sup><br>| &nbsp;&nbsp;8185000 | &nbsp;&nbsp;&nbsp;&nbsp; 8318891 |
| &nbsp;&nbsp;&nbsp;4.05%, 08/13/2028<sup>(b)</sup><br>| &nbsp;&nbsp;5311000 | &nbsp;&nbsp;&nbsp;&nbsp; 5366110 |
| Continental Resources, Inc., 4.38%, 01/15/2028<br>| &nbsp;&nbsp;8186000 | &nbsp;&nbsp;&nbsp;&nbsp; 8204987 |
| Enbridge, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 11/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6145000 | &nbsp;&nbsp;&nbsp;&nbsp; 6474570 |
| &nbsp;&nbsp;&nbsp;4.20%, 11/20/2028<br>| &nbsp;&nbsp;4098000 | &nbsp;&nbsp;&nbsp;&nbsp; 4124059 |
| Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, 02/15/2028<br>| &nbsp;&nbsp;8186000 | &nbsp;&nbsp;&nbsp;&nbsp; 8429080 |
| &nbsp;&nbsp;&nbsp;4.95%, 05/15/2028<br>| &nbsp;&nbsp;6548500 | &nbsp;&nbsp;&nbsp;&nbsp; 6675328 |
| &nbsp;&nbsp;&nbsp;4.95%, 06/15/2028<br>| &nbsp;&nbsp;8191028 | &nbsp;&nbsp;&nbsp;&nbsp; 8356885 |
| &nbsp;&nbsp;&nbsp;6.10%, 12/01/2028<br>| &nbsp;&nbsp;4089000 | &nbsp;&nbsp;&nbsp;&nbsp; 4305211 |
| Enterprise Products Operating LLC, 4.30%, 06/20/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6546000 | &nbsp;&nbsp;&nbsp;&nbsp; 6617691 |
| EOG Resources, Inc., 4.40%, 07/15/2028<br>| &nbsp;&nbsp;4087000 | &nbsp;&nbsp;&nbsp;&nbsp; 4141991 |
| EQT Corp., 5.70%, 04/01/2028<br>| &nbsp;&nbsp;4085000 | &nbsp;&nbsp;&nbsp;&nbsp; 4224486 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Equinor ASA (Norway) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 06/02/2028<sup>(b)</sup><br>| $| &nbsp;&nbsp;6526000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6596901 |
| &nbsp;&nbsp;&nbsp;3.63%, 09/10/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;8153000 | &nbsp;&nbsp;&nbsp;&nbsp; 8163571 |
| Kinder Morgan, Inc., 4.30%, 03/01/2028<br>|  | 10230750 | &nbsp;&nbsp;&nbsp;&nbsp; 10317040 |
| MPLX L.P., 4.00%, 03/15/2028<br>|  | 10237000 | &nbsp;&nbsp;&nbsp;&nbsp; 10255282 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 07/15/2028<br>|  | &nbsp;&nbsp;6533000 | &nbsp;&nbsp;&nbsp;&nbsp; 6605965 |
| &nbsp;&nbsp;&nbsp;5.65%, 11/01/2028<br>|  | &nbsp;&nbsp;6123000 | &nbsp;&nbsp;&nbsp;&nbsp; 6372533 |
| Ovintiv, Inc., 5.65%, 05/15/2028<br>|  | &nbsp;&nbsp;5727000 | &nbsp;&nbsp;&nbsp;&nbsp; 5933482 |
| Phillips 66, 3.90%, 03/15/2028<br>|  | &nbsp;&nbsp;6546000 | &nbsp;&nbsp;&nbsp;&nbsp; 6541270 |
| Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028<br>|  | 11048000 | &nbsp;&nbsp;&nbsp;&nbsp; 11097790 |
| TransCanada PipeLines Ltd. (Canada), 4.25%, 05/15/2028<sup>(b)</sup><br>|  | 11458000 | &nbsp;&nbsp;&nbsp;&nbsp; 11531002 |
| Valero Energy Corp., 4.35%, 06/01/2028<br>|  | &nbsp;&nbsp;4836000 | &nbsp;&nbsp;&nbsp;&nbsp; 4880210 |
| Valero Energy Partners L.P., 4.50%, 03/15/2028<br>|  | &nbsp;&nbsp;3720000 | &nbsp;&nbsp;&nbsp;&nbsp; 3759342 |
| Williams Cos., Inc. (The), 5.30%, 08/15/2028<br>|  | &nbsp;&nbsp;7346000 | &nbsp;&nbsp;&nbsp;&nbsp; 7585781 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186326985 |
| **Passenger Airlines-0.53%** | **Passenger Airlines-0.53%** | **Passenger Airlines-0.53%** | **Passenger Airlines-0.53%** |
| Delta Air Lines, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 04/19/2028<br>|  | &nbsp;&nbsp;3361000 | &nbsp;&nbsp;&nbsp;&nbsp; 3378591 |
| &nbsp;&nbsp;&nbsp;4.95%, 07/10/2028<br>|  | &nbsp;&nbsp;8182000 | &nbsp;&nbsp;&nbsp;&nbsp; 8319900 |
| Southwest Airlines Co., 4.38%, 11/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6139000 | &nbsp;&nbsp;&nbsp;&nbsp; 6193154 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17891645 |
| **Personal Care Products-0.90%** | **Personal Care Products-0.90%** | **Personal Care Products-0.90%** | **Personal Care Products-0.90%** |
| Estee Lauder Cos., Inc. (The), 4.38%, 05/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;5731000 | &nbsp;&nbsp;&nbsp;&nbsp; 5796014 |
| Kenvue, Inc., 5.05%, 03/22/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;8190000 | &nbsp;&nbsp;&nbsp;&nbsp; 8388850 |
| Unilever Capital Corp. (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 03/22/2028<sup>(b)</sup><br>|  | 10643000 | &nbsp;&nbsp;&nbsp;&nbsp; 10614399 |
| &nbsp;&nbsp;&nbsp;4.88%, 09/08/2028<br>|  | &nbsp;&nbsp;5701000 | &nbsp;&nbsp;&nbsp;&nbsp; 5861578 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30660841 |
| **Pharmaceuticals-3.88%** | **Pharmaceuticals-3.88%** | **Pharmaceuticals-3.88%** | **Pharmaceuticals-3.88%** |
| AstraZeneca Finance LLC (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 03/03/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;9003000 | &nbsp;&nbsp;&nbsp;&nbsp; 9205532 |
| &nbsp;&nbsp;&nbsp;1.75%, 05/28/2028<br>|  | 10236000 | &nbsp;&nbsp;&nbsp;&nbsp; 9801702 |
| Bristol-Myers Squibb Co., 3.90%, 02/20/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4075000 | &nbsp;&nbsp;&nbsp;&nbsp; 4096342 |
| Eli Lilly and Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 02/12/2028<br>|  | &nbsp;&nbsp;8188000 | &nbsp;&nbsp;&nbsp;&nbsp; 8326231 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/15/2028<br>|  | &nbsp;&nbsp;8190000 | &nbsp;&nbsp;&nbsp;&nbsp; 8268282 |
| GlaxoSmithKline Capital, Inc., 3.88%, 05/15/2028<br>|  | 14321786 | &nbsp;&nbsp;&nbsp;&nbsp; 14384575 |
| Johnson & Johnson |  |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, 01/15/2028<br>|  | 12279000 | &nbsp;&nbsp;&nbsp;&nbsp; 12155148 |
| &nbsp;&nbsp;&nbsp;4.55%, 03/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6138000 | &nbsp;&nbsp;&nbsp;&nbsp; 6257850 |
| Merck & Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.05%, 05/17/2028<br>|  | &nbsp;&nbsp;4080000 | &nbsp;&nbsp;&nbsp;&nbsp; 4115276 |
| &nbsp;&nbsp;&nbsp;1.90%, 12/10/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;8164000 | &nbsp;&nbsp;&nbsp;&nbsp; 7796233 |
| Novartis Capital Corp., 3.90%, 11/05/2028<br>|  | &nbsp;&nbsp;5728000 | &nbsp;&nbsp;&nbsp;&nbsp; 5757944 |

---

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

------

#### 24

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Pfizer, Inc., 3.60%, 09/15/2028<sup>(b)</sup><br>| $| &nbsp;&nbsp;8185441 | &nbsp;&nbsp;$8187165 |
| Sanofi S.A., 3.63%, 06/19/2028<br>|  | &nbsp;&nbsp;8187842 | &nbsp;&nbsp;&nbsp;&nbsp; 8192226 |
| Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028<sup>(b)</sup><br>|  | 14139000 | &nbsp;&nbsp;&nbsp;&nbsp; 14494126 |
| Zoetis, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, 08/17/2028<br>|  | &nbsp;&nbsp;6954000 | &nbsp;&nbsp;&nbsp;&nbsp; 7008099 |
| &nbsp;&nbsp;&nbsp;3.90%, 08/20/2028<br>|  | &nbsp;&nbsp;4085000 | &nbsp;&nbsp;&nbsp;&nbsp; 4091283 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132138014 |
| **Professional Services-0.75%** | **Professional Services-0.75%** | **Professional Services-0.75%** | **Professional Services-0.75%** |
| Automatic Data Processing, Inc., 1.70%, 05/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;8183000 | &nbsp;&nbsp;&nbsp;&nbsp; 7842778 |
| Concentrix Corp., 6.60%, 08/02/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6549000 | &nbsp;&nbsp;&nbsp;&nbsp; 6607827 |
| Equifax, Inc., 5.10%, 06/01/2028<br>|  | &nbsp;&nbsp;5730000 | &nbsp;&nbsp;&nbsp;&nbsp; 5855637 |
| Jacobs Engineering Group, Inc., 6.35%, 08/18/2028<br>|  | &nbsp;&nbsp;4917000 | &nbsp;&nbsp;&nbsp;&nbsp; 5169102 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25475344 |
| **Residential REITs-0.38%** | **Residential REITs-0.38%** | **Residential REITs-0.38%** | **Residential REITs-0.38%** |
| American Homes 4 Rent L.P., 4.25%, 02/15/2028<br>|  | &nbsp;&nbsp;4075000 | &nbsp;&nbsp;&nbsp;&nbsp; 4085228 |
| ERP Operating L.P., 3.50%, 03/01/2028<br>|  | &nbsp;&nbsp;4092000 | &nbsp;&nbsp;&nbsp;&nbsp; 4065821 |
| Invitation Homes Operating Partnership L.P., 2.30%, 11/15/2028<br>|  | &nbsp;&nbsp;4891000 | &nbsp;&nbsp;&nbsp;&nbsp; 4657924 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12808973 |
| **Retail REITs-0.46%** | **Retail REITs-0.46%** | **Retail REITs-0.46%** | **Retail REITs-0.46%** |
| Realty Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 01/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4862000 | &nbsp;&nbsp;&nbsp;&nbsp; 4824055 |
| &nbsp;&nbsp;&nbsp;3.65%, 01/15/2028<br>|  | &nbsp;&nbsp;4480000 | &nbsp;&nbsp;&nbsp;&nbsp; 4467831 |
| Simon Property Group L.P., 1.75%, 02/01/2028<br>|  | &nbsp;&nbsp;6553000 | &nbsp;&nbsp;&nbsp;&nbsp; 6315012 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15606898 |
| **Semiconductors & Semiconductor Equipment-2.81%** | **Semiconductors & Semiconductor Equipment-2.81%** | **Semiconductors & Semiconductor Equipment-2.81%** | **Semiconductors & Semiconductor Equipment-2.81%** |
| Advanced Micro Devices, Inc., 4.32%, 03/24/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;5117000 | &nbsp;&nbsp;&nbsp;&nbsp; 5183774 |
| Analog Devices, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 06/15/2028<br>|  | &nbsp;&nbsp;6962000 | &nbsp;&nbsp;&nbsp;&nbsp; 7042466 |
| &nbsp;&nbsp;&nbsp;1.70%, 10/01/2028<br>|  | &nbsp;&nbsp;6128000 | &nbsp;&nbsp;&nbsp;&nbsp; 5823944 |
| Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/2028<br>|  | &nbsp;&nbsp;6355000 | &nbsp;&nbsp;&nbsp;&nbsp; 6333678 |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.95%, 02/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6083000 | &nbsp;&nbsp;&nbsp;&nbsp; 5884118 |
| &nbsp;&nbsp;&nbsp;4.80%, 04/15/2028<br>|  | &nbsp;&nbsp;9007000 | &nbsp;&nbsp;&nbsp;&nbsp; 9193277 |
| Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 02/10/2028<br>|  | 14330000 | &nbsp;&nbsp;&nbsp;&nbsp; 14563681 |
| &nbsp;&nbsp;&nbsp;1.60%, 08/12/2028<br>|  | &nbsp;&nbsp;8188000 | &nbsp;&nbsp;&nbsp;&nbsp; 7748608 |
| Marvell Technology, Inc., 2.45%, 04/15/2028<br>|  | &nbsp;&nbsp;6144000 | &nbsp;&nbsp;&nbsp;&nbsp; 5949001 |
| Microchip Technology, Inc., 4.90%, 03/15/2028<br>|  | &nbsp;&nbsp;8183000 | &nbsp;&nbsp;&nbsp;&nbsp; 8319866 |
| NVIDIA Corp., 1.55%, 06/15/2028<sup>(b)</sup><br>|  | 10232000 | &nbsp;&nbsp;&nbsp;&nbsp; 9778483 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc. (Netherlands), 4.30%, 08/19/2028<br>|  | &nbsp;&nbsp;4090000 | &nbsp;&nbsp;&nbsp;&nbsp; 4119545 |
| Texas Instruments, Inc., 4.60%, 02/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;5730000 | &nbsp;&nbsp;&nbsp;&nbsp; 5826845 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95767286 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software-2.70%** | **Software-2.70%** | **Software-2.70%** |
| Adobe, Inc., 4.75%, 01/17/2028<sup>(b)</sup><br>| $&nbsp;&nbsp;6552000 | &nbsp;&nbsp;$6679504 |
| Intuit, Inc., 5.13%, 09/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;6143000 | &nbsp;&nbsp;&nbsp;&nbsp; 6324452 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.30%, 03/25/2028<br>| 16370000 | &nbsp;&nbsp;&nbsp;&nbsp; 15694679 |
| &nbsp;&nbsp;&nbsp;4.50%, 05/06/2028<br>| &nbsp;&nbsp;6123000 | &nbsp;&nbsp;&nbsp;&nbsp; 6160445 |
| &nbsp;&nbsp;&nbsp;4.80%, 08/03/2028<sup>(b)</sup><br>| 12274000 | &nbsp;&nbsp;&nbsp;&nbsp; 12408921 |
| Roper Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 09/15/2028<br>| &nbsp;&nbsp;6547000 | &nbsp;&nbsp;&nbsp;&nbsp; 6565166 |
| &nbsp;&nbsp;&nbsp;4.25%, 09/15/2028<br>| &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 4114202 |
| Salesforce, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70%, 04/11/2028<br>| 12282000 | &nbsp;&nbsp;&nbsp;&nbsp; 12257142 |
| &nbsp;&nbsp;&nbsp;1.50%, 07/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;8190000 | &nbsp;&nbsp;&nbsp;&nbsp; 7756513 |
| Synopsys, Inc., 4.65%, 04/01/2028<br>| &nbsp;&nbsp;8191000 | &nbsp;&nbsp;&nbsp;&nbsp; 8296834 |
| VMware LLC, 1.80%, 08/15/2028<br>| &nbsp;&nbsp;6141000 | &nbsp;&nbsp;&nbsp;&nbsp; 5841548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92099406 |
| **Specialized REITs-2.40%** | **Specialized REITs-2.40%** | **Specialized REITs-2.40%** |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 01/15/2028<br>| &nbsp;&nbsp;5730000 | &nbsp;&nbsp;&nbsp;&nbsp; 5691890 |
| &nbsp;&nbsp;&nbsp;1.50%, 01/31/2028<br>| &nbsp;&nbsp;5320000 | &nbsp;&nbsp;&nbsp;&nbsp; 5088826 |
| &nbsp;&nbsp;&nbsp;5.50%, 03/15/2028<br>| &nbsp;&nbsp;5731000 | &nbsp;&nbsp;&nbsp;&nbsp; 5898277 |
| &nbsp;&nbsp;&nbsp;5.25%, 07/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;5317000 | &nbsp;&nbsp;&nbsp;&nbsp; 5472282 |
| &nbsp;&nbsp;&nbsp;5.80%, 11/15/2028<br>| &nbsp;&nbsp;6139000 | &nbsp;&nbsp;&nbsp;&nbsp; 6416817 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 01/11/2028<sup>(b)</sup><br>| &nbsp;&nbsp;8182000 | &nbsp;&nbsp;&nbsp;&nbsp; 8328098 |
| &nbsp;&nbsp;&nbsp;3.80%, 02/15/2028<br>| &nbsp;&nbsp;8189000 | &nbsp;&nbsp;&nbsp;&nbsp; 8158032 |
| &nbsp;&nbsp;&nbsp;4.80%, 09/01/2028<br>| &nbsp;&nbsp;4913000 | &nbsp;&nbsp;&nbsp;&nbsp; 4998063 |
| Equinix, Inc., 1.55%, 03/15/2028<br>| &nbsp;&nbsp;5320000 | &nbsp;&nbsp;&nbsp;&nbsp; 5076076 |
| Extra Space Storage L.P., 5.70%, 04/01/2028<br>| &nbsp;&nbsp;6554000 | &nbsp;&nbsp;&nbsp;&nbsp; 6770151 |
| GLP Capital L.P./GLP Financing II, Inc., 5.75%, 06/01/2028<br>| &nbsp;&nbsp;4086000 | &nbsp;&nbsp;&nbsp;&nbsp; 4190978 |
| Prologis L.P., 4.88%, 06/15/2028<br>| &nbsp;&nbsp;6143000 | &nbsp;&nbsp;&nbsp;&nbsp; 6289112 |
| Public Storage Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.85%, 05/01/2028<br>| &nbsp;&nbsp;5318000 | &nbsp;&nbsp;&nbsp;&nbsp; 5103927 |
| &nbsp;&nbsp;&nbsp;1.95%, 11/09/2028<br>| &nbsp;&nbsp;4487000 | &nbsp;&nbsp;&nbsp;&nbsp; 4278158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81760687 |
| **Specialty Retail-1.95%** | **Specialty Retail-1.95%** | **Specialty Retail-1.95%** |
| AutoZone, Inc., 6.25%, 11/01/2028<br>| &nbsp;&nbsp;4096000 | &nbsp;&nbsp;&nbsp;&nbsp; 4330094 |
| Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 02/01/2028<br>| &nbsp;&nbsp;8183000 | &nbsp;&nbsp;&nbsp;&nbsp; 8373328 |
| &nbsp;&nbsp;&nbsp;4.75%, 04/01/2028<br>| &nbsp;&nbsp;8182000 | &nbsp;&nbsp;&nbsp;&nbsp; 8314112 |
| Home Depot, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;0.90%, 03/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 3882186 |
| &nbsp;&nbsp;&nbsp;1.50%, 09/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;8183000 | &nbsp;&nbsp;&nbsp;&nbsp; 7766897 |
| &nbsp;&nbsp;&nbsp;3.75%, 09/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4080000 | &nbsp;&nbsp;&nbsp;&nbsp; 4099691 |
| Lowe`s Cos., Inc., 4.00%, 10/15/2028<br>| &nbsp;&nbsp;6136000 | &nbsp;&nbsp;&nbsp;&nbsp; 6155725 |
| Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.30%, 04/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;8189490 | &nbsp;&nbsp;&nbsp;&nbsp; 7770269 |
| &nbsp;&nbsp;&nbsp;1.70%, 09/15/2028<br>| &nbsp;&nbsp;8191000 | &nbsp;&nbsp;&nbsp;&nbsp; 7765711 |
| O'Reilly Automotive, Inc., 4.35%, 06/01/2028<br>| &nbsp;&nbsp;4090000 | &nbsp;&nbsp;&nbsp;&nbsp; 4129711 |
| TJX Cos., Inc. (The), 1.15%, 05/15/2028<br>| &nbsp;&nbsp;4092000 | &nbsp;&nbsp;&nbsp;&nbsp; 3869198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66456922 |

---

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

------

#### 25

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Technology Hardware, Storage & Peripherals-2.39%** | **Technology Hardware, Storage & Peripherals-2.39%** | **Technology Hardware, Storage & Peripherals-2.39%** |
| Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.20%, 02/08/2028<sup>(b)</sup><br>| $20468000 | &nbsp;&nbsp;&nbsp;&nbsp;$19591560 |
| &nbsp;&nbsp;&nbsp;4.00%, 05/10/2028<br>| 12281000 | &nbsp;&nbsp;&nbsp;&nbsp; 12389569 |
| &nbsp;&nbsp;&nbsp;4.00%, 05/12/2028<br>| 12279000 | &nbsp;&nbsp;&nbsp;&nbsp; 12390996 |
| &nbsp;&nbsp;&nbsp;1.40%, 08/05/2028<sup>(b)</sup><br>| 18832000 | &nbsp;&nbsp;&nbsp;&nbsp; 17915660 |
| Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 07/01/2028<br>| &nbsp;&nbsp;4506000 | &nbsp;&nbsp;&nbsp;&nbsp; 4626217 |
| &nbsp;&nbsp;&nbsp;4.15%, 09/15/2028<br>| &nbsp;&nbsp;6959000 | &nbsp;&nbsp;&nbsp;&nbsp; 6976294 |
| HP, Inc., 4.75%, 01/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;7373000 | &nbsp;&nbsp;&nbsp;&nbsp; 7467960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81358256 |
| **Tobacco-1.92%** | **Tobacco-1.92%** | **Tobacco-1.92%** |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 02/04/2028<br>| &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 4170209 |
| &nbsp;&nbsp;&nbsp;6.20%, 11/01/2028<br>| &nbsp;&nbsp;4095000 | &nbsp;&nbsp;&nbsp;&nbsp; 4323459 |
| B.A.T. Capital Corp. (United Kingdom), 2.26%, 03/25/2028<br>| 14329500 | &nbsp;&nbsp;&nbsp;&nbsp; 13864758 |
| B.A.T. International Finance PLC (United Kingdom), 4.45%, 03/16/2028<br>| &nbsp;&nbsp;8182000 | &nbsp;&nbsp;&nbsp;&nbsp; 8262568 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 02/15/2028<br>| 12692000 | &nbsp;&nbsp;&nbsp;&nbsp; 12945245 |
| &nbsp;&nbsp;&nbsp;3.13%, 03/02/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4090950 | &nbsp;&nbsp;&nbsp;&nbsp; 4036966 |
| &nbsp;&nbsp;&nbsp;4.13%, 04/28/2028<br>| &nbsp;&nbsp;6142000 | &nbsp;&nbsp;&nbsp;&nbsp; 6186703 |
| &nbsp;&nbsp;&nbsp;5.25%, 09/07/2028<br>| &nbsp;&nbsp;5321000 | &nbsp;&nbsp;&nbsp;&nbsp; 5506858 |
| &nbsp;&nbsp;&nbsp;3.88%, 10/27/2028<br>| &nbsp;&nbsp;6140000 | &nbsp;&nbsp;&nbsp;&nbsp; 6155010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65451776 |
| **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><br>| &nbsp;&nbsp;5732000 | &nbsp;&nbsp;&nbsp;&nbsp; 5853438 |
| &nbsp;&nbsp;&nbsp;2.10%, 09/01/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4095750 | &nbsp;&nbsp;&nbsp;&nbsp; 3894047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9747485 |
| **Water Utilities-0.15%** | **Water Utilities-0.15%** | **Water Utilities-0.15%** |
| American Water Capital Corp., 3.75%, 09/01/2028<br>| &nbsp;&nbsp;5096000 | &nbsp;&nbsp;&nbsp;&nbsp; 5090798 |
| **Wireless Telecommunication Services-1.21%** | **Wireless Telecommunication Services-1.21%** | **Wireless Telecommunication Services-1.21%** |
| Sprint Capital Corp., 6.88%, 11/15/2028<br>| 20259000 | &nbsp;&nbsp;&nbsp;&nbsp; 21736712 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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><br>| &nbsp;&nbsp;&nbsp;&nbsp;8191000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8361846 |
| &nbsp;&nbsp;&nbsp;4.80%, 07/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;7364000 | &nbsp;&nbsp;&nbsp;&nbsp; 7509527 |
| Vodafone Group PLC (United Kingdom), 4.38%, 05/30/2028<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3559278 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41167363 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $3,325,340,720) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $3,325,340,720) | &nbsp;&nbsp;3371354630 |
|  | **Shares** |  |
| **Money Market Funds-0.01%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(c)(d)</sup><br>(Cost $211,974)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211974 | &nbsp;&nbsp;&nbsp;&nbsp; 211974 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.98%<br>(Cost $3,325,552,694) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.98%<br>(Cost $3,325,552,694) | &nbsp;&nbsp;3371566604 |
| **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-10.44%** | **Money Market Funds-10.44%** | **Money Market Funds-10.44%** |
| Invesco Private Government Fund, 3.64%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp;99331077 | &nbsp;&nbsp;&nbsp;&nbsp; 99331077 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup><br>| 256433071 | &nbsp;&nbsp;&nbsp;&nbsp; 256510001 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $355,841,078) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $355,841,078) | &nbsp;&nbsp;&nbsp;&nbsp;355841078 |
| TOTAL INVESTMENTS IN SECURITIES-109.42%<br>(Cost $3,681,393,772) | TOTAL INVESTMENTS IN SECURITIES-109.42%<br>(Cost $3,681,393,772) | &nbsp;&nbsp;3727407682 |
| OTHER ASSETS LESS LIABILITIES-(9.42)% | OTHER ASSETS LESS LIABILITIES-(9.42)% | &nbsp;&nbsp;&nbsp;&nbsp;(320907237) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $3406500445 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

------

#### 26

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Corporate Bond ETF (BSCS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$1132936 | &nbsp;&nbsp;&nbsp;$109451142 | &nbsp;&nbsp;&nbsp;$(110372104) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$211974 | &nbsp;&nbsp;&nbsp;$158783 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;109653873 | &nbsp;&nbsp;&nbsp;&nbsp;193707507 | &nbsp;&nbsp;&nbsp;&nbsp;(204030303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99331077 | &nbsp;&nbsp;&nbsp;&nbsp;1,770,617\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;290130447 | &nbsp;&nbsp;&nbsp;&nbsp;432727300 | &nbsp;&nbsp;&nbsp;&nbsp;(466347629) | &nbsp;&nbsp;&nbsp;&nbsp;(20570) | &nbsp;&nbsp;&nbsp;&nbsp;20453 | &nbsp;&nbsp;&nbsp;&nbsp;256510001 | &nbsp;&nbsp;&nbsp;&nbsp;4,795,209\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$400917256 | &nbsp;&nbsp;&nbsp;$735885949 | &nbsp;&nbsp;&nbsp;$(780750036) | &nbsp;&nbsp;&nbsp;$(20570) | &nbsp;&nbsp;&nbsp;$20453 | &nbsp;&nbsp;&nbsp;$356053052 | &nbsp;&nbsp;&nbsp;$6724609 |

---

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

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

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 27

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Corporate Bond ETF (BSCT)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.69%** | **U.S. Dollar Denominated Bonds & Notes-98.69%** | **U.S. Dollar Denominated Bonds & Notes-98.69%** |
| **Aerospace & Defense-1.60%** | **Aerospace & Defense-1.60%** | **Aerospace & Defense-1.60%** |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 03/01/2029<br>| $&nbsp;&nbsp;7353000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7187103 |
| &nbsp;&nbsp;&nbsp;6.30%, 05/01/2029<br>| 11030000 | &nbsp;&nbsp;&nbsp;&nbsp; 11756368 |
| Howmet Aerospace, Inc., 3.00%, 01/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;5150000 | &nbsp;&nbsp;&nbsp;&nbsp; 5028029 |
| L3Harris Technologies, Inc., 5.05%, 06/01/2029<br>| &nbsp;&nbsp;5514000 | &nbsp;&nbsp;&nbsp;&nbsp; 5690657 |
| Lockheed Martin Corp., 4.50%, 02/15/2029<br>| &nbsp;&nbsp;4778000 | &nbsp;&nbsp;&nbsp;&nbsp; 4874536 |
| Northrop Grumman Corp., 4.60%, 02/01/2029<br>| &nbsp;&nbsp;3676000 | &nbsp;&nbsp;&nbsp;&nbsp; 3750814 |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 01/15/2029<br>| &nbsp;&nbsp;3682000 | &nbsp;&nbsp;&nbsp;&nbsp; 3871548 |
| &nbsp;&nbsp;&nbsp;7.50%, 09/15/2029<br>| &nbsp;&nbsp;3045000 | &nbsp;&nbsp;&nbsp;&nbsp; 3405460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45564515 |
| **Air Freight & Logistics-0.51%** | **Air Freight & Logistics-0.51%** | **Air Freight & Logistics-0.51%** |
| FedEx Corp., 3.10%, 08/05/2029<sup>(b)</sup><br>| &nbsp;&nbsp;4580000 | &nbsp;&nbsp;&nbsp;&nbsp; 4448473 |
| GXO Logistics, Inc., 6.25%, 05/06/2029<br>| &nbsp;&nbsp;4403000 | &nbsp;&nbsp;&nbsp;&nbsp; 4649390 |
| United Parcel Service, Inc., 3.40%, 03/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;5522000 | &nbsp;&nbsp;&nbsp;&nbsp; 5478254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14576117 |
| **Automobile Components-0.24%** | **Automobile Components-0.24%** | **Automobile Components-0.24%** |
| Aptiv Swiss Holdings Ltd., 4.65%, 09/13/2029<sup>(b)</sup><br>| &nbsp;&nbsp;2954000 | &nbsp;&nbsp;&nbsp;&nbsp; 3026010 |
| BorgWarner, Inc., 4.95%, 08/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3674000 | &nbsp;&nbsp;&nbsp;&nbsp; 3776801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6802811 |
| **Automobiles-4.34%** | **Automobiles-4.34%** | **Automobiles-4.34%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, 01/08/2029<br>| &nbsp;&nbsp;5150000 | &nbsp;&nbsp;&nbsp;&nbsp; 5179502 |
| &nbsp;&nbsp;&nbsp;2.25%, 01/12/2029<br>| &nbsp;&nbsp;4783000 | &nbsp;&nbsp;&nbsp;&nbsp; 4566771 |
| &nbsp;&nbsp;&nbsp;4.90%, 03/13/2029<sup>(b)</sup><br>| &nbsp;&nbsp;5518000 | &nbsp;&nbsp;&nbsp;&nbsp; 5661504 |
| &nbsp;&nbsp;&nbsp;4.40%, 09/05/2029<br>| &nbsp;&nbsp;5514000 | &nbsp;&nbsp;&nbsp;&nbsp; 5593123 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, 02/10/2029<br>| &nbsp;&nbsp;5520000 | &nbsp;&nbsp;&nbsp;&nbsp; 5256066 |
| &nbsp;&nbsp;&nbsp;5.80%, 03/08/2029<br>| 11775000 | &nbsp;&nbsp;&nbsp;&nbsp; 12132129 |
| &nbsp;&nbsp;&nbsp;4.97%, 04/06/2029<br>| 11040000 | &nbsp;&nbsp;&nbsp;&nbsp; 11113527 |
| &nbsp;&nbsp;&nbsp;5.11%, 05/03/2029<br>| 10942000 | &nbsp;&nbsp;&nbsp;&nbsp; 11051001 |
| &nbsp;&nbsp;&nbsp;5.30%, 09/06/2029<br>| &nbsp;&nbsp;6618000 | &nbsp;&nbsp;&nbsp;&nbsp; 6720678 |
| &nbsp;&nbsp;&nbsp;5.88%, 11/07/2029<br>| &nbsp;&nbsp;9200000 | &nbsp;&nbsp;&nbsp;&nbsp; 9518276 |
| General Motors Co., 5.40%, 10/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;7360000 | &nbsp;&nbsp;&nbsp;&nbsp; 7659703 |
| PACCAR Financial Corp., 4.60%, 01/31/2029<sup>(b)</sup><br>| &nbsp;&nbsp;4417000 | &nbsp;&nbsp;&nbsp;&nbsp; 4532173 |
| Toyota Motor Corp. (Japan), 2.76%, 07/02/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3682000 | &nbsp;&nbsp;&nbsp;&nbsp; 3561679 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, 01/05/2029<sup>(b)</sup><br>| &nbsp;&nbsp;5885000 | &nbsp;&nbsp;&nbsp;&nbsp; 6026717 |
| &nbsp;&nbsp;&nbsp;3.65%, 01/08/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3680000 | &nbsp;&nbsp;&nbsp;&nbsp; 3676692 |
| &nbsp;&nbsp;&nbsp;5.05%, 05/16/2029<br>| &nbsp;&nbsp;7361000 | &nbsp;&nbsp;&nbsp;&nbsp; 7628472 |
| &nbsp;&nbsp;&nbsp;4.45%, 06/29/2029<br>| &nbsp;&nbsp;5883000 | &nbsp;&nbsp;&nbsp;&nbsp; 5997776 |
| &nbsp;&nbsp;&nbsp;4.55%, 08/09/2029<br>| &nbsp;&nbsp;7361000 | &nbsp;&nbsp;&nbsp;&nbsp; 7529100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123404889 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks-6.35%** | **Banks-6.35%** | **Banks-6.35%** |
| Banco Bilbao Vizcaya Argentaria S.A. (Spain), 5.38%, 03/13/2029<sup>(b)</sup><br>| $&nbsp;&nbsp;7340000 | &nbsp;&nbsp;$7639109 |
| Bank of Nova Scotia (The) (Canada), 5.45%, 08/01/2029<br>| &nbsp;&nbsp;5146000 | &nbsp;&nbsp;&nbsp;&nbsp; 5389445 |
| Canadian Imperial Bank of Commerce (Canada), 5.26%, 04/08/2029<sup>(b)</sup><br>| &nbsp;&nbsp;8461000 | &nbsp;&nbsp;&nbsp;&nbsp; 8783429 |
| Citibank N.A., 4.84%, 08/06/2029<br>| 11033000 | &nbsp;&nbsp;&nbsp;&nbsp; 11335714 |
| Cooperatieve Rabobank U.A. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 01/09/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3674000 | &nbsp;&nbsp;&nbsp;&nbsp; 3778485 |
| &nbsp;&nbsp;&nbsp;4.49%, 10/17/2029<sup>(b)</sup><br>| &nbsp;&nbsp;5514000 | &nbsp;&nbsp;&nbsp;&nbsp; 5650367 |
| KeyCorp, 2.55%, 10/01/2029<br>| &nbsp;&nbsp;5521000 | &nbsp;&nbsp;&nbsp;&nbsp; 5252704 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;3.74%, 03/07/2029<sup>(b)</sup><br>| 11033000 | &nbsp;&nbsp;&nbsp;&nbsp; 11004685 |
| &nbsp;&nbsp;&nbsp;3.20%, 07/18/2029<br>| 12872000 | &nbsp;&nbsp;&nbsp;&nbsp; 12550045 |
| National Bank of Canada (Canada), 4.50%, 10/10/2029<sup>(b)</sup><br>| &nbsp;&nbsp;7355000 | &nbsp;&nbsp;&nbsp;&nbsp; 7477787 |
| PNC Bank N.A., 2.70%, 10/22/2029<sup>(b)</sup><br>| &nbsp;&nbsp;5505000 | &nbsp;&nbsp;&nbsp;&nbsp; 5249705 |
| PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029<sup>(b)</sup><br>| 11036000 | &nbsp;&nbsp;&nbsp;&nbsp; 10928526 |
| Royal Bank of Canada (Canada), 4.95%, 02/01/2029<br>| &nbsp;&nbsp;7353000 | &nbsp;&nbsp;&nbsp;&nbsp; 7589088 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;2.47%, 01/14/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3654000 | &nbsp;&nbsp;&nbsp;&nbsp; 3516174 |
| &nbsp;&nbsp;&nbsp;4.11%, 01/15/2029<br>| &nbsp;&nbsp;5890000 | &nbsp;&nbsp;&nbsp;&nbsp; 5916843 |
| &nbsp;&nbsp;&nbsp;5.32%, 07/09/2029<br>| &nbsp;&nbsp;5505000 | &nbsp;&nbsp;&nbsp;&nbsp; 5727575 |
| &nbsp;&nbsp;&nbsp;3.04%, 07/16/2029<br>| 18391000 | &nbsp;&nbsp;&nbsp;&nbsp; 17827209 |
| &nbsp;&nbsp;&nbsp;2.72%, 09/27/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3675000 | &nbsp;&nbsp;&nbsp;&nbsp; 3518943 |
| Toronto-Dominion Bank (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;4.99%, 04/05/2029<br>| &nbsp;&nbsp;6624000 | &nbsp;&nbsp;&nbsp;&nbsp; 6828028 |
| &nbsp;&nbsp;&nbsp;4.78%, 12/17/2029<sup>(b)</sup><br>| &nbsp;&nbsp;7358000 | &nbsp;&nbsp;&nbsp;&nbsp; 7571045 |
| Truist Financial Corp., 3.88%, 03/19/2029<br>| &nbsp;&nbsp;4783000 | &nbsp;&nbsp;&nbsp;&nbsp; 4762787 |
| Wells Fargo & Co., 4.15%, 01/24/2029<br>| 18399000 | &nbsp;&nbsp;&nbsp;&nbsp; 18516555 |
| Zions Bancorporation N.A., 3.25%, 10/29/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3673000 | &nbsp;&nbsp;&nbsp;&nbsp; 3494265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180308513 |
| **Beverages-2.48%** | **Beverages-2.48%** | **Beverages-2.48%** |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.75%, 01/23/2029<br>| 21547000 | &nbsp;&nbsp;&nbsp;&nbsp; 22060651 |
| Coca-Cola Co. (The), 2.13%, 09/06/2029<sup>(b)</sup><br>| &nbsp;&nbsp;7354000 | &nbsp;&nbsp;&nbsp;&nbsp; 6988741 |
| Coca-Cola Consolidated, Inc., 5.25%, 06/01/2029<br>| &nbsp;&nbsp;5146000 | &nbsp;&nbsp;&nbsp;&nbsp; 5342686 |
| Diageo Capital PLC (United Kingdom), 2.38%, 10/24/2029<br>| &nbsp;&nbsp;7353000 | &nbsp;&nbsp;&nbsp;&nbsp; 6967743 |
| Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, 03/15/2029<br>| &nbsp;&nbsp;5522000 | &nbsp;&nbsp;&nbsp;&nbsp; 5663011 |
| &nbsp;&nbsp;&nbsp;3.95%, 04/15/2029<br>| &nbsp;&nbsp;7356000 | &nbsp;&nbsp;&nbsp;&nbsp; 7316392 |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 01/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;5514000 | &nbsp;&nbsp;&nbsp;&nbsp; 5574297 |
| &nbsp;&nbsp;&nbsp;7.00%, 03/01/2029<br>| &nbsp;&nbsp;3752000 | &nbsp;&nbsp;&nbsp;&nbsp; 4103504 |
| &nbsp;&nbsp;&nbsp;4.50%, 07/17/2029<br>| &nbsp;&nbsp;6257000 | &nbsp;&nbsp;&nbsp;&nbsp; 6405352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70422377 |

---

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

------

#### 28

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology-2.76%** | **Biotechnology-2.76%** | **Biotechnology-2.76%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 03/15/2029<br>| $18395000 | &nbsp;&nbsp;&nbsp;&nbsp;$18902521 |
| &nbsp;&nbsp;&nbsp;3.20%, 11/21/2029<br>| 40009000 | &nbsp;&nbsp;&nbsp;&nbsp; 39086762 |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 02/22/2029<br>| &nbsp;&nbsp;5519000 | &nbsp;&nbsp;&nbsp;&nbsp; 5387235 |
| &nbsp;&nbsp;&nbsp;4.05%, 08/18/2029<br>| &nbsp;&nbsp;9200000 | &nbsp;&nbsp;&nbsp;&nbsp; 9249722 |
| Gilead Sciences, Inc., 4.80%, 11/15/2029<br>| &nbsp;&nbsp;5516000 | &nbsp;&nbsp;&nbsp;&nbsp; 5686642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78312882 |
| **Broadline Retail-0.94%** | **Broadline Retail-0.94%** | **Broadline Retail-0.94%** |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45%, 04/13/2029<sup>(b)</sup><br>| 11040000 | &nbsp;&nbsp;&nbsp;&nbsp; 10963203 |
| &nbsp;&nbsp;&nbsp;4.65%, 12/01/2029<br>| 11034000 | &nbsp;&nbsp;&nbsp;&nbsp; 11369720 |
| eBay, Inc., 4.25%, 03/06/2029<sup>(b)</sup><br>| &nbsp;&nbsp;4412000 | &nbsp;&nbsp;&nbsp;&nbsp; 4442651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26775574 |
| **Building Products-0.57%** | **Building Products-0.57%** | **Building Products-0.57%** |
| CRH SMW Finance DAC, 5.20%, 05/21/2029<br>| &nbsp;&nbsp;5514000 | &nbsp;&nbsp;&nbsp;&nbsp; 5717214 |
| Fortune Brands Innovations, Inc., 3.25%, 09/15/2029<br>| &nbsp;&nbsp;5146000 | &nbsp;&nbsp;&nbsp;&nbsp; 4998128 |
| Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 5.50%, 04/19/2029<br>| &nbsp;&nbsp;5155000 | &nbsp;&nbsp;&nbsp;&nbsp; 5392686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16108028 |
| **Capital Markets-4.85%** | **Capital Markets-4.85%** | **Capital Markets-4.85%** |
| Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 03/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;7360000 | &nbsp;&nbsp;&nbsp;&nbsp; 7498113 |
| &nbsp;&nbsp;&nbsp;5.95%, 07/15/2029<br>| &nbsp;&nbsp;6249000 | &nbsp;&nbsp;&nbsp;&nbsp; 6393421 |
| Ares Strategic Income Fund, 6.35%, 08/15/2029<br>| &nbsp;&nbsp;5145000 | &nbsp;&nbsp;&nbsp;&nbsp; 5250196 |
| Bank of New York Mellon Corp. (The), 3.30%, 08/23/2029<br>| &nbsp;&nbsp;5522000 | &nbsp;&nbsp;&nbsp;&nbsp; 5398003 |
| BlackRock, Inc., 3.25%, 04/30/2029<br>| &nbsp;&nbsp;7357000 | &nbsp;&nbsp;&nbsp;&nbsp; 7246138 |
| Blue Owl Capital Corp., 5.95%, 03/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;7359000 | &nbsp;&nbsp;&nbsp;&nbsp; 7323223 |
| Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, 01/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;4037000 | &nbsp;&nbsp;&nbsp;&nbsp; 4188613 |
| &nbsp;&nbsp;&nbsp;6.60%, 09/15/2029<br>| &nbsp;&nbsp;6621000 | &nbsp;&nbsp;&nbsp;&nbsp; 6686038 |
| Blue Owl Technology Finance Corp., 6.75%, 04/04/2029<sup>(b)</sup><br>| &nbsp;&nbsp;5149000 | &nbsp;&nbsp;&nbsp;&nbsp; 5130493 |
| Brookfield Finance, Inc. (Canada), 4.85%, 03/29/2029<br>| &nbsp;&nbsp;7359000 | &nbsp;&nbsp;&nbsp;&nbsp; 7496476 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 02/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;4414000 | &nbsp;&nbsp;&nbsp;&nbsp; 4449535 |
| &nbsp;&nbsp;&nbsp;3.25%, 05/22/2029<br>| &nbsp;&nbsp;4403000 | &nbsp;&nbsp;&nbsp;&nbsp; 4329116 |
| Deutsche Bank AG (Germany), 5.41%, 05/10/2029<br>| &nbsp;&nbsp;7359000 | &nbsp;&nbsp;&nbsp;&nbsp; 7674291 |
| FS KKR Capital Corp., 6.88%, 08/15/2029<br>| &nbsp;&nbsp;4416000 | &nbsp;&nbsp;&nbsp;&nbsp; 4369120 |
| Golub Capital BDC, Inc., 6.00%, 07/15/2029<br>| &nbsp;&nbsp;5522000 | &nbsp;&nbsp;&nbsp;&nbsp; 5546456 |
| HPS Corporate Lending Fund, 6.75%, 01/30/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3980000 | &nbsp;&nbsp;&nbsp;&nbsp; 4123125 |
| Lazard Group LLC, 4.38%, 03/11/2029<br>| &nbsp;&nbsp;3681000 | &nbsp;&nbsp;&nbsp;&nbsp; 3692796 |
| Marex Group PLC (United Kingdom), 6.40%, 11/04/2029<br>| &nbsp;&nbsp;4412000 | &nbsp;&nbsp;&nbsp;&nbsp; 4620702 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** |
| Nomura Holdings, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.71%, 01/22/2029<br>| $| &nbsp;&nbsp;3672000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3535823 |
| &nbsp;&nbsp;&nbsp;5.61%, 07/06/2029<br>|  | &nbsp;&nbsp;4419000 | &nbsp;&nbsp;&nbsp;&nbsp; 4620072 |
| Northern Trust Corp., 3.15%, 05/03/2029<br>|  | &nbsp;&nbsp;3671000 | &nbsp;&nbsp;&nbsp;&nbsp; 3604325 |
| S&P Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 03/01/2029<br>|  | &nbsp;&nbsp;9003000 | &nbsp;&nbsp;&nbsp;&nbsp; 8705063 |
| &nbsp;&nbsp;&nbsp;4.25%, 05/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;6766000 | &nbsp;&nbsp;&nbsp;&nbsp; 6830973 |
| &nbsp;&nbsp;&nbsp;2.50%, 12/01/2029<br>|  | &nbsp;&nbsp;3671000 | &nbsp;&nbsp;&nbsp;&nbsp; 3491266 |
| Sixth Street Lending Partners, 6.50%, 03/11/2029<br>|  | &nbsp;&nbsp;5515000 | &nbsp;&nbsp;&nbsp;&nbsp; 5700748 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137904125 |
| **Chemicals-1.47%** | **Chemicals-1.47%** | **Chemicals-1.47%** | **Chemicals-1.47%** |
| Air Products and Chemicals, Inc., 4.60%, 02/08/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5516000 | &nbsp;&nbsp;&nbsp;&nbsp; 5644173 |
| Dow Chemical Co. (The), 7.38%, 11/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4747000 | &nbsp;&nbsp;&nbsp;&nbsp; 5219958 |
| Eastman Chemical Co., 5.00%, 08/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5523000 | &nbsp;&nbsp;&nbsp;&nbsp; 5671130 |
| Huntsman International LLC, 4.50%, 05/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5473000 | &nbsp;&nbsp;&nbsp;&nbsp; 5245318 |
| Mosaic Co. (The), 4.35%, 01/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3683000 | &nbsp;&nbsp;&nbsp;&nbsp; 3715299 |
| Nutrien Ltd. (Canada), 4.20%, 04/01/2029<br>|  | &nbsp;&nbsp;5520000 | &nbsp;&nbsp;&nbsp;&nbsp; 5545558 |
| Olin Corp., 5.63%, 08/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4916000 | &nbsp;&nbsp;&nbsp;&nbsp; 4916575 |
| Sherwin-Williams Co. (The), 2.95%, 08/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5890000 | &nbsp;&nbsp;&nbsp;&nbsp; 5694412 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41652423 |
| **Commercial Services & Supplies-0.50%** | **Commercial Services & Supplies-0.50%** | **Commercial Services & Supplies-0.50%** | **Commercial Services & Supplies-0.50%** |
| CDW LLC/CDW Finance Corp., 3.25%, 02/15/2029<br>|  | &nbsp;&nbsp;5134000 | &nbsp;&nbsp;&nbsp;&nbsp; 4962597 |
| Waste Connections, Inc., 3.50%, 05/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3677000 | &nbsp;&nbsp;&nbsp;&nbsp; 3652597 |
| Waste Management, Inc., 4.88%, 02/15/2029<br>|  | &nbsp;&nbsp;5523000 | &nbsp;&nbsp;&nbsp;&nbsp; 5686843 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14302037 |
| **Communications Equipment-1.00%** | **Communications Equipment-1.00%** | **Communications Equipment-1.00%** | **Communications Equipment-1.00%** |
| Cisco Systems, Inc., 4.85%, 02/26/2029<sup>(b)</sup><br>|  | 18352000 | &nbsp;&nbsp;&nbsp;&nbsp; 18901905 |
| Juniper Networks, Inc., 3.75%, 08/15/2029<br>|  | &nbsp;&nbsp;3674000 | &nbsp;&nbsp;&nbsp;&nbsp; 3615084 |
| Motorola Solutions, Inc., 4.60%, 05/23/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5869000 | &nbsp;&nbsp;&nbsp;&nbsp; 5962042 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28479031 |
| **Construction & Engineering-0.15%** | **Construction & Engineering-0.15%** | **Construction & Engineering-0.15%** | **Construction & Engineering-0.15%** |
| MasTec, Inc., 5.90%, 06/15/2029<br>|  | &nbsp;&nbsp;4043000 | &nbsp;&nbsp;&nbsp;&nbsp; 4244295 |
| **Construction Materials-0.27%** | **Construction Materials-0.27%** | **Construction Materials-0.27%** | **Construction Materials-0.27%** |
| Amcor Group Finance PLC, 5.45%, 05/23/2029<br>|  | &nbsp;&nbsp;3674000 | &nbsp;&nbsp;&nbsp;&nbsp; 3827830 |
| Vulcan Materials Co., 4.95%, 12/01/2029<br>|  | &nbsp;&nbsp;3677000 | &nbsp;&nbsp;&nbsp;&nbsp; 3791868 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7619698 |
| **Consumer Finance-1.86%** | **Consumer Finance-1.86%** | **Consumer Finance-1.86%** | **Consumer Finance-1.86%** |
| American Express Co., 4.05%, 05/03/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7357000 | &nbsp;&nbsp;&nbsp;&nbsp; 7421358 |

---

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

------

#### 29

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.80%, 01/07/2029<br>| $| 11035000 | &nbsp;&nbsp;&nbsp;&nbsp;$11526769 |
| &nbsp;&nbsp;&nbsp;5.65%, 01/17/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3676000 | &nbsp;&nbsp;&nbsp;&nbsp; 3814690 |
| &nbsp;&nbsp;&nbsp;4.30%, 04/06/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;8093000 | &nbsp;&nbsp;&nbsp;&nbsp; 8130198 |
| &nbsp;&nbsp;&nbsp;5.55%, 07/15/2029<br>|  | &nbsp;&nbsp;9202000 | &nbsp;&nbsp;&nbsp;&nbsp; 9584466 |
| &nbsp;&nbsp;&nbsp;4.90%, 10/06/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7355000 | &nbsp;&nbsp;&nbsp;&nbsp; 7522548 |
| Synchrony Financial, 5.15%, 03/19/2029<br>|  | &nbsp;&nbsp;4780000 | &nbsp;&nbsp;&nbsp;&nbsp; 4859271 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52859300 |
| **Consumer Staples Distribution & Retail-0.88%** | **Consumer Staples Distribution & Retail-0.88%** | **Consumer Staples Distribution & Retail-0.88%** | **Consumer Staples Distribution & Retail-0.88%** |
| Ahold Finance USA LLC (Netherlands), 6.88%, 05/01/2029<br>|  | &nbsp;&nbsp;3664000 | &nbsp;&nbsp;&nbsp;&nbsp; 3979485 |
| Kroger Co. (The), 4.50%, 01/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4417000 | &nbsp;&nbsp;&nbsp;&nbsp; 4494678 |
| Sysco Corp., 5.75%, 01/17/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3677000 | &nbsp;&nbsp;&nbsp;&nbsp; 3857667 |
| Target Corp., 3.38%, 04/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7354000 | &nbsp;&nbsp;&nbsp;&nbsp; 7276969 |
| Walmart, Inc., 3.25%, 07/08/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5377000 | &nbsp;&nbsp;&nbsp;&nbsp; 5330231 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24939030 |
| **Containers & Packaging-0.48%** | **Containers & Packaging-0.48%** | **Containers & Packaging-0.48%** | **Containers & Packaging-0.48%** |
| Packaging Corp. of America, 3.00%, 12/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3673000 | &nbsp;&nbsp;&nbsp;&nbsp; 3543922 |
| Sonoco Products Co., 4.60%, 09/01/2029<br>|  | &nbsp;&nbsp;4417000 | &nbsp;&nbsp;&nbsp;&nbsp; 4480114 |
| WRKCo, Inc., 4.90%, 03/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5516000 | &nbsp;&nbsp;&nbsp;&nbsp; 5649719 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13673755 |
| **Distributors-0.20%** | **Distributors-0.20%** | **Distributors-0.20%** | **Distributors-0.20%** |
| Genuine Parts Co., 4.95%, 08/15/2029<br>|  | &nbsp;&nbsp;5523000 | &nbsp;&nbsp;&nbsp;&nbsp; 5596682 |
| **Diversified REITs-0.23%** | **Diversified REITs-0.23%** | **Diversified REITs-0.23%** | **Diversified REITs-0.23%** |
| Digital Realty Trust L.P., 3.60%, 07/01/2029<br>|  | &nbsp;&nbsp;6625000 | &nbsp;&nbsp;&nbsp;&nbsp; 6542875 |
| **Diversified Telecommunication Services-2.03%** | **Diversified Telecommunication Services-2.03%** | **Diversified Telecommunication Services-2.03%** | **Diversified Telecommunication Services-2.03%** |
| AT&T, Inc., 4.35%, 03/01/2029<sup>(b)</sup><br>|  | 22076000 | &nbsp;&nbsp;&nbsp;&nbsp; 22327532 |
| Frontier Communications Holdings LLC, 5.88%, 11/01/2029<br>|  | &nbsp;&nbsp;5501000 | &nbsp;&nbsp;&nbsp;&nbsp; 5562804 |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 02/08/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7362000 | &nbsp;&nbsp;&nbsp;&nbsp; 7372777 |
| &nbsp;&nbsp;&nbsp;4.02%, 12/03/2029<br>|  | 22420000 | &nbsp;&nbsp;&nbsp;&nbsp; 22456826 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57719939 |
| **Electric Utilities-5.37%** | **Electric Utilities-5.37%** | **Electric Utilities-5.37%** | **Electric Utilities-5.37%** |
| AEP Texas, Inc., 5.45%, 05/15/2029<br>|  | &nbsp;&nbsp;3682000 | &nbsp;&nbsp;&nbsp;&nbsp; 3840554 |
| American Electric Power Co., Inc., 5.20%, 01/15/2029<br>|  | &nbsp;&nbsp;7353000 | &nbsp;&nbsp;&nbsp;&nbsp; 7609312 |
| Avangrid, Inc., 3.80%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5522000 | &nbsp;&nbsp;&nbsp;&nbsp; 5488606 |
| Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 01/05/2029<br>|  | &nbsp;&nbsp;4786000 | &nbsp;&nbsp;&nbsp;&nbsp; 4905727 |
| &nbsp;&nbsp;&nbsp;3.40%, 06/15/2029<br>|  | &nbsp;&nbsp;4410000 | &nbsp;&nbsp;&nbsp;&nbsp; 4339214 |
| Duke Energy Florida LLC, 2.50%, 12/01/2029<br>|  | &nbsp;&nbsp;5148000 | &nbsp;&nbsp;&nbsp;&nbsp; 4905281 |
| Duke Energy Progress LLC, 3.45%, 03/15/2029<br>|  | &nbsp;&nbsp;4412000 | &nbsp;&nbsp;&nbsp;&nbsp; 4363210 |
| Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, 06/15/2029<br>|  | &nbsp;&nbsp;3671000 | &nbsp;&nbsp;&nbsp;&nbsp; 3774579 |
| &nbsp;&nbsp;&nbsp;6.95%, 11/15/2029<br>|  | &nbsp;&nbsp;4016000 | &nbsp;&nbsp;&nbsp;&nbsp; 4322860 |
| Evergy, Inc., 2.90%, 09/15/2029<br>|  | &nbsp;&nbsp;5884000 | &nbsp;&nbsp;&nbsp;&nbsp; 5657837 |
| Eversource Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;5.95%, 02/01/2029<br>|  | &nbsp;&nbsp;5874000 | &nbsp;&nbsp;&nbsp;&nbsp; 6163674 |
| &nbsp;&nbsp;&nbsp;Series O, 4.25%, 04/01/2029<br>|  | &nbsp;&nbsp;3670000 | &nbsp;&nbsp;&nbsp;&nbsp; 3686293 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Exelon Corp., 5.15%, 03/15/2029<sup>(b)</sup><br>| $| &nbsp;&nbsp;4785000 | &nbsp;&nbsp;$4947190 |
| Florida Power & Light Co., 5.15%, 06/15/2029<br>|  | &nbsp;&nbsp;5521000 | &nbsp;&nbsp;&nbsp;&nbsp; 5750910 |
| MidAmerican Energy Co., 3.65%, 04/15/2029<br>|  | &nbsp;&nbsp;6252000 | &nbsp;&nbsp;&nbsp;&nbsp; 6226959 |
| National Rural Utilities Cooperative Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 02/07/2029<br>|  | &nbsp;&nbsp;3655000 | &nbsp;&nbsp;&nbsp;&nbsp; 3755613 |
| &nbsp;&nbsp;&nbsp;Series D, 4.05%, 02/09/2029<br>|  | &nbsp;&nbsp;1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1170981 |
| Nevada Power Co., Series CC, 3.70%, 05/01/2029<br>|  | &nbsp;&nbsp;3677000 | &nbsp;&nbsp;&nbsp;&nbsp; 3654625 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 03/15/2029<br>|  | &nbsp;&nbsp;6623000 | &nbsp;&nbsp;&nbsp;&nbsp; 6802927 |
| &nbsp;&nbsp;&nbsp;3.50%, 04/01/2029<br>|  | &nbsp;&nbsp;3591000 | &nbsp;&nbsp;&nbsp;&nbsp; 3543456 |
| &nbsp;&nbsp;&nbsp;2.75%, 11/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7308000 | &nbsp;&nbsp;&nbsp;&nbsp; 7012690 |
| Oncor Electric Delivery Co. LLC, 4.65%, 11/01/2029<br>|  | &nbsp;&nbsp;4050000 | &nbsp;&nbsp;&nbsp;&nbsp; 4144842 |
| Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.10%, 01/15/2029<br>|  | &nbsp;&nbsp;9009000 | &nbsp;&nbsp;&nbsp;&nbsp; 9463562 |
| &nbsp;&nbsp;&nbsp;5.55%, 05/15/2029<br>|  | &nbsp;&nbsp;6241000 | &nbsp;&nbsp;&nbsp;&nbsp; 6489656 |
| PacifiCorp, 5.10%, 02/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3683000 | &nbsp;&nbsp;&nbsp;&nbsp; 3788742 |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4418000 | &nbsp;&nbsp;&nbsp;&nbsp; 4545514 |
| &nbsp;&nbsp;&nbsp;Series A, 4.20%, 03/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3673000 | &nbsp;&nbsp;&nbsp;&nbsp; 3679863 |
| Southern Co. (The), 5.50%, 03/15/2029<br>|  | &nbsp;&nbsp;7354000 | &nbsp;&nbsp;&nbsp;&nbsp; 7666912 |
| Tampa Electric Co., 4.90%, 03/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3683000 | &nbsp;&nbsp;&nbsp;&nbsp; 3784436 |
| Virginia Electric & Power Co., Series A, 2.88%, 07/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3672000 | &nbsp;&nbsp;&nbsp;&nbsp; 3553132 |
| Xcel Energy, Inc., 2.60%, 12/01/2029<br>|  | &nbsp;&nbsp;3675000 | &nbsp;&nbsp;&nbsp;&nbsp; 3492782 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152531939 |
| **Electronic Equipment, Instruments & Components-0.57%** | **Electronic Equipment, Instruments & Components-0.57%** | **Electronic Equipment, Instruments & Components-0.57%** | **Electronic Equipment, Instruments & Components-0.57%** |
| Amphenol Corp., 4.35%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3683000 | &nbsp;&nbsp;&nbsp;&nbsp; 3743384 |
| Arrow Electronics, Inc., 5.15%, 08/21/2029<br>|  | &nbsp;&nbsp;3667000 | &nbsp;&nbsp;&nbsp;&nbsp; 3763178 |
| Jabil, Inc., 4.20%, 02/01/2029<br>|  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002092 |
| Keysight Technologies, Inc., 3.00%, 10/30/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3668000 | &nbsp;&nbsp;&nbsp;&nbsp; 3547362 |
| TD SYNNEX Corp., 4.30%, 01/17/2029<br>|  | &nbsp;&nbsp;4040000 | &nbsp;&nbsp;&nbsp;&nbsp; 4041710 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16097726 |
| **Energy Equipment & Services-0.26%** | **Energy Equipment & Services-0.26%** | **Energy Equipment & Services-0.26%** | **Energy Equipment & Services-0.26%** |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.14%, 11/07/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3849000 | &nbsp;&nbsp;&nbsp;&nbsp; 3755142 |
| NOV, Inc., 3.60%, 12/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3666000 | &nbsp;&nbsp;&nbsp;&nbsp; 3598419 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7353561 |
| **Entertainment-0.75%** | **Entertainment-0.75%** | **Entertainment-0.75%** | **Entertainment-0.75%** |
| Netflix, Inc., 6.38%, 05/15/2029<br>|  | &nbsp;&nbsp;5891000 | &nbsp;&nbsp;&nbsp;&nbsp; 6332763 |
| Walt Disney Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75%, 03/14/2029<br>|  | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000600 |
| &nbsp;&nbsp;&nbsp;2.00%, 09/01/2029<sup>(b)</sup><br>|  | 14712000 | &nbsp;&nbsp;&nbsp;&nbsp; 13881168 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21214531 |

---

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

------

#### 30

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Financial Services-4.52%** | **Financial Services-4.52%** | **Financial Services-4.52%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;5.10%, 01/19/2029<br>| $&nbsp;&nbsp;5889000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6047906 |
| &nbsp;&nbsp;&nbsp;4.13%, 02/28/2029<br>| &nbsp;&nbsp;6620000 | &nbsp;&nbsp;&nbsp;&nbsp; 6624608 |
| &nbsp;&nbsp;&nbsp;4.63%, 09/10/2029<br>| &nbsp;&nbsp;9565000 | &nbsp;&nbsp;&nbsp;&nbsp; 9701419 |
| Apollo Debt Solutions BDC, 6.90%, 04/13/2029<br>| &nbsp;&nbsp;7340000 | &nbsp;&nbsp;&nbsp;&nbsp; 7633586 |
| BlackRock Funding, Inc., 4.70%, 03/14/2029<br>| &nbsp;&nbsp;3683000 | &nbsp;&nbsp;&nbsp;&nbsp; 3781186 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 01/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;4727000 | &nbsp;&nbsp;&nbsp;&nbsp; 4538783 |
| &nbsp;&nbsp;&nbsp;5.95%, 07/16/2029<br>| &nbsp;&nbsp;6620000 | &nbsp;&nbsp;&nbsp;&nbsp; 6672194 |
| Corebridge Financial, Inc., 3.85%, 04/05/2029<br>| &nbsp;&nbsp;7358000 | &nbsp;&nbsp;&nbsp;&nbsp; 7277790 |
| Enact Holdings, Inc., 6.25%, 05/28/2029<br>| &nbsp;&nbsp;5515000 | &nbsp;&nbsp;&nbsp;&nbsp; 5789688 |
| Fidelity National Information Services, Inc., 3.75%, 05/21/2029<br>| &nbsp;&nbsp;3417000 | &nbsp;&nbsp;&nbsp;&nbsp; 3368882 |
| Fiserv, Inc., 3.50%, 07/01/2029<br>| 22018000 | &nbsp;&nbsp;&nbsp;&nbsp; 21393311 |
| Global Payments, Inc., 5.30%, 08/15/2029<br>| &nbsp;&nbsp;3671000 | &nbsp;&nbsp;&nbsp;&nbsp; 3774321 |
| Mastercard, Inc., 2.95%, 06/01/2029<br>| &nbsp;&nbsp;7340000 | &nbsp;&nbsp;&nbsp;&nbsp; 7157085 |
| ORIX Corp. (Japan), 4.65%, 09/10/2029<sup>(b)</sup><br>| &nbsp;&nbsp;5151000 | &nbsp;&nbsp;&nbsp;&nbsp; 5278844 |
| PayPal Holdings, Inc., 2.85%, 10/01/2029<sup>(b)</sup><br>| 11015000 | &nbsp;&nbsp;&nbsp;&nbsp; 10617685 |
| Radian Group, Inc., 6.20%, 05/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;4587000 | &nbsp;&nbsp;&nbsp;&nbsp; 4818088 |
| RELX Capital, Inc. (United Kingdom), 4.00%, 03/18/2029<br>| &nbsp;&nbsp;6971000 | &nbsp;&nbsp;&nbsp;&nbsp; 6973349 |
| State Street Bank and Trust Co., 4.78%, 11/23/2029<br>| &nbsp;&nbsp;5882000 | &nbsp;&nbsp;&nbsp;&nbsp; 6080998 |
| Visa, Inc., 3.80%, 02/12/2029<br>| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128535100 |
| **Food Products-1.12%** | **Food Products-1.12%** | **Food Products-1.12%** |
| Bunge Ltd. Finance Corp., 4.20%, 09/17/2029<sup>(b)</sup><br>| &nbsp;&nbsp;5889000 | &nbsp;&nbsp;&nbsp;&nbsp; 5928702 |
| Campbell's Co. (The), 5.20%, 03/21/2029<sup>(b)</sup><br>| &nbsp;&nbsp;4415000 | &nbsp;&nbsp;&nbsp;&nbsp; 4542924 |
| JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 3.00%, 02/02/2029<sup>(b)</sup><br>| &nbsp;&nbsp;4412000 | &nbsp;&nbsp;&nbsp;&nbsp; 4288598 |
| McCormick & Co., Inc., 4.15%, 02/15/2029<br>| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006834 |
| Mondelez International, Inc., 4.75%, 02/20/2029<br>| &nbsp;&nbsp;4050000 | &nbsp;&nbsp;&nbsp;&nbsp; 4148150 |
| Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 03/01/2029<br>| &nbsp;&nbsp;7355000 | &nbsp;&nbsp;&nbsp;&nbsp; 7426420 |
| &nbsp;&nbsp;&nbsp;5.40%, 03/15/2029<br>| &nbsp;&nbsp;4409000 | &nbsp;&nbsp;&nbsp;&nbsp; 4574213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31915841 |
| **Gas Utilities-0.15%** | **Gas Utilities-0.15%** | **Gas Utilities-0.15%** |
| Piedmont Natural Gas Co., Inc., 3.50%, 06/01/2029<br>| &nbsp;&nbsp;4412000 | &nbsp;&nbsp;&nbsp;&nbsp; 4353897 |
| **Ground Transportation-0.60%** | **Ground Transportation-0.60%** | **Ground Transportation-0.60%** |
| CSX Corp., 4.25%, 03/15/2029<br>| &nbsp;&nbsp;6988000 | &nbsp;&nbsp;&nbsp;&nbsp; 7082554 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** |
| Ryder System, Inc., 5.38%, 03/15/2029<br>| $| &nbsp;&nbsp;4036000 | &nbsp;&nbsp;$4189500 |
| Union Pacific Corp., 3.70%, 03/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5694000 | &nbsp;&nbsp;&nbsp;&nbsp; 5682942 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16954996 |
| **Health Care Equipment & Supplies-1.17%** | **Health Care Equipment & Supplies-1.17%** | **Health Care Equipment & Supplies-1.17%** | **Health Care Equipment & Supplies-1.17%** |
| Becton, Dickinson and Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.87%, 02/08/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4594000 | &nbsp;&nbsp;&nbsp;&nbsp; 4708412 |
| &nbsp;&nbsp;&nbsp;5.08%, 06/07/2029<br>|  | &nbsp;&nbsp;4382000 | &nbsp;&nbsp;&nbsp;&nbsp; 4522046 |
| DH Europe Finance II S.a.r.l., 2.60%, 11/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5891000 | &nbsp;&nbsp;&nbsp;&nbsp; 5622414 |
| GE HealthCare Technologies, Inc., 4.80%, 08/14/2029<br>|  | &nbsp;&nbsp;7354000 | &nbsp;&nbsp;&nbsp;&nbsp; 7543159 |
| Solventum Corp., 5.40%, 03/01/2029<br>|  | &nbsp;&nbsp;5163000 | &nbsp;&nbsp;&nbsp;&nbsp; 5354838 |
| Stryker Corp., 4.25%, 09/11/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5522000 | &nbsp;&nbsp;&nbsp;&nbsp; 5590577 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33341446 |
| **Health Care Providers & Services-5.30%** | **Health Care Providers & Services-5.30%** | **Health Care Providers & Services-5.30%** | **Health Care Providers & Services-5.30%** |
| Cardinal Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 02/15/2029<br>|  | &nbsp;&nbsp;4784000 | &nbsp;&nbsp;&nbsp;&nbsp; 4935066 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/2029<br>|  | &nbsp;&nbsp;5505000 | &nbsp;&nbsp;&nbsp;&nbsp; 5676341 |
| Cencora, Inc., 4.85%, 12/15/2029<br>|  | &nbsp;&nbsp;4401000 | &nbsp;&nbsp;&nbsp;&nbsp; 4529667 |
| Centene Corp., 4.63%, 12/15/2029<sup>(b)</sup><br>|  | 24115000 | &nbsp;&nbsp;&nbsp;&nbsp; 23546882 |
| Cigna Group (The), 5.00%, 05/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7361000 | &nbsp;&nbsp;&nbsp;&nbsp; 7586336 |
| CommonSpirit Health, 3.35%, 10/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;6730000 | &nbsp;&nbsp;&nbsp;&nbsp; 6558420 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 01/30/2029<br>|  | &nbsp;&nbsp;7358000 | &nbsp;&nbsp;&nbsp;&nbsp; 7555057 |
| &nbsp;&nbsp;&nbsp;5.40%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7359000 | &nbsp;&nbsp;&nbsp;&nbsp; 7651636 |
| Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, 06/15/2029<br>|  | &nbsp;&nbsp;4415000 | &nbsp;&nbsp;&nbsp;&nbsp; 4566883 |
| &nbsp;&nbsp;&nbsp;2.88%, 09/15/2029<br>|  | &nbsp;&nbsp;6075000 | &nbsp;&nbsp;&nbsp;&nbsp; 5847032 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 02/01/2029<br>|  | &nbsp;&nbsp;7359000 | &nbsp;&nbsp;&nbsp;&nbsp; 7671809 |
| &nbsp;&nbsp;&nbsp;3.38%, 03/15/2029<br>|  | &nbsp;&nbsp;3675000 | &nbsp;&nbsp;&nbsp;&nbsp; 3612161 |
| &nbsp;&nbsp;&nbsp;4.13%, 06/15/2029<br>|  | 14712000 | &nbsp;&nbsp;&nbsp;&nbsp; 14730326 |
| Humana, Inc., 3.70%, 03/23/2029<br>|  | &nbsp;&nbsp;4329000 | &nbsp;&nbsp;&nbsp;&nbsp; 4258817 |
| Icon Investments Six DAC, 5.85%, 05/08/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5518000 | &nbsp;&nbsp;&nbsp;&nbsp; 5650978 |
| Laboratory Corp. of America Holdings, 2.95%, 12/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4781000 | &nbsp;&nbsp;&nbsp;&nbsp; 4601209 |
| McKesson Corp., 4.25%, 09/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3680000 | &nbsp;&nbsp;&nbsp;&nbsp; 3721917 |
| Quest Diagnostics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 06/30/2029<br>|  | &nbsp;&nbsp;3681000 | &nbsp;&nbsp;&nbsp;&nbsp; 3708999 |
| &nbsp;&nbsp;&nbsp;4.63%, 12/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4418000 | &nbsp;&nbsp;&nbsp;&nbsp; 4518536 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 01/15/2029<br>|  | &nbsp;&nbsp;9197000 | &nbsp;&nbsp;&nbsp;&nbsp; 9298416 |
| &nbsp;&nbsp;&nbsp;4.00%, 05/15/2029<br>|  | &nbsp;&nbsp;6622000 | &nbsp;&nbsp;&nbsp;&nbsp; 6646739 |
| Universal Health Services, Inc., 4.63%, 10/15/2029<br>|  | &nbsp;&nbsp;3672000 | &nbsp;&nbsp;&nbsp;&nbsp; 3715323 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150588550 |
| **Health Care REITs-0.75%** | **Health Care REITs-0.75%** | **Health Care REITs-0.75%** | **Health Care REITs-0.75%** |
| Healthpeak OP LLC, 3.50%, 07/15/2029<br>|  | &nbsp;&nbsp;4778000 | &nbsp;&nbsp;&nbsp;&nbsp; 4684855 |
| Omega Healthcare Investors, Inc., 3.63%, 10/01/2029<br>|  | &nbsp;&nbsp;3673000 | &nbsp;&nbsp;&nbsp;&nbsp; 3582586 |
| Ventas Realty L.P., 4.40%, 01/15/2029<br>|  | &nbsp;&nbsp;5522000 | &nbsp;&nbsp;&nbsp;&nbsp; 5577819 |

---

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

------

#### 31

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Health Care REITs-(continued)** | **Health Care REITs-(continued)** | **Health Care REITs-(continued)** | **Health Care REITs-(continued)** |
| Welltower OP LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.05%, 01/15/2029<br>| $| &nbsp;&nbsp;3675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3493910 |
| &nbsp;&nbsp;&nbsp;4.13%, 03/15/2029<br>|  | &nbsp;&nbsp;4051000 | &nbsp;&nbsp;&nbsp;&nbsp; 4074824 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21413994 |
| **Hotels, Restaurants & Leisure-1.03%** | **Hotels, Restaurants & Leisure-1.03%** | **Hotels, Restaurants & Leisure-1.03%** | **Hotels, Restaurants & Leisure-1.03%** |
| Hyatt Hotels Corp., 5.25%, 06/30/2029<br>|  | &nbsp;&nbsp;4413000 | &nbsp;&nbsp;&nbsp;&nbsp; 4561422 |
| Las Vegas Sands Corp., 6.00%, 08/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3667000 | &nbsp;&nbsp;&nbsp;&nbsp; 3838216 |
| Marriott International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 04/15/2029<br>|  | &nbsp;&nbsp;5889000 | &nbsp;&nbsp;&nbsp;&nbsp; 6040519 |
| &nbsp;&nbsp;&nbsp;4.88%, 05/15/2029<br>|  | &nbsp;&nbsp;3682000 | &nbsp;&nbsp;&nbsp;&nbsp; 3777569 |
| McDonald's Corp., 5.00%, 05/17/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3676000 | &nbsp;&nbsp;&nbsp;&nbsp; 3803758 |
| Starbucks Corp., 3.55%, 08/15/2029<br>|  | &nbsp;&nbsp;7354000 | &nbsp;&nbsp;&nbsp;&nbsp; 7276789 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29298273 |
| **Household Durables-0.13%** | **Household Durables-0.13%** | **Household Durables-0.13%** | **Household Durables-0.13%** |
| Leggett & Platt, Inc., 4.40%, 03/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3669000 | &nbsp;&nbsp;&nbsp;&nbsp; 3655949 |
| **Household Products-0.60%** | **Household Products-0.60%** | **Household Products-0.60%** | **Household Products-0.60%** |
| Clorox Co. (The), 4.40%, 05/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3680000 | &nbsp;&nbsp;&nbsp;&nbsp; 3728559 |
| Kimberly-Clark Corp., 3.20%, 04/25/2029<br>|  | &nbsp;&nbsp;5147000 | &nbsp;&nbsp;&nbsp;&nbsp; 5063482 |
| Procter & Gamble Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 01/29/2029<br>|  | &nbsp;&nbsp;4406000 | &nbsp;&nbsp;&nbsp;&nbsp; 4515589 |
| &nbsp;&nbsp;&nbsp;4.15%, 10/24/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3682000 | &nbsp;&nbsp;&nbsp;&nbsp; 3754396 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17062026 |
| **Industrial Conglomerates-0.78%** | **Industrial Conglomerates-0.78%** | **Industrial Conglomerates-0.78%** | **Industrial Conglomerates-0.78%** |
| 3M Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.38%, 03/01/2029<br>|  | &nbsp;&nbsp;5885000 | &nbsp;&nbsp;&nbsp;&nbsp; 5795286 |
| &nbsp;&nbsp;&nbsp;2.38%, 08/26/2029<br>|  | &nbsp;&nbsp;7340000 | &nbsp;&nbsp;&nbsp;&nbsp; 6974074 |
| Honeywell International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 01/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5517000 | &nbsp;&nbsp;&nbsp;&nbsp; 5581009 |
| &nbsp;&nbsp;&nbsp;4.88%, 09/01/2029<br>|  | &nbsp;&nbsp;3679000 | &nbsp;&nbsp;&nbsp;&nbsp; 3801669 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22152038 |
| **Insurance-2.64%** | **Insurance-2.64%** | **Insurance-2.64%** | **Insurance-2.64%** |
| Allstate Corp. (The), 5.05%, 06/24/2029<br>|  | &nbsp;&nbsp;3679000 | &nbsp;&nbsp;&nbsp;&nbsp; 3801173 |
| American National Group, Inc., 5.75%, 10/01/2029<br>|  | &nbsp;&nbsp;4413000 | &nbsp;&nbsp;&nbsp;&nbsp; 4492500 |
| Aon Corp., 3.75%, 05/02/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5506000 | &nbsp;&nbsp;&nbsp;&nbsp; 5461125 |
| Aon North America, Inc., 5.15%, 03/01/2029<br>|  | &nbsp;&nbsp;7337000 | &nbsp;&nbsp;&nbsp;&nbsp; 7567942 |
| Arthur J. Gallagher & Co., 4.85%, 12/15/2029<br>|  | &nbsp;&nbsp;5522000 | &nbsp;&nbsp;&nbsp;&nbsp; 5658889 |
| Chubb INA Holdings LLC, 4.65%, 08/15/2029<br>|  | &nbsp;&nbsp;5149000 | &nbsp;&nbsp;&nbsp;&nbsp; 5287824 |
| CNA Financial Corp., 3.90%, 05/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3674000 | &nbsp;&nbsp;&nbsp;&nbsp; 3649788 |
| CNO Financial Group, Inc., 5.25%, 05/30/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3677000 | &nbsp;&nbsp;&nbsp;&nbsp; 3736302 |
| F&G Annuities & Life, Inc., 6.50%, 06/04/2029<br>|  | &nbsp;&nbsp;4037000 | &nbsp;&nbsp;&nbsp;&nbsp; 4158152 |
| Hartford Insurance Group, Inc. (The), 2.80%, 08/19/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4403000 | &nbsp;&nbsp;&nbsp;&nbsp; 4240464 |
| Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029<br>|  | 11035000 | &nbsp;&nbsp;&nbsp;&nbsp; 11154874 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** |
| PartnerRe Finance B LLC, 3.70%, 07/02/2029<br>| $| &nbsp;&nbsp;3672000 | &nbsp;&nbsp;$3619261 |
| Principal Financial Group, Inc., 3.70%, 05/15/2029<br>|  | &nbsp;&nbsp;3674000 | &nbsp;&nbsp;&nbsp;&nbsp; 3640756 |
| Progressive Corp. (The), 4.00%, 03/01/2029<br>|  | &nbsp;&nbsp;4041000 | &nbsp;&nbsp;&nbsp;&nbsp; 4061812 |
| Reinsurance Group of America, Inc., 3.90%, 05/15/2029<br>|  | &nbsp;&nbsp;4378000 | &nbsp;&nbsp;&nbsp;&nbsp; 4356463 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74887325 |
| **Interactive Media & Services-0.70%** | **Interactive Media & Services-0.70%** | **Interactive Media & Services-0.70%** | **Interactive Media & Services-0.70%** |
| Alphabet, Inc., 3.70%, 02/15/2029<br>|  | 12435000 | &nbsp;&nbsp;&nbsp;&nbsp; 12448716 |
| Meta Platforms, Inc., 4.30%, 08/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7353000 | &nbsp;&nbsp;&nbsp;&nbsp; 7472869 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19921585 |
| **IT Services-0.95%** | **IT Services-0.95%** | **IT Services-0.95%** | **IT Services-0.95%** |
| International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 02/03/2029<br>|  | &nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 3312350 |
| &nbsp;&nbsp;&nbsp;3.50%, 05/15/2029<br>|  | 23855000 | &nbsp;&nbsp;&nbsp;&nbsp; 23524621 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26836971 |
| **Leisure Products-0.37%** | **Leisure Products-0.37%** | **Leisure Products-0.37%** | **Leisure Products-0.37%** |
| Hasbro, Inc., 3.90%, 11/19/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;6621000 | &nbsp;&nbsp;&nbsp;&nbsp; 6566737 |
| Polaris, Inc., 6.95%, 03/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3683000 | &nbsp;&nbsp;&nbsp;&nbsp; 3907806 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10474543 |
| **Life Sciences Tools & Services-1.05%** | **Life Sciences Tools & Services-1.05%** | **Life Sciences Tools & Services-1.05%** | **Life Sciences Tools & Services-1.05%** |
| IQVIA, Inc., 6.25%, 02/01/2029<br>|  | &nbsp;&nbsp;9202000 | &nbsp;&nbsp;&nbsp;&nbsp; 9676851 |
| Revvity, Inc., 3.30%, 09/15/2029<br>|  | &nbsp;&nbsp;6252000 | &nbsp;&nbsp;&nbsp;&nbsp; 6067775 |
| Thermo Fisher Scientific, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 01/31/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7353000 | &nbsp;&nbsp;&nbsp;&nbsp; 7597353 |
| &nbsp;&nbsp;&nbsp;2.60%, 10/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;6624000 | &nbsp;&nbsp;&nbsp;&nbsp; 6347400 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29689379 |
| **Machinery-3.25%** | **Machinery-3.25%** | **Machinery-3.25%** | **Machinery-3.25%** |
| Caterpillar Financial Services Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 02/27/2029<br>|  | &nbsp;&nbsp;4416000 | &nbsp;&nbsp;&nbsp;&nbsp; 4559545 |
| &nbsp;&nbsp;&nbsp;4.38%, 08/16/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4418000 | &nbsp;&nbsp;&nbsp;&nbsp; 4508192 |
| &nbsp;&nbsp;&nbsp;4.70%, 11/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;6618000 | &nbsp;&nbsp;&nbsp;&nbsp; 6813643 |
| Caterpillar, Inc., 2.60%, 09/19/2029<br>|  | &nbsp;&nbsp;3678000 | &nbsp;&nbsp;&nbsp;&nbsp; 3538206 |
| CNH Industrial Capital LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 01/12/2029<br>|  | &nbsp;&nbsp;3674000 | &nbsp;&nbsp;&nbsp;&nbsp; 3813977 |
| &nbsp;&nbsp;&nbsp;5.10%, 04/20/2029<br>|  | &nbsp;&nbsp;4419000 | &nbsp;&nbsp;&nbsp;&nbsp; 4548956 |
| Cummins, Inc., 4.90%, 02/20/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3680000 | &nbsp;&nbsp;&nbsp;&nbsp; 3796993 |
| Deere & Co., 5.38%, 10/16/2029<br>|  | &nbsp;&nbsp;3678000 | &nbsp;&nbsp;&nbsp;&nbsp; 3883023 |
| IDEX Corp., 4.95%, 09/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3682000 | &nbsp;&nbsp;&nbsp;&nbsp; 3782588 |
| Ingersoll Rand, Inc., 5.18%, 06/15/2029<br>|  | &nbsp;&nbsp;5516000 | &nbsp;&nbsp;&nbsp;&nbsp; 5723921 |
| John Deere Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 01/16/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7355000 | &nbsp;&nbsp;&nbsp;&nbsp; 7517041 |
| &nbsp;&nbsp;&nbsp;3.45%, 03/07/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4417000 | &nbsp;&nbsp;&nbsp;&nbsp; 4382214 |
| &nbsp;&nbsp;&nbsp;3.35%, 04/18/2029<br>|  | &nbsp;&nbsp;4402000 | &nbsp;&nbsp;&nbsp;&nbsp; 4344785 |
| &nbsp;&nbsp;&nbsp;4.85%, 06/11/2029<br>|  | &nbsp;&nbsp;6253000 | &nbsp;&nbsp;&nbsp;&nbsp; 6457740 |
| Nordson Corp., 4.50%, 12/15/2029<br>|  | &nbsp;&nbsp;4402000 | &nbsp;&nbsp;&nbsp;&nbsp; 4465522 |
| Parker-Hannifin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 06/14/2029<br>|  | &nbsp;&nbsp;7358000 | &nbsp;&nbsp;&nbsp;&nbsp; 7216382 |
| &nbsp;&nbsp;&nbsp;4.50%, 09/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7344000 | &nbsp;&nbsp;&nbsp;&nbsp; 7485067 |
| Trane Technologies Financing Ltd., 3.80%, 03/21/2029<br>|  | &nbsp;&nbsp;5517000 | &nbsp;&nbsp;&nbsp;&nbsp; 5523146 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92360941 |

---

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

------

#### 32

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media-1.56%** | **Media-1.56%** | **Media-1.56%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 01/15/2029<br>| $&nbsp;&nbsp;9136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8626913 |
| &nbsp;&nbsp;&nbsp;5.05%, 03/30/2029<br>| &nbsp;&nbsp;9175000 | &nbsp;&nbsp;&nbsp;&nbsp; 9320323 |
| &nbsp;&nbsp;&nbsp;6.10%, 06/01/2029<sup>(b)</sup><br>| 11014000 | &nbsp;&nbsp;&nbsp;&nbsp; 11545660 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 01/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;6628000 | &nbsp;&nbsp;&nbsp;&nbsp; 6762529 |
| &nbsp;&nbsp;&nbsp;5.10%, 06/01/2029<br>| &nbsp;&nbsp;4417000 | &nbsp;&nbsp;&nbsp;&nbsp; 4584454 |
| Paramount Global, 4.20%, 06/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3678000 | &nbsp;&nbsp;&nbsp;&nbsp; 3534372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44374251 |
| **Metals & Mining-0.13%** | **Metals & Mining-0.13%** | **Metals & Mining-0.13%** |
| ArcelorMittal S.A. (Luxembourg), 4.25%, 07/16/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3678000 | &nbsp;&nbsp;&nbsp;&nbsp; 3700726 |
| **Multi-Utilities-1.59%** | **Multi-Utilities-1.59%** | **Multi-Utilities-1.59%** |
| Ameren Corp., 5.00%, 01/15/2029<br>| &nbsp;&nbsp;5150000 | &nbsp;&nbsp;&nbsp;&nbsp; 5296415 |
| CenterPoint Energy, Inc., 5.40%, 06/01/2029<br>| &nbsp;&nbsp;4858000 | &nbsp;&nbsp;&nbsp;&nbsp; 5057122 |
| Consumers Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 02/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3675000 | &nbsp;&nbsp;&nbsp;&nbsp; 3781606 |
| &nbsp;&nbsp;&nbsp;4.60%, 05/30/2029<br>| &nbsp;&nbsp;4418000 | &nbsp;&nbsp;&nbsp;&nbsp; 4521450 |
| DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.10%, 03/01/2029<br>| &nbsp;&nbsp;8825000 | &nbsp;&nbsp;&nbsp;&nbsp; 9081482 |
| &nbsp;&nbsp;&nbsp;Series C, 3.40%, 06/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3521000 | &nbsp;&nbsp;&nbsp;&nbsp; 3454709 |
| NiSource, Inc., 5.20%, 07/01/2029<br>| &nbsp;&nbsp;4418000 | &nbsp;&nbsp;&nbsp;&nbsp; 4576024 |
| Public Service Enterprise Group, Inc., 5.20%, 04/01/2029<br>| &nbsp;&nbsp;5518000 | &nbsp;&nbsp;&nbsp;&nbsp; 5705945 |
| Sempra, 3.70%, 04/01/2029<br>| &nbsp;&nbsp;3676000 | &nbsp;&nbsp;&nbsp;&nbsp; 3640123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45114876 |
| **Office REITs-0.21%** | **Office REITs-0.21%** | **Office REITs-0.21%** |
| Boston Properties L.P., 3.40%, 06/21/2029<br>| &nbsp;&nbsp;6244000 | &nbsp;&nbsp;&nbsp;&nbsp; 6085685 |
| **Oil, Gas & Consumable Fuels-7.38%** | **Oil, Gas & Consumable Fuels-7.38%** | **Oil, Gas & Consumable Fuels-7.38%** |
| Boardwalk Pipelines L.P., 4.80%, 05/03/2029<br>| &nbsp;&nbsp;3671000 | &nbsp;&nbsp;&nbsp;&nbsp; 3745782 |
| BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, 04/10/2029<sup>(b)</sup><br>| &nbsp;&nbsp;9198000 | &nbsp;&nbsp;&nbsp;&nbsp; 9433386 |
| &nbsp;&nbsp;&nbsp;4.97%, 10/17/2029<br>| &nbsp;&nbsp;5523000 | &nbsp;&nbsp;&nbsp;&nbsp; 5723003 |
| &nbsp;&nbsp;&nbsp;4.87%, 11/25/2029<sup>(b)</sup><br>| &nbsp;&nbsp;4782000 | &nbsp;&nbsp;&nbsp;&nbsp; 4940735 |
| Canadian Natural Resources Ltd. (Canada), 5.00%, 12/15/2029<br>| &nbsp;&nbsp;5496000 | &nbsp;&nbsp;&nbsp;&nbsp; 5673602 |
| Cheniere Energy Partners L.P., 4.50%, 10/01/2029<br>| 11036000 | &nbsp;&nbsp;&nbsp;&nbsp; 11104162 |
| Chevron USA, Inc., 3.25%, 10/15/2029<br>| &nbsp;&nbsp;3676000 | &nbsp;&nbsp;&nbsp;&nbsp; 3622210 |
| ConocoPhillips Co., 6.95%, 04/15/2029<br>| &nbsp;&nbsp;5190000 | &nbsp;&nbsp;&nbsp;&nbsp; 5662189 |
| DCP Midstream Operating L.P., 5.13%, 05/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;4405000 | &nbsp;&nbsp;&nbsp;&nbsp; 4533280 |
| Diamondback Energy, Inc., 3.50%, 12/01/2029<br>| &nbsp;&nbsp;6716000 | &nbsp;&nbsp;&nbsp;&nbsp; 6576350 |
| Enbridge, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, 04/05/2029<br>| &nbsp;&nbsp;5520000 | &nbsp;&nbsp;&nbsp;&nbsp; 5722319 |
| &nbsp;&nbsp;&nbsp;3.13%, 11/15/2029<br>| &nbsp;&nbsp;7356000 | &nbsp;&nbsp;&nbsp;&nbsp; 7116075 |
| Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 04/15/2029<br>| 11037000 | &nbsp;&nbsp;&nbsp;&nbsp; 11401662 |
| &nbsp;&nbsp;&nbsp;5.25%, 07/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;7355000 | &nbsp;&nbsp;&nbsp;&nbsp; 7627997 |
| &nbsp;&nbsp;&nbsp;4.15%, 09/15/2029<br>| &nbsp;&nbsp;4018000 | &nbsp;&nbsp;&nbsp;&nbsp; 4032687 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**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, 3.13%, 07/31/2029<sup>(b)</sup><br>| $| 9195000 | &nbsp;&nbsp;$8984416 |
| EQT Corp., 4.50%, 01/15/2029<br>|  | 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5447811 |
| Exxon Mobil Corp., 2.44%, 08/16/2029<sup>(b)</sup><br>|  | 9199000 | &nbsp;&nbsp;&nbsp;&nbsp; 8860948 |
| Kinder Morgan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 02/01/2029<sup>(b)</sup><br>|  | 9196000 | &nbsp;&nbsp;&nbsp;&nbsp; 9475473 |
| &nbsp;&nbsp;&nbsp;5.10%, 08/01/2029<br>|  | 3675000 | &nbsp;&nbsp;&nbsp;&nbsp; 3811584 |
| MPLX L.P., 4.80%, 02/15/2029<br>|  | 5505000 | &nbsp;&nbsp;&nbsp;&nbsp; 5612832 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 03/15/2029<br>|  | 5154000 | &nbsp;&nbsp;&nbsp;&nbsp; 5190602 |
| &nbsp;&nbsp;&nbsp;4.40%, 10/15/2029<sup>(b)</sup><br>|  | 4419000 | &nbsp;&nbsp;&nbsp;&nbsp; 4457354 |
| Phillips 66 Co., 3.15%, 12/15/2029<br>|  | 4184000 | &nbsp;&nbsp;&nbsp;&nbsp; 4061952 |
| Shell Finance US, Inc., 2.38%, 11/07/2029<br>|  | 7908000 | &nbsp;&nbsp;&nbsp;&nbsp; 7525142 |
| Shell International Finance B.V., 2.38%, 11/07/2029<sup>(b)</sup><br>|  | 3119000 | &nbsp;&nbsp;&nbsp;&nbsp; 2967700 |
| South Bow USA Infrastructure Holdings LLC (Canada), 5.03%, 10/01/2029<br>|  | 7360000 | &nbsp;&nbsp;&nbsp;&nbsp; 7527267 |
| Targa Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 01/15/2029<sup>(b)</sup><br>|  | 5520000 | &nbsp;&nbsp;&nbsp;&nbsp; 5566515 |
| &nbsp;&nbsp;&nbsp;6.15%, 03/01/2029<br>|  | 7360000 | &nbsp;&nbsp;&nbsp;&nbsp; 7792071 |
| TotalEnergies Capital International S.A. (France), 3.46%, 02/19/2029<sup>(b)</sup><br>|  | 9201000 | &nbsp;&nbsp;&nbsp;&nbsp; 9126977 |
| Valero Energy Corp., 4.00%, 04/01/2029<br>|  | 3220000 | &nbsp;&nbsp;&nbsp;&nbsp; 3222469 |
| Western Midstream Operating L.P., 6.35%, 01/15/2029<br>|  | 4409000 | &nbsp;&nbsp;&nbsp;&nbsp; 4659873 |
| Williams Cos., Inc. (The), 4.90%, 03/15/2029<sup>(b)</sup><br>|  | 8095000 | &nbsp;&nbsp;&nbsp;&nbsp; 8307080 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209513505 |
| **Paper & Forest Products-0.15%** | **Paper & Forest Products-0.15%** | **Paper & Forest Products-0.15%** | **Paper & Forest Products-0.15%** |
| Georgia-Pacific LLC, 7.75%, 11/15/2029<sup>(b)</sup><br>|  | 3666000 | &nbsp;&nbsp;&nbsp;&nbsp; 4143454 |
| **Passenger Airlines-0.12%** | **Passenger Airlines-0.12%** | **Passenger Airlines-0.12%** | **Passenger Airlines-0.12%** |
| Delta Air Lines, Inc., 3.75%, 10/28/2029<br>|  | 3482000 | &nbsp;&nbsp;&nbsp;&nbsp; 3425309 |
| **Personal Care Products-0.37%** | **Personal Care Products-0.37%** | **Personal Care Products-0.37%** | **Personal Care Products-0.37%** |
| Estee Lauder Cos., Inc. (The), 2.38%, 12/01/2029<sup>(b)</sup><br>|  | 4781000 | &nbsp;&nbsp;&nbsp;&nbsp; 4521392 |
| Unilever Capital Corp. (United Kingdom), 2.13%, 09/06/2029<sup>(b)</sup><br>|  | 6243000 | &nbsp;&nbsp;&nbsp;&nbsp; 5916664 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10438056 |
| **Pharmaceuticals-3.86%** | **Pharmaceuticals-3.86%** | **Pharmaceuticals-3.86%** | **Pharmaceuticals-3.86%** |
| AstraZeneca Finance LLC (United Kingdom), 4.85%, 02/26/2029<br>|  | 9200000 | &nbsp;&nbsp;&nbsp;&nbsp; 9481220 |
| AstraZeneca PLC (United Kingdom), 4.00%, 01/17/2029<sup>(b)</sup><br>|  | 7360000 | &nbsp;&nbsp;&nbsp;&nbsp; 7412495 |
| Bristol-Myers Squibb Co., 4.90%, 02/22/2029<sup>(b)</sup><br>|  | 5348000 | &nbsp;&nbsp;&nbsp;&nbsp; 5525494 |
| Eli Lilly and Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 02/09/2029<sup>(b)</sup><br>|  | 7357000 | &nbsp;&nbsp;&nbsp;&nbsp; 7525645 |
| &nbsp;&nbsp;&nbsp;3.38%, 03/15/2029<br>|  | 6850000 | &nbsp;&nbsp;&nbsp;&nbsp; 6788128 |
| &nbsp;&nbsp;&nbsp;4.20%, 08/14/2029<br>|  | 7354000 | &nbsp;&nbsp;&nbsp;&nbsp; 7456646 |
| GlaxoSmithKline Capital PLC (United Kingdom), 3.38%, 06/01/2029<br>|  | 7357000 | &nbsp;&nbsp;&nbsp;&nbsp; 7262636 |

---

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

------

#### 33

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Haleon US Capital LLC, 3.38%, 03/24/2029<br>| $| &nbsp;&nbsp;7348000 | &nbsp;&nbsp;$7225764 |
| Johnson & Johnson, 4.80%, 06/01/2029<br>|  | &nbsp;&nbsp;8460000 | &nbsp;&nbsp;&nbsp;&nbsp; 8760455 |
| Merck & Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 03/07/2029<br>|  | 12872000 | &nbsp;&nbsp;&nbsp;&nbsp; 12755662 |
| &nbsp;&nbsp;&nbsp;3.85%, 03/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5520000 | &nbsp;&nbsp;&nbsp;&nbsp; 5543282 |
| Novartis Capital Corp., 3.80%, 09/18/2029<br>|  | &nbsp;&nbsp;7360000 | &nbsp;&nbsp;&nbsp;&nbsp; 7365688 |
| Pfizer, Inc., 3.45%, 03/15/2029<br>|  | 12879000 | &nbsp;&nbsp;&nbsp;&nbsp; 12793262 |
| Royalty Pharma PLC, 5.15%, 09/02/2029<br>|  | &nbsp;&nbsp;3675000 | &nbsp;&nbsp;&nbsp;&nbsp; 3800887 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109697264 |
| **Professional Services-0.36%** | **Professional Services-0.36%** | **Professional Services-0.36%** | **Professional Services-0.36%** |
| Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029<br>|  | &nbsp;&nbsp;5503000 | &nbsp;&nbsp;&nbsp;&nbsp; 5216753 |
| Equifax, Inc., 4.80%, 09/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4775000 | &nbsp;&nbsp;&nbsp;&nbsp; 4862835 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10079588 |
| **Real Estate Management & Development-0.14%** | **Real Estate Management & Development-0.14%** | **Real Estate Management & Development-0.14%** | **Real Estate Management & Development-0.14%** |
| CBRE Services, Inc., 5.50%, 04/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3681000 | &nbsp;&nbsp;&nbsp;&nbsp; 3826449 |
| **Residential REITs-0.43%** | **Residential REITs-0.43%** | **Residential REITs-0.43%** | **Residential REITs-0.43%** |
| Camden Property Trust, 3.15%, 07/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4406000 | &nbsp;&nbsp;&nbsp;&nbsp; 4290363 |
| ERP Operating L.P., 3.00%, 07/01/2029<br>|  | &nbsp;&nbsp;4404000 | &nbsp;&nbsp;&nbsp;&nbsp; 4282529 |
| Essex Portfolio L.P., 4.00%, 03/01/2029<br>|  | &nbsp;&nbsp;3680000 | &nbsp;&nbsp;&nbsp;&nbsp; 3673889 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12246781 |
| **Retail REITs-0.58%** | **Retail REITs-0.58%** | **Retail REITs-0.58%** | **Retail REITs-0.58%** |
| Realty Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 06/15/2029<br>|  | &nbsp;&nbsp;3675000 | &nbsp;&nbsp;&nbsp;&nbsp; 3601063 |
| &nbsp;&nbsp;&nbsp;3.10%, 12/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4388000 | &nbsp;&nbsp;&nbsp;&nbsp; 4260713 |
| Simon Property Group L.P., 2.45%, 09/13/2029<br>|  | &nbsp;&nbsp;9196000 | &nbsp;&nbsp;&nbsp;&nbsp; 8745193 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16606969 |
| **Semiconductors & Semiconductor Equipment-2.93%** | **Semiconductors & Semiconductor Equipment-2.93%** | **Semiconductors & Semiconductor Equipment-2.93%** | **Semiconductors & Semiconductor Equipment-2.93%** |
| Applied Materials, Inc., 4.80%, 06/15/2029<br>|  | &nbsp;&nbsp;5143000 | &nbsp;&nbsp;&nbsp;&nbsp; 5300143 |
| Broadcom, Inc., 5.05%, 07/12/2029<br>|  | 16519000 | &nbsp;&nbsp;&nbsp;&nbsp; 17094541 |
| Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 08/05/2029<br>|  | &nbsp;&nbsp;6238000 | &nbsp;&nbsp;&nbsp;&nbsp; 6226703 |
| &nbsp;&nbsp;&nbsp;2.45%, 11/15/2029<br>|  | 14683000 | &nbsp;&nbsp;&nbsp;&nbsp; 13848991 |
| KLA Corp., 4.10%, 03/15/2029<br>|  | &nbsp;&nbsp;5877000 | &nbsp;&nbsp;&nbsp;&nbsp; 5913517 |
| Lam Research Corp., 4.00%, 03/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7338000 | &nbsp;&nbsp;&nbsp;&nbsp; 7371158 |
| Marvell Technology, Inc., 5.75%, 02/15/2029<br>|  | &nbsp;&nbsp;3671000 | &nbsp;&nbsp;&nbsp;&nbsp; 3838038 |
| Microchip Technology, Inc., 5.05%, 03/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7337000 | &nbsp;&nbsp;&nbsp;&nbsp; 7530442 |
| Qorvo, Inc., 4.38%, 10/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;6200000 | &nbsp;&nbsp;&nbsp;&nbsp; 6110850 |
| Texas Instruments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, 02/08/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;4774000 | &nbsp;&nbsp;&nbsp;&nbsp; 4892324 |
| &nbsp;&nbsp;&nbsp;2.25%, 09/04/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5508000 | &nbsp;&nbsp;&nbsp;&nbsp; 5233221 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83359928 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software-3.04%** | **Software-3.04%** | **Software-3.04%** |
| Accenture Capital, Inc., 4.05%, 10/04/2029<sup>(b)</sup><br>| $&nbsp;&nbsp;8808000 | &nbsp;&nbsp;$8864290 |
| Adobe, Inc., 4.80%, 04/04/2029<sup>(b)</sup><br>| &nbsp;&nbsp;5510000 | &nbsp;&nbsp;&nbsp;&nbsp; 5658111 |
| AppLovin Corp., 5.13%, 12/01/2029<br>| &nbsp;&nbsp;7354000 | &nbsp;&nbsp;&nbsp;&nbsp; 7511512 |
| Atlassian Corp., 5.25%, 05/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3669000 | &nbsp;&nbsp;&nbsp;&nbsp; 3734706 |
| Cadence Design Systems, Inc., 4.30%, 09/10/2029<br>| &nbsp;&nbsp;7337000 | &nbsp;&nbsp;&nbsp;&nbsp; 7413396 |
| CrowdStrike Holdings, Inc., 3.00%, 02/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;5509000 | &nbsp;&nbsp;&nbsp;&nbsp; 5236875 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 02/04/2029<br>| 13337000 | &nbsp;&nbsp;&nbsp;&nbsp; 13365305 |
| &nbsp;&nbsp;&nbsp;4.20%, 09/27/2029<sup>(b)</sup><br>| 11011000 | &nbsp;&nbsp;&nbsp;&nbsp; 10879089 |
| &nbsp;&nbsp;&nbsp;6.15%, 11/09/2029<br>| &nbsp;&nbsp;9173000 | &nbsp;&nbsp;&nbsp;&nbsp; 9613649 |
| Roper Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.95%, 09/15/2029<br>| &nbsp;&nbsp;5135000 | &nbsp;&nbsp;&nbsp;&nbsp; 4924445 |
| &nbsp;&nbsp;&nbsp;4.50%, 10/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3651000 | &nbsp;&nbsp;&nbsp;&nbsp; 3697693 |
| Workday, Inc., 3.70%, 04/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;5506000 | &nbsp;&nbsp;&nbsp;&nbsp; 5417796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86316867 |
| **Specialized REITs-2.28%** | **Specialized REITs-2.28%** | **Specialized REITs-2.28%** |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.20%, 02/15/2029<br>| &nbsp;&nbsp;4782000 | &nbsp;&nbsp;&nbsp;&nbsp; 4938676 |
| &nbsp;&nbsp;&nbsp;3.95%, 03/15/2029<br>| &nbsp;&nbsp;4410000 | &nbsp;&nbsp;&nbsp;&nbsp; 4397940 |
| &nbsp;&nbsp;&nbsp;3.80%, 08/15/2029<br>| 12140000 | &nbsp;&nbsp;&nbsp;&nbsp; 12045570 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, 02/15/2029<br>| &nbsp;&nbsp;4415000 | &nbsp;&nbsp;&nbsp;&nbsp; 4438846 |
| &nbsp;&nbsp;&nbsp;5.60%, 06/01/2029<br>| &nbsp;&nbsp;5521000 | &nbsp;&nbsp;&nbsp;&nbsp; 5752309 |
| &nbsp;&nbsp;&nbsp;4.90%, 09/01/2029<br>| &nbsp;&nbsp;4043000 | &nbsp;&nbsp;&nbsp;&nbsp; 4124259 |
| GLP Capital L.P./GLP Financing II, Inc., 5.30%, 01/15/2029<br>| &nbsp;&nbsp;5481000 | &nbsp;&nbsp;&nbsp;&nbsp; 5599686 |
| Public Storage Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 01/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;3668000 | &nbsp;&nbsp;&nbsp;&nbsp; 3802334 |
| &nbsp;&nbsp;&nbsp;3.39%, 05/01/2029<br>| &nbsp;&nbsp;3674000 | &nbsp;&nbsp;&nbsp;&nbsp; 3630356 |
| SBA Communications Corp., 3.13%, 02/01/2029<sup>(b)</sup><br>| 11014000 | &nbsp;&nbsp;&nbsp;&nbsp; 10595981 |
| Weyerhaeuser Co., 4.00%, 11/15/2029<br>| &nbsp;&nbsp;5518000 | &nbsp;&nbsp;&nbsp;&nbsp; 5494116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64820073 |
| **Specialty Retail-2.47%** | **Specialty Retail-2.47%** | **Specialty Retail-2.47%** |
| AutoNation, Inc., 4.45%, 01/15/2029<br>| &nbsp;&nbsp;4416000 | &nbsp;&nbsp;&nbsp;&nbsp; 4450040 |
| AutoZone, Inc., 5.10%, 07/15/2029<br>| &nbsp;&nbsp;4416000 | &nbsp;&nbsp;&nbsp;&nbsp; 4559010 |
| Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, 02/15/2029<br>| &nbsp;&nbsp;5510000 | &nbsp;&nbsp;&nbsp;&nbsp; 5530603 |
| &nbsp;&nbsp;&nbsp;5.30%, 10/01/2029<br>| 12809000 | &nbsp;&nbsp;&nbsp;&nbsp; 13296824 |
| Home Depot, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 04/15/2029<br>| &nbsp;&nbsp;5519000 | &nbsp;&nbsp;&nbsp;&nbsp; 5694114 |
| &nbsp;&nbsp;&nbsp;2.95%, 06/15/2029<br>| 12878000 | &nbsp;&nbsp;&nbsp;&nbsp; 12559447 |
| &nbsp;&nbsp;&nbsp;4.75%, 06/25/2029<sup>(b)</sup><br>| &nbsp;&nbsp;9201000 | &nbsp;&nbsp;&nbsp;&nbsp; 9477695 |
| Lowe's Cos., Inc., 3.65%, 04/05/2029<br>| 11035000 | &nbsp;&nbsp;&nbsp;&nbsp; 10948662 |
| O'Reilly Automotive, Inc., 3.90%, 06/01/2029<br>| &nbsp;&nbsp;3683000 | &nbsp;&nbsp;&nbsp;&nbsp; 3672833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70189228 |
| **Technology Hardware, Storage & Peripherals-1.53%** | **Technology Hardware, Storage & Peripherals-1.53%** | **Technology Hardware, Storage & Peripherals-1.53%** |
| Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 08/08/2029<sup>(b)</sup><br>| &nbsp;&nbsp;7337000 | &nbsp;&nbsp;&nbsp;&nbsp; 7255398 |
| &nbsp;&nbsp;&nbsp;2.20%, 09/11/2029<br>| 12847000 | &nbsp;&nbsp;&nbsp;&nbsp; 12251029 |
| Hewlett Packard Enterprise Co., 4.55%, 10/15/2029<br>| 12849000 | &nbsp;&nbsp;&nbsp;&nbsp; 13005534 |

---

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

------

#### 34

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Technology Hardware, Storage & Peripherals-(continued)** | **Technology Hardware, Storage & Peripherals-(continued)** | **Technology Hardware, Storage & Peripherals-(continued)** | **Technology Hardware, Storage & Peripherals-(continued)** |
| HP, Inc., 4.00%, 04/15/2029<br>| $| &nbsp;&nbsp;7336000 | &nbsp;&nbsp;$7296202 |
| IBM International Capital Pte. Ltd., 4.60%, 02/05/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3670000 | &nbsp;&nbsp;&nbsp;&nbsp; 3739513 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43547676 |
| **Tobacco-1.64%** | **Tobacco-1.64%** | **Tobacco-1.64%** | **Tobacco-1.64%** |
| Altria Group, Inc., 4.80%, 02/14/2029<br>|  | 14022000 | &nbsp;&nbsp;&nbsp;&nbsp; 14329408 |
| B.A.T. Capital Corp. (United Kingdom), 3.46%, 09/06/2029<br>|  | &nbsp;&nbsp;3681000 | &nbsp;&nbsp;&nbsp;&nbsp; 3615100 |
| B.A.T. International Finance PLC (United Kingdom), 5.93%, 02/02/2029<br>|  | &nbsp;&nbsp;7353000 | &nbsp;&nbsp;&nbsp;&nbsp; 7747138 |
| Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.38%, 08/15/2029<br>|  | &nbsp;&nbsp;5521000 | &nbsp;&nbsp;&nbsp;&nbsp; 5428276 |
| &nbsp;&nbsp;&nbsp;4.63%, 11/01/2029<br>|  | &nbsp;&nbsp;5518000 | &nbsp;&nbsp;&nbsp;&nbsp; 5653679 |
| &nbsp;&nbsp;&nbsp;5.63%, 11/17/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;9198000 | &nbsp;&nbsp;&nbsp;&nbsp; 9716558 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46490159 |
| **Trading Companies & Distributors-0.26%** | **Trading Companies & Distributors-0.26%** | **Trading Companies & Distributors-0.26%** | **Trading Companies & Distributors-0.26%** |
| Air Lease Corp., 5.10%, 03/01/2029<br>|  | &nbsp;&nbsp;3674000 | &nbsp;&nbsp;&nbsp;&nbsp; 3758545 |
| GATX Corp., 4.70%, 04/01/2029<br>|  | &nbsp;&nbsp;3675000 | &nbsp;&nbsp;&nbsp;&nbsp; 3744136 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7502681 |
| **Water Utilities-0.14%** | **Water Utilities-0.14%** | **Water Utilities-0.14%** | **Water Utilities-0.14%** |
| American Water Capital Corp., 3.45%, 06/01/2029<br>|  | &nbsp;&nbsp;4037000 | &nbsp;&nbsp;&nbsp;&nbsp; 3984957 |
| **Wireless Telecommunication Services-1.75%** | **Wireless Telecommunication Services-1.75%** | **Wireless Telecommunication Services-1.75%** | **Wireless Telecommunication Services-1.75%** |
| Rogers Communications, Inc. (Canada), 5.00%, 02/15/2029<br>|  | &nbsp;&nbsp;9200000 | &nbsp;&nbsp;&nbsp;&nbsp; 9413235 |
| T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 01/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7356000 | &nbsp;&nbsp;&nbsp;&nbsp; 7537383 |
| &nbsp;&nbsp;&nbsp;2.63%, 02/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;7359000 | &nbsp;&nbsp;&nbsp;&nbsp; 7083732 |
| &nbsp;&nbsp;&nbsp;2.40%, 03/15/2029<br>|  | &nbsp;&nbsp;3677000 | &nbsp;&nbsp;&nbsp;&nbsp; 3513694 |
| &nbsp;&nbsp;&nbsp;3.38%, 04/15/2029<sup>(b)</sup><br>|  | 17293000 | &nbsp;&nbsp;&nbsp;&nbsp; 16983129 |
| &nbsp;&nbsp;&nbsp;4.20%, 10/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;5155000 | &nbsp;&nbsp;&nbsp;&nbsp; 5197484 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49728657 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $2,753,013,605) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $2,753,013,605) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $2,753,013,605) | &nbsp;&nbsp;2803642646 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Money Market Funds-0.31%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(c)(d)</sup><br>(Cost $8,781,355)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8781355 | &nbsp;&nbsp;$8781355 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.00%<br>(Cost $2,761,794,960) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.00%<br>(Cost $2,761,794,960) | &nbsp;&nbsp;2812424001 |
| **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-11.08%** | **Money Market Funds-11.08%** | **Money Market Funds-11.08%** |
| Invesco Private Government Fund, 3.64%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp;87561094 | &nbsp;&nbsp;&nbsp;&nbsp; 87561094 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup><br>| 227244350 | &nbsp;&nbsp;&nbsp;&nbsp; 227312523 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $314,873,617) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $314,873,617) | &nbsp;&nbsp;&nbsp;&nbsp;314873617 |
| TOTAL INVESTMENTS IN SECURITIES-110.08%<br>(Cost $3,076,668,577) | TOTAL INVESTMENTS IN SECURITIES-110.08%<br>(Cost $3,076,668,577) | &nbsp;&nbsp;3127297618 |
| OTHER ASSETS LESS LIABILITIES-(10.08)% | OTHER ASSETS LESS LIABILITIES-(10.08)% | &nbsp;&nbsp;&nbsp;&nbsp;(286329088) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $2840968530 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$3388830 | &nbsp;&nbsp;&nbsp;$82595162 | &nbsp;&nbsp;&nbsp;$(77202637) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$8781355 | &nbsp;&nbsp;&nbsp;$142370 |

---

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

------

#### 35

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Corporate Bond ETF (BSCT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;$85111069 | &nbsp;&nbsp;&nbsp;$173565556 | &nbsp;&nbsp;&nbsp;$(171115531) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$87561094 | &nbsp;&nbsp;&nbsp;$1,629,846\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;221338592 | &nbsp;&nbsp;&nbsp;&nbsp;384667590 | &nbsp;&nbsp;&nbsp;&nbsp;(378692865) | &nbsp;&nbsp;&nbsp;&nbsp;(15070) | &nbsp;&nbsp;&nbsp;&nbsp;14276 | &nbsp;&nbsp;&nbsp;&nbsp;227312523 | &nbsp;&nbsp;&nbsp;&nbsp;4,400,511\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$309838491 | &nbsp;&nbsp;&nbsp;$640828308 | &nbsp;&nbsp;&nbsp;$(627011033) | &nbsp;&nbsp;&nbsp;$(15070) | &nbsp;&nbsp;&nbsp;$14276 | &nbsp;&nbsp;&nbsp;$323654972 | &nbsp;&nbsp;&nbsp;$6172727 |

---

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

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

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 36

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Corporate Bond ETF (BSCU)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.96%** | **U.S. Dollar Denominated Bonds & Notes-98.96%** | **U.S. Dollar Denominated Bonds & Notes-98.96%** |
| **Aerospace & Defense-2.35%** | **Aerospace & Defense-2.35%** | **Aerospace & Defense-2.35%** |
| Boeing Co. (The), 5.15%, 05/01/2030<br>| $28907000 | &nbsp;&nbsp;$29945408 |
| General Electric Co., 4.30%, 07/29/2030<br>| &nbsp;&nbsp;6422000 | &nbsp;&nbsp;&nbsp;&nbsp; 6525975 |
| Huntington Ingalls Industries, Inc., 5.35%, 01/15/2030<br>| &nbsp;&nbsp;3208000 | &nbsp;&nbsp;&nbsp;&nbsp; 3329854 |
| Lockheed Martin Corp., 4.40%, 08/15/2030<br>| &nbsp;&nbsp;4821000 | &nbsp;&nbsp;&nbsp;&nbsp; 4911309 |
| Northrop Grumman Corp., 4.65%, 07/15/2030<br>| &nbsp;&nbsp;3206000 | &nbsp;&nbsp;&nbsp;&nbsp; 3284082 |
| RTX Corp., 2.25%, 07/01/2030<br>| &nbsp;&nbsp;6422000 | &nbsp;&nbsp;&nbsp;&nbsp; 5986666 |
| Textron, Inc., 3.00%, 06/01/2030<br>| &nbsp;&nbsp;4171000 | &nbsp;&nbsp;&nbsp;&nbsp; 3997988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57981282 |
| **Air Freight & Logistics-0.13%** | **Air Freight & Logistics-0.13%** | **Air Freight & Logistics-0.13%** |
| United Parcel Service, Inc., 4.65%, 10/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;3206000 | &nbsp;&nbsp;&nbsp;&nbsp; 3313689 |
| **Automobile Components-0.18%** | **Automobile Components-0.18%** | **Automobile Components-0.18%** |
| Magna International, Inc. (Canada), 2.45%, 06/15/2030<br>| &nbsp;&nbsp;4819000 | &nbsp;&nbsp;&nbsp;&nbsp; 4517849 |
| **Automobiles-3.51%** | **Automobiles-3.51%** | **Automobiles-3.51%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 03/05/2030<br>| &nbsp;&nbsp;3215000 | &nbsp;&nbsp;&nbsp;&nbsp; 3293368 |
| &nbsp;&nbsp;&nbsp;4.60%, 04/17/2030<br>| &nbsp;&nbsp;4494000 | &nbsp;&nbsp;&nbsp;&nbsp; 4575029 |
| &nbsp;&nbsp;&nbsp;4.50%, 09/04/2030<br>| &nbsp;&nbsp;4174000 | &nbsp;&nbsp;&nbsp;&nbsp; 4225278 |
| &nbsp;&nbsp;&nbsp;5.85%, 10/04/2030<br>| &nbsp;&nbsp;3215000 | &nbsp;&nbsp;&nbsp;&nbsp; 3437978 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.35%, 03/06/2030<br>| &nbsp;&nbsp;7370000 | &nbsp;&nbsp;&nbsp;&nbsp; 7989868 |
| &nbsp;&nbsp;&nbsp;7.20%, 06/10/2030<sup>(b)</sup><br>| &nbsp;&nbsp;5458000 | &nbsp;&nbsp;&nbsp;&nbsp; 5895114 |
| &nbsp;&nbsp;&nbsp;5.73%, 09/05/2030<sup>(b)</sup><br>| &nbsp;&nbsp;8020000 | &nbsp;&nbsp;&nbsp;&nbsp; 8250025 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/13/2030<sup>(b)</sup><br>| 10589000 | &nbsp;&nbsp;&nbsp;&nbsp; 10153441 |
| General Motors Co., 5.63%, 04/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;4818000 | &nbsp;&nbsp;&nbsp;&nbsp; 5057620 |
| Honda Motor Co. Ltd. (Japan), 4.69%, 07/08/2030<sup>(b)</sup><br>| &nbsp;&nbsp;8349000 | &nbsp;&nbsp;&nbsp;&nbsp; 8512854 |
| Toyota Motor Corp. (Japan), 4.45%, 06/30/2030<sup>(b)</sup><br>| &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3268666 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 01/09/2030<br>| &nbsp;&nbsp;4497000 | &nbsp;&nbsp;&nbsp;&nbsp; 4663853 |
| &nbsp;&nbsp;&nbsp;4.80%, 05/15/2030<br>| &nbsp;&nbsp;4814000 | &nbsp;&nbsp;&nbsp;&nbsp; 4969210 |
| &nbsp;&nbsp;&nbsp;4.55%, 05/17/2030<sup>(b)</sup><br>| &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4613222 |
| &nbsp;&nbsp;&nbsp;5.55%, 11/20/2030<br>| &nbsp;&nbsp;7068000 | &nbsp;&nbsp;&nbsp;&nbsp; 7534215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86439741 |
| **Banks-5.55%** | **Banks-5.55%** | **Banks-5.55%** |
| Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;5.57%, 01/17/2030<br>| &nbsp;&nbsp;6423000 | &nbsp;&nbsp;&nbsp;&nbsp; 6735278 |
| &nbsp;&nbsp;&nbsp;3.49%, 05/28/2030<br>| &nbsp;&nbsp;6410000 | &nbsp;&nbsp;&nbsp;&nbsp; 6231263 |
| &nbsp;&nbsp;&nbsp;5.07%, 11/06/2030<br>| &nbsp;&nbsp;8020000 | &nbsp;&nbsp;&nbsp;&nbsp; 8085892 |
| Bank of Nova Scotia (The) (Canada), 4.85%, 02/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;8035000 | &nbsp;&nbsp;&nbsp;&nbsp; 8274531 |
| Citibank N.A., 4.91%, 05/29/2030<br>| 16063000 | &nbsp;&nbsp;&nbsp;&nbsp; 16597400 |
| Citizens Financial Group, Inc., 3.25%, 04/30/2030<sup>(b)</sup><br>| &nbsp;&nbsp;4821000 | &nbsp;&nbsp;&nbsp;&nbsp; 4638371 |
| Huntington National Bank (The), 5.65%, 01/10/2030<sup>(b)</sup><br>| &nbsp;&nbsp;5778000 | &nbsp;&nbsp;&nbsp;&nbsp; 6087358 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| Mitsubishi UFJ Financial Group, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.56%, 02/25/2030<br>| $| &nbsp;&nbsp;7384000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6972105 |
| &nbsp;&nbsp;&nbsp;2.05%, 07/17/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;8029000 | &nbsp;&nbsp;&nbsp;&nbsp; 7379505 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp;5.71%, 01/13/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;8669000 | &nbsp;&nbsp;&nbsp;&nbsp; 9166839 |
| &nbsp;&nbsp;&nbsp;2.75%, 01/15/2030<br>|  | &nbsp;&nbsp;8026000 | &nbsp;&nbsp;&nbsp;&nbsp; 7646737 |
| &nbsp;&nbsp;&nbsp;5.24%, 04/15/2030<br>|  | &nbsp;&nbsp;5137000 | &nbsp;&nbsp;&nbsp;&nbsp; 5363231 |
| &nbsp;&nbsp;&nbsp;2.13%, 07/08/2030<br>|  | &nbsp;&nbsp;9635000 | &nbsp;&nbsp;&nbsp;&nbsp; 8874895 |
| &nbsp;&nbsp;&nbsp;5.85%, 07/13/2030<br>|  | &nbsp;&nbsp;4178000 | &nbsp;&nbsp;&nbsp;&nbsp; 4466403 |
| &nbsp;&nbsp;&nbsp;2.14%, 09/23/2030<br>|  | &nbsp;&nbsp;4032000 | &nbsp;&nbsp;&nbsp;&nbsp; 3692154 |
| Toronto-Dominion Bank (The) (Canada), 4.81%, 06/03/2030<br>|  | &nbsp;&nbsp;7388000 | &nbsp;&nbsp;&nbsp;&nbsp; 7599437 |
| Truist Bank, 2.25%, 03/11/2030<br>|  | &nbsp;&nbsp;8033000 | &nbsp;&nbsp;&nbsp;&nbsp; 7426480 |
| Truist Financial Corp., 1.95%, 06/05/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;4822000 | &nbsp;&nbsp;&nbsp;&nbsp; 4432189 |
| U.S. Bancorp, 1.38%, 07/22/2030<br>|  | &nbsp;&nbsp;8035000 | &nbsp;&nbsp;&nbsp;&nbsp; 7196069 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136866137 |
| **Beverages-2.08%** | **Beverages-2.08%** | **Beverages-2.08%** | **Beverages-2.08%** |
| Coca-Cola Co. (The), 1.65%, 06/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;9638000 | &nbsp;&nbsp;&nbsp;&nbsp; 8834291 |
| Constellation Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 05/01/2030<br>|  | &nbsp;&nbsp;3856000 | &nbsp;&nbsp;&nbsp;&nbsp; 3667427 |
| &nbsp;&nbsp;&nbsp;4.80%, 05/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3209000 | &nbsp;&nbsp;&nbsp;&nbsp; 3291357 |
| Diageo Capital PLC (United Kingdom), 2.00%, 04/29/2030<br>|  | &nbsp;&nbsp;6418000 | &nbsp;&nbsp;&nbsp;&nbsp; 5915747 |
| Diageo Investment Corp. (United Kingdom), 5.13%, 08/15/2030<br>|  | &nbsp;&nbsp;4823000 | &nbsp;&nbsp;&nbsp;&nbsp; 5020527 |
| Keurig Dr Pepper, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 05/01/2030<br>|  | &nbsp;&nbsp;4816500 | &nbsp;&nbsp;&nbsp;&nbsp; 4619852 |
| &nbsp;&nbsp;&nbsp;4.60%, 05/15/2030<br>|  | &nbsp;&nbsp;3213000 | &nbsp;&nbsp;&nbsp;&nbsp; 3245984 |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, 02/07/2030<br>|  | &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6606521 |
| &nbsp;&nbsp;&nbsp;1.63%, 05/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;6417000 | &nbsp;&nbsp;&nbsp;&nbsp; 5872910 |
| &nbsp;&nbsp;&nbsp;4.30%, 07/23/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;4179000 | &nbsp;&nbsp;&nbsp;&nbsp; 4263908 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51338524 |
| **Biotechnology-2.22%** | **Biotechnology-2.22%** | **Biotechnology-2.22%** | **Biotechnology-2.22%** |
| AbbVie, Inc., 4.88%, 03/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;6421000 | &nbsp;&nbsp;&nbsp;&nbsp; 6640746 |
| Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, 02/21/2030<br>|  | &nbsp;&nbsp;8034000 | &nbsp;&nbsp;&nbsp;&nbsp; 7581399 |
| &nbsp;&nbsp;&nbsp;5.25%, 03/02/2030<br>|  | 17665000 | &nbsp;&nbsp;&nbsp;&nbsp; 18437550 |
| Biogen, Inc., 2.25%, 05/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;9636000 | &nbsp;&nbsp;&nbsp;&nbsp; 8940935 |
| Gilead Sciences, Inc., 1.65%, 10/01/2030<br>|  | &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 5805836 |
| Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030<br>|  | &nbsp;&nbsp;8020000 | &nbsp;&nbsp;&nbsp;&nbsp; 7231636 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54638102 |
| **Broadline Retail-1.37%** | **Broadline Retail-1.37%** | **Broadline Retail-1.37%** | **Broadline Retail-1.37%** |
| Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 06/03/2030<sup>(b)</sup><br>|  | 12851000 | &nbsp;&nbsp;&nbsp;&nbsp; 11658496 |
| &nbsp;&nbsp;&nbsp;4.10%, 11/20/2030<sup>(b)</sup><br>|  | 16058000 | &nbsp;&nbsp;&nbsp;&nbsp; 16179379 |
| eBay, Inc., 2.70%, 03/11/2030<br>|  | &nbsp;&nbsp;6108000 | &nbsp;&nbsp;&nbsp;&nbsp; 5793774 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33631649 |

---

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

------

#### 37

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Building Products-0.75%** | **Building Products-0.75%** | **Building Products-0.75%** |
| Amrize Finance US LLC, 4.95%, 04/07/2030<br>| $6408000 | &nbsp;&nbsp;$6594652 |
| CRH SMW Finance DAC, 5.13%, 01/09/2030<br>| 8030000 | &nbsp;&nbsp;&nbsp;&nbsp; 8313601 |
| Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 1.75%, 09/15/2030<br>| 4012000 | &nbsp;&nbsp;&nbsp;&nbsp; 3639782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18548035 |
| **Capital Markets-4.23%** | **Capital Markets-4.23%** | **Capital Markets-4.23%** |
| Ares Capital Corp., 5.50%, 09/01/2030<sup>(b)</sup><br>| 4820000 | &nbsp;&nbsp;&nbsp;&nbsp; 4774707 |
| Ares Strategic Income Fund, 5.60%, 02/15/2030<br>| 4815000 | &nbsp;&nbsp;&nbsp;&nbsp; 4760892 |
| BGC Group, Inc., 6.15%, 04/02/2030<br>| 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4689008 |
| Blackstone Secured Lending Fund, 5.30%, 06/30/2030<sup>(b)</sup><br>| 3217000 | &nbsp;&nbsp;&nbsp;&nbsp; 3162331 |
| Blue Owl Capital Corp., 6.20%, 07/15/2030<sup>(b)</sup><br>| 3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3196368 |
| Blue Owl Credit Income Corp., 5.80%, 03/15/2030<br>| 6418000 | &nbsp;&nbsp;&nbsp;&nbsp; 6282497 |
| Brookfield Asset Management Ltd. (Canada), 4.65%, 11/15/2030<br>| 3852000 | &nbsp;&nbsp;&nbsp;&nbsp; 3894892 |
| Brookfield Finance, Inc. (Canada), 4.35%, 04/15/2030<br>| 4817000 | &nbsp;&nbsp;&nbsp;&nbsp; 4828121 |
| Cboe Global Markets, Inc., 1.63%, 12/15/2030<br>| 3204000 | &nbsp;&nbsp;&nbsp;&nbsp; 2864281 |
| CI Financial Corp. (Canada), 3.20%, 12/17/2030<br>| 5827000 | &nbsp;&nbsp;&nbsp;&nbsp; 5344790 |
| CME Group, Inc., 4.40%, 03/15/2030<br>| 4817000 | &nbsp;&nbsp;&nbsp;&nbsp; 4907971 |
| Franklin Resources, Inc., 1.60%, 10/30/2030<br>| 5450000 | &nbsp;&nbsp;&nbsp;&nbsp; 4903574 |
| FS KKR Capital Corp., 6.13%, 01/15/2030<sup>(b)</sup><br>| 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4324680 |
| Golub Capital Private Credit Fund, 5.88%, 05/01/2030<br>| 3207000 | &nbsp;&nbsp;&nbsp;&nbsp; 3205499 |
| Nomura Holdings, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 07/01/2030<sup>(b)</sup><br>| 4815000 | &nbsp;&nbsp;&nbsp;&nbsp; 4927658 |
| &nbsp;&nbsp;&nbsp;2.68%, 07/16/2030<br>| 6426000 | &nbsp;&nbsp;&nbsp;&nbsp; 6017206 |
| Northern Trust Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.95%, 05/01/2030<br>| 6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 5932163 |
| &nbsp;&nbsp;&nbsp;4.15%, 11/19/2030<br>| 3208000 | &nbsp;&nbsp;&nbsp;&nbsp; 3237753 |
| S&P Global, Inc., 1.25%, 08/15/2030<br>| 3844000 | &nbsp;&nbsp;&nbsp;&nbsp; 3410492 |
| Sixth Street Lending Partners |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 01/15/2030<br>| 3850000 | &nbsp;&nbsp;&nbsp;&nbsp; 3867554 |
| &nbsp;&nbsp;&nbsp;6.13%, 07/15/2030<br>| 4810000 | &nbsp;&nbsp;&nbsp;&nbsp; 4871291 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.73%, 02/28/2030<br>| 4175000 | &nbsp;&nbsp;&nbsp;&nbsp; 4292813 |
| &nbsp;&nbsp;&nbsp;4.83%, 04/24/2030<br>| 6425000 | &nbsp;&nbsp;&nbsp;&nbsp; 6619799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104316340 |
| **Chemicals-1.19%** | **Chemicals-1.19%** | **Chemicals-1.19%** |
| Air Products and Chemicals, Inc., 2.05%, 05/15/2030<br>| 5786000 | &nbsp;&nbsp;&nbsp;&nbsp; 5366455 |
| Dow Chemical Co. (The), 2.10%, 11/15/2030<sup>(b)</sup><br>| 5254000 | &nbsp;&nbsp;&nbsp;&nbsp; 4685748 |
| EIDP, Inc., 2.30%, 07/15/2030<sup>(b)</sup><br>| 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2996202 |
| Linde, Inc., 1.10%, 08/10/2030<br>| 4494000 | &nbsp;&nbsp;&nbsp;&nbsp; 4001866 |
| LYB International Finance III LLC, 2.25%, 10/01/2030<br>| 3214000 | &nbsp;&nbsp;&nbsp;&nbsp; 2906012 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals-(continued)** | **Chemicals-(continued)** | **Chemicals-(continued)** | **Chemicals-(continued)** |
| Nutrien Ltd. (Canada), 2.95%, 05/13/2030<br>| $| &nbsp;&nbsp;3208000 | &nbsp;&nbsp;$3063993 |
| Sherwin-Williams Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.30%, 05/15/2030<br>|  | &nbsp;&nbsp;3211000 | &nbsp;&nbsp;&nbsp;&nbsp; 2988293 |
| &nbsp;&nbsp;&nbsp;4.50%, 08/15/2030<br>|  | &nbsp;&nbsp;3209000 | &nbsp;&nbsp;&nbsp;&nbsp; 3258999 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29267568 |
| **Commercial Services & Supplies-0.83%** | **Commercial Services & Supplies-0.83%** | **Commercial Services & Supplies-0.83%** | **Commercial Services & Supplies-0.83%** |
| CDW LLC/CDW Finance Corp., 5.10%, 03/01/2030<br>|  | &nbsp;&nbsp;3855000 | &nbsp;&nbsp;&nbsp;&nbsp; 3915978 |
| Republic Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.30%, 03/01/2030<br>|  | &nbsp;&nbsp;3845000 | &nbsp;&nbsp;&nbsp;&nbsp; 3607593 |
| &nbsp;&nbsp;&nbsp;4.75%, 07/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3216000 | &nbsp;&nbsp;&nbsp;&nbsp; 3307441 |
| Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 02/15/2030<br>|  | &nbsp;&nbsp;4818000 | &nbsp;&nbsp;&nbsp;&nbsp; 4934373 |
| &nbsp;&nbsp;&nbsp;4.65%, 03/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;4497000 | &nbsp;&nbsp;&nbsp;&nbsp; 4617486 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20382871 |
| **Communications Equipment-0.65%** | **Communications Equipment-0.65%** | **Communications Equipment-0.65%** | **Communications Equipment-0.65%** |
| Cisco Systems, Inc., 4.75%, 02/24/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;6413000 | &nbsp;&nbsp;&nbsp;&nbsp; 6615601 |
| Motorola Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 08/15/2030<br>|  | &nbsp;&nbsp;3858000 | &nbsp;&nbsp;&nbsp;&nbsp; 3964092 |
| &nbsp;&nbsp;&nbsp;2.30%, 11/15/2030<br>|  | &nbsp;&nbsp;5781000 | &nbsp;&nbsp;&nbsp;&nbsp; 5320883 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15900576 |
| **Construction & Engineering-0.25%** | **Construction & Engineering-0.25%** | **Construction & Engineering-0.25%** | **Construction & Engineering-0.25%** |
| Quanta Services, Inc., 2.90%, 10/01/2030<br>|  | &nbsp;&nbsp;6421000 | &nbsp;&nbsp;&nbsp;&nbsp; 6076215 |
| **Construction Materials-0.31%** | **Construction Materials-0.31%** | **Construction Materials-0.31%** | **Construction Materials-0.31%** |
| Martin Marietta Materials, Inc., Series CB, 2.50%, 03/15/2030<br>|  | &nbsp;&nbsp;3067000 | &nbsp;&nbsp;&nbsp;&nbsp; 2892926 |
| Vulcan Materials Co., 3.50%, 06/01/2030<br>|  | &nbsp;&nbsp;4823000 | &nbsp;&nbsp;&nbsp;&nbsp; 4719076 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612002 |
| **Consumer Finance-1.15%** | **Consumer Finance-1.15%** | **Consumer Finance-1.15%** | **Consumer Finance-1.15%** |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, 01/07/2030<br>|  | &nbsp;&nbsp;7707000 | &nbsp;&nbsp;&nbsp;&nbsp; 8001544 |
| &nbsp;&nbsp;&nbsp;5.85%, 04/06/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;6425000 | &nbsp;&nbsp;&nbsp;&nbsp; 6796904 |
| &nbsp;&nbsp;&nbsp;3.60%, 06/21/2030<br>|  | &nbsp;&nbsp;7065000 | &nbsp;&nbsp;&nbsp;&nbsp; 6866228 |
| &nbsp;&nbsp;&nbsp;5.45%, 07/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;6425000 | &nbsp;&nbsp;&nbsp;&nbsp; 6716476 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28381152 |
| **Consumer Staples Distribution & Retail-1.13%** | **Consumer Staples Distribution & Retail-1.13%** | **Consumer Staples Distribution & Retail-1.13%** | **Consumer Staples Distribution & Retail-1.13%** |
| Costco Wholesale Corp., 1.60%, 04/20/2030<br>|  | 11243000 | &nbsp;&nbsp;&nbsp;&nbsp; 10295498 |
| Kroger Co. (The), 2.20%, 05/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 2990034 |
| Sysco Corp., 5.10%, 09/23/2030<br>|  | &nbsp;&nbsp;4494000 | &nbsp;&nbsp;&nbsp;&nbsp; 4666489 |
| Walmart, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 04/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3209000 | &nbsp;&nbsp;&nbsp;&nbsp; 3255233 |
| &nbsp;&nbsp;&nbsp;4.35%, 04/28/2030<br>|  | &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6559275 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27766529 |
| **Containers & Packaging-0.60%** | **Containers & Packaging-0.60%** | **Containers & Packaging-0.60%** | **Containers & Packaging-0.60%** |
| Amcor Flexibles North America, Inc., 2.63%, 06/19/2030<br>|  | &nbsp;&nbsp;3208000 | &nbsp;&nbsp;&nbsp;&nbsp; 3016167 |
| Avery Dennison Corp., 2.65%, 04/30/2030<br>|  | &nbsp;&nbsp;3208000 | &nbsp;&nbsp;&nbsp;&nbsp; 3028965 |

---

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

------

#### 38

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Containers & Packaging-(continued)** | **Containers & Packaging-(continued)** | **Containers & Packaging-(continued)** | **Containers & Packaging-(continued)** |
| Smurfit Kappa Treasury Unlimited Co. (Ireland), 5.20%, 01/15/2030<br>| $| 4783000 | &nbsp;&nbsp;$4958682 |
| Sonoco Products Co., 3.13%, 05/01/2030<br>|  | 3851000 | &nbsp;&nbsp;&nbsp;&nbsp; 3684398 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14688212 |
| **Distributors-0.12%** | **Distributors-0.12%** | **Distributors-0.12%** | **Distributors-0.12%** |
| Genuine Parts Co., 1.88%, 11/01/2030<br>|  | 3211000 | &nbsp;&nbsp;&nbsp;&nbsp; 2835036 |
| **Diversified Consumer Services-0.25%** | **Diversified Consumer Services-0.25%** | **Diversified Consumer Services-0.25%** | **Diversified Consumer Services-0.25%** |
| Leland Stanford Junior University (The), Series 2025, 4.15%, 08/01/2030<sup>(b)</sup><br>|  | 3198000 | &nbsp;&nbsp;&nbsp;&nbsp; 3244949 |
| Yale University, Series 2020, 1.48%, 04/15/2030<br>|  | 3204000 | &nbsp;&nbsp;&nbsp;&nbsp; 2925995 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6170944 |
| **Diversified REITs-0.60%** | **Diversified REITs-0.60%** | **Diversified REITs-0.60%** | **Diversified REITs-0.60%** |
| Equinix Europe 2 Financing Corp. LLC, 4.60%, 11/15/2030<br>|  | 8032000 | &nbsp;&nbsp;&nbsp;&nbsp; 8129662 |
| VICI Properties L.P., 4.95%, 02/15/2030<br>|  | 6426000 | &nbsp;&nbsp;&nbsp;&nbsp; 6536637 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14666299 |
| **Diversified Telecommunication Services-0.68%** | **Diversified Telecommunication Services-0.68%** | **Diversified Telecommunication Services-0.68%** | **Diversified Telecommunication Services-0.68%** |
| AT&T, Inc., 4.70%, 08/15/2030<sup>(b)</sup><br>|  | 6424000 | &nbsp;&nbsp;&nbsp;&nbsp; 6588121 |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 09/18/2030<sup>(b)</sup><br>|  | 6424000 | &nbsp;&nbsp;&nbsp;&nbsp; 5745374 |
| &nbsp;&nbsp;&nbsp;1.68%, 10/30/2030<br>|  | 5020000 | &nbsp;&nbsp;&nbsp;&nbsp; 4505449 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16838944 |
| **Electric Utilities-4.94%** | **Electric Utilities-4.94%** | **Electric Utilities-4.94%** | **Electric Utilities-4.94%** |
| AEP Texas, Inc., Series I, 2.10%, 07/01/2030<sup>(b)</sup><br>|  | 3841000 | &nbsp;&nbsp;&nbsp;&nbsp; 3542807 |
| Alabama Power Co., Series 20-A, 1.45%, 09/15/2030<br>|  | 3850000 | &nbsp;&nbsp;&nbsp;&nbsp; 3450516 |
| Berkshire Hathaway Energy Co., 3.70%, 07/15/2030<br>|  | 7062000 | &nbsp;&nbsp;&nbsp;&nbsp; 6995622 |
| CenterPoint Energy Houston Electric LLC, 4.80%, 03/15/2030<sup>(b)</sup><br>|  | 3215000 | &nbsp;&nbsp;&nbsp;&nbsp; 3317539 |
| Duke Energy Carolinas LLC, 2.45%, 02/01/2030<br>|  | 3216000 | &nbsp;&nbsp;&nbsp;&nbsp; 3041740 |
| Duke Energy Corp., 2.45%, 06/01/2030<sup>(b)</sup><br>|  | 5457000 | &nbsp;&nbsp;&nbsp;&nbsp; 5116623 |
| Duke Energy Florida LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 06/15/2030<br>|  | 3209000 | &nbsp;&nbsp;&nbsp;&nbsp; 2925853 |
| &nbsp;&nbsp;&nbsp;4.20%, 12/01/2030<br>|  | 3215000 | &nbsp;&nbsp;&nbsp;&nbsp; 3240520 |
| Edison International, 6.25%, 03/15/2030<sup>(b)</sup><br>|  | 3532000 | &nbsp;&nbsp;&nbsp;&nbsp; 3737137 |
| Entergy Corp., 2.80%, 06/15/2030<br>|  | 3853000 | &nbsp;&nbsp;&nbsp;&nbsp; 3646547 |
| Eversource Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 12/15/2030<br>|  | 3857000 | &nbsp;&nbsp;&nbsp;&nbsp; 3880223 |
| &nbsp;&nbsp;&nbsp;Series R, 1.65%, 08/15/2030<br>|  | 3850000 | &nbsp;&nbsp;&nbsp;&nbsp; 3445532 |
| FirstEnergy Corp., 2.65%, 03/01/2030<br>|  | 3854000 | &nbsp;&nbsp;&nbsp;&nbsp; 3645662 |
| Florida Power & Light Co., 4.63%, 05/15/2030<br>|  | 3216000 | &nbsp;&nbsp;&nbsp;&nbsp; 3303716 |
| Georgia Power Co., 4.55%, 03/15/2030<br>|  | 3859000 | &nbsp;&nbsp;&nbsp;&nbsp; 3938895 |
| National Rural Utilities Cooperative Finance Corp., 4.95%, 02/07/2030<br>|  | 3211000 | &nbsp;&nbsp;&nbsp;&nbsp; 3328043 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 02/28/2030<sup>(b)</sup><br>| $| &nbsp;&nbsp;3856000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3991883 |
| &nbsp;&nbsp;&nbsp;5.05%, 03/15/2030<br>|  | &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6657148 |
| &nbsp;&nbsp;&nbsp;2.25%, 06/01/2030<br>|  | 11296000 | &nbsp;&nbsp;&nbsp;&nbsp; 10486148 |
| Pacific Gas and Electric Co., 4.55%, 07/01/2030<br>|  | 19919000 | &nbsp;&nbsp;&nbsp;&nbsp; 20019458 |
| PG&E Corp., 5.25%, 07/01/2030<br>|  | &nbsp;&nbsp;6410000 | &nbsp;&nbsp;&nbsp;&nbsp; 6419057 |
| San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/2030<br>|  | &nbsp;&nbsp;5142000 | &nbsp;&nbsp;&nbsp;&nbsp; 4633102 |
| Southern California Edison Co., 5.25%, 03/15/2030<br>|  | &nbsp;&nbsp;5464000 | &nbsp;&nbsp;&nbsp;&nbsp; 5648685 |
| Wisconsin Electric Power Co., 4.15%, 10/15/2030<br>|  | &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3229838 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121642294 |
| **Electrical Equipment-0.54%** | **Electrical Equipment-0.54%** | **Electrical Equipment-0.54%** | **Electrical Equipment-0.54%** |
| Acuity Brands Lighting, Inc., 2.15%, 12/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3203000 | &nbsp;&nbsp;&nbsp;&nbsp; 2914931 |
| Emerson Electric Co., 1.95%, 10/15/2030<br>|  | &nbsp;&nbsp;3209000 | &nbsp;&nbsp;&nbsp;&nbsp; 2942800 |
| Regal Rexnord Corp., 6.30%, 02/15/2030<br>|  | &nbsp;&nbsp;7066000 | &nbsp;&nbsp;&nbsp;&nbsp; 7546641 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13404372 |
| **Electronic Equipment, Instruments & Components-0.70%** | **Electronic Equipment, Instruments & Components-0.70%** | **Electronic Equipment, Instruments & Components-0.70%** | **Electronic Equipment, Instruments & Components-0.70%** |
| Amphenol Corp., 4.13%, 11/15/2030<br>|  | &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6454903 |
| Jabil, Inc., 3.60%, 01/15/2030<br>|  | &nbsp;&nbsp;3212000 | &nbsp;&nbsp;&nbsp;&nbsp; 3128597 |
| Keysight Technologies, Inc., 5.35%, 07/30/2030<br>|  | &nbsp;&nbsp;4809000 | &nbsp;&nbsp;&nbsp;&nbsp; 5045004 |
| Teledyne FLIR LLC, 2.50%, 08/01/2030<br>|  | &nbsp;&nbsp;2743000 | &nbsp;&nbsp;&nbsp;&nbsp; 2571939 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17200443 |
| **Energy Equipment & Services-0.49%** | **Energy Equipment & Services-0.49%** | **Energy Equipment & Services-0.49%** | **Energy Equipment & Services-0.49%** |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 4.49%, 05/01/2030<br>|  | &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3264883 |
| Halliburton Co., 2.92%, 03/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;6428000 | &nbsp;&nbsp;&nbsp;&nbsp; 6160961 |
| Schlumberger Investment S.A., 2.65%, 06/26/2030<br>|  | &nbsp;&nbsp;2893000 | &nbsp;&nbsp;&nbsp;&nbsp; 2746079 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12171923 |
| **Financial Services-3.08%** | **Financial Services-3.08%** | **Financial Services-3.08%** | **Financial Services-3.08%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |  |
| &nbsp;&nbsp;&nbsp;6.15%, 09/30/2030<br>|  | &nbsp;&nbsp;5455000 | &nbsp;&nbsp;&nbsp;&nbsp; 5857127 |
| &nbsp;&nbsp;&nbsp;4.38%, 11/15/2030<br>|  | &nbsp;&nbsp;3850000 | &nbsp;&nbsp;&nbsp;&nbsp; 3861208 |
| Blackstone Private Credit Fund, 5.05%, 09/10/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3104165 |
| Blackstone Reg Finance Co. L.L.C., 4.30%, 11/03/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3850000 | &nbsp;&nbsp;&nbsp;&nbsp; 3843510 |
| Block Financial LLC, 3.88%, 08/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;4167000 | &nbsp;&nbsp;&nbsp;&nbsp; 3967537 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 03/15/2030<br>|  | &nbsp;&nbsp;5462000 | &nbsp;&nbsp;&nbsp;&nbsp; 5506900 |
| &nbsp;&nbsp;&nbsp;2.65%, 06/01/2030<br>|  | &nbsp;&nbsp;6421000 | &nbsp;&nbsp;&nbsp;&nbsp; 5959661 |
| Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, 05/15/2030<br>|  | &nbsp;&nbsp;6423000 | &nbsp;&nbsp;&nbsp;&nbsp; 5984119 |
| &nbsp;&nbsp;&nbsp;4.88%, 11/15/2030<br>|  | 10926000 | &nbsp;&nbsp;&nbsp;&nbsp; 10917455 |

---

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

------

#### 39

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| LPL Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.20%, 03/15/2030<br>| $| 4823000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4927568 |
| &nbsp;&nbsp;&nbsp;5.15%, 06/15/2030<br>|  | 3212000 | &nbsp;&nbsp;&nbsp;&nbsp; 3278829 |
| ORIX Corp. (Japan), 4.45%, 09/09/2030<br>|  | 3216000 | &nbsp;&nbsp;&nbsp;&nbsp; 3253278 |
| PayPal Holdings, Inc., 2.30%, 06/01/2030<sup>(b)</sup><br>|  | 6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 5999410 |
| RELX Capital, Inc. (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 03/27/2030<br>|  | 4810000 | &nbsp;&nbsp;&nbsp;&nbsp; 4906800 |
| &nbsp;&nbsp;&nbsp;3.00%, 05/22/2030<br>|  | 4815000 | &nbsp;&nbsp;&nbsp;&nbsp; 4595842 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75963409 |
| **Food Products-2.02%** | **Food Products-2.02%** | **Food Products-2.02%** | **Food Products-2.02%** |
| Bunge Ltd. Finance Corp., 4.55%, 08/04/2030<br>|  | 4176000 | &nbsp;&nbsp;&nbsp;&nbsp; 4243809 |
| Campbell's Co. (The), 2.38%, 04/24/2030<br>|  | 3214000 | &nbsp;&nbsp;&nbsp;&nbsp; 2977640 |
| Conagra Brands, Inc., 5.00%, 08/01/2030<sup>(b)</sup><br>|  | 3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3276913 |
| General Mills, Inc., 4.88%, 01/30/2030<br>|  | 4815000 | &nbsp;&nbsp;&nbsp;&nbsp; 4940977 |
| Hershey Co. (The), 4.75%, 02/24/2030<sup>(b)</sup><br>|  | 3209000 | &nbsp;&nbsp;&nbsp;&nbsp; 3315182 |
| Hormel Foods Corp., 1.80%, 06/11/2030<sup>(b)</sup><br>|  | 6412000 | &nbsp;&nbsp;&nbsp;&nbsp; 5853185 |
| Ingredion, Inc., 2.90%, 06/01/2030<br>|  | 3847000 | &nbsp;&nbsp;&nbsp;&nbsp; 3675302 |
| JM Smucker Co. (The), 2.38%, 03/15/2030<br>|  | 3208000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004999 |
| Kellanova, 2.10%, 06/01/2030<br>|  | 3204000 | &nbsp;&nbsp;&nbsp;&nbsp; 2971388 |
| Kraft Heinz Foods Co. (The), 3.75%, 04/01/2030<sup>(b)</sup><br>|  | 4760000 | &nbsp;&nbsp;&nbsp;&nbsp; 4688718 |
| McCormick & Co., Inc., 2.50%, 04/15/2030<br>|  | 3215000 | &nbsp;&nbsp;&nbsp;&nbsp; 3021552 |
| Mondelez International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 04/13/2030<br>|  | 4812000 | &nbsp;&nbsp;&nbsp;&nbsp; 4567030 |
| &nbsp;&nbsp;&nbsp;4.50%, 05/06/2030<br>|  | 3205000 | &nbsp;&nbsp;&nbsp;&nbsp; 3254773 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49791468 |
| **Gas Utilities-0.41%** | **Gas Utilities-0.41%** | **Gas Utilities-0.41%** | **Gas Utilities-0.41%** |
| CenterPoint Energy Resources Corp., 1.75%, 10/01/2030<br>|  | 3208000 | &nbsp;&nbsp;&nbsp;&nbsp; 2894027 |
| National Fuel Gas Co., 5.50%, 03/15/2030<br>|  | 3217000 | &nbsp;&nbsp;&nbsp;&nbsp; 3349131 |
| Southern California Gas Co., Series XX, 2.55%, 02/01/2030<br>|  | 4176000 | &nbsp;&nbsp;&nbsp;&nbsp; 3966311 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10209469 |
| **Ground Transportation-0.97%** | **Ground Transportation-0.97%** | **Ground Transportation-0.97%** | **Ground Transportation-0.97%** |
| Canadian Pacific Railway Co. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.05%, 03/05/2030<br>|  | 3212000 | &nbsp;&nbsp;&nbsp;&nbsp; 2983616 |
| &nbsp;&nbsp;&nbsp;4.80%, 03/30/2030<br>|  | 3854000 | &nbsp;&nbsp;&nbsp;&nbsp; 3969327 |
| J.B. Hunt Transport Services, Inc., 4.90%, 03/15/2030<br>|  | 4809000 | &nbsp;&nbsp;&nbsp;&nbsp; 4944388 |
| Norfolk Southern Corp., 5.05%, 08/01/2030<br>|  | 3850000 | &nbsp;&nbsp;&nbsp;&nbsp; 4006875 |
| Uber Technologies, Inc., 4.30%, 01/15/2030<br>|  | 8031000 | &nbsp;&nbsp;&nbsp;&nbsp; 8080118 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23984324 |
| **Health Care Equipment & Supplies-2.16%** | **Health Care Equipment & Supplies-2.16%** | **Health Care Equipment & Supplies-2.16%** | **Health Care Equipment & Supplies-2.16%** |
| Abbott Laboratories, 1.40%, 06/30/2030<sup>(b)</sup><br>|  | 4171000 | &nbsp;&nbsp;&nbsp;&nbsp; 3766113 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Health Care Equipment & Supplies-(continued)** | **Health Care Equipment & Supplies-(continued)** | **Health Care Equipment & Supplies-(continued)** | **Health Care Equipment & Supplies-(continued)** |
| Baxter International, Inc., 4.90%, 12/15/2030<sup>(b)</sup><br>| $| &nbsp;&nbsp;4494000 | &nbsp;&nbsp;$4524149 |
| Becton, Dickinson and Co., 2.82%, 05/20/2030<br>|  | &nbsp;&nbsp;4816000 | &nbsp;&nbsp;&nbsp;&nbsp; 4582214 |
| Boston Scientific Corp., 2.65%, 06/01/2030<br>|  | &nbsp;&nbsp;7691000 | &nbsp;&nbsp;&nbsp;&nbsp; 7279087 |
| DENTSPLY SIRONA, Inc., 3.25%, 06/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;4822000 | &nbsp;&nbsp;&nbsp;&nbsp; 4524966 |
| GE HealthCare Technologies, Inc., 5.86%, 03/15/2030<br>|  | &nbsp;&nbsp;7999000 | &nbsp;&nbsp;&nbsp;&nbsp; 8503631 |
| Smith & Nephew PLC (United Kingdom), 2.03%, 10/14/2030<br>|  | &nbsp;&nbsp;5780000 | &nbsp;&nbsp;&nbsp;&nbsp; 5251046 |
| Stryker Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 02/10/2030<br>|  | &nbsp;&nbsp;5139000 | &nbsp;&nbsp;&nbsp;&nbsp; 5302335 |
| &nbsp;&nbsp;&nbsp;1.95%, 06/15/2030<br>|  | &nbsp;&nbsp;6423000 | &nbsp;&nbsp;&nbsp;&nbsp; 5902857 |
| Zimmer Biomet Holdings, Inc., 5.05%, 02/19/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3535000 | &nbsp;&nbsp;&nbsp;&nbsp; 3658515 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53294913 |
| **Health Care Providers & Services-5.74%** | **Health Care Providers & Services-5.74%** | **Health Care Providers & Services-5.74%** | **Health Care Providers & Services-5.74%** |
| Ascension Health, Series 2025, 4.29%, 11/15/2030<br>|  | &nbsp;&nbsp;5144000 | &nbsp;&nbsp;&nbsp;&nbsp; 5201747 |
| Cardinal Health, Inc., 4.50%, 09/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3856000 | &nbsp;&nbsp;&nbsp;&nbsp; 3912776 |
| Cencora, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.80%, 05/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3216000 | &nbsp;&nbsp;&nbsp;&nbsp; 3057538 |
| &nbsp;&nbsp;&nbsp;4.25%, 11/15/2030<br>|  | &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3222856 |
| Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.38%, 02/15/2030<br>|  | 12834000 | &nbsp;&nbsp;&nbsp;&nbsp; 11909490 |
| &nbsp;&nbsp;&nbsp;3.00%, 10/15/2030<br>|  | 14135000 | &nbsp;&nbsp;&nbsp;&nbsp; 12739690 |
| Cigna Group (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.40%, 03/15/2030<br>|  | &nbsp;&nbsp;8994000 | &nbsp;&nbsp;&nbsp;&nbsp; 8463483 |
| &nbsp;&nbsp;&nbsp;4.50%, 09/15/2030<br>|  | &nbsp;&nbsp;6422000 | &nbsp;&nbsp;&nbsp;&nbsp; 6510829 |
| CommonSpirit Health |  |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 09/01/2030<br>|  | &nbsp;&nbsp;4750000 | &nbsp;&nbsp;&nbsp;&nbsp; 4773498 |
| &nbsp;&nbsp;&nbsp;2.78%, 10/01/2030<br>|  | &nbsp;&nbsp;3525000 | &nbsp;&nbsp;&nbsp;&nbsp; 3312546 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 02/21/2030<br>|  | &nbsp;&nbsp;9634000 | &nbsp;&nbsp;&nbsp;&nbsp; 9938440 |
| &nbsp;&nbsp;&nbsp;1.75%, 08/21/2030<br>|  | &nbsp;&nbsp;8027000 | &nbsp;&nbsp;&nbsp;&nbsp; 7220122 |
| Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 02/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;4817000 | &nbsp;&nbsp;&nbsp;&nbsp; 4933093 |
| &nbsp;&nbsp;&nbsp;2.25%, 05/15/2030<br>|  | &nbsp;&nbsp;7062000 | &nbsp;&nbsp;&nbsp;&nbsp; 6544932 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 03/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;4815000 | &nbsp;&nbsp;&nbsp;&nbsp; 4998299 |
| &nbsp;&nbsp;&nbsp;4.30%, 11/15/2030<br>|  | &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3217068 |
| Laboratory Corp. of America Holdings, 4.35%, 04/01/2030<br>|  | &nbsp;&nbsp;4178000 | &nbsp;&nbsp;&nbsp;&nbsp; 4213475 |
| McKesson Corp., 4.65%, 05/30/2030<br>|  | &nbsp;&nbsp;4171000 | &nbsp;&nbsp;&nbsp;&nbsp; 4270593 |
| Sutter Health, Series 20-A, 2.29%, 08/15/2030<br>|  | &nbsp;&nbsp;4493000 | &nbsp;&nbsp;&nbsp;&nbsp; 4177181 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 01/15/2030<br>|  | &nbsp;&nbsp;8032000 | &nbsp;&nbsp;&nbsp;&nbsp; 8263615 |
| &nbsp;&nbsp;&nbsp;5.30%, 02/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;8032000 | &nbsp;&nbsp;&nbsp;&nbsp; 8409794 |
| &nbsp;&nbsp;&nbsp;2.00%, 05/15/2030<br>|  | &nbsp;&nbsp;8033000 | &nbsp;&nbsp;&nbsp;&nbsp; 7410881 |
| Universal Health Services, Inc., 2.65%, 10/15/2030<br>|  | &nbsp;&nbsp;5143000 | &nbsp;&nbsp;&nbsp;&nbsp; 4735609 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141437555 |

---

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

------

#### 40

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Health Care REITs-0.43%** | **Health Care REITs-0.43%** | **Health Care REITs-0.43%** |
| Omega Healthcare Investors, Inc., 5.20%, 07/01/2030<br>| $3848000 | &nbsp;&nbsp;$3947641 |
| Welltower OP LLC, 4.50%, 07/01/2030<br>| 6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6539861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10487502 |
| **Hotel & Resort REITs-0.19%** | **Hotel & Resort REITs-0.19%** | **Hotel & Resort REITs-0.19%** |
| Host Hotels & Resorts L.P., Series I, 3.50%, 09/15/2030<br>| 4822000 | &nbsp;&nbsp;&nbsp;&nbsp; 4620997 |
| **Hotels, Restaurants & Leisure-1.50%** | **Hotels, Restaurants & Leisure-1.50%** | **Hotels, Restaurants & Leisure-1.50%** |
| Las Vegas Sands Corp., 6.00%, 06/14/2030<br>| 3212000 | &nbsp;&nbsp;&nbsp;&nbsp; 3374023 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 03/15/2030<br>| 3216000 | &nbsp;&nbsp;&nbsp;&nbsp; 3303693 |
| &nbsp;&nbsp;&nbsp;Series FF, 4.63%, 06/15/2030<sup>(b)</sup><br>| 6429000 | &nbsp;&nbsp;&nbsp;&nbsp; 6554670 |
| McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.13%, 03/01/2030<br>| 4820000 | &nbsp;&nbsp;&nbsp;&nbsp; 4502894 |
| &nbsp;&nbsp;&nbsp;4.60%, 05/15/2030<br>| 3852000 | &nbsp;&nbsp;&nbsp;&nbsp; 3942203 |
| Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 03/12/2030<br>| 4815000 | &nbsp;&nbsp;&nbsp;&nbsp; 4495171 |
| &nbsp;&nbsp;&nbsp;4.80%, 05/15/2030<sup>(b)</sup><br>| 3208000 | &nbsp;&nbsp;&nbsp;&nbsp; 3307750 |
| &nbsp;&nbsp;&nbsp;2.55%, 11/15/2030<br>| 8034000 | &nbsp;&nbsp;&nbsp;&nbsp; 7511382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36991786 |
| **Household Durables-0.68%** | **Household Durables-0.68%** | **Household Durables-0.68%** |
| D.R. Horton, Inc., 4.85%, 10/15/2030<sup>(b)</sup><br>| 3214000 | &nbsp;&nbsp;&nbsp;&nbsp; 3318357 |
| Lennar Corp., 5.20%, 07/30/2030<sup>(b)</sup><br>| 4501000 | &nbsp;&nbsp;&nbsp;&nbsp; 4662454 |
| Mohawk Industries, Inc., 3.63%, 05/15/2030<br>| 3212000 | &nbsp;&nbsp;&nbsp;&nbsp; 3142702 |
| NVR, Inc., 3.00%, 05/15/2030<br>| 5779000 | &nbsp;&nbsp;&nbsp;&nbsp; 5531826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16655339 |
| **Household Products-0.73%** | **Household Products-0.73%** | **Household Products-0.73%** |
| Clorox Co. (The), 1.80%, 05/15/2030<sup>(b)</sup><br>| 3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 2923256 |
| Colgate-Palmolive Co., 4.20%, 05/01/2030<br>| 3216000 | &nbsp;&nbsp;&nbsp;&nbsp; 3266536 |
| Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;4.05%, 05/01/2030<br>| 4502000 | &nbsp;&nbsp;&nbsp;&nbsp; 4560346 |
| &nbsp;&nbsp;&nbsp;1.20%, 10/29/2030<br>| 8025000 | &nbsp;&nbsp;&nbsp;&nbsp; 7144150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17894288 |
| **Independent Power and Renewable Electricity Producers-0.14%** | **Independent Power and Renewable Electricity Producers-0.14%** | **Independent Power and Renewable Electricity Producers-0.14%** |
| Southern Power Co., Series A, 4.25%, 10/01/2030<sup>(b)</sup><br>| 3530000 | &nbsp;&nbsp;&nbsp;&nbsp; 3549256 |
| **Industrial Conglomerates-0.78%** | **Industrial Conglomerates-0.78%** | **Industrial Conglomerates-0.78%** |
| 3M Co., 4.80%, 03/15/2030<br>| 3536000 | &nbsp;&nbsp;&nbsp;&nbsp; 3636795 |
| Eaton Capital Unlimited Co., 4.45%, 05/09/2030<br>| 3204000 | &nbsp;&nbsp;&nbsp;&nbsp; 3258301 |
| Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, 02/01/2030<sup>(b)</sup><br>| 6422000 | &nbsp;&nbsp;&nbsp;&nbsp; 6598023 |
| &nbsp;&nbsp;&nbsp;1.95%, 06/01/2030<br>| 6085000 | &nbsp;&nbsp;&nbsp;&nbsp; 5615271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19108390 |
| **Insurance-2.87%** | **Insurance-2.87%** | **Insurance-2.87%** |
| Alleghany Corp., 3.63%, 05/15/2030<br>| 3203000 | &nbsp;&nbsp;&nbsp;&nbsp; 3163156 |
| Allstate Corp. (The), 1.45%, 12/15/2030<br>| 3851000 | &nbsp;&nbsp;&nbsp;&nbsp; 3399957 |
| American International Group, Inc., 4.85%, 05/07/2030<br>| 4013000 | &nbsp;&nbsp;&nbsp;&nbsp; 4119959 |
| Aon Corp., 2.80%, 05/15/2030<br>| 6425000 | &nbsp;&nbsp;&nbsp;&nbsp; 6092166 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** |
| Berkshire Hathaway Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.85%, 03/12/2030<sup>(b)</sup><br>| $| &nbsp;&nbsp;3215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2985433 |
| &nbsp;&nbsp;&nbsp;1.45%, 10/15/2030<br>|  | &nbsp;&nbsp;4820000 | &nbsp;&nbsp;&nbsp;&nbsp; 4354950 |
| Brighthouse Financial, Inc., 5.63%, 05/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3946000 | &nbsp;&nbsp;&nbsp;&nbsp; 3986584 |
| Brown & Brown, Inc., 4.90%, 06/23/2030<br>|  | &nbsp;&nbsp;5140000 | &nbsp;&nbsp;&nbsp;&nbsp; 5227776 |
| CNA Financial Corp., 2.05%, 08/15/2030<br>|  | &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 2924380 |
| Fidelity National Financial, Inc., 3.40%, 06/15/2030<br>|  | &nbsp;&nbsp;4174000 | &nbsp;&nbsp;&nbsp;&nbsp; 3976657 |
| Loews Corp., 3.20%, 05/15/2030<br>|  | &nbsp;&nbsp;3215000 | &nbsp;&nbsp;&nbsp;&nbsp; 3103843 |
| Marsh & McLennan Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, 03/15/2030<br>|  | &nbsp;&nbsp;6423000 | &nbsp;&nbsp;&nbsp;&nbsp; 6554197 |
| &nbsp;&nbsp;&nbsp;2.25%, 11/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;4815000 | &nbsp;&nbsp;&nbsp;&nbsp; 4420252 |
| Principal Financial Group, Inc., 2.13%, 06/15/2030<br>|  | &nbsp;&nbsp;3849000 | &nbsp;&nbsp;&nbsp;&nbsp; 3528354 |
| Prudential Financial, Inc., 2.10%, 03/10/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3217000 | &nbsp;&nbsp;&nbsp;&nbsp; 3007447 |
| Prudential Funding (Asia) PLC (Hong Kong), 3.13%, 04/14/2030<br>|  | &nbsp;&nbsp;6428000 | &nbsp;&nbsp;&nbsp;&nbsp; 6210465 |
| Reinsurance Group of America, Inc., 3.15%, 06/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3858000 | &nbsp;&nbsp;&nbsp;&nbsp; 3686332 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70741908 |
| **Interactive Media & Services-2.70%** | **Interactive Media & Services-2.70%** | **Interactive Media & Services-2.70%** | **Interactive Media & Services-2.70%** |
| Alphabet, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 05/15/2030<br>|  | &nbsp;&nbsp;4821000 | &nbsp;&nbsp;&nbsp;&nbsp; 4855682 |
| &nbsp;&nbsp;&nbsp;1.10%, 08/15/2030<sup>(b)</sup><br>|  | 14456000 | &nbsp;&nbsp;&nbsp;&nbsp; 12886190 |
| &nbsp;&nbsp;&nbsp;4.10%, 11/15/2030<sup>(b)</sup><br>|  | 16060000 | &nbsp;&nbsp;&nbsp;&nbsp; 16209065 |
| Meta Platforms, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 05/15/2030<br>|  | &nbsp;&nbsp;6428000 | &nbsp;&nbsp;&nbsp;&nbsp; 6650181 |
| &nbsp;&nbsp;&nbsp;4.20%, 11/15/2030<br>|  | 25698000 | &nbsp;&nbsp;&nbsp;&nbsp; 25930214 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66531332 |
| **IT Services-0.59%** | **IT Services-0.59%** | **IT Services-0.59%** | **IT Services-0.59%** |
| International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 02/10/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6580202 |
| &nbsp;&nbsp;&nbsp;1.95%, 05/15/2030<br>|  | &nbsp;&nbsp;8661000 | &nbsp;&nbsp;&nbsp;&nbsp; 7944289 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14524491 |
| **Life Sciences Tools & Services-0.46%** | **Life Sciences Tools & Services-0.46%** | **Life Sciences Tools & Services-0.46%** | **Life Sciences Tools & Services-0.46%** |
| Agilent Technologies, Inc., 2.10%, 06/04/2030<br>|  | &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 2957399 |
| Illumina, Inc., 4.75%, 12/12/2030<br>|  | &nbsp;&nbsp;3217000 | &nbsp;&nbsp;&nbsp;&nbsp; 3268973 |
| Thermo Fisher Scientific, Inc., 4.98%, 08/10/2030<br>|  | &nbsp;&nbsp;4820000 | &nbsp;&nbsp;&nbsp;&nbsp; 5016363 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11242735 |
| **Machinery-1.99%** | **Machinery-1.99%** | **Machinery-1.99%** | **Machinery-1.99%** |
| CNH Industrial Capital LLC, 4.50%, 10/16/2030<br>|  | &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3241245 |
| Cummins, Inc., 1.50%, 09/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;5457000 | &nbsp;&nbsp;&nbsp;&nbsp; 4929745 |
| Deere Funding Canada Corp., 4.15%, 10/09/2030<br>|  | &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3230833 |
| Flowserve Corp., 3.50%, 10/01/2030<br>|  | &nbsp;&nbsp;3207000 | &nbsp;&nbsp;&nbsp;&nbsp; 3096442 |
| IDEX Corp., 3.00%, 05/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3202000 | &nbsp;&nbsp;&nbsp;&nbsp; 3064835 |

---

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

------

#### 41

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Machinery-(continued)** | **Machinery-(continued)** | **Machinery-(continued)** | **Machinery-(continued)** |
| John Deere Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, 01/09/2030<br>| $| 3531000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3371008 |
| &nbsp;&nbsp;&nbsp;4.70%, 06/10/2030<sup>(b)</sup><br>|  | 6425000 | &nbsp;&nbsp;&nbsp;&nbsp; 6639000 |
| &nbsp;&nbsp;&nbsp;4.38%, 10/15/2030<br>|  | 3850000 | &nbsp;&nbsp;&nbsp;&nbsp; 3919164 |
| &nbsp;&nbsp;&nbsp;Series I, 4.55%, 06/05/2030<br>|  | 5130000 | &nbsp;&nbsp;&nbsp;&nbsp; 5257256 |
| Otis Worldwide Corp., 2.57%, 02/15/2030<br>|  | 9555000 | &nbsp;&nbsp;&nbsp;&nbsp; 9030945 |
| Westinghouse Air Brake Technologies Corp., 4.90%, 05/29/2030<br>|  | 3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3307526 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49087999 |
| **Media-0.30%** | **Media-0.30%** | **Media-0.30%** | **Media-0.30%** |
| Omnicom Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 03/30/2030<br>|  | 3799000 | &nbsp;&nbsp;&nbsp;&nbsp; 3874722 |
| &nbsp;&nbsp;&nbsp;2.45%, 04/30/2030<br>|  | 3855000 | &nbsp;&nbsp;&nbsp;&nbsp; 3590257 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7464979 |
| **Metals & Mining-0.76%** | **Metals & Mining-0.76%** | **Metals & Mining-0.76%** | **Metals & Mining-0.76%** |
| Freeport-McMoRan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 03/01/2030<br>|  | 2888000 | &nbsp;&nbsp;&nbsp;&nbsp; 2894104 |
| &nbsp;&nbsp;&nbsp;4.63%, 08/01/2030<br>|  | 3807000 | &nbsp;&nbsp;&nbsp;&nbsp; 3852558 |
| Newmont Corp./Newcrest Finance Pty Ltd., 3.25%, 05/13/2030<br>|  | 2752000 | &nbsp;&nbsp;&nbsp;&nbsp; 2682222 |
| Nucor Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 06/01/2030<br>|  | 3209000 | &nbsp;&nbsp;&nbsp;&nbsp; 3045867 |
| &nbsp;&nbsp;&nbsp;4.65%, 06/01/2030<br>|  | 3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3286277 |
| Reliance, Inc., 2.15%, 08/15/2030<br>|  | 3216000 | &nbsp;&nbsp;&nbsp;&nbsp; 2945857 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18706885 |
| **Mortgage REITs-0.13%** | **Mortgage REITs-0.13%** | **Mortgage REITs-0.13%** | **Mortgage REITs-0.13%** |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.50%, 08/01/2030<br>|  | 3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3298545 |
| **Multi-Utilities-1.25%** | **Multi-Utilities-1.25%** | **Multi-Utilities-1.25%** | **Multi-Utilities-1.25%** |
| Consumers Energy Co., 4.70%, 01/15/2030<br>|  | 4490000 | &nbsp;&nbsp;&nbsp;&nbsp; 4613456 |
| Dominion Energy, Inc., 5.00%, 06/15/2030<br>|  | 5136000 | &nbsp;&nbsp;&nbsp;&nbsp; 5296442 |
| DTE Energy Co., 5.20%, 04/01/2030<br>|  | 7070000 | &nbsp;&nbsp;&nbsp;&nbsp; 7353689 |
| NiSource, Inc., 3.60%, 05/01/2030<br>|  | 6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6300276 |
| Public Service Enterprise Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 03/15/2030<br>|  | 3847000 | &nbsp;&nbsp;&nbsp;&nbsp; 3962078 |
| &nbsp;&nbsp;&nbsp;1.60%, 08/15/2030<br>|  | 3526000 | &nbsp;&nbsp;&nbsp;&nbsp; 3166884 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30692825 |
| **Office REITs-0.14%** | **Office REITs-0.14%** | **Office REITs-0.14%** | **Office REITs-0.14%** |
| Cousins Properties L.P., 5.25%, 07/15/2030<br>|  | 3214000 | &nbsp;&nbsp;&nbsp;&nbsp; 3322753 |
| **Oil, Gas & Consumable Fuels-9.65%** | **Oil, Gas & Consumable Fuels-9.65%** | **Oil, Gas & Consumable Fuels-9.65%** | **Oil, Gas & Consumable Fuels-9.65%** |
| BP Capital Markets America, Inc., 1.75%, 08/10/2030<br>|  | 6424000 | &nbsp;&nbsp;&nbsp;&nbsp; 5842917 |
| Canadian Natural Resources Ltd. (Canada), 2.95%, 07/15/2030<br>|  | 3208000 | &nbsp;&nbsp;&nbsp;&nbsp; 3067533 |
| Chevron Corp., 2.24%, 05/11/2030<sup>(b)</sup><br>|  | 9641000 | &nbsp;&nbsp;&nbsp;&nbsp; 9036948 |
| Chevron USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.69%, 04/15/2030<sup>(b)</sup><br>|  | 7064000 | &nbsp;&nbsp;&nbsp;&nbsp; 7282595 |
| &nbsp;&nbsp;&nbsp;4.30%, 10/15/2030<sup>(b)</sup><br>|  | 7710000 | &nbsp;&nbsp;&nbsp;&nbsp; 7848738 |
| ConocoPhillips Co., 4.70%, 01/15/2030<br>|  | 8671000 | &nbsp;&nbsp;&nbsp;&nbsp; 8884780 |
| Devon Energy Corp., 4.50%, 01/15/2030<sup>(b)</sup><br>|  | 3686000 | &nbsp;&nbsp;&nbsp;&nbsp; 3722149 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Diamondback Energy, Inc., 5.15%, 01/30/2030<br>| $| &nbsp;&nbsp;5463000 | &nbsp;&nbsp;$5672595 |
| Enbridge, Inc. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 06/20/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3845000 | &nbsp;&nbsp;&nbsp;&nbsp; 3961777 |
| &nbsp;&nbsp;&nbsp;6.20%, 11/15/2030<br>|  | &nbsp;&nbsp;4822000 | &nbsp;&nbsp;&nbsp;&nbsp; 5226566 |
| Energy Transfer L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.20%, 04/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;4178000 | &nbsp;&nbsp;&nbsp;&nbsp; 4345637 |
| &nbsp;&nbsp;&nbsp;6.40%, 12/01/2030<br>|  | &nbsp;&nbsp;6424000 | &nbsp;&nbsp;&nbsp;&nbsp; 6998041 |
| Enterprise Products Operating LLC, 2.80%, 01/31/2030<br>|  | &nbsp;&nbsp;8029000 | &nbsp;&nbsp;&nbsp;&nbsp; 7696404 |
| EOG Resources, Inc., 4.38%, 04/15/2030<br>|  | &nbsp;&nbsp;4823000 | &nbsp;&nbsp;&nbsp;&nbsp; 4894203 |
| Equinor ASA (Norway) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.38%, 05/22/2030<br>|  | &nbsp;&nbsp;4814000 | &nbsp;&nbsp;&nbsp;&nbsp; 4526349 |
| &nbsp;&nbsp;&nbsp;4.50%, 09/03/2030<br>|  | &nbsp;&nbsp;4173000 | &nbsp;&nbsp;&nbsp;&nbsp; 4265157 |
| Expand Energy Corp., 5.38%, 03/15/2030<br>|  | &nbsp;&nbsp;7709000 | &nbsp;&nbsp;&nbsp;&nbsp; 7827332 |
| Exxon Mobil Corp., 2.61%, 10/15/2030<br>|  | 12845000 | &nbsp;&nbsp;&nbsp;&nbsp; 12202640 |
| Kinder Morgan, Inc., 5.15%, 06/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;7066000 | &nbsp;&nbsp;&nbsp;&nbsp; 7355170 |
| Marathon Petroleum Corp., 5.15%, 03/01/2030<br>|  | &nbsp;&nbsp;7071000 | &nbsp;&nbsp;&nbsp;&nbsp; 7330081 |
| MPLX L.P., 2.65%, 08/15/2030<br>|  | &nbsp;&nbsp;9639000 | &nbsp;&nbsp;&nbsp;&nbsp; 9035623 |
| Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.88%, 07/15/2030<br>|  | &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 7463654 |
| &nbsp;&nbsp;&nbsp;6.63%, 09/01/2030<br>|  | &nbsp;&nbsp;9314000 | &nbsp;&nbsp;&nbsp;&nbsp; 10086745 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.10%, 03/15/2030<br>|  | &nbsp;&nbsp;5014000 | &nbsp;&nbsp;&nbsp;&nbsp; 4807030 |
| &nbsp;&nbsp;&nbsp;3.25%, 06/01/2030<br>|  | &nbsp;&nbsp;3212000 | &nbsp;&nbsp;&nbsp;&nbsp; 3086254 |
| &nbsp;&nbsp;&nbsp;5.80%, 11/01/2030<br>|  | &nbsp;&nbsp;3206000 | &nbsp;&nbsp;&nbsp;&nbsp; 3401550 |
| Phillips 66, 2.15%, 12/15/2030<br>|  | &nbsp;&nbsp;5463000 | &nbsp;&nbsp;&nbsp;&nbsp; 4984120 |
| Pioneer Natural Resources Co., 1.90%, 08/15/2030<br>|  | &nbsp;&nbsp;7051000 | &nbsp;&nbsp;&nbsp;&nbsp; 6468901 |
| Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030<br>|  | &nbsp;&nbsp;4820000 | &nbsp;&nbsp;&nbsp;&nbsp; 4731618 |
| Shell Finance US, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 04/06/2030<br>|  | &nbsp;&nbsp;8703000 | &nbsp;&nbsp;&nbsp;&nbsp; 8326908 |
| &nbsp;&nbsp;&nbsp;4.13%, 11/06/2030<br>|  | &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6473410 |
| Targa Resources Corp., 4.90%, 09/15/2030<br>|  | &nbsp;&nbsp;4817000 | &nbsp;&nbsp;&nbsp;&nbsp; 4948230 |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 5.50%, 03/01/2030<br>|  | &nbsp;&nbsp;6103000 | &nbsp;&nbsp;&nbsp;&nbsp; 6214582 |
| Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030<br>|  | &nbsp;&nbsp;4485000 | &nbsp;&nbsp;&nbsp;&nbsp; 4341578 |
| Valero Energy Corp., 5.15%, 02/15/2030<br>|  | &nbsp;&nbsp;4171000 | &nbsp;&nbsp;&nbsp;&nbsp; 4324064 |
| Viper Energy Partners LLC, 4.90%, 08/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3276784 |
| Western Midstream Operating L.P., 4.05%, 02/01/2030<br>|  | &nbsp;&nbsp;6790000 | &nbsp;&nbsp;&nbsp;&nbsp; 6709606 |
| Williams Cos., Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 06/30/2030<br>|  | &nbsp;&nbsp;4818000 | &nbsp;&nbsp;&nbsp;&nbsp; 4902113 |
| &nbsp;&nbsp;&nbsp;3.50%, 11/15/2030<br>|  | &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6222919 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237793301 |
| **Passenger Airlines-0.27%** | **Passenger Airlines-0.27%** | **Passenger Airlines-0.27%** | **Passenger Airlines-0.27%** |
| Delta Air Lines, Inc., 5.25%, 07/10/2030<br>|  | &nbsp;&nbsp;6426000 | &nbsp;&nbsp;&nbsp;&nbsp; 6629007 |

---

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

------

#### 42

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Personal Care Products-0.56%** | **Personal Care Products-0.56%** | **Personal Care Products-0.56%** |
| Estee Lauder Cos., Inc. (The), 2.60%, 04/15/2030<br>| $&nbsp;&nbsp;4495000 | &nbsp;&nbsp;$4267607 |
| Kenvue, Inc., 5.00%, 03/22/2030<br>| &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6654163 |
| Unilever Capital Corp. (United Kingdom), 1.38%, 09/14/2030<sup>(b)</sup><br>| &nbsp;&nbsp;3208000 | &nbsp;&nbsp;&nbsp;&nbsp; 2896812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13818582 |
| **Pharmaceuticals-5.04%** | **Pharmaceuticals-5.04%** | **Pharmaceuticals-5.04%** |
| AstraZeneca Finance LLC (United Kingdom), 4.90%, 03/03/2030<sup>(b)</sup><br>| &nbsp;&nbsp;4180000 | &nbsp;&nbsp;&nbsp;&nbsp; 4334349 |
| AstraZeneca PLC (United Kingdom), 1.38%, 08/06/2030<br>| &nbsp;&nbsp;8349000 | &nbsp;&nbsp;&nbsp;&nbsp; 7493727 |
| Bristol-Myers Squibb Co., 1.45%, 11/13/2030<sup>(b)</sup><br>| &nbsp;&nbsp;8031000 | &nbsp;&nbsp;&nbsp;&nbsp; 7176592 |
| Eli Lilly and Co., 4.75%, 02/12/2030<br>| &nbsp;&nbsp;8034000 | &nbsp;&nbsp;&nbsp;&nbsp; 8306425 |
| GlaxoSmithKline Capital, Inc., 4.50%, 04/15/2030<br>| &nbsp;&nbsp;5457000 | &nbsp;&nbsp;&nbsp;&nbsp; 5581893 |
| Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, 03/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6655988 |
| &nbsp;&nbsp;&nbsp;1.30%, 09/01/2030<sup>(b)</sup><br>| 11230000 | &nbsp;&nbsp;&nbsp;&nbsp; 10145240 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, 05/17/2030<br>| &nbsp;&nbsp;4815000 | &nbsp;&nbsp;&nbsp;&nbsp; 4892731 |
| &nbsp;&nbsp;&nbsp;1.45%, 06/24/2030<br>| &nbsp;&nbsp;8026000 | &nbsp;&nbsp;&nbsp;&nbsp; 7272386 |
| &nbsp;&nbsp;&nbsp;4.15%, 09/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;4814000 | &nbsp;&nbsp;&nbsp;&nbsp; 4867795 |
| Novartis Capital Corp., 4.10%, 11/05/2030<br>| 11240000 | &nbsp;&nbsp;&nbsp;&nbsp; 11316841 |
| Pfizer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.70%, 05/28/2030<br>| &nbsp;&nbsp;6429000 | &nbsp;&nbsp;&nbsp;&nbsp; 5892810 |
| &nbsp;&nbsp;&nbsp;4.20%, 11/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;6427000 | &nbsp;&nbsp;&nbsp;&nbsp; 6494423 |
| Royalty Pharma PLC, 2.20%, 09/02/2030<br>| &nbsp;&nbsp;6425000 | &nbsp;&nbsp;&nbsp;&nbsp; 5905317 |
| Takeda Pharmaceutical Co. Ltd. (Japan), 2.05%, 03/31/2030<br>| 16062000 | &nbsp;&nbsp;&nbsp;&nbsp; 14835499 |
| Viatris, Inc., 2.70%, 06/22/2030<br>| &nbsp;&nbsp;9310000 | &nbsp;&nbsp;&nbsp;&nbsp; 8599837 |
| Zoetis, Inc., 2.00%, 05/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;4823000 | &nbsp;&nbsp;&nbsp;&nbsp; 4456716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124228569 |
| **Professional Services-0.78%** | **Professional Services-0.78%** | **Professional Services-0.78%** |
| Automatic Data Processing, Inc., 1.25%, 09/01/2030<br>| &nbsp;&nbsp;6412000 | &nbsp;&nbsp;&nbsp;&nbsp; 5722639 |
| Equifax, Inc., 3.10%, 05/15/2030<br>| &nbsp;&nbsp;3845000 | &nbsp;&nbsp;&nbsp;&nbsp; 3671809 |
| Paychex, Inc., 5.10%, 04/15/2030<br>| &nbsp;&nbsp;9637000 | &nbsp;&nbsp;&nbsp;&nbsp; 9844117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19238565 |
| **Real Estate Management & Development-0.16%** | **Real Estate Management & Development-0.16%** | **Real Estate Management & Development-0.16%** |
| CBRE Services, Inc., 4.80%, 06/15/2030<br>| &nbsp;&nbsp;3855000 | &nbsp;&nbsp;&nbsp;&nbsp; 3933249 |
| **Residential REITs-0.36%** | **Residential REITs-0.36%** | **Residential REITs-0.36%** |
| American Homes 4 Rent L.P., 4.95%, 06/15/2030<br>| &nbsp;&nbsp;4167000 | &nbsp;&nbsp;&nbsp;&nbsp; 4253530 |
| Camden Property Trust, 2.80%, 05/15/2030<br>| &nbsp;&nbsp;4814000 | &nbsp;&nbsp;&nbsp;&nbsp; 4583690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8837220 |
| **Retail REITs-1.01%** | **Retail REITs-1.01%** | **Retail REITs-1.01%** |
| Brixmor Operating Partnership L.P., 4.05%, 07/01/2030<br>| &nbsp;&nbsp;5129000 | &nbsp;&nbsp;&nbsp;&nbsp; 5084794 |
| Kimco Realty OP LLC, 2.70%, 10/01/2030<br>| &nbsp;&nbsp;3209000 | &nbsp;&nbsp;&nbsp;&nbsp; 3044619 |
| Realty Income Corp., 4.85%, 03/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;3852000 | &nbsp;&nbsp;&nbsp;&nbsp; 3976848 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail REITs-(continued)** | **Retail REITs-(continued)** | **Retail REITs-(continued)** | **Retail REITs-(continued)** |
| Regency Centers L.P., 3.70%, 06/15/2030<br>| $| &nbsp;&nbsp;3844000 | &nbsp;&nbsp;$3794617 |
| Simon Property Group L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, 07/15/2030<br>|  | &nbsp;&nbsp;4809000 | &nbsp;&nbsp;&nbsp;&nbsp; 4546262 |
| &nbsp;&nbsp;&nbsp;4.38%, 10/01/2030<br>|  | &nbsp;&nbsp;4496000 | &nbsp;&nbsp;&nbsp;&nbsp; 4554748 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25001888 |
| **Semiconductors & Semiconductor Equipment-3.54%** | **Semiconductors & Semiconductor Equipment-3.54%** | **Semiconductors & Semiconductor Equipment-3.54%** | **Semiconductors & Semiconductor Equipment-3.54%** |
| Analog Devices, Inc., 4.50%, 06/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;4174000 | &nbsp;&nbsp;&nbsp;&nbsp; 4271929 |
| Applied Materials, Inc., 1.75%, 06/01/2030<br>|  | &nbsp;&nbsp;4822000 | &nbsp;&nbsp;&nbsp;&nbsp; 4407120 |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 02/15/2030<br>|  | &nbsp;&nbsp;9639000 | &nbsp;&nbsp;&nbsp;&nbsp; 9761418 |
| &nbsp;&nbsp;&nbsp;5.05%, 04/15/2030<br>|  | &nbsp;&nbsp;5141000 | &nbsp;&nbsp;&nbsp;&nbsp; 5330324 |
| &nbsp;&nbsp;&nbsp;4.60%, 07/15/2030<br>|  | 11245000 | &nbsp;&nbsp;&nbsp;&nbsp; 11499924 |
| &nbsp;&nbsp;&nbsp;4.20%, 10/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6457973 |
| Intel Corp., 5.13%, 02/10/2030<br>|  | &nbsp;&nbsp;8028000 | &nbsp;&nbsp;&nbsp;&nbsp; 8288690 |
| Lam Research Corp., 1.90%, 06/15/2030<br>|  | &nbsp;&nbsp;4810000 | &nbsp;&nbsp;&nbsp;&nbsp; 4425638 |
| Marvell Technology, Inc., 4.75%, 07/15/2030<br>|  | &nbsp;&nbsp;3211000 | &nbsp;&nbsp;&nbsp;&nbsp; 3274449 |
| Microchip Technology, Inc., 5.05%, 02/15/2030<br>|  | &nbsp;&nbsp;6424000 | &nbsp;&nbsp;&nbsp;&nbsp; 6598195 |
| QUALCOMM, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.15%, 05/20/2030<br>|  | &nbsp;&nbsp;7713000 | &nbsp;&nbsp;&nbsp;&nbsp; 7176814 |
| &nbsp;&nbsp;&nbsp;4.50%, 05/20/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3215000 | &nbsp;&nbsp;&nbsp;&nbsp; 3279876 |
| Texas Instruments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 05/04/2030<br>|  | &nbsp;&nbsp;4822000 | &nbsp;&nbsp;&nbsp;&nbsp; 4433664 |
| &nbsp;&nbsp;&nbsp;4.50%, 05/23/2030<br>|  | &nbsp;&nbsp;3530000 | &nbsp;&nbsp;&nbsp;&nbsp; 3604188 |
| Xilinx, Inc., 2.38%, 06/01/2030<br>|  | &nbsp;&nbsp;4823000 | &nbsp;&nbsp;&nbsp;&nbsp; 4524926 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87335128 |
| **Software-2.41%** | **Software-2.41%** | **Software-2.41%** | **Software-2.41%** |
| Adobe, Inc., 4.95%, 01/17/2030<br>|  | &nbsp;&nbsp;4495000 | &nbsp;&nbsp;&nbsp;&nbsp; 4648284 |
| Autodesk, Inc., 2.85%, 01/15/2030<br>|  | &nbsp;&nbsp;3212000 | &nbsp;&nbsp;&nbsp;&nbsp; 3060642 |
| Intuit, Inc., 1.65%, 07/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;3209000 | &nbsp;&nbsp;&nbsp;&nbsp; 2897938 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, 05/06/2030<br>|  | &nbsp;&nbsp;4812000 | &nbsp;&nbsp;&nbsp;&nbsp; 4804502 |
| &nbsp;&nbsp;&nbsp;4.45%, 09/26/2030<sup>(b)</sup><br>|  | 19273000 | &nbsp;&nbsp;&nbsp;&nbsp; 18907964 |
| Roper Technologies, Inc., 4.45%, 09/15/2030<br>|  | &nbsp;&nbsp;3216000 | &nbsp;&nbsp;&nbsp;&nbsp; 3235906 |
| ServiceNow, Inc., 1.40%, 09/01/2030<br>|  | &nbsp;&nbsp;9636000 | &nbsp;&nbsp;&nbsp;&nbsp; 8538967 |
| Synopsys, Inc., 4.85%, 04/01/2030<br>|  | 12852000 | &nbsp;&nbsp;&nbsp;&nbsp; 13162714 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59256917 |
| **Specialized REITs-1.48%** | **Specialized REITs-1.48%** | **Specialized REITs-1.48%** | **Specialized REITs-1.48%** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.90%, 01/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;4816000 | &nbsp;&nbsp;&nbsp;&nbsp; 4603417 |
| &nbsp;&nbsp;&nbsp;5.00%, 01/31/2030<br>|  | &nbsp;&nbsp;3855000 | &nbsp;&nbsp;&nbsp;&nbsp; 3972485 |
| &nbsp;&nbsp;&nbsp;4.90%, 03/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;5460000 | &nbsp;&nbsp;&nbsp;&nbsp; 5612167 |
| &nbsp;&nbsp;&nbsp;2.10%, 06/15/2030<br>|  | &nbsp;&nbsp;4821000 | &nbsp;&nbsp;&nbsp;&nbsp; 4428096 |
| &nbsp;&nbsp;&nbsp;1.88%, 10/15/2030<br>|  | &nbsp;&nbsp;5141000 | &nbsp;&nbsp;&nbsp;&nbsp; 4643804 |
| EPR Properties, 4.75%, 11/15/2030<br>|  | &nbsp;&nbsp;3530000 | &nbsp;&nbsp;&nbsp;&nbsp; 3541922 |
| Extra Space Storage L.P., 5.50%, 07/01/2030<br>|  | &nbsp;&nbsp;5135000 | &nbsp;&nbsp;&nbsp;&nbsp; 5375320 |
| Prologis L.P., 1.25%, 10/15/2030<br>|  | &nbsp;&nbsp;4819000 | &nbsp;&nbsp;&nbsp;&nbsp; 4264112 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36441323 |

---

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

------

#### 43

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Specialty Retail-1.85%** | **Specialty Retail-1.85%** | **Specialty Retail-1.85%** |
| AutoNation, Inc., 4.75%, 06/01/2030<br>| $&nbsp;&nbsp;3212000 | &nbsp;&nbsp;$3259359 |
| AutoZone, Inc., 5.13%, 06/15/2030<br>| &nbsp;&nbsp;3211000 | &nbsp;&nbsp;&nbsp;&nbsp; 3328870 |
| Best Buy Co., Inc., 1.95%, 10/01/2030<br>| &nbsp;&nbsp;4171000 | &nbsp;&nbsp;&nbsp;&nbsp; 3770904 |
| Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 02/01/2030<br>| &nbsp;&nbsp;4499000 | &nbsp;&nbsp;&nbsp;&nbsp; 4524564 |
| &nbsp;&nbsp;&nbsp;5.00%, 04/01/2030<br>| &nbsp;&nbsp;6429000 | &nbsp;&nbsp;&nbsp;&nbsp; 6613372 |
| &nbsp;&nbsp;&nbsp;6.20%, 07/15/2030<br>| &nbsp;&nbsp;4809000 | &nbsp;&nbsp;&nbsp;&nbsp; 5168189 |
| Home Depot, Inc. (The), 3.95%, 09/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3224854 |
| Leidos, Inc., 4.38%, 05/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;4816000 | &nbsp;&nbsp;&nbsp;&nbsp; 4834674 |
| Lowe's Cos., Inc., 1.70%, 10/15/2030<br>| &nbsp;&nbsp;8033000 | &nbsp;&nbsp;&nbsp;&nbsp; 7224472 |
| Tractor Supply Co., 1.75%, 11/01/2030<br>| &nbsp;&nbsp;4178000 | &nbsp;&nbsp;&nbsp;&nbsp; 3743760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45693018 |
| **Technology Hardware, Storage & Peripherals-1.64%** | **Technology Hardware, Storage & Peripherals-1.64%** | **Technology Hardware, Storage & Peripherals-1.64%** |
| Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, 05/10/2030<br>| &nbsp;&nbsp;3213000 | &nbsp;&nbsp;&nbsp;&nbsp; 3266720 |
| &nbsp;&nbsp;&nbsp;1.65%, 05/11/2030<sup>(b)</sup><br>| 11243000 | &nbsp;&nbsp;&nbsp;&nbsp; 10326248 |
| &nbsp;&nbsp;&nbsp;4.20%, 05/12/2030<sup>(b)</sup><br>| &nbsp;&nbsp;6425000 | &nbsp;&nbsp;&nbsp;&nbsp; 6531487 |
| &nbsp;&nbsp;&nbsp;1.25%, 08/20/2030<sup>(b)</sup><br>| &nbsp;&nbsp;8021000 | &nbsp;&nbsp;&nbsp;&nbsp; 7202439 |
| Hewlett Packard Enterprise Co., 4.40%, 10/15/2030<br>| &nbsp;&nbsp;5460000 | &nbsp;&nbsp;&nbsp;&nbsp; 5469114 |
| HP, Inc., 5.40%, 04/25/2030<br>| &nbsp;&nbsp;3211000 | &nbsp;&nbsp;&nbsp;&nbsp; 3329067 |
| NetApp, Inc., 2.70%, 06/22/2030<br>| &nbsp;&nbsp;4501000 | &nbsp;&nbsp;&nbsp;&nbsp; 4223977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40349052 |
| **Textiles, Apparel & Luxury Goods-0.52%** | **Textiles, Apparel & Luxury Goods-0.52%** | **Textiles, Apparel & Luxury Goods-0.52%** |
| PVH Corp., 5.50%, 06/13/2030<br>| &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3298078 |
| Ralph Lauren Corp., 2.95%, 06/15/2030<br>| &nbsp;&nbsp;4814000 | &nbsp;&nbsp;&nbsp;&nbsp; 4612926 |
| Tapestry, Inc., 5.10%, 03/11/2030<sup>(b)</sup><br>| &nbsp;&nbsp;4818000 | &nbsp;&nbsp;&nbsp;&nbsp; 4975760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12886764 |
| **Tobacco-2.15%** | **Tobacco-2.15%** | **Tobacco-2.15%** |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.40%, 05/06/2030<br>| &nbsp;&nbsp;4818000 | &nbsp;&nbsp;&nbsp;&nbsp; 4692912 |
| &nbsp;&nbsp;&nbsp;4.50%, 08/06/2030<sup>(b)</sup><br>| &nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3268635 |
| B.A.T. Capital Corp. (United Kingdom), 6.34%, 08/02/2030<br>| &nbsp;&nbsp;6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6984541 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 02/15/2030<br>| 14131000 | &nbsp;&nbsp;&nbsp;&nbsp; 14685655 |
| &nbsp;&nbsp;&nbsp;4.38%, 04/30/2030<sup>(b)</sup><br>| &nbsp;&nbsp;4816000 | &nbsp;&nbsp;&nbsp;&nbsp; 4879609 |
| &nbsp;&nbsp;&nbsp;2.10%, 05/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;4822000 | &nbsp;&nbsp;&nbsp;&nbsp; 4465166 |
| &nbsp;&nbsp;&nbsp;5.50%, 09/07/2030<br>| &nbsp;&nbsp;4493000 | &nbsp;&nbsp;&nbsp;&nbsp; 4751751 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/29/2030<sup>(b)</sup><br>| &nbsp;&nbsp;4814000 | &nbsp;&nbsp;&nbsp;&nbsp; 4812656 |
| &nbsp;&nbsp;&nbsp;1.75%, 11/01/2030<br>| &nbsp;&nbsp;4813000 | &nbsp;&nbsp;&nbsp;&nbsp; 4340204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52881129 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Trading Companies & Distributors-0.47%** | **Trading Companies & Distributors-0.47%** | **Trading Companies & Distributors-0.47%** |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 02/01/2030<br>| $&nbsp;&nbsp;&nbsp;&nbsp;4170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3952533 |
| &nbsp;&nbsp;&nbsp;3.13%, 12/01/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;4823000 | &nbsp;&nbsp;&nbsp;&nbsp; 4539155 |
| GATX Corp., 4.00%, 06/30/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;3209000 | &nbsp;&nbsp;&nbsp;&nbsp; 3192340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11684028 |
| **Water Utilities-0.25%** | **Water Utilities-0.25%** | **Water Utilities-0.25%** |
| American Water Capital Corp., 2.80%, 05/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3217000 | &nbsp;&nbsp;&nbsp;&nbsp; 3080761 |
| Essential Utilities, Inc., 2.70%, 04/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;3210000 | &nbsp;&nbsp;&nbsp;&nbsp; 3039149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6119910 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $2,384,496,778) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $2,384,496,778) | &nbsp;&nbsp;2438327526 |
|  | **Shares** |  |
| **Money Market Funds-0.01%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(c)(d)</sup><br>(Cost $252,024)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252024 | &nbsp;&nbsp;&nbsp;&nbsp; 252024 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.97%<br>(Cost $2,384,748,802) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.97%<br>(Cost $2,384,748,802) | &nbsp;&nbsp;2438579550 |
| **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-10.68%** | **Money Market Funds-10.68%** | **Money Market Funds-10.68%** |
| Invesco Private Government Fund, 3.64%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp;73201306 | &nbsp;&nbsp;&nbsp;&nbsp; 73201306 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup><br>| 189899467 | &nbsp;&nbsp;&nbsp;&nbsp; 189956437 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $263,157,743) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $263,157,743) | &nbsp;&nbsp;&nbsp;&nbsp;263157743 |
| TOTAL INVESTMENTS IN SECURITIES-109.65%<br>(Cost $2,647,906,545) | TOTAL INVESTMENTS IN SECURITIES-109.65%<br>(Cost $2,647,906,545) | &nbsp;&nbsp;2701737293 |
| OTHER ASSETS LESS LIABILITIES-(9.65)% | OTHER ASSETS LESS LIABILITIES-(9.65)% | &nbsp;&nbsp;&nbsp;&nbsp;(237719587) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $2464017706 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

------

#### 44

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Corporate Bond ETF (BSCU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$10858849 | &nbsp;&nbsp;&nbsp;$60038415 | &nbsp;&nbsp;&nbsp;$(70645240) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$252024 | &nbsp;&nbsp;&nbsp;$88006 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58435667 | &nbsp;&nbsp;&nbsp;&nbsp;158542724 | &nbsp;&nbsp;&nbsp;&nbsp;(143777085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73201306 | &nbsp;&nbsp;&nbsp;&nbsp;1,467,598\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;152147486 | &nbsp;&nbsp;&nbsp;&nbsp;374770723 | &nbsp;&nbsp;&nbsp;&nbsp;(336963045) | &nbsp;&nbsp;&nbsp;&nbsp;(12824) | &nbsp;&nbsp;&nbsp;&nbsp;14097 | &nbsp;&nbsp;&nbsp;&nbsp;189956437 | &nbsp;&nbsp;&nbsp;&nbsp;3,949,203\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$221442002 | &nbsp;&nbsp;&nbsp;$593351862 | &nbsp;&nbsp;&nbsp;$(551385370) | &nbsp;&nbsp;&nbsp;$(12824) | &nbsp;&nbsp;&nbsp;$14097 | &nbsp;&nbsp;&nbsp;$263409767 | &nbsp;&nbsp;&nbsp;$5504807 |

---

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

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

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 45

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Corporate Bond ETF (BSCV)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-99.15%** | **U.S. Dollar Denominated Bonds & Notes-99.15%** | **U.S. Dollar Denominated Bonds & Notes-99.15%** |
| **Aerospace & Defense-2.44%** | **Aerospace & Defense-2.44%** | **Aerospace & Defense-2.44%** |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;3.63%, 02/01/2031<br>| $6982000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6784201 |
| &nbsp;&nbsp;&nbsp;6.39%, 05/01/2031<br>| 5215000 | &nbsp;&nbsp;&nbsp;&nbsp; 5701590 |
| General Dynamics Corp., 2.25%, 06/01/2031<br>| 2608000 | &nbsp;&nbsp;&nbsp;&nbsp; 2396643 |
| Howmet Aerospace, Inc., 4.85%, 10/15/2031<br>| 2611000 | &nbsp;&nbsp;&nbsp;&nbsp; 2711152 |
| L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.80%, 01/15/2031<br>| 3391000 | &nbsp;&nbsp;&nbsp;&nbsp; 3037790 |
| &nbsp;&nbsp;&nbsp;5.25%, 06/01/2031<br>| 3921000 | &nbsp;&nbsp;&nbsp;&nbsp; 4109614 |
| Lockheed Martin Corp., 4.70%, 12/15/2031<sup>(b)</sup><br>| 3141000 | &nbsp;&nbsp;&nbsp;&nbsp; 3256746 |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 03/15/2031<br>| 4987000 | &nbsp;&nbsp;&nbsp;&nbsp; 5413724 |
| &nbsp;&nbsp;&nbsp;1.90%, 09/01/2031<br>| 4986000 | &nbsp;&nbsp;&nbsp;&nbsp; 4439521 |
| Textron, Inc., 2.45%, 03/15/2031<br>| 2612000 | &nbsp;&nbsp;&nbsp;&nbsp; 2400017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40250998 |
| **Air Freight & Logistics-0.18%** | **Air Freight & Logistics-0.18%** | **Air Freight & Logistics-0.18%** |
| FedEx Corp., 2.40%, 05/15/2031<br>| 3323000 | &nbsp;&nbsp;&nbsp;&nbsp; 3056320 |
| **Automobiles-3.90%** | **Automobiles-3.90%** | **Automobiles-3.90%** |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 01/08/2031<br>| 2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2636400 |
| &nbsp;&nbsp;&nbsp;1.80%, 01/13/2031<br>| 2878000 | &nbsp;&nbsp;&nbsp;&nbsp; 2574377 |
| &nbsp;&nbsp;&nbsp;5.05%, 07/10/2031<br>| 3925000 | &nbsp;&nbsp;&nbsp;&nbsp; 4071142 |
| &nbsp;&nbsp;&nbsp;4.85%, 10/23/2031<br>| 3653000 | &nbsp;&nbsp;&nbsp;&nbsp; 3758119 |
| Ford Motor Co., 7.45%, 07/16/2031<sup>(b)</sup><br>| 5334000 | &nbsp;&nbsp;&nbsp;&nbsp; 5967361 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.05%, 03/05/2031<br>| 4986000 | &nbsp;&nbsp;&nbsp;&nbsp; 5190727 |
| &nbsp;&nbsp;&nbsp;3.63%, 06/17/2031<br>| 4985000 | &nbsp;&nbsp;&nbsp;&nbsp; 4647432 |
| &nbsp;&nbsp;&nbsp;6.05%, 11/05/2031<br>| 6233000 | &nbsp;&nbsp;&nbsp;&nbsp; 6489045 |
| Mercedes-Benz Finance North America LLC (Germany), 8.50%, 01/18/2031<br>| 7482000 | &nbsp;&nbsp;&nbsp;&nbsp; 8893465 |
| Toyota Motor Corp. (Japan), 2.36%, 03/25/2031<br>| 2611000 | &nbsp;&nbsp;&nbsp;&nbsp; 2418261 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 01/10/2031<br>| 2873000 | &nbsp;&nbsp;&nbsp;&nbsp; 2573121 |
| &nbsp;&nbsp;&nbsp;5.10%, 03/21/2031<br>| 4704000 | &nbsp;&nbsp;&nbsp;&nbsp; 4923473 |
| &nbsp;&nbsp;&nbsp;1.90%, 09/12/2031<br>| 2623000 | &nbsp;&nbsp;&nbsp;&nbsp; 2341153 |
| &nbsp;&nbsp;&nbsp;4.60%, 10/10/2031<br>| 3916000 | &nbsp;&nbsp;&nbsp;&nbsp; 4007559 |
| &nbsp;&nbsp;&nbsp;Series B, 4.20%, 01/10/2031<sup>(b)</sup><br>| 3916000 | &nbsp;&nbsp;&nbsp;&nbsp; 3947137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64438772 |
| **Banks-2.63%** | **Banks-2.63%** | **Banks-2.63%** |
| Banco Santander S.A. (Spain), 5.44%, 07/15/2031<br>| 7831000 | &nbsp;&nbsp;&nbsp;&nbsp; 8286263 |
| Bank of Montreal (Canada), 5.51%, 06/04/2031<br>| 4179000 | &nbsp;&nbsp;&nbsp;&nbsp; 4430215 |
| Cooperatieve Rabobank U.A. (Netherlands), 4.16%, 01/14/2031<br>| 2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2630146 |
| Mizuho Financial Group, Inc. (Japan), 2.56%, 09/13/2031<sup>(b)</sup><br>| 4982000 | &nbsp;&nbsp;&nbsp;&nbsp; 4536586 |
| Royal Bank of Canada (Canada), 2.30%, 11/03/2031<sup>(b)</sup><br>| 7479000 | &nbsp;&nbsp;&nbsp;&nbsp; 6829950 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp;1.71%, 01/12/2031<br>| $| &nbsp;&nbsp;2605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2323418 |
| &nbsp;&nbsp;&nbsp;5.42%, 07/09/2031<br>|  | &nbsp;&nbsp;4692000 | &nbsp;&nbsp;&nbsp;&nbsp; 4955902 |
| &nbsp;&nbsp;&nbsp;2.22%, 09/17/2031<br>|  | &nbsp;&nbsp;5218000 | &nbsp;&nbsp;&nbsp;&nbsp; 4688864 |
| Toronto-Dominion Bank (The) (Canada), 4.41%, 01/13/2031<br>|  | &nbsp;&nbsp;4701000 | &nbsp;&nbsp;&nbsp;&nbsp; 4759757 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43441101 |
| **Beverages-1.95%** | **Beverages-1.95%** | **Beverages-1.95%** | **Beverages-1.95%** |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.90%, 01/23/2031<br>|  | &nbsp;&nbsp;3921000 | &nbsp;&nbsp;&nbsp;&nbsp; 4087554 |
| Coca-Cola Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 03/05/2031<br>|  | &nbsp;&nbsp;3917000 | &nbsp;&nbsp;&nbsp;&nbsp; 3596492 |
| &nbsp;&nbsp;&nbsp;1.38%, 03/15/2031<br>|  | &nbsp;&nbsp;6478000 | &nbsp;&nbsp;&nbsp;&nbsp; 5760321 |
| Constellation Brands, Inc., 2.25%, 08/01/2031<br>|  | &nbsp;&nbsp;5218000 | &nbsp;&nbsp;&nbsp;&nbsp; 4694301 |
| Keurig Dr Pepper, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 03/15/2031<br>|  | &nbsp;&nbsp;2605000 | &nbsp;&nbsp;&nbsp;&nbsp; 2352438 |
| &nbsp;&nbsp;&nbsp;Series 10, 5.20%, 03/15/2031<br>|  | &nbsp;&nbsp;2608000 | &nbsp;&nbsp;&nbsp;&nbsp; 2695678 |
| PepsiCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.40%, 02/25/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;3918000 | &nbsp;&nbsp;&nbsp;&nbsp; 3484857 |
| &nbsp;&nbsp;&nbsp;1.95%, 10/21/2031<br>|  | &nbsp;&nbsp;6229000 | &nbsp;&nbsp;&nbsp;&nbsp; 5602960 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32274601 |
| **Biotechnology-0.98%** | **Biotechnology-0.98%** | **Biotechnology-0.98%** | **Biotechnology-0.98%** |
| AbbVie, Inc., 4.95%, 03/15/2031<br>|  | &nbsp;&nbsp;9971000 | &nbsp;&nbsp;&nbsp;&nbsp; 10383185 |
| Amgen, Inc., 2.30%, 02/25/2031<br>|  | &nbsp;&nbsp;6237000 | &nbsp;&nbsp;&nbsp;&nbsp; 5734845 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16118030 |
| **Broadline Retail-1.04%** | **Broadline Retail-1.04%** | **Broadline Retail-1.04%** | **Broadline Retail-1.04%** |
| Amazon.com, Inc., 2.10%, 05/12/2031<br>|  | 14956999 | &nbsp;&nbsp;&nbsp;&nbsp; 13626562 |
| eBay, Inc., 2.60%, 05/10/2031<br>|  | &nbsp;&nbsp;3913000 | &nbsp;&nbsp;&nbsp;&nbsp; 3609959 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17236521 |
| **Building Products-0.84%** | **Building Products-0.84%** | **Building Products-0.84%** | **Building Products-0.84%** |
| Carrier Global Corp., 2.70%, 02/15/2031<br>|  | &nbsp;&nbsp;3921000 | &nbsp;&nbsp;&nbsp;&nbsp; 3675657 |
| CRH America Finance, Inc., 4.40%, 02/09/2031<br>|  | &nbsp;&nbsp;4990000 | &nbsp;&nbsp;&nbsp;&nbsp; 5029123 |
| Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031<br>|  | &nbsp;&nbsp;2616000 | &nbsp;&nbsp;&nbsp;&nbsp; 2335705 |
| Masco Corp., 2.00%, 02/15/2031<br>|  | &nbsp;&nbsp;3135000 | &nbsp;&nbsp;&nbsp;&nbsp; 2819751 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13860236 |
| **Capital Markets-3.61%** | **Capital Markets-3.61%** | **Capital Markets-3.61%** | **Capital Markets-3.61%** |
| Ares Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.10%, 01/15/2031<br>|  | &nbsp;&nbsp;3380000 | &nbsp;&nbsp;&nbsp;&nbsp; 3300074 |
| &nbsp;&nbsp;&nbsp;5.25%, 04/12/2031<br>|  | &nbsp;&nbsp;3912000 | &nbsp;&nbsp;&nbsp;&nbsp; 3837558 |
| &nbsp;&nbsp;&nbsp;3.20%, 11/15/2031<br>|  | &nbsp;&nbsp;3655000 | &nbsp;&nbsp;&nbsp;&nbsp; 3214616 |
| Bank of New York Mellon Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 01/28/2031<br>|  | &nbsp;&nbsp;2612000 | &nbsp;&nbsp;&nbsp;&nbsp; 2346727 |
| &nbsp;&nbsp;&nbsp;1.80%, 07/28/2031<br>|  | &nbsp;&nbsp;2612000 | &nbsp;&nbsp;&nbsp;&nbsp; 2326949 |
| BlackRock, Inc., 1.90%, 01/28/2031<br>|  | &nbsp;&nbsp;6228000 | &nbsp;&nbsp;&nbsp;&nbsp; 5667620 |
| Blackstone Secured Lending Fund, 5.13%, 01/31/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2531225 |
| Blue Owl Credit Income Corp., 6.65%, 03/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;3928000 | &nbsp;&nbsp;&nbsp;&nbsp; 3951088 |

---

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

------

#### 46

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** |
| Brookfield Finance, Inc. (Canada), 2.72%, 04/15/2031<br>| $| &nbsp;&nbsp;2608000 | &nbsp;&nbsp;$2405870 |
| Charles Schwab Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 03/11/2031<br>|  | &nbsp;&nbsp;3916000 | &nbsp;&nbsp;&nbsp;&nbsp; 3473676 |
| &nbsp;&nbsp;&nbsp;2.30%, 05/13/2031<br>|  | &nbsp;&nbsp;3932000 | &nbsp;&nbsp;&nbsp;&nbsp; 3601900 |
| &nbsp;&nbsp;&nbsp;1.95%, 12/01/2031<br>|  | &nbsp;&nbsp;4438000 | &nbsp;&nbsp;&nbsp;&nbsp; 3938756 |
| Jefferies Financial Group, Inc., 2.63%, 10/15/2031<br>|  | &nbsp;&nbsp;5221000 | &nbsp;&nbsp;&nbsp;&nbsp; 4643212 |
| Moody's Corp., 2.00%, 08/19/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;3130000 | &nbsp;&nbsp;&nbsp;&nbsp; 2810262 |
| Nasdaq, Inc., 1.65%, 01/15/2031<br>|  | &nbsp;&nbsp;3390000 | &nbsp;&nbsp;&nbsp;&nbsp; 3024767 |
| Nomura Holdings, Inc. (Japan), 2.61%, 07/14/2031<br>|  | &nbsp;&nbsp;4984000 | &nbsp;&nbsp;&nbsp;&nbsp; 4546406 |
| State Street Corp., 2.20%, 03/03/2031<br>|  | &nbsp;&nbsp;4438000 | &nbsp;&nbsp;&nbsp;&nbsp; 4042021 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59662727 |
| **Chemicals-0.98%** | **Chemicals-0.98%** | **Chemicals-0.98%** | **Chemicals-0.98%** |
| Air Products and Chemicals, Inc., 4.75%, 02/08/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;3135000 | &nbsp;&nbsp;&nbsp;&nbsp; 3239604 |
| Dow Chemical Co. (The), 4.80%, 01/15/2031<br>|  | &nbsp;&nbsp;3930000 | &nbsp;&nbsp;&nbsp;&nbsp; 3923388 |
| Ecolab, Inc., 1.30%, 01/30/2031<br>|  | &nbsp;&nbsp;3134000 | &nbsp;&nbsp;&nbsp;&nbsp; 2761767 |
| LYB International Finance III LLC, 5.13%, 01/15/2031<br>|  | &nbsp;&nbsp;2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2655270 |
| PPG Industries, Inc., 4.38%, 03/15/2031<br>|  | &nbsp;&nbsp;3669000 | &nbsp;&nbsp;&nbsp;&nbsp; 3694105 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16274134 |
| **Commercial Services & Supplies-0.98%** | **Commercial Services & Supplies-0.98%** | **Commercial Services & Supplies-0.98%** | **Commercial Services & Supplies-0.98%** |
| CDW LLC/CDW Finance Corp., 3.57%, 12/01/2031<br>|  | &nbsp;&nbsp;4982000 | &nbsp;&nbsp;&nbsp;&nbsp; 4639842 |
| Republic Services, Inc., 1.45%, 02/15/2031<br>|  | &nbsp;&nbsp;3401000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004004 |
| Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 03/15/2031<br>|  | &nbsp;&nbsp;4981000 | &nbsp;&nbsp;&nbsp;&nbsp; 4412483 |
| &nbsp;&nbsp;&nbsp;4.95%, 07/03/2031<br>|  | &nbsp;&nbsp;3921000 | &nbsp;&nbsp;&nbsp;&nbsp; 4092418 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16148747 |
| **Communications Equipment-1.04%** | **Communications Equipment-1.04%** | **Communications Equipment-1.04%** | **Communications Equipment-1.04%** |
| Cisco Systems, Inc., 4.95%, 02/26/2031<br>|  | 12475000 | &nbsp;&nbsp;&nbsp;&nbsp; 12989486 |
| Motorola Solutions, Inc., 2.75%, 05/24/2031<br>|  | &nbsp;&nbsp;4442000 | &nbsp;&nbsp;&nbsp;&nbsp; 4120468 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17109954 |
| **Construction & Engineering-0.16%** | **Construction & Engineering-0.16%** | **Construction & Engineering-0.16%** | **Construction & Engineering-0.16%** |
| Quanta Services, Inc., 4.50%, 01/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;2611000 | &nbsp;&nbsp;&nbsp;&nbsp; 2642867 |
| **Construction Materials-0.47%** | **Construction Materials-0.47%** | **Construction Materials-0.47%** | **Construction Materials-0.47%** |
| Eagle Materials, Inc., 2.50%, 07/01/2031<br>|  | &nbsp;&nbsp;3919000 | &nbsp;&nbsp;&nbsp;&nbsp; 3592781 |
| Martin Marietta Materials, Inc., 2.40%, 07/15/2031<br>|  | &nbsp;&nbsp;4681000 | &nbsp;&nbsp;&nbsp;&nbsp; 4261214 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7853995 |
| **Consumer Finance-2.56%** | **Consumer Finance-2.56%** | **Consumer Finance-2.56%** | **Consumer Finance-2.56%** |
| Ally Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 11/01/2031<br>|  | &nbsp;&nbsp;9946000 | &nbsp;&nbsp;&nbsp;&nbsp; 11291488 |
| &nbsp;&nbsp;&nbsp;8.00%, 11/01/2031<br>|  | &nbsp;&nbsp;2575000 | &nbsp;&nbsp;&nbsp;&nbsp; 2935475 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.35%, 01/08/2031<br>| $| &nbsp;&nbsp;5219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4753265 |
| &nbsp;&nbsp;&nbsp;4.60%, 01/08/2031<br>|  | &nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4744622 |
| &nbsp;&nbsp;&nbsp;5.75%, 02/08/2031<br>|  | &nbsp;&nbsp;4989000 | &nbsp;&nbsp;&nbsp;&nbsp; 5271216 |
| &nbsp;&nbsp;&nbsp;2.70%, 06/10/2031<br>|  | &nbsp;&nbsp;4986000 | &nbsp;&nbsp;&nbsp;&nbsp; 4583459 |
| &nbsp;&nbsp;&nbsp;5.60%, 06/18/2031<br>|  | &nbsp;&nbsp;4981000 | &nbsp;&nbsp;&nbsp;&nbsp; 5234919 |
| Synchrony Financial, 2.88%, 10/28/2031<br>|  | &nbsp;&nbsp;3921000 | &nbsp;&nbsp;&nbsp;&nbsp; 3526882 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42341326 |
| **Consumer Staples Distribution & Retail-1.10%** | **Consumer Staples Distribution & Retail-1.10%** | **Consumer Staples Distribution & Retail-1.10%** | **Consumer Staples Distribution & Retail-1.10%** |
| Dollar Tree, Inc., 2.65%, 12/01/2031<br>|  | &nbsp;&nbsp;4176000 | &nbsp;&nbsp;&nbsp;&nbsp; 3817743 |
| Kroger Co. (The), 1.70%, 01/15/2031<br>|  | &nbsp;&nbsp;2620000 | &nbsp;&nbsp;&nbsp;&nbsp; 2334091 |
| Sysco Corp., 4.40%, 07/25/2031<br>|  | &nbsp;&nbsp;2990000 | &nbsp;&nbsp;&nbsp;&nbsp; 3001693 |
| Walmart, Inc., 1.80%, 09/22/2031<br>|  | &nbsp;&nbsp;9974000 | &nbsp;&nbsp;&nbsp;&nbsp; 8996688 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18150215 |
| **Containers & Packaging-0.70%** | **Containers & Packaging-0.70%** | **Containers & Packaging-0.70%** | **Containers & Packaging-0.70%** |
| Amcor Flexibles North America, Inc., 2.69%, 05/25/2031<br>|  | &nbsp;&nbsp;4185000 | &nbsp;&nbsp;&nbsp;&nbsp; 3870446 |
| AptarGroup, Inc., 4.75%, 03/30/2031<br>|  | &nbsp;&nbsp;3130000 | &nbsp;&nbsp;&nbsp;&nbsp; 3177620 |
| Berry Global, Inc., 5.80%, 06/15/2031<br>|  | &nbsp;&nbsp;4176000 | &nbsp;&nbsp;&nbsp;&nbsp; 4452025 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500091 |
| **Diversified REITs-0.67%** | **Diversified REITs-0.67%** | **Diversified REITs-0.67%** | **Diversified REITs-0.67%** |
| American Assets Trust L.P., 3.38%, 02/01/2031<br>|  | &nbsp;&nbsp;2611000 | &nbsp;&nbsp;&nbsp;&nbsp; 2405607 |
| DOC DR LLC, 2.63%, 11/01/2031<br>|  | &nbsp;&nbsp;2611000 | &nbsp;&nbsp;&nbsp;&nbsp; 2375132 |
| VICI Properties L.P., 5.13%, 11/15/2031<br>|  | &nbsp;&nbsp;3917000 | &nbsp;&nbsp;&nbsp;&nbsp; 3989938 |
| W.P. Carey, Inc., 2.40%, 02/01/2031<br>|  | &nbsp;&nbsp;2611000 | &nbsp;&nbsp;&nbsp;&nbsp; 2383896 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11154573 |
| **Diversified Telecommunication Services-3.45%** | **Diversified Telecommunication Services-3.45%** | **Diversified Telecommunication Services-3.45%** | **Diversified Telecommunication Services-3.45%** |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.40%, 04/30/2031<br>|  | &nbsp;&nbsp;2112000 | &nbsp;&nbsp;&nbsp;&nbsp; 2131977 |
| &nbsp;&nbsp;&nbsp;2.75%, 06/01/2031<br>|  | 14954000 | &nbsp;&nbsp;&nbsp;&nbsp; 13938333 |
| Orange S.A. (France), 9.00%, 03/01/2031<br>|  | 12264000 | &nbsp;&nbsp;&nbsp;&nbsp; 14798783 |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 01/20/2031<br>|  | 10831000 | &nbsp;&nbsp;&nbsp;&nbsp; 9689015 |
| &nbsp;&nbsp;&nbsp;2.55%, 03/21/2031<br>|  | 17792000 | &nbsp;&nbsp;&nbsp;&nbsp; 16466029 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57024137 |
| **Electric Utilities-5.11%** | **Electric Utilities-5.11%** | **Electric Utilities-5.11%** | **Electric Utilities-5.11%** |
| Alabama Power Co., Series C, 4.30%, 03/15/2031<br>|  | &nbsp;&nbsp;2611000 | &nbsp;&nbsp;&nbsp;&nbsp; 2639876 |
| Appalachian Power Co., Series AA, 2.70%, 04/01/2031<br>|  | &nbsp;&nbsp;2615000 | &nbsp;&nbsp;&nbsp;&nbsp; 2426073 |
| Baltimore Gas and Electric Co., 2.25%, 06/15/2031<br>|  | &nbsp;&nbsp;3132000 | &nbsp;&nbsp;&nbsp;&nbsp; 2861958 |
| Berkshire Hathaway Energy Co., 1.65%, 05/15/2031<br>|  | &nbsp;&nbsp;2613000 | &nbsp;&nbsp;&nbsp;&nbsp; 2312688 |
| Consolidated Edison Co. of New York, Inc., 2.40%, 06/15/2031<br>|  | &nbsp;&nbsp;4696000 | &nbsp;&nbsp;&nbsp;&nbsp; 4330086 |
| Constellation Energy Generation LLC, 4.40%, 01/15/2031<br>|  | &nbsp;&nbsp;3916000 | &nbsp;&nbsp;&nbsp;&nbsp; 3943596 |
| Duke Energy Carolinas LLC, 2.55%, 04/15/2031<br>|  | &nbsp;&nbsp;2880000 | &nbsp;&nbsp;&nbsp;&nbsp; 2684717 |
| Duke Energy Corp., 2.55%, 06/15/2031<br>|  | &nbsp;&nbsp;4981000 | &nbsp;&nbsp;&nbsp;&nbsp; 4585968 |
| Duke Energy Florida LLC, 2.40%, 12/15/2031<br>|  | &nbsp;&nbsp;3406000 | &nbsp;&nbsp;&nbsp;&nbsp; 3118992 |

---

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

------

#### 47

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Duke Energy Progress LLC, 2.00%, 08/15/2031<br>| $| &nbsp;&nbsp;3408000 | &nbsp;&nbsp;$3072870 |
| Entergy Corp., 2.40%, 06/15/2031<br>|  | &nbsp;&nbsp;3394000 | &nbsp;&nbsp;&nbsp;&nbsp; 3083891 |
| Entergy Texas, Inc., 1.75%, 03/15/2031<br>|  | &nbsp;&nbsp;3133000 | &nbsp;&nbsp;&nbsp;&nbsp; 2800883 |
| Eversource Energy, 5.85%, 04/15/2031<br>|  | &nbsp;&nbsp;3650000 | &nbsp;&nbsp;&nbsp;&nbsp; 3883549 |
| Exelon Corp., 5.13%, 03/15/2031<br>|  | &nbsp;&nbsp;2611000 | &nbsp;&nbsp;&nbsp;&nbsp; 2721501 |
| Georgia Power Co., 4.85%, 03/15/2031<br>|  | &nbsp;&nbsp;3920000 | &nbsp;&nbsp;&nbsp;&nbsp; 4052333 |
| Pacific Gas and Electric Co., 2.50%, 02/01/2031<br>|  | &nbsp;&nbsp;9974000 | &nbsp;&nbsp;&nbsp;&nbsp; 9123189 |
| PacifiCorp, 5.30%, 02/15/2031<br>|  | &nbsp;&nbsp;3655000 | &nbsp;&nbsp;&nbsp;&nbsp; 3798176 |
| PG&E Wildfire Recovery Funding LLC, Series A-1, 4.02%, 06/01/2031<br>|  | &nbsp;&nbsp;2160566 | &nbsp;&nbsp;&nbsp;&nbsp; 2162785 |
| Progress Energy, Inc., 7.75%, 03/01/2031<br>|  | &nbsp;&nbsp;3399000 | &nbsp;&nbsp;&nbsp;&nbsp; 3918333 |
| Public Service Co. of Colorado, 1.88%, 06/15/2031<br>|  | &nbsp;&nbsp;3918000 | &nbsp;&nbsp;&nbsp;&nbsp; 3490233 |
| Public Service Electric and Gas Co., Series R, 4.20%, 01/01/2031<br>|  | &nbsp;&nbsp;2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2627798 |
| Southern California Edison Co., 5.45%, 06/01/2031<br>|  | &nbsp;&nbsp;3914000 | &nbsp;&nbsp;&nbsp;&nbsp; 4101548 |
| Virginia Electric & Power Co., 2.30%, 11/15/2031<br>|  | &nbsp;&nbsp;2479000 | &nbsp;&nbsp;&nbsp;&nbsp; 2235748 |
| Virginia Power Fuel Securitization LLC, Series A-2, 4.88%, 05/01/2031<br>|  | &nbsp;&nbsp;4360000 | &nbsp;&nbsp;&nbsp;&nbsp; 4495628 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84472419 |
| **Electrical Equipment-0.28%** | **Electrical Equipment-0.28%** | **Electrical Equipment-0.28%** | **Electrical Equipment-0.28%** |
| Emerson Electric Co., 2.20%, 12/21/2031<br>|  | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4540600 |
| GE Vernova, Inc., 4.25%, 02/04/2031<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30218 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4570818 |
| **Electronic Equipment, Instruments & Components-0.84%** | **Electronic Equipment, Instruments & Components-0.84%** | **Electronic Equipment, Instruments & Components-0.84%** | **Electronic Equipment, Instruments & Components-0.84%** |
| Amphenol Corp., 2.20%, 09/15/2031<br>|  | &nbsp;&nbsp;3913000 | &nbsp;&nbsp;&nbsp;&nbsp; 3549095 |
| Jabil, Inc., 3.00%, 01/15/2031<br>|  | &nbsp;&nbsp;3143000 | &nbsp;&nbsp;&nbsp;&nbsp; 2949343 |
| Teledyne Technologies, Inc., 2.75%, 04/01/2031<br>|  | &nbsp;&nbsp;4752000 | &nbsp;&nbsp;&nbsp;&nbsp; 4445919 |
| Vontier Corp., 2.95%, 04/01/2031<br>|  | &nbsp;&nbsp;3131000 | &nbsp;&nbsp;&nbsp;&nbsp; 2909842 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13854199 |
| **Energy Equipment & Services-0.16%** | **Energy Equipment & Services-0.16%** | **Energy Equipment & Services-0.16%** | **Energy Equipment & Services-0.16%** |
| Helmerich & Payne, Inc., 2.90%, 09/29/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;2885000 | &nbsp;&nbsp;&nbsp;&nbsp; 2641759 |
| **Entertainment-1.24%** | **Entertainment-1.24%** | **Entertainment-1.24%** | **Entertainment-1.24%** |
| Electronic Arts, Inc., 1.85%, 02/15/2031<br>|  | &nbsp;&nbsp;3928000 | &nbsp;&nbsp;&nbsp;&nbsp; 3714449 |
| Walt Disney Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.65%, 01/13/2031<br>|  | 12463000 | &nbsp;&nbsp;&nbsp;&nbsp; 11807149 |
| &nbsp;&nbsp;&nbsp;4.00%, 03/14/2031<br>|  | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5011538 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20533136 |
| **Financial Services-3.47%** | **Financial Services-3.47%** | **Financial Services-3.47%** | **Financial Services-3.47%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.38%, 12/15/2031<br>|  | &nbsp;&nbsp;3920000 | &nbsp;&nbsp;&nbsp;&nbsp; 4093019 |
| Apollo Debt Solutions BDC, 6.70%, 07/29/2031<br>|  | &nbsp;&nbsp;4954000 | &nbsp;&nbsp;&nbsp;&nbsp; 5117354 |
| Blackstone Private Credit Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 01/25/2031<br>|  | &nbsp;&nbsp;3105000 | &nbsp;&nbsp;&nbsp;&nbsp; 3125361 |
| &nbsp;&nbsp;&nbsp;5.35%, 03/12/2031<br>|  | &nbsp;&nbsp;3650000 | &nbsp;&nbsp;&nbsp;&nbsp; 3538038 |
| Block, Inc., 3.50%, 06/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;4983000 | &nbsp;&nbsp;&nbsp;&nbsp; 4682962 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| Blue Owl Finance LLC, 3.13%, 06/10/2031<br>| $| 3655000 | &nbsp;&nbsp;$3250523 |
| Fidelity National Information Services, Inc., 2.25%, 03/01/2031<br>|  | 4280000 | &nbsp;&nbsp;&nbsp;&nbsp; 3863918 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 02/15/2031<br>|  | 4990000 | &nbsp;&nbsp;&nbsp;&nbsp; 4977167 |
| &nbsp;&nbsp;&nbsp;5.35%, 03/15/2031<br>|  | 2613000 | &nbsp;&nbsp;&nbsp;&nbsp; 2690922 |
| Global Payments, Inc., 2.90%, 11/15/2031<br>|  | 3925000 | &nbsp;&nbsp;&nbsp;&nbsp; 3536334 |
| HA Sustainable Infrastructure Capital, Inc., 6.15%, 01/15/2031<br>|  | 3133000 | &nbsp;&nbsp;&nbsp;&nbsp; 3253574 |
| Mastercard, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.90%, 03/15/2031<br>|  | 3135000 | &nbsp;&nbsp;&nbsp;&nbsp; 2846626 |
| &nbsp;&nbsp;&nbsp;2.00%, 11/18/2031<sup>(b)</sup><br>|  | 3918000 | &nbsp;&nbsp;&nbsp;&nbsp; 3530103 |
| ORIX Corp. (Japan), 2.25%, 03/09/2031<br>|  | 2609000 | &nbsp;&nbsp;&nbsp;&nbsp; 2380142 |
| Visa, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 02/12/2031<br>|  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2024096 |
| &nbsp;&nbsp;&nbsp;1.10%, 02/15/2031<br>|  | 5004000 | &nbsp;&nbsp;&nbsp;&nbsp; 4402032 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57312171 |
| **Food Products-1.67%** | **Food Products-1.67%** | **Food Products-1.67%** | **Food Products-1.67%** |
| Bunge Ltd. Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.20%, 04/21/2031<br>|  | 3121000 | &nbsp;&nbsp;&nbsp;&nbsp; 2968623 |
| &nbsp;&nbsp;&nbsp;2.75%, 05/14/2031<br>|  | 4983000 | &nbsp;&nbsp;&nbsp;&nbsp; 4638137 |
| Campbell's Co. (The), 4.55%, 03/21/2031<br>|  | 2875000 | &nbsp;&nbsp;&nbsp;&nbsp; 2880965 |
| Flowers Foods, Inc., 2.40%, 03/15/2031<br>|  | 2606000 | &nbsp;&nbsp;&nbsp;&nbsp; 2294146 |
| General Mills, Inc., 2.25%, 10/14/2031<br>|  | 2620000 | &nbsp;&nbsp;&nbsp;&nbsp; 2353712 |
| Kellanova, Series B, 7.45%, 04/01/2031<br>|  | 3275000 | &nbsp;&nbsp;&nbsp;&nbsp; 3774643 |
| McCormick & Co., Inc., 1.85%, 02/15/2031<br>|  | 2608000 | &nbsp;&nbsp;&nbsp;&nbsp; 2332106 |
| Mondelez International, Inc., 1.50%, 02/04/2031<br>|  | 2612000 | &nbsp;&nbsp;&nbsp;&nbsp; 2302529 |
| Pilgrim's Pride Corp., 4.25%, 04/15/2031<br>|  | 4154000 | &nbsp;&nbsp;&nbsp;&nbsp; 4074240 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27619101 |
| **Gas Utilities-0.32%** | **Gas Utilities-0.32%** | **Gas Utilities-0.32%** | **Gas Utilities-0.32%** |
| Atmos Energy Corp., 1.50%, 01/15/2031<br>|  | 3138000 | &nbsp;&nbsp;&nbsp;&nbsp; 2796733 |
| National Fuel Gas Co., 2.95%, 03/01/2031<br>|  | 2608000 | &nbsp;&nbsp;&nbsp;&nbsp; 2424540 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5221273 |
| **Ground Transportation-1.11%** | **Ground Transportation-1.11%** | **Ground Transportation-1.11%** | **Ground Transportation-1.11%** |
| Canadian Pacific Railway Co. (Canada), 2.45%, 12/02/2031<br>|  | 6978000 | &nbsp;&nbsp;&nbsp;&nbsp; 6353894 |
| Norfolk Southern Corp., 2.30%, 05/15/2031<br>|  | 2626000 | &nbsp;&nbsp;&nbsp;&nbsp; 2397559 |
| Uber Technologies, Inc., 4.15%, 01/15/2031<br>|  | 4983000 | &nbsp;&nbsp;&nbsp;&nbsp; 4965903 |
| Union Pacific Corp., 2.38%, 05/20/2031<br>|  | 4984000 | &nbsp;&nbsp;&nbsp;&nbsp; 4607732 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18325088 |
| **Health Care Equipment & Supplies-1.39%** | **Health Care Equipment & Supplies-1.39%** | **Health Care Equipment & Supplies-1.39%** | **Health Care Equipment & Supplies-1.39%** |
| Baxter International, Inc., 1.73%, 04/01/2031<br>|  | 3391000 | &nbsp;&nbsp;&nbsp;&nbsp; 2925292 |
| Becton, Dickinson and Co., 1.96%, 02/11/2031<br>|  | 4986000 | &nbsp;&nbsp;&nbsp;&nbsp; 4484299 |
| GE HealthCare Technologies, Inc., 4.80%, 01/15/2031<br>|  | 3393000 | &nbsp;&nbsp;&nbsp;&nbsp; 3477920 |
| Solventum Corp., 5.45%, 03/13/2031<br>|  | 4980000 | &nbsp;&nbsp;&nbsp;&nbsp; 5224940 |

---

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

------

#### 48

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Health Care Equipment & Supplies-(continued)** | **Health Care Equipment & Supplies-(continued)** | **Health Care Equipment & Supplies-(continued)** | **Health Care Equipment & Supplies-(continued)** |
| STERIS Irish FinCo Unlimited Co., 2.70%, 03/15/2031<br>| $| &nbsp;&nbsp;3515000 | &nbsp;&nbsp;$3269393 |
| Zimmer Biomet Holdings, Inc., 2.60%, 11/24/2031<br>|  | &nbsp;&nbsp;3912000 | &nbsp;&nbsp;&nbsp;&nbsp; 3579798 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22961642 |
| **Health Care Providers & Services-6.36%** | **Health Care Providers & Services-6.36%** | **Health Care Providers & Services-6.36%** | **Health Care Providers & Services-6.36%** |
| Cencora, Inc., 2.70%, 03/15/2031<br>|  | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4660881 |
| Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.50%, 03/01/2031<br>|  | 10967000 | &nbsp;&nbsp;&nbsp;&nbsp; 9525417 |
| &nbsp;&nbsp;&nbsp;2.63%, 08/01/2031<br>|  | &nbsp;&nbsp;6478000 | &nbsp;&nbsp;&nbsp;&nbsp; 5617226 |
| Cigna Group (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.38%, 03/15/2031<br>|  | &nbsp;&nbsp;7477000 | &nbsp;&nbsp;&nbsp;&nbsp; 6855451 |
| &nbsp;&nbsp;&nbsp;5.13%, 05/15/2031<br>|  | &nbsp;&nbsp;3912000 | &nbsp;&nbsp;&nbsp;&nbsp; 4072504 |
| CommonSpirit Health, 5.21%, 12/01/2031<br>|  | &nbsp;&nbsp;4041000 | &nbsp;&nbsp;&nbsp;&nbsp; 4215096 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 01/30/2031<br>|  | &nbsp;&nbsp;3920000 | &nbsp;&nbsp;&nbsp;&nbsp; 4086397 |
| &nbsp;&nbsp;&nbsp;1.88%, 02/28/2031<br>|  | &nbsp;&nbsp;6227500 | &nbsp;&nbsp;&nbsp;&nbsp; 5553770 |
| &nbsp;&nbsp;&nbsp;5.55%, 06/01/2031<br>|  | &nbsp;&nbsp;4989000 | &nbsp;&nbsp;&nbsp;&nbsp; 5267116 |
| &nbsp;&nbsp;&nbsp;2.13%, 09/15/2031<br>|  | &nbsp;&nbsp;4990000 | &nbsp;&nbsp;&nbsp;&nbsp; 4428999 |
| Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.55%, 03/15/2031<br>|  | &nbsp;&nbsp;5219000 | &nbsp;&nbsp;&nbsp;&nbsp; 4813074 |
| &nbsp;&nbsp;&nbsp;4.95%, 11/01/2031<br>|  | &nbsp;&nbsp;3912000 | &nbsp;&nbsp;&nbsp;&nbsp; 4025426 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, 04/01/2031<br>|  | &nbsp;&nbsp;8725000 | &nbsp;&nbsp;&nbsp;&nbsp; 9138725 |
| &nbsp;&nbsp;&nbsp;2.38%, 07/15/2031<br>|  | &nbsp;&nbsp;4438000 | &nbsp;&nbsp;&nbsp;&nbsp; 4010003 |
| Humana, Inc., 5.38%, 04/15/2031<br>|  | &nbsp;&nbsp;7478000 | &nbsp;&nbsp;&nbsp;&nbsp; 7708824 |
| Laboratory Corp. of America Holdings, 2.70%, 06/01/2031<br>|  | &nbsp;&nbsp;2613000 | &nbsp;&nbsp;&nbsp;&nbsp; 2419654 |
| Quest Diagnostics, Inc., 2.80%, 06/30/2031<br>|  | &nbsp;&nbsp;2875000 | &nbsp;&nbsp;&nbsp;&nbsp; 2683778 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, 01/15/2031<br>|  | &nbsp;&nbsp;3920000 | &nbsp;&nbsp;&nbsp;&nbsp; 4007645 |
| &nbsp;&nbsp;&nbsp;4.90%, 04/15/2031<br>|  | &nbsp;&nbsp;4986000 | &nbsp;&nbsp;&nbsp;&nbsp; 5155941 |
| &nbsp;&nbsp;&nbsp;2.30%, 05/15/2031<br>|  | &nbsp;&nbsp;7483000 | &nbsp;&nbsp;&nbsp;&nbsp; 6835083 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105081010 |
| **Health Care REITs-1.61%** | **Health Care REITs-1.61%** | **Health Care REITs-1.61%** | **Health Care REITs-1.61%** |
| Alexandria Real Estate Equities, Inc., 3.38%, 08/15/2031<br>|  | &nbsp;&nbsp;3920000 | &nbsp;&nbsp;&nbsp;&nbsp; 3693092 |
| Healthcare Realty Holdings L.P., 2.00%, 03/15/2031<br>|  | &nbsp;&nbsp;4175000 | &nbsp;&nbsp;&nbsp;&nbsp; 3701765 |
| Healthpeak OP LLC, 2.88%, 01/15/2031<br>|  | &nbsp;&nbsp;3132000 | &nbsp;&nbsp;&nbsp;&nbsp; 2936627 |
| Omega Healthcare Investors, Inc., 3.38%, 02/01/2031<br>|  | &nbsp;&nbsp;3659000 | &nbsp;&nbsp;&nbsp;&nbsp; 3454863 |
| Sabra Health Care L.P., 3.20%, 12/01/2031<br>|  | &nbsp;&nbsp;4175000 | &nbsp;&nbsp;&nbsp;&nbsp; 3863338 |
| Ventas Realty L.P., 2.50%, 09/01/2031<br>|  | &nbsp;&nbsp;2613000 | &nbsp;&nbsp;&nbsp;&nbsp; 2378804 |
| Welltower OP LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 01/15/2031<br>|  | &nbsp;&nbsp;3131000 | &nbsp;&nbsp;&nbsp;&nbsp; 2944646 |
| &nbsp;&nbsp;&nbsp;2.80%, 06/01/2031<br>|  | &nbsp;&nbsp;3915000 | &nbsp;&nbsp;&nbsp;&nbsp; 3669730 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26642865 |
| **Hotels, Restaurants & Leisure-0.96%** | **Hotels, Restaurants & Leisure-0.96%** | **Hotels, Restaurants & Leisure-0.96%** | **Hotels, Restaurants & Leisure-0.96%** |
| Expedia Group, Inc., 2.95%, 03/15/2031<br>|  | &nbsp;&nbsp;2614000 | &nbsp;&nbsp;&nbsp;&nbsp; 2429959 |
| Marriott International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 10/15/2031<br>|  | &nbsp;&nbsp;2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2638036 |
| &nbsp;&nbsp;&nbsp;Series HH, 2.85%, 04/15/2031<br>|  | &nbsp;&nbsp;5481000 | &nbsp;&nbsp;&nbsp;&nbsp; 5133370 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| McDonald's Corp., 4.40%, 02/12/2031<br>| $| &nbsp;&nbsp;2877000 | &nbsp;&nbsp;$2924966 |
| Starbucks Corp., 4.90%, 02/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;2619000 | &nbsp;&nbsp;&nbsp;&nbsp; 2712761 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15839092 |
| **Household Durables-0.20%** | **Household Durables-0.20%** | **Household Durables-0.20%** | **Household Durables-0.20%** |
| Tyco Electronics Group S.A. (Switzerland), 4.50%, 02/09/2031<br>|  | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp; 3308386 |
| **Household Products-0.45%** | **Household Products-0.45%** | **Household Products-0.45%** | **Household Products-0.45%** |
| Kimberly-Clark Corp., 2.00%, 11/02/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;3131000 | &nbsp;&nbsp;&nbsp;&nbsp; 2838411 |
| Procter & Gamble Co. (The), 1.95%, 04/23/2031<br>|  | &nbsp;&nbsp;4986000 | &nbsp;&nbsp;&nbsp;&nbsp; 4563389 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7401800 |
| **Independent Power and Renewable Electricity Producers-0.28%** | **Independent Power and Renewable Electricity Producers-0.28%** | **Independent Power and Renewable Electricity Producers-0.28%** | **Independent Power and Renewable Electricity Producers-0.28%** |
| AES Corp. (The), 2.45%, 01/15/2031<br>|  | &nbsp;&nbsp;4973000 | &nbsp;&nbsp;&nbsp;&nbsp; 4613632 |
| **Industrial Conglomerates-0.57%** | **Industrial Conglomerates-0.57%** | **Industrial Conglomerates-0.57%** | **Industrial Conglomerates-0.57%** |
| Honeywell International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.75%, 09/01/2031<br>|  | &nbsp;&nbsp;7463000 | &nbsp;&nbsp;&nbsp;&nbsp; 6612885 |
| &nbsp;&nbsp;&nbsp;4.95%, 09/01/2031<br>|  | &nbsp;&nbsp;2616000 | &nbsp;&nbsp;&nbsp;&nbsp; 2734747 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9347632 |
| **Insurance-1.91%** | **Insurance-1.91%** | **Insurance-1.91%** | **Insurance-1.91%** |
| Aon Corp./Aon Global Holdings PLC, 2.60%, 12/02/2031<br>|  | &nbsp;&nbsp;2616000 | &nbsp;&nbsp;&nbsp;&nbsp; 2384355 |
| Aon North America, Inc., 5.30%, 03/01/2031<br>|  | &nbsp;&nbsp;3392000 | &nbsp;&nbsp;&nbsp;&nbsp; 3542186 |
| Assured Guaranty US Holdings, Inc., 3.15%, 06/15/2031<br>|  | &nbsp;&nbsp;2611000 | &nbsp;&nbsp;&nbsp;&nbsp; 2462466 |
| Brown & Brown, Inc., 2.38%, 03/15/2031<br>|  | &nbsp;&nbsp;3659000 | &nbsp;&nbsp;&nbsp;&nbsp; 3289774 |
| Fidelity National Financial, Inc., 2.45%, 03/15/2031<br>|  | &nbsp;&nbsp;3137000 | &nbsp;&nbsp;&nbsp;&nbsp; 2811843 |
| First American Financial Corp., 2.40%, 08/15/2031<br>|  | &nbsp;&nbsp;3387000 | &nbsp;&nbsp;&nbsp;&nbsp; 2987144 |
| Lincoln National Corp., 3.40%, 01/15/2031<br>|  | &nbsp;&nbsp;2615000 | &nbsp;&nbsp;&nbsp;&nbsp; 2462760 |
| Marsh & McLennan Cos., Inc., 4.85%, 11/15/2031<br>|  | &nbsp;&nbsp;4984000 | &nbsp;&nbsp;&nbsp;&nbsp; 5130177 |
| Primerica, Inc., 2.80%, 11/19/2031<br>|  | &nbsp;&nbsp;3133000 | &nbsp;&nbsp;&nbsp;&nbsp; 2871648 |
| Willis North America, Inc., 4.55%, 03/15/2031<br>|  | &nbsp;&nbsp;3660000 | &nbsp;&nbsp;&nbsp;&nbsp; 3664320 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31606673 |
| **Interactive Media & Services-0.94%** | **Interactive Media & Services-0.94%** | **Interactive Media & Services-0.94%** | **Interactive Media & Services-0.94%** |
| Alphabet, Inc., 4.10%, 02/15/2031<br>|  | 10050000 | &nbsp;&nbsp;&nbsp;&nbsp; 10118376 |
| Meta Platforms, Inc., 4.55%, 08/15/2031<br>|  | &nbsp;&nbsp;5218000 | &nbsp;&nbsp;&nbsp;&nbsp; 5345836 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15464212 |
| **IT Services-0.54%** | **IT Services-0.54%** | **IT Services-0.54%** | **IT Services-0.54%** |
| International Business Machines Corp., 4.30%, 02/03/2031<br>|  | &nbsp;&nbsp;2490000 | &nbsp;&nbsp;&nbsp;&nbsp; 2504637 |
| Kyndryl Holdings, Inc., 3.15%, 10/15/2031<br>|  | &nbsp;&nbsp;3376000 | &nbsp;&nbsp;&nbsp;&nbsp; 2868590 |
| VeriSign, Inc., 2.70%, 06/15/2031<br>|  | &nbsp;&nbsp;3906000 | &nbsp;&nbsp;&nbsp;&nbsp; 3556979 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8930206 |
| **Leisure Products-0.32%** | **Leisure Products-0.32%** | **Leisure Products-0.32%** | **Leisure Products-0.32%** |
| Brunswick Corp., 2.40%, 08/18/2031<br>|  | &nbsp;&nbsp;2859000 | &nbsp;&nbsp;&nbsp;&nbsp; 2541648 |
| Polaris, Inc., 5.60%, 03/01/2031<br>|  | &nbsp;&nbsp;2620000 | &nbsp;&nbsp;&nbsp;&nbsp; 2668781 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5210429 |

---

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

------

#### 49

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Life Sciences Tools & Services-1.27%** | **Life Sciences Tools & Services-1.27%** | **Life Sciences Tools & Services-1.27%** |
| Agilent Technologies, Inc., 2.30%, 03/12/2031<br>| $4444000 | &nbsp;&nbsp;$4059889 |
| Illumina, Inc., 2.55%, 03/23/2031<br>| 2611000 | &nbsp;&nbsp;&nbsp;&nbsp; 2397961 |
| Revvity, Inc., 2.25%, 09/15/2031<br>| 2609000 | &nbsp;&nbsp;&nbsp;&nbsp; 2325072 |
| Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.22%, 02/12/2031<br>| 4104000 | &nbsp;&nbsp;&nbsp;&nbsp; 4138585 |
| &nbsp;&nbsp;&nbsp;4.20%, 03/01/2031<br>| 2616000 | &nbsp;&nbsp;&nbsp;&nbsp; 2636378 |
| &nbsp;&nbsp;&nbsp;2.00%, 10/15/2031<sup>(b)</sup><br>| 5980000 | &nbsp;&nbsp;&nbsp;&nbsp; 5381905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20939790 |
| **Machinery-2.33%** | **Machinery-2.33%** | **Machinery-2.33%** |
| Caterpillar Financial Services Corp., 4.15%, 01/08/2031<br>| 2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2632592 |
| Caterpillar, Inc., 1.90%, 03/12/2031<sup>(b)</sup><br>| 2615000 | &nbsp;&nbsp;&nbsp;&nbsp; 2379677 |
| CNH Industrial Capital LLC, 4.38%, 03/07/2031<br>| 2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2608891 |
| Cummins, Inc., 4.70%, 02/15/2031<br>| 3665000 | &nbsp;&nbsp;&nbsp;&nbsp; 3772579 |
| IDEX Corp., 2.63%, 06/15/2031<br>| 2598000 | &nbsp;&nbsp;&nbsp;&nbsp; 2389813 |
| Ingersoll Rand, Inc., 5.31%, 06/15/2031<br>| 2615000 | &nbsp;&nbsp;&nbsp;&nbsp; 2753811 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.45%, 01/15/2031<br>| 3138000 | &nbsp;&nbsp;&nbsp;&nbsp; 2804158 |
| &nbsp;&nbsp;&nbsp;4.90%, 03/07/2031<br>| 4436000 | &nbsp;&nbsp;&nbsp;&nbsp; 4620368 |
| &nbsp;&nbsp;&nbsp;2.00%, 06/17/2031<br>| 3132000 | &nbsp;&nbsp;&nbsp;&nbsp; 2836115 |
| &nbsp;&nbsp;&nbsp;4.40%, 09/08/2031<br>| 5986000 | &nbsp;&nbsp;&nbsp;&nbsp; 6108066 |
| Otis Worldwide Corp., 5.13%, 11/19/2031<br>| 3130000 | &nbsp;&nbsp;&nbsp;&nbsp; 3276603 |
| Xylem, Inc., 2.25%, 01/30/2031<sup>(b)</sup><br>| 2607000 | &nbsp;&nbsp;&nbsp;&nbsp; 2387753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38570426 |
| **Media-1.91%** | **Media-1.91%** | **Media-1.91%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 2.80%, 04/01/2031<br>| 7975000 | &nbsp;&nbsp;&nbsp;&nbsp; 7252703 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.95%, 01/15/2031<br>| 7476000 | &nbsp;&nbsp;&nbsp;&nbsp; 6760701 |
| &nbsp;&nbsp;&nbsp;1.50%, 02/15/2031<sup>(b)</sup><br>| 8721000 | &nbsp;&nbsp;&nbsp;&nbsp; 7703533 |
| Omnicom Group, Inc., 2.60%, 08/01/2031<br>| 4160000 | &nbsp;&nbsp;&nbsp;&nbsp; 3792523 |
| Paramount Global, 4.95%, 01/15/2031<br>| 6527000 | &nbsp;&nbsp;&nbsp;&nbsp; 6093494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31602954 |
| **Metals & Mining-0.15%** | **Metals & Mining-0.15%** | **Metals & Mining-0.15%** |
| Steel Dynamics, Inc., 3.25%, 01/15/2031<br>| 2616000 | &nbsp;&nbsp;&nbsp;&nbsp; 2505644 |
| **Multi-Utilities-1.25%** | **Multi-Utilities-1.25%** | **Multi-Utilities-1.25%** |
| Ameren Corp., 3.50%, 01/15/2031<br>| 4164000 | &nbsp;&nbsp;&nbsp;&nbsp; 4041882 |
| Consumers Energy Co., 4.50%, 01/15/2031<br>| 2607000 | &nbsp;&nbsp;&nbsp;&nbsp; 2662009 |
| Dominion Energy, Inc., Series C, 2.25%, 08/15/2031<br>| 4451000 | &nbsp;&nbsp;&nbsp;&nbsp; 4020196 |
| DTE Electric Co., Series C, 2.63%, 03/01/2031<br>| 3144000 | &nbsp;&nbsp;&nbsp;&nbsp; 2950696 |
| NiSource, Inc., 1.70%, 02/15/2031<br>| 3912000 | &nbsp;&nbsp;&nbsp;&nbsp; 3469412 |
| Public Service Enterprise Group, Inc., 2.45%, 11/15/2031<br>| 3918000 | &nbsp;&nbsp;&nbsp;&nbsp; 3553005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20697200 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Office REITs-0.53%** | **Office REITs-0.53%** | **Office REITs-0.53%** |
| Boston Properties L.P., 3.25%, 01/30/2031<br>| $6230000 | &nbsp;&nbsp;$5870404 |
| COPT Defense Properties L.P., 2.75%, 04/15/2031<br>| 3130000 | &nbsp;&nbsp;&nbsp;&nbsp; 2892967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8763371 |
| **Oil, Gas & Consumable Fuels-8.07%** | **Oil, Gas & Consumable Fuels-8.07%** | **Oil, Gas & Consumable Fuels-8.07%** |
| Boardwalk Pipelines L.P., 3.40%, 02/15/2031<br>| 2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2494660 |
| Burlington Resources LLC, 7.20%, 08/15/2031<br>| 2333000 | &nbsp;&nbsp;&nbsp;&nbsp; 2677805 |
| Cenovus Energy, Inc. (Canada), 4.65%, 03/20/2031<sup>(b)</sup><br>| 2612000 | &nbsp;&nbsp;&nbsp;&nbsp; 2646011 |
| Cheniere Energy Partners L.P., 4.00%, 03/01/2031<br>| 7473000 | &nbsp;&nbsp;&nbsp;&nbsp; 7327163 |
| Devon Energy Corp., 7.88%, 09/30/2031<br>| 3527000 | &nbsp;&nbsp;&nbsp;&nbsp; 4137761 |
| Diamondback Energy, Inc., 3.13%, 03/24/2031<br>| 3869000 | &nbsp;&nbsp;&nbsp;&nbsp; 3671809 |
| Enbridge, Inc. (Canada), 4.50%, 02/15/2031<br>| 2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2637877 |
| Energy Transfer L.P., 4.55%, 01/15/2031<br>| 3223000 | &nbsp;&nbsp;&nbsp;&nbsp; 3254581 |
| Enterprise Products Operating LLC, 4.60%, 01/15/2031<br>| 6735000 | &nbsp;&nbsp;&nbsp;&nbsp; 6887401 |
| EOG Resources, Inc., 4.40%, 01/15/2031<br>| 3920000 | &nbsp;&nbsp;&nbsp;&nbsp; 3966854 |
| EQT Corp., 4.75%, 01/15/2031<br>| 5447000 | &nbsp;&nbsp;&nbsp;&nbsp; 5525964 |
| Hess Corp., 7.30%, 08/15/2031<br>| 3294000 | &nbsp;&nbsp;&nbsp;&nbsp; 3811736 |
| HF Sinclair Corp., 5.75%, 01/15/2031<br>| 3392000 | &nbsp;&nbsp;&nbsp;&nbsp; 3521748 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 02/15/2031<br>| 3913000 | &nbsp;&nbsp;&nbsp;&nbsp; 3546887 |
| &nbsp;&nbsp;&nbsp;7.80%, 08/01/2031<br>| 2807000 | &nbsp;&nbsp;&nbsp;&nbsp; 3289551 |
| MPLX L.P., 4.80%, 02/15/2031<br>| 6233000 | &nbsp;&nbsp;&nbsp;&nbsp; 6364705 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.13%, 01/01/2031<br>| 5955000 | &nbsp;&nbsp;&nbsp;&nbsp; 6404626 |
| &nbsp;&nbsp;&nbsp;7.50%, 05/01/2031<br>| 4545000 | &nbsp;&nbsp;&nbsp;&nbsp; 5178005 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.35%, 01/15/2031<br>| 3146000 | &nbsp;&nbsp;&nbsp;&nbsp; 3409142 |
| &nbsp;&nbsp;&nbsp;4.75%, 10/15/2031<br>| 6233000 | &nbsp;&nbsp;&nbsp;&nbsp; 6324718 |
| Ovintiv, Inc., 7.38%, 11/01/2031<br>| 2603000 | &nbsp;&nbsp;&nbsp;&nbsp; 2944093 |
| Phillips 66 Co., 5.25%, 06/15/2031<br>| 5997000 | &nbsp;&nbsp;&nbsp;&nbsp; 6280233 |
| Pioneer Natural Resources Co., 2.15%, 01/15/2031<br>| 5215000 | &nbsp;&nbsp;&nbsp;&nbsp; 4801852 |
| Plains All American Pipeline L.P./PAA Finance Corp., 4.70%, 01/15/2031<br>| 4986000 | &nbsp;&nbsp;&nbsp;&nbsp; 5065856 |
| Southern Co. Gas Capital Corp., Series 20-A, 1.75%, 01/15/2031<br>| 2613000 | &nbsp;&nbsp;&nbsp;&nbsp; 2337367 |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.88%, 02/01/2031<br>| 4986000 | &nbsp;&nbsp;&nbsp;&nbsp; 5051414 |
| TotalEnergies Capital USA LLC (France), 4.25%, 01/13/2031<br>| 7480000 | &nbsp;&nbsp;&nbsp;&nbsp; 7548641 |
| Valero Energy Corp., 2.80%, 12/01/2031<br>| 2409000 | &nbsp;&nbsp;&nbsp;&nbsp; 2230523 |
| Western Midstream Operating L.P., 4.80%, 03/01/2031<br>| 3130000 | &nbsp;&nbsp;&nbsp;&nbsp; 3157583 |
| Williams Cos., Inc. (The), 2.60%, 03/15/2031<br>| 7475000 | &nbsp;&nbsp;&nbsp;&nbsp; 6919207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133415773 |

---

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

------

#### 50

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Personal Care Products-0.41%** | **Personal Care Products-0.41%** | **Personal Care Products-0.41%** |
| Estee Lauder Cos., Inc. (The), 1.95%, 03/15/2031<br>| $3144000 | &nbsp;&nbsp;$2839671 |
| Unilever Capital Corp. (United Kingdom), 1.75%, 08/12/2031<br>| 4440000 | &nbsp;&nbsp;&nbsp;&nbsp; 3957534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6797205 |
| **Pharmaceuticals-3.61%** | **Pharmaceuticals-3.61%** | **Pharmaceuticals-3.61%** |
| AstraZeneca Finance LLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 02/26/2031<br>| 4989000 | &nbsp;&nbsp;&nbsp;&nbsp; 5191096 |
| &nbsp;&nbsp;&nbsp;2.25%, 05/28/2031<br>| 3915000 | &nbsp;&nbsp;&nbsp;&nbsp; 3589740 |
| Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 02/01/2031<br>| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5375608 |
| &nbsp;&nbsp;&nbsp;5.10%, 02/22/2031<br>| 6247000 | &nbsp;&nbsp;&nbsp;&nbsp; 6535352 |
| Eli Lilly and Co., 4.25%, 03/15/2031<sup>(b)</sup><br>| 3920000 | &nbsp;&nbsp;&nbsp;&nbsp; 3977625 |
| Johnson & Johnson, 4.90%, 06/01/2031<br>| 5751000 | &nbsp;&nbsp;&nbsp;&nbsp; 6032344 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, 03/15/2031<br>| 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5035161 |
| &nbsp;&nbsp;&nbsp;2.15%, 12/10/2031<br>| 9996000 | &nbsp;&nbsp;&nbsp;&nbsp; 9036189 |
| Novartis Capital Corp., 4.00%, 09/18/2031<br>| 4437000 | &nbsp;&nbsp;&nbsp;&nbsp; 4454020 |
| Pfizer, Inc., 1.75%, 08/18/2031<sup>(b)</sup><br>| 4990000 | &nbsp;&nbsp;&nbsp;&nbsp; 4456196 |
| Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.45%, 03/25/2031<br>| 3131000 | &nbsp;&nbsp;&nbsp;&nbsp; 3151489 |
| &nbsp;&nbsp;&nbsp;2.15%, 09/02/2031<br>| 3137000 | &nbsp;&nbsp;&nbsp;&nbsp; 2804797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59639617 |
| **Professional Services-0.56%** | **Professional Services-0.56%** | **Professional Services-0.56%** |
| Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031<br>| 5219000 | &nbsp;&nbsp;&nbsp;&nbsp; 4733590 |
| Equifax, Inc., 2.35%, 09/15/2031<br>| 4989000 | &nbsp;&nbsp;&nbsp;&nbsp; 4471312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9204902 |
| **Real Estate Management & Development-0.14%** | **Real Estate Management & Development-0.14%** | **Real Estate Management & Development-0.14%** |
| CBRE Services, Inc., 2.50%, 04/01/2031<br>| 2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2384645 |
| **Residential REITs-0.71%** | **Residential REITs-0.71%** | **Residential REITs-0.71%** |
| AvalonBay Communities, Inc., 2.45%, 01/15/2031<br>| 3132000 | &nbsp;&nbsp;&nbsp;&nbsp; 2903931 |
| ERP Operating L.P., 1.85%, 08/01/2031<br>| 2612000 | &nbsp;&nbsp;&nbsp;&nbsp; 2332676 |
| Invitation Homes Operating Partnership L.P., 2.00%, 08/15/2031<br>| 3390000 | &nbsp;&nbsp;&nbsp;&nbsp; 2989235 |
| Sun Communities Operating L.P., 2.70%, 07/15/2031<br>| 3906000 | &nbsp;&nbsp;&nbsp;&nbsp; 3586543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11812385 |
| **Retail REITs-1.19%** | **Retail REITs-1.19%** | **Retail REITs-1.19%** |
| Brixmor Operating Partnership L.P., 2.50%, 08/16/2031<br>| 2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2374002 |
| Kimco Realty OP LLC, 2.25%, 12/01/2031<br>| 2613000 | &nbsp;&nbsp;&nbsp;&nbsp; 2357171 |
| NNN REIT, Inc., 4.60%, 02/15/2031<br>| 2612000 | &nbsp;&nbsp;&nbsp;&nbsp; 2647627 |
| Realty Income Corp., 3.25%, 01/15/2031<br>| 4958000 | &nbsp;&nbsp;&nbsp;&nbsp; 4763274 |
| Simon Property Group L.P. |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, 01/15/2031<br>| 4180000 | &nbsp;&nbsp;&nbsp;&nbsp; 4203983 |
| &nbsp;&nbsp;&nbsp;2.20%, 02/01/2031<br>| 3656000 | &nbsp;&nbsp;&nbsp;&nbsp; 3338840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19684897 |
| **Semiconductors & Semiconductor Equipment-3.60%** | **Semiconductors & Semiconductor Equipment-3.60%** | **Semiconductors & Semiconductor Equipment-3.60%** |
| Analog Devices, Inc., 2.10%, 10/01/2031<br>| 4985000 | &nbsp;&nbsp;&nbsp;&nbsp; 4489157 |
| Applied Materials, Inc., 4.00%, 01/15/2031<br>| 2880000 | &nbsp;&nbsp;&nbsp;&nbsp; 2883496 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, 01/15/2031<br>| $| &nbsp;&nbsp;3920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3955771 |
| &nbsp;&nbsp;&nbsp;2.45%, 02/15/2031<br>|  | 13690000 | &nbsp;&nbsp;&nbsp;&nbsp; 12657509 |
| &nbsp;&nbsp;&nbsp;5.15%, 11/15/2031<br>|  | &nbsp;&nbsp;7483000 | &nbsp;&nbsp;&nbsp;&nbsp; 7837335 |
| Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 02/21/2031<br>|  | &nbsp;&nbsp;2615000 | &nbsp;&nbsp;&nbsp;&nbsp; 2691916 |
| &nbsp;&nbsp;&nbsp;2.00%, 08/12/2031<br>|  | &nbsp;&nbsp;6236000 | &nbsp;&nbsp;&nbsp;&nbsp; 5529155 |
| Marvell Technology, Inc., 2.95%, 04/15/2031<br>|  | &nbsp;&nbsp;3927000 | &nbsp;&nbsp;&nbsp;&nbsp; 3671956 |
| Micron Technology, Inc., 5.30%, 01/15/2031<br>|  | &nbsp;&nbsp;5004000 | &nbsp;&nbsp;&nbsp;&nbsp; 5256751 |
| NVIDIA Corp., 2.00%, 06/15/2031<br>|  | &nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5699930 |
| Skyworks Solutions, Inc., 3.00%, 06/01/2031<br>|  | &nbsp;&nbsp;2616000 | &nbsp;&nbsp;&nbsp;&nbsp; 2384170 |
| Texas Instruments, Inc., 1.90%, 09/15/2031<br>|  | &nbsp;&nbsp;2623000 | &nbsp;&nbsp;&nbsp;&nbsp; 2360913 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59418059 |
| **Software-3.80%** | **Software-3.80%** | **Software-3.80%** | **Software-3.80%** |
| Accenture Capital, Inc., 4.25%, 10/04/2031<br>|  | &nbsp;&nbsp;5980000 | &nbsp;&nbsp;&nbsp;&nbsp; 6004505 |
| AppLovin Corp., 5.38%, 12/01/2031<br>|  | &nbsp;&nbsp;5218000 | &nbsp;&nbsp;&nbsp;&nbsp; 5379605 |
| Autodesk, Inc., 2.40%, 12/15/2031<br>|  | &nbsp;&nbsp;5205000 | &nbsp;&nbsp;&nbsp;&nbsp; 4669107 |
| Fortinet, Inc., 2.20%, 03/15/2031<br>|  | &nbsp;&nbsp;2605000 | &nbsp;&nbsp;&nbsp;&nbsp; 2361918 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 02/04/2031<br>|  | 12021000 | &nbsp;&nbsp;&nbsp;&nbsp; 11999877 |
| &nbsp;&nbsp;&nbsp;2.88%, 03/25/2031<br>|  | 16200000 | &nbsp;&nbsp;&nbsp;&nbsp; 14730285 |
| Roper Technologies, Inc., 1.75%, 02/15/2031<br>|  | &nbsp;&nbsp;4985000 | &nbsp;&nbsp;&nbsp;&nbsp; 4381046 |
| Salesforce, Inc., 1.95%, 07/15/2031<br>|  | &nbsp;&nbsp;7477000 | &nbsp;&nbsp;&nbsp;&nbsp; 6651841 |
| VMware LLC, 2.20%, 08/15/2031<br>|  | &nbsp;&nbsp;7481000 | &nbsp;&nbsp;&nbsp;&nbsp; 6705015 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62883199 |
| **Specialized REITs-2.56%** | **Specialized REITs-2.56%** | **Specialized REITs-2.56%** | **Specialized REITs-2.56%** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 04/15/2031<br>|  | &nbsp;&nbsp;3641000 | &nbsp;&nbsp;&nbsp;&nbsp; 3383859 |
| &nbsp;&nbsp;&nbsp;2.30%, 09/15/2031<br>|  | &nbsp;&nbsp;3658000 | &nbsp;&nbsp;&nbsp;&nbsp; 3292689 |
| Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 01/15/2031<br>|  | &nbsp;&nbsp;5486000 | &nbsp;&nbsp;&nbsp;&nbsp; 4961476 |
| &nbsp;&nbsp;&nbsp;2.10%, 04/01/2031<br>|  | &nbsp;&nbsp;4988000 | &nbsp;&nbsp;&nbsp;&nbsp; 4451447 |
| &nbsp;&nbsp;&nbsp;2.50%, 07/15/2031<br>|  | &nbsp;&nbsp;3913000 | &nbsp;&nbsp;&nbsp;&nbsp; 3538467 |
| Equinix, Inc., 2.50%, 05/15/2031<br>|  | &nbsp;&nbsp;4989000 | &nbsp;&nbsp;&nbsp;&nbsp; 4555173 |
| Extra Space Storage L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.90%, 01/15/2031<br>|  | &nbsp;&nbsp;3130000 | &nbsp;&nbsp;&nbsp;&nbsp; 3335083 |
| &nbsp;&nbsp;&nbsp;2.40%, 10/15/2031<br>|  | &nbsp;&nbsp;3136000 | &nbsp;&nbsp;&nbsp;&nbsp; 2814679 |
| GLP Capital L.P./GLP Financing II, Inc., 4.00%, 01/15/2031<br>|  | &nbsp;&nbsp;3657000 | &nbsp;&nbsp;&nbsp;&nbsp; 3527048 |
| Prologis L.P., 4.75%, 01/15/2031<br>|  | &nbsp;&nbsp;2616000 | &nbsp;&nbsp;&nbsp;&nbsp; 2699755 |
| Public Storage Operating Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.30%, 05/01/2031<br>|  | &nbsp;&nbsp;3397000 | &nbsp;&nbsp;&nbsp;&nbsp; 3119366 |
| &nbsp;&nbsp;&nbsp;2.25%, 11/09/2031<br>|  | &nbsp;&nbsp;2899000 | &nbsp;&nbsp;&nbsp;&nbsp; 2627094 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42306136 |
| **Specialty Retail-2.93%** | **Specialty Retail-2.93%** | **Specialty Retail-2.93%** | **Specialty Retail-2.93%** |
| AutoZone, Inc., 1.65%, 01/15/2031<br>|  | &nbsp;&nbsp;3129000 | &nbsp;&nbsp;&nbsp;&nbsp; 2774992 |
| Dell International LLC/EMC Corp., 4.50%, 02/15/2031<br>|  | &nbsp;&nbsp;6230000 | &nbsp;&nbsp;&nbsp;&nbsp; 6262027 |

---

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

------

#### 51

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** |
| Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;1.38%, 03/15/2031<br>| $| &nbsp;&nbsp;6230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5488464 |
| &nbsp;&nbsp;&nbsp;4.85%, 06/25/2031<br>|  | &nbsp;&nbsp;4989000 | &nbsp;&nbsp;&nbsp;&nbsp; 5200671 |
| &nbsp;&nbsp;&nbsp;1.88%, 09/15/2031<br>|  | &nbsp;&nbsp;4981000 | &nbsp;&nbsp;&nbsp;&nbsp; 4447704 |
| Leidos, Inc., 2.30%, 02/15/2031<br>|  | &nbsp;&nbsp;5219000 | &nbsp;&nbsp;&nbsp;&nbsp; 4743296 |
| Lowe`s Cos., Inc., 4.25%, 03/15/2031<br>|  | &nbsp;&nbsp;5480000 | &nbsp;&nbsp;&nbsp;&nbsp; 5499874 |
| Lowe's Cos., Inc., 2.63%, 04/01/2031<br>|  | &nbsp;&nbsp;7478000 | &nbsp;&nbsp;&nbsp;&nbsp; 6938899 |
| O'Reilly Automotive, Inc., 1.75%, 03/15/2031<br>|  | &nbsp;&nbsp;2627000 | &nbsp;&nbsp;&nbsp;&nbsp; 2334379 |
| Ross Stores, Inc., 1.88%, 04/15/2031<br>|  | &nbsp;&nbsp;2609000 | &nbsp;&nbsp;&nbsp;&nbsp; 2329569 |
| TJX Cos., Inc. (The), 1.60%, 05/15/2031<br>|  | &nbsp;&nbsp;2611000 | &nbsp;&nbsp;&nbsp;&nbsp; 2326538 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48346413 |
| **Technology Hardware, Storage & Peripherals-1.85%** | **Technology Hardware, Storage & Peripherals-1.85%** | **Technology Hardware, Storage & Peripherals-1.85%** | **Technology Hardware, Storage & Peripherals-1.85%** |
| Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 02/08/2031<br>|  | 13751000 | &nbsp;&nbsp;&nbsp;&nbsp; 12436515 |
| &nbsp;&nbsp;&nbsp;1.70%, 08/05/2031<br>|  | &nbsp;&nbsp;4985000 | &nbsp;&nbsp;&nbsp;&nbsp; 4472742 |
| Hewlett Packard Enterprise Co., 4.85%, 10/15/2031<br>|  | &nbsp;&nbsp;6231000 | &nbsp;&nbsp;&nbsp;&nbsp; 6320786 |
| HP, Inc., 2.65%, 06/17/2031<br>|  | &nbsp;&nbsp;5203000 | &nbsp;&nbsp;&nbsp;&nbsp; 4715094 |
| IBM International Capital Pte. Ltd., 4.75%, 02/05/2031<br>|  | &nbsp;&nbsp;2608000 | &nbsp;&nbsp;&nbsp;&nbsp; 2657505 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30602642 |
| **Tobacco-1.28%** | **Tobacco-1.28%** | **Tobacco-1.28%** | **Tobacco-1.28%** |
| B.A.T. Capital Corp. (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;5.83%, 02/20/2031<br>|  | &nbsp;&nbsp;4436000 | &nbsp;&nbsp;&nbsp;&nbsp; 4745319 |
| &nbsp;&nbsp;&nbsp;2.73%, 03/25/2031<br>|  | &nbsp;&nbsp;6230000 | &nbsp;&nbsp;&nbsp;&nbsp; 5811559 |
| Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 02/13/2031<br>|  | &nbsp;&nbsp;6230000 | &nbsp;&nbsp;&nbsp;&nbsp; 6501355 |
| &nbsp;&nbsp;&nbsp;4.75%, 11/01/2031<br>|  | &nbsp;&nbsp;3926000 | &nbsp;&nbsp;&nbsp;&nbsp; 4038854 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21097087 |
| **Trading Companies & Distributors-0.43%** | **Trading Companies & Distributors-0.43%** | **Trading Companies & Distributors-0.43%** | **Trading Companies & Distributors-0.43%** |
| Air Lease Corp., 5.20%, 07/15/2031<br>|  | &nbsp;&nbsp;3143000 | &nbsp;&nbsp;&nbsp;&nbsp; 3227373 |
| Ferguson Enterprises, Inc., 4.35%, 03/15/2031<br>|  | &nbsp;&nbsp;3926000 | &nbsp;&nbsp;&nbsp;&nbsp; 3939159 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7166532 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Water Utilities-0.16%** | **Water Utilities-0.16%** | **Water Utilities-0.16%** |
| American Water Capital Corp., 2.30%, 06/01/2031<br>| $&nbsp;&nbsp;2874000 | &nbsp;&nbsp;$2631976 |
| **Wireless Telecommunication Services-1.00%** | **Wireless Telecommunication Services-1.00%** | **Wireless Telecommunication Services-1.00%** |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.88%, 02/15/2031<br>| &nbsp;&nbsp;4981000 | &nbsp;&nbsp;&nbsp;&nbsp; 4678271 |
| &nbsp;&nbsp;&nbsp;3.50%, 04/15/2031<br>| 12218000 | &nbsp;&nbsp;&nbsp;&nbsp; 11806123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16484394 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.15%<br>(Cost $1,597,143,522) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.15%<br>(Cost $1,597,143,522) | &nbsp;&nbsp;1638452135 |
|  | **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-2.75%** | **Money Market Funds-2.75%** | **Money Market Funds-2.75%** |
| Invesco Private Government Fund, 3.64%<sup>(c)(d)(e)</sup><br>| 12434682 | &nbsp;&nbsp;&nbsp;&nbsp; 12434682 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup><br>| 33007687 | &nbsp;&nbsp;&nbsp;&nbsp; 33017589 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $45,452,271) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $45,452,271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45452271 |
| TOTAL INVESTMENTS IN SECURITIES-101.90%<br>(Cost $1,642,595,793) | TOTAL INVESTMENTS IN SECURITIES-101.90%<br>(Cost $1,642,595,793) | &nbsp;&nbsp;1683904406 |
| OTHER ASSETS LESS LIABILITIES-(1.90)% | OTHER ASSETS LESS LIABILITIES-(1.90)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31358799) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $1652545607 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$671730 | &nbsp;&nbsp;&nbsp;$36170641 | &nbsp;&nbsp;&nbsp;$(36842371) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$46838 |

---

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

------

#### 52

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Corporate Bond ETF (BSCV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;$4130631 | &nbsp;&nbsp;&nbsp;$46179346 | &nbsp;&nbsp;&nbsp;$(37875295) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$12434682 | &nbsp;&nbsp;&nbsp;$173,550\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;10740379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97443587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75166063) | &nbsp;&nbsp;&nbsp;&nbsp;(473) | &nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;33017589 | &nbsp;&nbsp;&nbsp;&nbsp;468,764\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$15542740 | &nbsp;&nbsp;&nbsp;$179793574 | &nbsp;&nbsp;&nbsp;$(149883729) | &nbsp;&nbsp;&nbsp;$(473) | &nbsp;&nbsp;&nbsp;$159 | &nbsp;&nbsp;&nbsp;$45452271 | &nbsp;&nbsp;&nbsp;$689152 |

---

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

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

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 53

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Corporate Bond ETF (BSCW)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.66%** | **U.S. Dollar Denominated Bonds & Notes-98.66%** | **U.S. Dollar Denominated Bonds & Notes-98.66%** |
| **Aerospace & Defense-1.29%** | **Aerospace & Defense-1.29%** | **Aerospace & Defense-1.29%** |
| General Electric Co., 6.75%, 03/15/2032<br>| $&nbsp;&nbsp;6538000 | &nbsp;&nbsp;$7474734 |
| Howmet Aerospace, Inc., 4.55%, 11/15/2032<br>| &nbsp;&nbsp;2465000 | &nbsp;&nbsp;&nbsp;&nbsp; 2513093 |
| Lockheed Martin Corp., 3.90%, 06/15/2032<br>| &nbsp;&nbsp;3954000 | &nbsp;&nbsp;&nbsp;&nbsp; 3929931 |
| RTX Corp., 2.38%, 03/15/2032<br>| &nbsp;&nbsp;4906000 | &nbsp;&nbsp;&nbsp;&nbsp; 4424201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18341959 |
| **Automobiles-2.92%** | **Automobiles-2.92%** | **Automobiles-2.92%** |
| American Honda Finance Corp., 5.15%, 07/09/2032<br>| &nbsp;&nbsp;3704000 | &nbsp;&nbsp;&nbsp;&nbsp; 3846620 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 02/12/2032<br>| 12344500 | &nbsp;&nbsp;&nbsp;&nbsp; 11116344 |
| &nbsp;&nbsp;&nbsp;6.10%, 08/19/2032<br>| &nbsp;&nbsp;8578000 | &nbsp;&nbsp;&nbsp;&nbsp; 8982061 |
| Ford Motor Credit Co. LLC, 6.53%, 03/19/2032<br>| &nbsp;&nbsp;3704000 | &nbsp;&nbsp;&nbsp;&nbsp; 3945030 |
| General Motors Co., 5.60%, 10/15/2032<sup>(b)</sup><br>| &nbsp;&nbsp;6177000 | &nbsp;&nbsp;&nbsp;&nbsp; 6510078 |
| Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032<br>| &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3430983 |
| Toyota Motor Credit Corp., 4.65%, 09/03/2032<br>| &nbsp;&nbsp;3460000 | &nbsp;&nbsp;&nbsp;&nbsp; 3533410 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41364526 |
| **Banks-3.67%** | **Banks-3.67%** | **Banks-3.67%** |
| Bank of Nova Scotia (The) (Canada), 2.45%, 02/02/2032<br>| &nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3805824 |
| Canadian Imperial Bank of Commerce (Canada), 3.60%, 04/07/2032<br>| &nbsp;&nbsp;4940000 | &nbsp;&nbsp;&nbsp;&nbsp; 4764846 |
| Citigroup, Inc., 6.63%, 06/15/2032<br>| &nbsp;&nbsp;4939000 | &nbsp;&nbsp;&nbsp;&nbsp; 5504181 |
| Citizens Financial Group, Inc., 2.64%, 09/30/2032<br>| &nbsp;&nbsp;3066000 | &nbsp;&nbsp;&nbsp;&nbsp; 2697484 |
| KeyBank N.A., 4.90%, 08/08/2032<br>| &nbsp;&nbsp;3705000 | &nbsp;&nbsp;&nbsp;&nbsp; 3727428 |
| Royal Bank of Canada (Canada), 3.88%, 05/04/2032<br>| &nbsp;&nbsp;4937000 | &nbsp;&nbsp;&nbsp;&nbsp; 4859590 |
| Sumitomo Mitsui Financial Group, Inc. (Japan), 5.45%, 01/15/2032<br>| &nbsp;&nbsp;2960000 | &nbsp;&nbsp;&nbsp;&nbsp; 3134870 |
| Toronto-Dominion Bank (The) (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;2.45%, 01/12/2032<br>| &nbsp;&nbsp;2947000 | &nbsp;&nbsp;&nbsp;&nbsp; 2676594 |
| &nbsp;&nbsp;&nbsp;5.30%, 01/30/2032<br>| &nbsp;&nbsp;3706000 | &nbsp;&nbsp;&nbsp;&nbsp; 3902126 |
| &nbsp;&nbsp;&nbsp;3.20%, 03/10/2032<br>| &nbsp;&nbsp;7354000 | &nbsp;&nbsp;&nbsp;&nbsp; 6938702 |
| &nbsp;&nbsp;&nbsp;4.46%, 06/08/2032<br>| &nbsp;&nbsp;9882000 | &nbsp;&nbsp;&nbsp;&nbsp; 9976964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51988609 |
| **Beverages-1.50%** | **Beverages-1.50%** | **Beverages-1.50%** |
| Constellation Brands, Inc., 4.75%, 05/09/2032<br>| &nbsp;&nbsp;3455000 | &nbsp;&nbsp;&nbsp;&nbsp; 3514987 |
| Diageo Capital PLC (United Kingdom), 2.13%, 04/29/2032<br>| &nbsp;&nbsp;3705000 | &nbsp;&nbsp;&nbsp;&nbsp; 3267172 |
| Keurig Dr Pepper, Inc., 4.05%, 04/15/2032<br>| &nbsp;&nbsp;4166000 | &nbsp;&nbsp;&nbsp;&nbsp; 4057690 |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 07/18/2032<br>| &nbsp;&nbsp;6178000 | &nbsp;&nbsp;&nbsp;&nbsp; 6131855 |
| &nbsp;&nbsp;&nbsp;4.65%, 07/23/2032<br>| &nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4326652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21298356 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology-0.63%** | **Biotechnology-0.63%** | **Biotechnology-0.63%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 01/15/2032<br>| $&nbsp;&nbsp;4843000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4283401 |
| &nbsp;&nbsp;&nbsp;3.35%, 02/22/2032<br>| &nbsp;&nbsp;4941000 | &nbsp;&nbsp;&nbsp;&nbsp; 4710720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8994121 |
| **Broadline Retail-1.66%** | **Broadline Retail-1.66%** | **Broadline Retail-1.66%** |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 04/13/2032<br>| 12346000 | &nbsp;&nbsp;&nbsp;&nbsp; 12027348 |
| &nbsp;&nbsp;&nbsp;4.70%, 12/01/2032<sup>(b)</sup><br>| 11113000 | &nbsp;&nbsp;&nbsp;&nbsp; 11486974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23514322 |
| **Building Products-0.17%** | **Building Products-0.17%** | **Building Products-0.17%** |
| Carlisle Cos., Inc., 2.20%, 03/01/2032<br>| &nbsp;&nbsp;2714000 | &nbsp;&nbsp;&nbsp;&nbsp; 2402222 |
| **Capital Markets-4.13%** | **Capital Markets-4.13%** | **Capital Markets-4.13%** |
| Ameriprise Financial, Inc., 4.50%, 05/13/2032<br>| &nbsp;&nbsp;2468000 | &nbsp;&nbsp;&nbsp;&nbsp; 2495968 |
| Ares Capital Corp., 5.80%, 03/08/2032<sup>(b)</sup><br>| &nbsp;&nbsp;4937000 | &nbsp;&nbsp;&nbsp;&nbsp; 4917319 |
| Ares Strategic Income Fund, 6.20%, 03/21/2032<br>| &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3718509 |
| BlackRock, Inc., 2.10%, 02/25/2032<br>| &nbsp;&nbsp;4942000 | &nbsp;&nbsp;&nbsp;&nbsp; 4409655 |
| Brookfield Finance I (UK) PLC/Brookfield Finance, Inc. (Canada), 2.34%, 01/30/2032<br>| &nbsp;&nbsp;2963000 | &nbsp;&nbsp;&nbsp;&nbsp; 2619874 |
| Charles Schwab Corp. (The), 2.90%, 03/03/2032<br>| &nbsp;&nbsp;4939000 | &nbsp;&nbsp;&nbsp;&nbsp; 4572771 |
| CME Group, Inc., 2.65%, 03/15/2032<br>| &nbsp;&nbsp;3705000 | &nbsp;&nbsp;&nbsp;&nbsp; 3427892 |
| FactSet Research Systems, Inc., 3.45%, 03/01/2032<br>| &nbsp;&nbsp;2468000 | &nbsp;&nbsp;&nbsp;&nbsp; 2262475 |
| Jefferies Financial Group, Inc., 2.75%, 10/15/2032<br>| &nbsp;&nbsp;2466000 | &nbsp;&nbsp;&nbsp;&nbsp; 2154717 |
| Moody's Corp., 4.25%, 08/08/2032<br>| &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2468630 |
| Morgan Stanley, 7.25%, 04/01/2032<br>| &nbsp;&nbsp;4864000 | &nbsp;&nbsp;&nbsp;&nbsp; 5627838 |
| Nomura Holdings, Inc. (Japan), 3.00%, 01/22/2032<sup>(b)</sup><br>| &nbsp;&nbsp;3704000 | &nbsp;&nbsp;&nbsp;&nbsp; 3428684 |
| Northern Trust Corp., 6.13%, 11/02/2032<br>| &nbsp;&nbsp;4942000 | &nbsp;&nbsp;&nbsp;&nbsp; 5415905 |
| S&P Global, Inc., 2.90%, 03/01/2032<br>| &nbsp;&nbsp;7371000 | &nbsp;&nbsp;&nbsp;&nbsp; 6857706 |
| UBS Americas, Inc. (Switzerland), 7.13%, 07/15/2032<br>| &nbsp;&nbsp;3663000 | &nbsp;&nbsp;&nbsp;&nbsp; 4227602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58605545 |
| **Chemicals-1.15%** | **Chemicals-1.15%** | **Chemicals-1.15%** |
| Air Products and Chemicals, Inc., 4.90%, 10/11/2032<br>| &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2567290 |
| Albemarle Corp., 5.05%, 06/01/2032<sup>(b)</sup><br>| &nbsp;&nbsp;2964000 | &nbsp;&nbsp;&nbsp;&nbsp; 3019771 |
| Ecolab, Inc., 2.13%, 02/01/2032<br>| &nbsp;&nbsp;3211000 | &nbsp;&nbsp;&nbsp;&nbsp; 2882306 |
| EIDP, Inc., 5.13%, 05/15/2032<br>| &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2571632 |
| Nutrien Ltd. (Canada), 5.25%, 03/12/2032<br>| &nbsp;&nbsp;2934000 | &nbsp;&nbsp;&nbsp;&nbsp; 3065022 |
| Sherwin-Williams Co. (The), 2.20%, 03/15/2032<br>| &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2196969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16302990 |
| **Commercial Services & Supplies-1.49%** | **Commercial Services & Supplies-1.49%** | **Commercial Services & Supplies-1.49%** |
| Cintas Corp. No. 2, 4.00%, 05/01/2032<br>| &nbsp;&nbsp;3954000 | &nbsp;&nbsp;&nbsp;&nbsp; 3923847 |
| Republic Services, Inc., 1.75%, 02/15/2032<br>| &nbsp;&nbsp;3666000 | &nbsp;&nbsp;&nbsp;&nbsp; 3204687 |

---

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

------

#### 54

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** |
| Waste Connections, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.20%, 01/15/2032<br>| $| &nbsp;&nbsp;3176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2848581 |
| &nbsp;&nbsp;&nbsp;3.20%, 06/01/2032<br>|  | &nbsp;&nbsp;2457000 | &nbsp;&nbsp;&nbsp;&nbsp; 2321915 |
| Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 03/15/2032<br>|  | &nbsp;&nbsp;3705000 | &nbsp;&nbsp;&nbsp;&nbsp; 3836338 |
| &nbsp;&nbsp;&nbsp;4.15%, 04/15/2032<br>|  | &nbsp;&nbsp;4936000 | &nbsp;&nbsp;&nbsp;&nbsp; 4947678 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21083046 |
| **Communications Equipment-0.77%** | **Communications Equipment-0.77%** | **Communications Equipment-0.77%** | **Communications Equipment-0.77%** |
| Cisco Systems, Inc., 4.95%, 02/24/2032<br>|  | &nbsp;&nbsp;4936000 | &nbsp;&nbsp;&nbsp;&nbsp; 5142421 |
| Motorola Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.60%, 06/01/2032<br>|  | &nbsp;&nbsp;2964000 | &nbsp;&nbsp;&nbsp;&nbsp; 3149165 |
| &nbsp;&nbsp;&nbsp;5.20%, 08/15/2032<br>|  | &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2583730 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10875316 |
| **Construction & Engineering-0.16%** | **Construction & Engineering-0.16%** | **Construction & Engineering-0.16%** | **Construction & Engineering-0.16%** |
| Quanta Services, Inc., 2.35%, 01/15/2032<br>|  | &nbsp;&nbsp;2470000 | &nbsp;&nbsp;&nbsp;&nbsp; 2208676 |
| **Consumer Finance-0.97%** | **Consumer Finance-0.97%** | **Consumer Finance-0.97%** | **Consumer Finance-0.97%** |
| Capital One Financial Corp., 6.70%, 11/29/2032<br>|  | &nbsp;&nbsp;3707000 | &nbsp;&nbsp;&nbsp;&nbsp; 4126606 |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.10%, 01/12/2032<br>|  | &nbsp;&nbsp;6178000 | &nbsp;&nbsp;&nbsp;&nbsp; 5715006 |
| &nbsp;&nbsp;&nbsp;5.63%, 04/04/2032<br>|  | &nbsp;&nbsp;3704000 | &nbsp;&nbsp;&nbsp;&nbsp; 3895099 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13736711 |
| **Consumer Staples Distribution & Retail-1.35%** | **Consumer Staples Distribution & Retail-1.35%** | **Consumer Staples Distribution & Retail-1.35%** | **Consumer Staples Distribution & Retail-1.35%** |
| Costco Wholesale Corp., 1.75%, 04/20/2032<br>|  | &nbsp;&nbsp;4937000 | &nbsp;&nbsp;&nbsp;&nbsp; 4343401 |
| Dollar General Corp., 5.00%, 11/01/2032<br>|  | &nbsp;&nbsp;3434000 | &nbsp;&nbsp;&nbsp;&nbsp; 3524144 |
| Target Corp., 4.50%, 09/15/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;4936000 | &nbsp;&nbsp;&nbsp;&nbsp; 5051998 |
| Walmart, Inc., 4.15%, 09/09/2032<br>|  | &nbsp;&nbsp;6179000 | &nbsp;&nbsp;&nbsp;&nbsp; 6270400 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19189943 |
| **Containers & Packaging-0.49%** | **Containers & Packaging-0.49%** | **Containers & Packaging-0.49%** | **Containers & Packaging-0.49%** |
| Avery Dennison Corp., 2.25%, 02/15/2032<br>|  | &nbsp;&nbsp;2473000 | &nbsp;&nbsp;&nbsp;&nbsp; 2204137 |
| Sonoco Products Co., 2.85%, 02/01/2032<br>|  | &nbsp;&nbsp;2454000 | &nbsp;&nbsp;&nbsp;&nbsp; 2254855 |
| WRKCo, Inc., 4.20%, 06/01/2032<br>|  | &nbsp;&nbsp;2473000 | &nbsp;&nbsp;&nbsp;&nbsp; 2430808 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6889800 |
| **Distributors-0.15%** | **Distributors-0.15%** | **Distributors-0.15%** | **Distributors-0.15%** |
| Genuine Parts Co., 2.75%, 02/01/2032<br>|  | &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2196063 |
| **Diversified REITs-0.69%** | **Diversified REITs-0.69%** | **Diversified REITs-0.69%** | **Diversified REITs-0.69%** |
| CubeSmart L.P., 2.50%, 02/15/2032<br>|  | &nbsp;&nbsp;2466000 | &nbsp;&nbsp;&nbsp;&nbsp; 2214998 |
| VICI Properties L.P., 5.13%, 05/15/2032<br>|  | &nbsp;&nbsp;7407000 | &nbsp;&nbsp;&nbsp;&nbsp; 7515971 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9730969 |
| **Diversified Telecommunication Services-3.20%** | **Diversified Telecommunication Services-3.20%** | **Diversified Telecommunication Services-3.20%** | **Diversified Telecommunication Services-3.20%** |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 02/01/2032<br>|  | 12345000 | &nbsp;&nbsp;&nbsp;&nbsp; 11028504 |
| &nbsp;&nbsp;&nbsp;4.55%, 11/01/2032<br>|  | &nbsp;&nbsp;5681000 | &nbsp;&nbsp;&nbsp;&nbsp; 5719536 |
| Bell Canada (Canada), Series US-5, 2.15%, 02/15/2032<br>|  | &nbsp;&nbsp;2058000 | &nbsp;&nbsp;&nbsp;&nbsp; 1815810 |
| Deutsche Telekom International Finance B.V. (Germany), 9.25%, 06/01/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;2473000 | &nbsp;&nbsp;&nbsp;&nbsp; 3117884 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** | **Diversified Telecommunication Services-(continued)** |
| TELUS Corp. (Canada), 3.40%, 05/13/2032<br>| $| &nbsp;&nbsp;4445000 | &nbsp;&nbsp;$4157547 |
| Verizon Communications, Inc., 2.36%, 03/15/2032<br>|  | 21874000 | &nbsp;&nbsp;&nbsp;&nbsp; 19538673 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45377954 |
| **Electric Utilities-7.15%** | **Electric Utilities-7.15%** | **Electric Utilities-7.15%** | **Electric Utilities-7.15%** |
| AEP Texas, Inc., 4.70%, 05/15/2032<br>|  | &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2508530 |
| Alabama Power Co., 3.05%, 03/15/2032<br>|  | &nbsp;&nbsp;3454000 | &nbsp;&nbsp;&nbsp;&nbsp; 3243420 |
| American Electric Power Co., Inc., 5.95%, 11/01/2032<br>|  | &nbsp;&nbsp;2445000 | &nbsp;&nbsp;&nbsp;&nbsp; 2644066 |
| Appalachian Power Co., Series BB, 4.50%, 08/01/2032<br>|  | &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2472572 |
| CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/2032<br>|  | &nbsp;&nbsp;2465000 | &nbsp;&nbsp;&nbsp;&nbsp; 2485971 |
| Duke Energy Carolinas LLC, 2.85%, 03/15/2032<br>|  | &nbsp;&nbsp;2457000 | &nbsp;&nbsp;&nbsp;&nbsp; 2279230 |
| Duke Energy Corp., 4.50%, 08/15/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;5677000 | &nbsp;&nbsp;&nbsp;&nbsp; 5726436 |
| Duke Energy Progress LLC, 3.40%, 04/01/2032<br>|  | &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2369631 |
| Edison International, 5.25%, 03/15/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;2714000 | &nbsp;&nbsp;&nbsp;&nbsp; 2764866 |
| Entergy Louisiana LLC, 2.35%, 06/15/2032<br>|  | &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2217866 |
| Eversource Energy, 3.38%, 03/01/2032<br>|  | &nbsp;&nbsp;3214000 | &nbsp;&nbsp;&nbsp;&nbsp; 3015665 |
| Exelon Corp., 3.35%, 03/15/2032<br>|  | &nbsp;&nbsp;2835000 | &nbsp;&nbsp;&nbsp;&nbsp; 2681318 |
| Florida Power & Light Co., 2.45%, 02/03/2032<br>|  | &nbsp;&nbsp;7411000 | &nbsp;&nbsp;&nbsp;&nbsp; 6770421 |
| Georgia Power Co., 4.70%, 05/15/2032<br>|  | &nbsp;&nbsp;3454000 | &nbsp;&nbsp;&nbsp;&nbsp; 3540776 |
| National Rural Utilities Cooperative Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 04/15/2032<br>|  | &nbsp;&nbsp;2444000 | &nbsp;&nbsp;&nbsp;&nbsp; 2232402 |
| &nbsp;&nbsp;&nbsp;4.02%, 11/01/2032<br>|  | &nbsp;&nbsp;2950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2916453 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.44%, 01/15/2032<br>|  | &nbsp;&nbsp;4648000 | &nbsp;&nbsp;&nbsp;&nbsp; 4194885 |
| &nbsp;&nbsp;&nbsp;5.30%, 03/15/2032<br>|  | &nbsp;&nbsp;3704000 | &nbsp;&nbsp;&nbsp;&nbsp; 3887069 |
| &nbsp;&nbsp;&nbsp;5.00%, 07/15/2032<br>|  | &nbsp;&nbsp;4918000 | &nbsp;&nbsp;&nbsp;&nbsp; 5077186 |
| Oncor Electric Delivery Co. LLC, 4.55%, 09/15/2032<br>|  | &nbsp;&nbsp;3450000 | &nbsp;&nbsp;&nbsp;&nbsp; 3490149 |
| Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.90%, 06/15/2032<br>|  | &nbsp;&nbsp;2961000 | &nbsp;&nbsp;&nbsp;&nbsp; 3142028 |
| &nbsp;&nbsp;&nbsp;5.05%, 10/15/2032<br>|  | &nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4281638 |
| Public Service Electric and Gas Co., 3.10%, 03/15/2032<br>|  | &nbsp;&nbsp;2473000 | &nbsp;&nbsp;&nbsp;&nbsp; 2327597 |
| San Diego Gas & Electric Co., Series XXX, 3.00%, 03/15/2032<br>|  | &nbsp;&nbsp;2454000 | &nbsp;&nbsp;&nbsp;&nbsp; 2283894 |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 02/01/2032<br>|  | &nbsp;&nbsp;2448000 | &nbsp;&nbsp;&nbsp;&nbsp; 2222786 |
| &nbsp;&nbsp;&nbsp;5.95%, 11/01/2032<br>|  | &nbsp;&nbsp;3702000 | &nbsp;&nbsp;&nbsp;&nbsp; 3967402 |
| Southern Co. (The), 5.70%, 10/15/2032<br>|  | &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2652720 |
| Union Electric Co., 2.15%, 03/15/2032<br>|  | &nbsp;&nbsp;2593000 | &nbsp;&nbsp;&nbsp;&nbsp; 2310331 |
| Virginia Electric & Power Co., 2.40%, 03/30/2032<br>|  | &nbsp;&nbsp;2964000 | &nbsp;&nbsp;&nbsp;&nbsp; 2672757 |
| Wisconsin Electric Power Co., 4.75%, 09/30/2032<br>|  | &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2551252 |

---

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

------

#### 55

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Wisconsin Power and Light Co., 3.95%, 09/01/2032<br>| $| &nbsp;&nbsp;2963000 | &nbsp;&nbsp;$2895260 |
| Xcel Energy, Inc., 4.60%, 06/01/2032<br>|  | &nbsp;&nbsp;3460000 | &nbsp;&nbsp;&nbsp;&nbsp; 3487280 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101313857 |
| **Electrical Equipment-0.22%** | **Electrical Equipment-0.22%** | **Electrical Equipment-0.22%** | **Electrical Equipment-0.22%** |
| Allegion US Holding Co., Inc., 5.41%, 07/01/2032<br>|  | &nbsp;&nbsp;2927000 | &nbsp;&nbsp;&nbsp;&nbsp; 3060916 |
| **Electronic Equipment, Instruments & Components-0.39%** | **Electronic Equipment, Instruments & Components-0.39%** | **Electronic Equipment, Instruments & Components-0.39%** | **Electronic Equipment, Instruments & Components-0.39%** |
| Arrow Electronics, Inc., 2.95%, 02/15/2032<br>|  | &nbsp;&nbsp;2465000 | &nbsp;&nbsp;&nbsp;&nbsp; 2232773 |
| Flex Ltd., 5.25%, 01/15/2032<br>|  | &nbsp;&nbsp;3208000 | &nbsp;&nbsp;&nbsp;&nbsp; 3294617 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527390 |
| **Entertainment-0.37%** | **Entertainment-0.37%** | **Entertainment-0.37%** | **Entertainment-0.37%** |
| Take-Two Interactive Software, Inc., 4.00%, 04/14/2032<br>|  | &nbsp;&nbsp;2443000 | &nbsp;&nbsp;&nbsp;&nbsp; 2385236 |
| TWDC Enterprises 18 Corp., 7.00%, 03/01/2032<br>|  | &nbsp;&nbsp;2468000 | &nbsp;&nbsp;&nbsp;&nbsp; 2831600 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5216836 |
| **Financial Services-5.22%** | **Financial Services-5.22%** | **Financial Services-5.22%** | **Financial Services-5.22%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.30%, 01/30/2032<br>|  | 19761000 | &nbsp;&nbsp;&nbsp;&nbsp; 18471928 |
| Blackstone Private Credit Fund, 6.00%, 01/29/2032<br>|  | &nbsp;&nbsp;4936000 | &nbsp;&nbsp;&nbsp;&nbsp; 4905612 |
| Block, Inc., 6.50%, 05/15/2032<br>|  | &nbsp;&nbsp;9875000 | &nbsp;&nbsp;&nbsp;&nbsp; 10165068 |
| Corebridge Financial, Inc., 3.90%, 04/05/2032<br>|  | &nbsp;&nbsp;7406000 | &nbsp;&nbsp;&nbsp;&nbsp; 7037377 |
| Fidelity National Information Services, Inc., 5.10%, 07/15/2032<br>|  | &nbsp;&nbsp;3704000 | &nbsp;&nbsp;&nbsp;&nbsp; 3770803 |
| Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, 08/15/2032<br>|  | &nbsp;&nbsp;3709000 | &nbsp;&nbsp;&nbsp;&nbsp; 3782783 |
| &nbsp;&nbsp;&nbsp;5.20%, 11/15/2032<br>|  | &nbsp;&nbsp;4940000 | &nbsp;&nbsp;&nbsp;&nbsp; 4971070 |
| Mastercard, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.35%, 01/15/2032<br>|  | &nbsp;&nbsp;5677000 | &nbsp;&nbsp;&nbsp;&nbsp; 5756430 |
| &nbsp;&nbsp;&nbsp;4.95%, 03/15/2032<br>|  | &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2589848 |
| ORIX Corp. (Japan) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 04/13/2032<br>|  | &nbsp;&nbsp;2473000 | &nbsp;&nbsp;&nbsp;&nbsp; 2440265 |
| &nbsp;&nbsp;&nbsp;5.20%, 09/13/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;2473000 | &nbsp;&nbsp;&nbsp;&nbsp; 2597106 |
| PayPal Holdings, Inc., 4.40%, 06/01/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;4937000 | &nbsp;&nbsp;&nbsp;&nbsp; 4944649 |
| RELX Capital, Inc. (United Kingdom), 4.75%, 05/20/2032<br>|  | &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2521116 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73954055 |
| **Food Products-1.32%** | **Food Products-1.32%** | **Food Products-1.32%** | **Food Products-1.32%** |
| Archer-Daniels-Midland Co., 2.90%, 03/01/2032<br>|  | &nbsp;&nbsp;3664000 | &nbsp;&nbsp;&nbsp;&nbsp; 3409258 |
| Hershey Co. (The), 4.95%, 02/24/2032<br>|  | &nbsp;&nbsp;2437000 | &nbsp;&nbsp;&nbsp;&nbsp; 2546664 |
| Kraft Heinz Foods Co. (The), 5.20%, 03/15/2032<br>|  | &nbsp;&nbsp;2473000 | &nbsp;&nbsp;&nbsp;&nbsp; 2564547 |
| Mondelez International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.00%, 03/17/2032<br>|  | &nbsp;&nbsp;3705000 | &nbsp;&nbsp;&nbsp;&nbsp; 3440929 |
| &nbsp;&nbsp;&nbsp;1.88%, 10/15/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;3084000 | &nbsp;&nbsp;&nbsp;&nbsp; 2684713 |
| Pilgrim's Pride Corp., 3.50%, 03/01/2032<br>|  | &nbsp;&nbsp;4394000 | &nbsp;&nbsp;&nbsp;&nbsp; 4125860 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18771971 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Gas Utilities-0.38%** | **Gas Utilities-0.38%** | **Gas Utilities-0.38%** |
| CenterPoint Energy Resources Corp., 4.40%, 07/01/2032<br>| $2474000 | &nbsp;&nbsp;$2487590 |
| Southwest Gas Corp., 4.05%, 03/15/2032<br>| 2943000 | &nbsp;&nbsp;&nbsp;&nbsp; 2883171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5370761 |
| **Ground Transportation-1.20%** | **Ground Transportation-1.20%** | **Ground Transportation-1.20%** |
| Canadian National Railway Co. (Canada), 3.85%, 08/05/2032<sup>(b)</sup><br>| 3955000 | &nbsp;&nbsp;&nbsp;&nbsp; 3879885 |
| CSX Corp., 4.10%, 11/15/2032<br>| 4696000 | &nbsp;&nbsp;&nbsp;&nbsp; 4683802 |
| Norfolk Southern Corp., 3.00%, 03/15/2032<br>| 2959000 | &nbsp;&nbsp;&nbsp;&nbsp; 2766810 |
| Union Pacific Corp., 2.80%, 02/14/2032<br>| 6177000 | &nbsp;&nbsp;&nbsp;&nbsp; 5750608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17081105 |
| **Health Care Equipment & Supplies-1.30%** | **Health Care Equipment & Supplies-1.30%** | **Health Care Equipment & Supplies-1.30%** |
| Baxter International, Inc., 2.54%, 02/01/2032<br>| 7609000 | &nbsp;&nbsp;&nbsp;&nbsp; 6659391 |
| Becton, Dickinson and Co., 4.30%, 08/22/2032<br>| 2457000 | &nbsp;&nbsp;&nbsp;&nbsp; 2463943 |
| GE HealthCare Technologies, Inc., 5.91%, 11/22/2032<br>| 8620000 | &nbsp;&nbsp;&nbsp;&nbsp; 9340624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18463958 |
| **Health Care Providers & Services-4.54%** | **Health Care Providers & Services-4.54%** | **Health Care Providers & Services-4.54%** |
| Cigna Group (The), 4.88%, 09/15/2032<br>| 6170000 | &nbsp;&nbsp;&nbsp;&nbsp; 6313321 |
| CVS Health Corp., 5.00%, 09/15/2032<br>| 3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3797167 |
| Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.10%, 05/15/2032<br>| 2964000 | &nbsp;&nbsp;&nbsp;&nbsp; 2911495 |
| &nbsp;&nbsp;&nbsp;4.60%, 09/15/2032<br>| 3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3735180 |
| &nbsp;&nbsp;&nbsp;5.50%, 10/15/2032<br>| 3175000 | &nbsp;&nbsp;&nbsp;&nbsp; 3351926 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 03/01/2032<br>| 3704000 | &nbsp;&nbsp;&nbsp;&nbsp; 3886847 |
| &nbsp;&nbsp;&nbsp;3.63%, 03/15/2032<br>| 9811000 | &nbsp;&nbsp;&nbsp;&nbsp; 9351115 |
| &nbsp;&nbsp;&nbsp;4.60%, 11/15/2032<br>| 4940000 | &nbsp;&nbsp;&nbsp;&nbsp; 4949465 |
| Humana, Inc., 2.15%, 02/03/2032<sup>(b)</sup><br>| 2916000 | &nbsp;&nbsp;&nbsp;&nbsp; 2546332 |
| Laboratory Corp. of America Holdings, 4.55%, 04/01/2032<br>| 2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2498198 |
| McKesson Corp., 4.95%, 05/30/2032<br>| 3215000 | &nbsp;&nbsp;&nbsp;&nbsp; 3353975 |
| Sutter Health, Series 2025, 5.21%, 08/15/2032<br>| 2466000 | &nbsp;&nbsp;&nbsp;&nbsp; 2591342 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 01/15/2032<br>| 7411000 | &nbsp;&nbsp;&nbsp;&nbsp; 7653867 |
| &nbsp;&nbsp;&nbsp;4.20%, 05/15/2032<sup>(b)</sup><br>| 7410000 | &nbsp;&nbsp;&nbsp;&nbsp; 7387636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64327866 |
| **Health Care REITs-0.80%** | **Health Care REITs-0.80%** | **Health Care REITs-0.80%** |
| Alexandria Real Estate Equities, Inc., 2.00%, 05/18/2032<br>| 4445000 | &nbsp;&nbsp;&nbsp;&nbsp; 3823524 |
| Ventas Realty L.P., 5.10%, 07/15/2032<br>| 2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2558429 |
| Welltower OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.75%, 01/15/2032<br>| 2465000 | &nbsp;&nbsp;&nbsp;&nbsp; 2276811 |
| &nbsp;&nbsp;&nbsp;3.85%, 06/15/2032<br>| 2713000 | &nbsp;&nbsp;&nbsp;&nbsp; 2656098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11314862 |
| **Hotel & Resort REITs-0.18%** | **Hotel & Resort REITs-0.18%** | **Hotel & Resort REITs-0.18%** |
| Host Hotels & Resorts L.P., 5.70%, 06/15/2032<br>| 2468000 | &nbsp;&nbsp;&nbsp;&nbsp; 2601136 |
| **Hotels, Restaurants & Leisure-1.29%** | **Hotels, Restaurants & Leisure-1.29%** | **Hotels, Restaurants & Leisure-1.29%** |
| Hyatt Hotels Corp., 5.75%, 03/30/2032<br>| 2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2614015 |

---

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

------

#### 56

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| Marriott International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.10%, 04/15/2032<br>| $| &nbsp;&nbsp;2473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2577077 |
| &nbsp;&nbsp;&nbsp;Series GG, 3.50%, 10/15/2032<br>|  | &nbsp;&nbsp;4937000 | &nbsp;&nbsp;&nbsp;&nbsp; 4665054 |
| McDonald's Corp., 4.60%, 09/09/2032<br>|  | &nbsp;&nbsp;3704000 | &nbsp;&nbsp;&nbsp;&nbsp; 3804533 |
| Starbucks Corp., 3.00%, 02/14/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;4938000 | &nbsp;&nbsp;&nbsp;&nbsp; 4612085 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18272764 |
| **Household Durables-0.19%** | **Household Durables-0.19%** | **Household Durables-0.19%** | **Household Durables-0.19%** |
| Tyco Electronics Group S.A. (Switzerland), 2.50%, 02/04/2032<br>|  | &nbsp;&nbsp;2963000 | &nbsp;&nbsp;&nbsp;&nbsp; 2698074 |
| **Household Products-1.10%** | **Household Products-1.10%** | **Household Products-1.10%** | **Household Products-1.10%** |
| Church & Dwight Co., Inc., 5.60%, 11/15/2032<br>|  | &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2667836 |
| Clorox Co. (The), 4.60%, 05/01/2032<br>|  | &nbsp;&nbsp;2964000 | &nbsp;&nbsp;&nbsp;&nbsp; 3011494 |
| Colgate-Palmolive Co., 3.25%, 08/15/2032<br>|  | &nbsp;&nbsp;2467000 | &nbsp;&nbsp;&nbsp;&nbsp; 2363887 |
| Procter & Gamble Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;2.30%, 02/01/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;4197000 | &nbsp;&nbsp;&nbsp;&nbsp; 3874155 |
| &nbsp;&nbsp;&nbsp;4.10%, 11/03/2032<br>|  | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3728050 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15645422 |
| **Independent Power and Renewable Electricity Producers-0.29%** | **Independent Power and Renewable Electricity Producers-0.29%** | **Independent Power and Renewable Electricity Producers-0.29%** | **Independent Power and Renewable Electricity Producers-0.29%** |
| AES Corp. (The), 5.80%, 03/15/2032<br>|  | &nbsp;&nbsp;3950000 | &nbsp;&nbsp;&nbsp;&nbsp; 4127790 |
| **Industrial Conglomerates-0.65%** | **Industrial Conglomerates-0.65%** | **Industrial Conglomerates-0.65%** | **Industrial Conglomerates-0.65%** |
| Eaton Corp., 4.00%, 11/02/2032<br>|  | &nbsp;&nbsp;3454000 | &nbsp;&nbsp;&nbsp;&nbsp; 3432839 |
| GE Capital Funding LLC, 4.55%, 05/15/2032<br>|  | &nbsp;&nbsp;2362000 | &nbsp;&nbsp;&nbsp;&nbsp; 2411018 |
| Honeywell International, Inc., 4.75%, 02/01/2032<br>|  | &nbsp;&nbsp;3213000 | &nbsp;&nbsp;&nbsp;&nbsp; 3311286 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9155143 |
| **Insurance-2.17%** | **Insurance-2.17%** | **Insurance-2.17%** | **Insurance-2.17%** |
| Aon Corp./Aon Global Holdings PLC, 5.00%, 09/12/2032<br>|  | &nbsp;&nbsp;2469000 | &nbsp;&nbsp;&nbsp;&nbsp; 2550228 |
| Arthur J. Gallagher & Co., 5.00%, 02/15/2032<br>|  | &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2530058 |
| Berkshire Hathaway Finance Corp., 2.88%, 03/15/2032<br>|  | &nbsp;&nbsp;4936000 | &nbsp;&nbsp;&nbsp;&nbsp; 4656160 |
| Brown & Brown, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 03/17/2032<br>|  | &nbsp;&nbsp;2967000 | &nbsp;&nbsp;&nbsp;&nbsp; 2863789 |
| &nbsp;&nbsp;&nbsp;5.25%, 06/23/2032<br>|  | &nbsp;&nbsp;2467000 | &nbsp;&nbsp;&nbsp;&nbsp; 2514921 |
| Fairfax Financial Holdings Ltd. (Canada), 5.63%, 08/16/2032<br>|  | &nbsp;&nbsp;3660000 | &nbsp;&nbsp;&nbsp;&nbsp; 3836594 |
| Manulife Financial Corp. (Canada), 3.70%, 03/16/2032<br>|  | &nbsp;&nbsp;3705000 | &nbsp;&nbsp;&nbsp;&nbsp; 3588597 |
| Marsh & McLennan Cos., Inc., 5.75%, 11/01/2032<br>|  | &nbsp;&nbsp;2456000 | &nbsp;&nbsp;&nbsp;&nbsp; 2630263 |
| MetLife, Inc., 6.50%, 12/15/2032<br>|  | &nbsp;&nbsp;2963000 | &nbsp;&nbsp;&nbsp;&nbsp; 3332380 |
| Progressive Corp. (The), 3.00%, 03/15/2032<br>|  | &nbsp;&nbsp;2454000 | &nbsp;&nbsp;&nbsp;&nbsp; 2278469 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30781459 |
| **Interactive Media & Services-2.88%** | **Interactive Media & Services-2.88%** | **Interactive Media & Services-2.88%** | **Interactive Media & Services-2.88%** |
| Alphabet, Inc., 4.38%, 11/15/2032<br>|  | &nbsp;&nbsp;6175000 | &nbsp;&nbsp;&nbsp;&nbsp; 6261064 |
| Meta Platforms, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.85%, 08/15/2032<br>|  | 14714000 | &nbsp;&nbsp;&nbsp;&nbsp; 14411798 |
| &nbsp;&nbsp;&nbsp;4.60%, 11/15/2032<br>|  | 19760000 | &nbsp;&nbsp;&nbsp;&nbsp; 20097065 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40769927 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **IT Services-1.13%** | **IT Services-1.13%** | **IT Services-1.13%** |
| International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.72%, 02/09/2032<br>| $2473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2267561 |
| &nbsp;&nbsp;&nbsp;5.00%, 02/10/2032<br>| 4196000 | &nbsp;&nbsp;&nbsp;&nbsp; 4323527 |
| &nbsp;&nbsp;&nbsp;4.40%, 07/27/2032<br>| 3706000 | &nbsp;&nbsp;&nbsp;&nbsp; 3711239 |
| &nbsp;&nbsp;&nbsp;5.88%, 11/29/2032<br>| 2964000 | &nbsp;&nbsp;&nbsp;&nbsp; 3216163 |
| VeriSign, Inc., 5.25%, 06/01/2032<br>| 2454000 | &nbsp;&nbsp;&nbsp;&nbsp; 2513043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16031533 |
| **Life Sciences Tools & Services-0.75%** | **Life Sciences Tools & Services-0.75%** | **Life Sciences Tools & Services-0.75%** |
| Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032<br>| 3954000 | &nbsp;&nbsp;&nbsp;&nbsp; 3770242 |
| Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.47%, 10/07/2032<br>| 3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3742866 |
| &nbsp;&nbsp;&nbsp;4.95%, 11/21/2032<br>| 2967000 | &nbsp;&nbsp;&nbsp;&nbsp; 3083678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10596786 |
| **Machinery-0.70%** | **Machinery-0.70%** | **Machinery-0.70%** |
| Flowserve Corp., 2.80%, 01/15/2032<br>| 2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2249182 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 06/07/2032<br>| 2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2453294 |
| &nbsp;&nbsp;&nbsp;4.35%, 09/15/2032<br>| 2963000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004346 |
| Stanley Black & Decker, Inc., 3.00%, 05/15/2032<br>| 2472000 | &nbsp;&nbsp;&nbsp;&nbsp; 2272938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9979760 |
| **Media-1.21%** | **Media-1.21%** | **Media-1.21%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 2.30%, 02/01/2032<sup>(b)</sup><br>| 4887000 | &nbsp;&nbsp;&nbsp;&nbsp; 4265272 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 05/15/2032<br>| 3213000 | &nbsp;&nbsp;&nbsp;&nbsp; 3324042 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/15/2032<sup>(b)</sup><br>| 4936000 | &nbsp;&nbsp;&nbsp;&nbsp; 5269763 |
| Paramount Global, 4.20%, 05/19/2032<br>| 4884000 | &nbsp;&nbsp;&nbsp;&nbsp; 4303185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17162262 |
| **Metals & Mining-0.83%** | **Metals & Mining-0.83%** | **Metals & Mining-0.83%** |
| ArcelorMittal S.A. (Luxembourg), 6.80%, 11/29/2032<sup>(b)</sup><br>| 4937000 | &nbsp;&nbsp;&nbsp;&nbsp; 5604674 |
| Newmont Corp., 2.60%, 07/15/2032<br>| 3906000 | &nbsp;&nbsp;&nbsp;&nbsp; 3593822 |
| Nucor Corp., 3.13%, 04/01/2032<br>| 2714000 | &nbsp;&nbsp;&nbsp;&nbsp; 2554682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11753178 |
| **Multi-Utilities-0.64%** | **Multi-Utilities-0.64%** | **Multi-Utilities-0.64%** |
| Ameren Illinois Co., 3.85%, 09/01/2032<br>| 2454000 | &nbsp;&nbsp;&nbsp;&nbsp; 2392088 |
| Dominion Energy, Inc., 5.38%, 11/15/2032<br>| 4196000 | &nbsp;&nbsp;&nbsp;&nbsp; 4396619 |
| DTE Electric Co., Series A, 3.00%, 03/01/2032<br>| 2473000 | &nbsp;&nbsp;&nbsp;&nbsp; 2319498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9108205 |
| **Office REITs-0.26%** | **Office REITs-0.26%** | **Office REITs-0.26%** |
| Boston Properties L.P., 2.55%, 04/01/2032<br>| 4166000 | &nbsp;&nbsp;&nbsp;&nbsp; 3663630 |
| **Oil, Gas & Consumable Fuels-6.53%** | **Oil, Gas & Consumable Fuels-6.53%** | **Oil, Gas & Consumable Fuels-6.53%** |
| Boardwalk Pipelines L.P., 3.60%, 09/01/2032<br>| 2473000 | &nbsp;&nbsp;&nbsp;&nbsp; 2340082 |
| BP Capital Markets America, Inc., 2.72%, 01/12/2032<br>| 9874000 | &nbsp;&nbsp;&nbsp;&nbsp; 9135173 |
| Cenovus Energy, Inc. (Canada), 2.65%, 01/15/2032<br>| 2467000 | &nbsp;&nbsp;&nbsp;&nbsp; 2243185 |

---

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

------

#### 57

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Cheniere Energy Partners L.P., 3.25%, 01/31/2032<br>| $| 5903000 | &nbsp;&nbsp;$5505293 |
| Chevron USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.82%, 04/15/2032<br>|  | 3214000 | &nbsp;&nbsp;&nbsp;&nbsp; 3346032 |
| &nbsp;&nbsp;&nbsp;4.50%, 10/15/2032<sup>(b)</sup><br>|  | 6170000 | &nbsp;&nbsp;&nbsp;&nbsp; 6324356 |
| ConocoPhillips, 5.90%, 10/15/2032<br>|  | 2493000 | &nbsp;&nbsp;&nbsp;&nbsp; 2742677 |
| ConocoPhillips Co., 4.85%, 01/15/2032<sup>(b)</sup><br>|  | 3214000 | &nbsp;&nbsp;&nbsp;&nbsp; 3334700 |
| EOG Resources, Inc., 5.00%, 07/15/2032<br>|  | 6178000 | &nbsp;&nbsp;&nbsp;&nbsp; 6413661 |
| Expand Energy Corp., 4.75%, 02/01/2032<br>|  | 5677000 | &nbsp;&nbsp;&nbsp;&nbsp; 5669599 |
| HF Sinclair Corp., 5.50%, 09/01/2032<br>|  | 2470000 | &nbsp;&nbsp;&nbsp;&nbsp; 2526603 |
| Kinder Morgan, Inc., 7.75%, 01/15/2032<br>|  | 4967000 | &nbsp;&nbsp;&nbsp;&nbsp; 5841272 |
| MPLX L.P., 4.95%, 09/01/2032<br>|  | 4894000 | &nbsp;&nbsp;&nbsp;&nbsp; 4984220 |
| Occidental Petroleum Corp., 5.38%, 01/01/2032<sup>(b)</sup><br>|  | 4902000 | &nbsp;&nbsp;&nbsp;&nbsp; 5105392 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 10/15/2032<br>|  | 3703000 | &nbsp;&nbsp;&nbsp;&nbsp; 3768850 |
| &nbsp;&nbsp;&nbsp;6.10%, 11/15/2032<br>|  | 3707000 | &nbsp;&nbsp;&nbsp;&nbsp; 4002834 |
| Southern Co. Gas Capital Corp., 5.15%, 09/15/2032<br>|  | 2473000 | &nbsp;&nbsp;&nbsp;&nbsp; 2567443 |
| Suncor Energy, Inc. (Canada), 7.15%, 02/01/2032<br>|  | 2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2808157 |
| Targa Resources Partners L.P./Targa Resources Partners Finance Corp., 4.00%, 01/15/2032<br>|  | 4936000 | &nbsp;&nbsp;&nbsp;&nbsp; 4791059 |
| Valero Energy Corp., 7.50%, 04/15/2032<br>|  | 3601000 | &nbsp;&nbsp;&nbsp;&nbsp; 4182290 |
| Williams Cos., Inc. (The), 4.65%, 08/15/2032<br>|  | 4906000 | &nbsp;&nbsp;&nbsp;&nbsp; 4967414 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92600292 |
| **Personal Care Products-0.65%** | **Personal Care Products-0.65%** | **Personal Care Products-0.65%** | **Personal Care Products-0.65%** |
| Kenvue, Inc., 4.85%, 05/22/2032<br>|  | 3704000 | &nbsp;&nbsp;&nbsp;&nbsp; 3830696 |
| Unilever Capital Corp. (United Kingdom), 5.90%, 11/15/2032<br>|  | 4886000 | &nbsp;&nbsp;&nbsp;&nbsp; 5399030 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9229726 |
| **Pharmaceuticals-4.59%** | **Pharmaceuticals-4.59%** | **Pharmaceuticals-4.59%** | **Pharmaceuticals-4.59%** |
| Bristol-Myers Squibb Co., 2.95%, 03/15/2032<br>|  | 8583000 | &nbsp;&nbsp;&nbsp;&nbsp; 8031468 |
| Eli Lilly and Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 02/12/2032<br>|  | 4938000 | &nbsp;&nbsp;&nbsp;&nbsp; 5142540 |
| &nbsp;&nbsp;&nbsp;4.55%, 10/15/2032<br>|  | 4940000 | &nbsp;&nbsp;&nbsp;&nbsp; 5044127 |
| Haleon US Capital LLC, 3.63%, 03/24/2032<br>|  | 9867000 | &nbsp;&nbsp;&nbsp;&nbsp; 9509627 |
| Johnson & Johnson, 4.85%, 03/01/2032<br>|  | 6171000 | &nbsp;&nbsp;&nbsp;&nbsp; 6463725 |
| Merck & Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 09/15/2032<sup>(b)</sup><br>|  | 4940000 | &nbsp;&nbsp;&nbsp;&nbsp; 5063263 |
| &nbsp;&nbsp;&nbsp;4.45%, 12/04/2032<br>|  | 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 4967522 |
| Novartis Capital Corp., 4.30%, 11/05/2032<br>|  | 4540000 | &nbsp;&nbsp;&nbsp;&nbsp; 4573935 |
| Pfizer, Inc., 4.50%, 11/15/2032<br>|  | 6179000 | &nbsp;&nbsp;&nbsp;&nbsp; 6284949 |
| Sanofi, 4.20%, 11/03/2032<br>|  | 5930000 | &nbsp;&nbsp;&nbsp;&nbsp; 5956819 |
| Zoetis, Inc., 5.60%, 11/16/2032<br>|  | 3704000 | &nbsp;&nbsp;&nbsp;&nbsp; 3973230 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65011205 |
| **Professional Services-0.89%** | **Professional Services-0.89%** | **Professional Services-0.89%** | **Professional Services-0.89%** |
| Automatic Data Processing, Inc., 4.75%, 05/08/2032<br>|  | 4939000 | &nbsp;&nbsp;&nbsp;&nbsp; 5093550 |
| Paychex, Inc., 5.35%, 04/15/2032<br>|  | 7410000 | &nbsp;&nbsp;&nbsp;&nbsp; 7602832 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12696382 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Residential REITs-1.21%** | **Residential REITs-1.21%** | **Residential REITs-1.21%** |
| American Homes 4 Rent L.P., 3.63%, 04/15/2032<sup>(b)</sup><br>| $&nbsp;&nbsp;2964000 | &nbsp;&nbsp;$2814403 |
| AvalonBay Communities, Inc., 2.05%, 01/15/2032<br>| &nbsp;&nbsp;3415000 | &nbsp;&nbsp;&nbsp;&nbsp; 3040962 |
| ERP Operating L.P., 4.95%, 06/15/2032<br>| &nbsp;&nbsp;2466000 | &nbsp;&nbsp;&nbsp;&nbsp; 2547532 |
| Essex Portfolio L.P., 2.65%, 03/15/2032<br>| &nbsp;&nbsp;3214000 | &nbsp;&nbsp;&nbsp;&nbsp; 2903153 |
| Invitation Homes Operating Partnership L.P., 4.15%, 04/15/2032<br>| &nbsp;&nbsp;2964000 | &nbsp;&nbsp;&nbsp;&nbsp; 2886581 |
| Sun Communities Operating L.P., 4.20%, 04/15/2032<br>| &nbsp;&nbsp;2964000 | &nbsp;&nbsp;&nbsp;&nbsp; 2906830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17099461 |
| **Retail REITs-1.14%** | **Retail REITs-1.14%** | **Retail REITs-1.14%** |
| Kimco Realty OP LLC, 3.20%, 04/01/2032<br>| &nbsp;&nbsp;2967000 | &nbsp;&nbsp;&nbsp;&nbsp; 2791666 |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.63%, 10/13/2032<br>| &nbsp;&nbsp;3705000 | &nbsp;&nbsp;&nbsp;&nbsp; 3962125 |
| &nbsp;&nbsp;&nbsp;2.85%, 12/15/2032<br>| &nbsp;&nbsp;3453000 | &nbsp;&nbsp;&nbsp;&nbsp; 3150063 |
| Simon Property Group L.P. |  |  |
| &nbsp;&nbsp;&nbsp;2.25%, 01/15/2032<br>| &nbsp;&nbsp;3455000 | &nbsp;&nbsp;&nbsp;&nbsp; 3096567 |
| &nbsp;&nbsp;&nbsp;2.65%, 02/01/2032<br>| &nbsp;&nbsp;3454000 | &nbsp;&nbsp;&nbsp;&nbsp; 3153475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16153896 |
| **Semiconductors & Semiconductor Equipment-4.29%** | **Semiconductors & Semiconductor Equipment-4.29%** | **Semiconductors & Semiconductor Equipment-4.29%** |
| Advanced Micro Devices, Inc., 3.92%, 06/01/2032<sup>(b)</sup><br>| &nbsp;&nbsp;2466000 | &nbsp;&nbsp;&nbsp;&nbsp; 2446093 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 02/15/2032<br>| &nbsp;&nbsp;4326000 | &nbsp;&nbsp;&nbsp;&nbsp; 4385532 |
| &nbsp;&nbsp;&nbsp;5.20%, 04/15/2032<br>| &nbsp;&nbsp;5434000 | &nbsp;&nbsp;&nbsp;&nbsp; 5686719 |
| &nbsp;&nbsp;&nbsp;4.90%, 07/15/2032<br>| &nbsp;&nbsp;8630000 | &nbsp;&nbsp;&nbsp;&nbsp; 8891019 |
| &nbsp;&nbsp;&nbsp;4.30%, 11/15/2032<br>| &nbsp;&nbsp;9873000 | &nbsp;&nbsp;&nbsp;&nbsp; 9842519 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.15%, 08/05/2032<br>| &nbsp;&nbsp;6178000 | &nbsp;&nbsp;&nbsp;&nbsp; 6046076 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/15/2032<br>| &nbsp;&nbsp;3676000 | &nbsp;&nbsp;&nbsp;&nbsp; 3556333 |
| KLA Corp., 4.65%, 07/15/2032<sup>(b)</sup><br>| &nbsp;&nbsp;4937000 | &nbsp;&nbsp;&nbsp;&nbsp; 5064488 |
| Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 04/15/2032<br>| &nbsp;&nbsp;4943000 | &nbsp;&nbsp;&nbsp;&nbsp; 4520500 |
| &nbsp;&nbsp;&nbsp;5.65%, 11/01/2032<br>| &nbsp;&nbsp;2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2637765 |
| QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.65%, 05/20/2032<br>| &nbsp;&nbsp;6094000 | &nbsp;&nbsp;&nbsp;&nbsp; 5269515 |
| &nbsp;&nbsp;&nbsp;4.25%, 05/20/2032<br>| &nbsp;&nbsp;2473000 | &nbsp;&nbsp;&nbsp;&nbsp; 2490460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60837019 |
| **Software-3.40%** | **Software-3.40%** | **Software-3.40%** |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 02/03/2032<br>| &nbsp;&nbsp;6127000 | &nbsp;&nbsp;&nbsp;&nbsp; 6153034 |
| &nbsp;&nbsp;&nbsp;4.80%, 09/26/2032<br>| 14727000 | &nbsp;&nbsp;&nbsp;&nbsp; 14395879 |
| &nbsp;&nbsp;&nbsp;6.25%, 11/09/2032<br>| 11114000 | &nbsp;&nbsp;&nbsp;&nbsp; 11739305 |
| Roper Technologies, Inc., 4.75%, 02/15/2032<br>| &nbsp;&nbsp;2468000 | &nbsp;&nbsp;&nbsp;&nbsp; 2490637 |
| Synopsys, Inc., 5.00%, 04/01/2032<br>| &nbsp;&nbsp;7405000 | &nbsp;&nbsp;&nbsp;&nbsp; 7637530 |
| Workday, Inc., 3.80%, 04/01/2032<br>| &nbsp;&nbsp;6174000 | &nbsp;&nbsp;&nbsp;&nbsp; 5859020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48275405 |
| **Specialized REITs-1.78%** | **Specialized REITs-1.78%** | **Specialized REITs-1.78%** |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.05%, 03/15/2032<br>| &nbsp;&nbsp;3208000 | &nbsp;&nbsp;&nbsp;&nbsp; 3163581 |
| &nbsp;&nbsp;&nbsp;4.70%, 12/15/2032<br>| &nbsp;&nbsp;4202000 | &nbsp;&nbsp;&nbsp;&nbsp; 4251548 |
| Equinix, Inc., 3.90%, 04/15/2032<br>| &nbsp;&nbsp;5887000 | &nbsp;&nbsp;&nbsp;&nbsp; 5703075 |

---

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

------

#### 58

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Specialized REITs-(continued)** | **Specialized REITs-(continued)** | **Specialized REITs-(continued)** | **Specialized REITs-(continued)** |
| Extra Space Storage L.P., 2.35%, 03/15/2032<br>| $| 2967000 | &nbsp;&nbsp;$2622748 |
| GLP Capital L.P./GLP Financing II, Inc., 3.25%, 01/15/2032<br>|  | 3910000 | &nbsp;&nbsp;&nbsp;&nbsp; 3569053 |
| Prologis L.P., 2.25%, 01/15/2032<br>|  | 2404000 | &nbsp;&nbsp;&nbsp;&nbsp; 2165544 |
| Weyerhaeuser Co., 7.38%, 03/15/2032<br>|  | 3244000 | &nbsp;&nbsp;&nbsp;&nbsp; 3718718 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25194267 |
| **Specialty Retail-3.84%** | **Specialty Retail-3.84%** | **Specialty Retail-3.84%** | **Specialty Retail-3.84%** |
| AutoNation, Inc., 3.85%, 03/01/2032<br>|  | 3435000 | &nbsp;&nbsp;&nbsp;&nbsp; 3279324 |
| AutoZone, Inc., 4.75%, 08/01/2032<br>|  | 3705000 | &nbsp;&nbsp;&nbsp;&nbsp; 3761418 |
| Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, 04/01/2032<br>|  | 4900000 | &nbsp;&nbsp;&nbsp;&nbsp; 5093482 |
| &nbsp;&nbsp;&nbsp;4.75%, 10/06/2032<sup>(b)</sup><br>|  | 6135000 | &nbsp;&nbsp;&nbsp;&nbsp; 6194125 |
| Dick's Sporting Goods, Inc., 3.15%, 01/15/2032<br>|  | 3708000 | &nbsp;&nbsp;&nbsp;&nbsp; 3450363 |
| Home Depot, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;3.25%, 04/15/2032<br>|  | 6177000 | &nbsp;&nbsp;&nbsp;&nbsp; 5894273 |
| &nbsp;&nbsp;&nbsp;4.50%, 09/15/2032<br>|  | 6178000 | &nbsp;&nbsp;&nbsp;&nbsp; 6309325 |
| Leidos, Inc., 5.40%, 03/15/2032<br>|  | 2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2581879 |
| Lowe`s Cos., Inc., 4.50%, 10/15/2032<br>|  | 6420000 | &nbsp;&nbsp;&nbsp;&nbsp; 6449985 |
| Lowe's Cos., Inc., 3.75%, 04/01/2032<br>|  | 7412000 | &nbsp;&nbsp;&nbsp;&nbsp; 7182183 |
| O'Reilly Automotive, Inc., 4.70%, 06/15/2032<br>|  | 4195000 | &nbsp;&nbsp;&nbsp;&nbsp; 4273018 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54469375 |
| **Technology Hardware, Storage & Peripherals-1.32%** | **Technology Hardware, Storage & Peripherals-1.32%** | **Technology Hardware, Storage & Peripherals-1.32%** | **Technology Hardware, Storage & Peripherals-1.32%** |
| Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 05/12/2032<sup>(b)</sup><br>|  | 4936000 | &nbsp;&nbsp;&nbsp;&nbsp; 5098452 |
| &nbsp;&nbsp;&nbsp;3.35%, 08/08/2032<sup>(b)</sup><br>|  | 7355000 | &nbsp;&nbsp;&nbsp;&nbsp; 7130881 |
| HP, Inc., 4.20%, 04/15/2032<sup>(b)</sup><br>|  | 3319000 | &nbsp;&nbsp;&nbsp;&nbsp; 3225361 |
| NetApp, Inc., 5.50%, 03/17/2032<br>|  | 3084000 | &nbsp;&nbsp;&nbsp;&nbsp; 3215694 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18670388 |
| **Textiles, Apparel & Luxury Goods-0.34%** | **Textiles, Apparel & Luxury Goods-0.34%** | **Textiles, Apparel & Luxury Goods-0.34%** | **Textiles, Apparel & Luxury Goods-0.34%** |
| Ralph Lauren Corp., 5.00%, 06/15/2032<br>|  | 2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2575526 |
| Tapestry, Inc., 3.05%, 03/15/2032<br>|  | 2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2302903 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4878429 |
| **Tobacco-2.34%** | **Tobacco-2.34%** | **Tobacco-2.34%** | **Tobacco-2.34%** |
| Altria Group, Inc., 2.45%, 02/04/2032<br>|  | 8642000 | &nbsp;&nbsp;&nbsp;&nbsp; 7757978 |
| B.A.T. Capital Corp. (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.74%, 03/16/2032<br>|  | 4445000 | &nbsp;&nbsp;&nbsp;&nbsp; 4527240 |
| &nbsp;&nbsp;&nbsp;5.35%, 08/15/2032<br>|  | 4937000 | &nbsp;&nbsp;&nbsp;&nbsp; 5185157 |
| &nbsp;&nbsp;&nbsp;7.75%, 10/19/2032<br>|  | 2963000 | &nbsp;&nbsp;&nbsp;&nbsp; 3496391 |
| Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/29/2032<br>|  | 4194000 | &nbsp;&nbsp;&nbsp;&nbsp; 4183962 |
| &nbsp;&nbsp;&nbsp;5.75%, 11/17/2032<br>|  | 7409000 | &nbsp;&nbsp;&nbsp;&nbsp; 7993596 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33144324 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Trading Companies & Distributors-0.24%** | **Trading Companies & Distributors-0.24%** | **Trading Companies & Distributors-0.24%** |
| Air Lease Corp., 2.88%, 01/15/2032<br>| $&nbsp;&nbsp;3705000 | &nbsp;&nbsp;$3366864 |
| **Water Utilities-0.28%** | **Water Utilities-0.28%** | **Water Utilities-0.28%** |
| American Water Capital Corp., 4.45%, 06/01/2032<br>| &nbsp;&nbsp;3955000 | &nbsp;&nbsp;&nbsp;&nbsp; 3994596 |
| **Wireless Telecommunication Services-2.27%** | **Wireless Telecommunication Services-2.27%** | **Wireless Telecommunication Services-2.27%** |
| Rogers Communications, Inc. (Canada), 3.80%, 03/15/2032<br>| &nbsp;&nbsp;9628000 | &nbsp;&nbsp;&nbsp;&nbsp; 9218793 |
| Sprint Capital Corp., 8.75%, 03/15/2032<br>| &nbsp;&nbsp;9866000 | &nbsp;&nbsp;&nbsp;&nbsp; 12062751 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.70%, 03/15/2032<br>| &nbsp;&nbsp;4941000 | &nbsp;&nbsp;&nbsp;&nbsp; 4502981 |
| &nbsp;&nbsp;&nbsp;5.13%, 05/15/2032<br>| &nbsp;&nbsp;6178000 | &nbsp;&nbsp;&nbsp;&nbsp; 6419238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32203763 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $1,356,188,517) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $1,356,188,517) | &nbsp;&nbsp;1398677166 |
|  | **Shares** |  |
| **Money Market Funds-0.15%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(c)(d)</sup><br>(Cost $2,129,462)<br>| &nbsp;&nbsp;2129462 | &nbsp;&nbsp;&nbsp;&nbsp; 2129462 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.81%<br>(Cost $1,358,317,979) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.81%<br>(Cost $1,358,317,979) | &nbsp;&nbsp;1400806628 |
| **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-4.98%** | **Money Market Funds-4.98%** | **Money Market Funds-4.98%** |
| Invesco Private Government Fund, 3.64%<sup>(c)(d)(e)</sup><br>| 17958237 | &nbsp;&nbsp;&nbsp;&nbsp; 17958237 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup><br>| 52656554 | &nbsp;&nbsp;&nbsp;&nbsp; 52672351 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $70,630,588) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $70,630,588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70630588 |
| TOTAL INVESTMENTS IN SECURITIES-103.79%<br>(Cost $1,428,948,567) | TOTAL INVESTMENTS IN SECURITIES-103.79%<br>(Cost $1,428,948,567) | &nbsp;&nbsp;1471437216 |
| OTHER ASSETS LESS LIABILITIES-(3.79)% | OTHER ASSETS LESS LIABILITIES-(3.79)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53780724) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $1417656492 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

------

#### 59

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Corporate Bond ETF (BSCW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$516420 | &nbsp;&nbsp;&nbsp;$38049061 | &nbsp;&nbsp;&nbsp;$(36436019) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$2129462 | &nbsp;&nbsp;&nbsp;$40506 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6856492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58270570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47168825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;17958237 | &nbsp;&nbsp;&nbsp;&nbsp;237,134\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;17873525 | &nbsp;&nbsp;&nbsp;&nbsp;139217721 | &nbsp;&nbsp;&nbsp;&nbsp;(104418328) | &nbsp;&nbsp;&nbsp;&nbsp;(370) | &nbsp;&nbsp;&nbsp;&nbsp;(197) | &nbsp;&nbsp;&nbsp;&nbsp;52672351 | &nbsp;&nbsp;&nbsp;&nbsp;637,516\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$25246437 | &nbsp;&nbsp;&nbsp;$235537352 | &nbsp;&nbsp;&nbsp;$(188023172) | &nbsp;&nbsp;&nbsp;$(370) | &nbsp;&nbsp;&nbsp;$(197) | &nbsp;&nbsp;&nbsp;$72760050 | &nbsp;&nbsp;&nbsp;$915156 |

---

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

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

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 60

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Corporate Bond ETF (BSCX)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.75%** | **U.S. Dollar Denominated Bonds & Notes-98.75%** | **U.S. Dollar Denominated Bonds & Notes-98.75%** |
| **Aerospace & Defense-2.20%** | **Aerospace & Defense-2.20%** | **Aerospace & Defense-2.20%** |
| HEICO Corp., 5.35%, 08/01/2033<br>| $2268000 | &nbsp;&nbsp;$2381239 |
| L3Harris Technologies, Inc., 5.40%, 07/31/2033<br>| 5534000 | &nbsp;&nbsp;&nbsp;&nbsp; 5832066 |
| Lockheed Martin Corp., 5.25%, 01/15/2033<br>| 3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3927916 |
| Northrop Grumman Corp., 4.70%, 03/15/2033<br>| 3692000 | &nbsp;&nbsp;&nbsp;&nbsp; 3772866 |
| RTX Corp., 5.15%, 02/27/2033<br>| 4611000 | &nbsp;&nbsp;&nbsp;&nbsp; 4826824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20740911 |
| **Air Freight & Logistics-0.37%** | **Air Freight & Logistics-0.37%** | **Air Freight & Logistics-0.37%** |
| United Parcel Service, Inc., 4.88%, 03/03/2033<sup>(b)</sup><br>| 3324000 | &nbsp;&nbsp;&nbsp;&nbsp; 3467612 |
| **Automobile Components-0.21%** | **Automobile Components-0.21%** | **Automobile Components-0.21%** |
| Magna International, Inc. (Canada), 5.50%, 03/21/2033<sup>(b)</sup><br>| 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1994707 |
| **Automobiles-1.38%** | **Automobiles-1.38%** | **Automobiles-1.38%** |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 04/06/2033<br>| 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3873578 |
| &nbsp;&nbsp;&nbsp;7.12%, 11/07/2033<br>| 4755000 | &nbsp;&nbsp;&nbsp;&nbsp; 5198070 |
| Toyota Motor Corp. (Japan), 5.12%, 07/13/2033<br>| 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1988473 |
| Toyota Motor Credit Corp., 4.70%, 01/12/2033<br>| 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1940996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13001117 |
| **Banks-5.23%** | **Banks-5.23%** | **Banks-5.23%** |
| Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;6.92%, 08/08/2033<br>| 7602000 | &nbsp;&nbsp;&nbsp;&nbsp; 8457342 |
| &nbsp;&nbsp;&nbsp;6.94%, 11/07/2033<br>| 5699000 | &nbsp;&nbsp;&nbsp;&nbsp; 6589833 |
| Canadian Imperial Bank of Commerce (Canada), 6.09%, 10/03/2033<br>| 4054000 | &nbsp;&nbsp;&nbsp;&nbsp; 4450649 |
| Citigroup, Inc., 6.00%, 10/31/2033<sup>(b)</sup><br>| 2474000 | &nbsp;&nbsp;&nbsp;&nbsp; 2666563 |
| KeyBank N.A., 5.00%, 01/26/2033<br>| 3789000 | &nbsp;&nbsp;&nbsp;&nbsp; 3834942 |
| Royal Bank of Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 02/01/2033<br>| 6274000 | &nbsp;&nbsp;&nbsp;&nbsp; 6511389 |
| &nbsp;&nbsp;&nbsp;5.00%, 05/02/2033<br>| 3324000 | &nbsp;&nbsp;&nbsp;&nbsp; 3448446 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;5.77%, 01/13/2033<br>| 6453000 | &nbsp;&nbsp;&nbsp;&nbsp; 6937849 |
| &nbsp;&nbsp;&nbsp;5.78%, 07/13/2033<br>| 2460000 | &nbsp;&nbsp;&nbsp;&nbsp; 2650409 |
| &nbsp;&nbsp;&nbsp;5.81%, 09/14/2033<br>| 3424000 | &nbsp;&nbsp;&nbsp;&nbsp; 3702095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49249517 |
| **Beverages-1.69%** | **Beverages-1.69%** | **Beverages-1.69%** |
| Brown-Forman Corp., 4.75%, 04/15/2033<sup>(b)</sup><br>| 2472000 | &nbsp;&nbsp;&nbsp;&nbsp; 2535072 |
| Constellation Brands, Inc., 4.90%, 05/01/2033<br>| 2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2901210 |
| Diageo Capital PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 01/24/2033<br>| 2837000 | &nbsp;&nbsp;&nbsp;&nbsp; 3015782 |
| &nbsp;&nbsp;&nbsp;5.63%, 10/05/2033<br>| 3410000 | &nbsp;&nbsp;&nbsp;&nbsp; 3657155 |
| PepsiCo, Inc., 4.45%, 02/15/2033<sup>(b)</sup><br>| 3690000 | &nbsp;&nbsp;&nbsp;&nbsp; 3792462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15901681 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology-2.46%** | **Biotechnology-2.46%** | **Biotechnology-2.46%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 03/01/2033<br>| $&nbsp;&nbsp;2847000 | &nbsp;&nbsp;&nbsp;&nbsp;$2815413 |
| &nbsp;&nbsp;&nbsp;5.25%, 03/02/2033<br>| 15678000 | &nbsp;&nbsp;&nbsp;&nbsp; 16420692 |
| Gilead Sciences, Inc., 5.25%, 10/15/2033<br>| &nbsp;&nbsp;3684000 | &nbsp;&nbsp;&nbsp;&nbsp; 3888945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23125050 |
| **Broadline Retail-0.59%** | **Broadline Retail-0.59%** | **Broadline Retail-0.59%** |
| Amazon.com, Inc., 4.35%, 03/20/2033<br>| &nbsp;&nbsp;5534000 | &nbsp;&nbsp;&nbsp;&nbsp; 5582118 |
| **Building Products-0.26%** | **Building Products-0.26%** | **Building Products-0.26%** |
| Fortune Brands Innovations, Inc., 5.88%, 06/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;2269000 | &nbsp;&nbsp;&nbsp;&nbsp; 2434121 |
| **Capital Markets-2.17%** | **Capital Markets-2.17%** | **Capital Markets-2.17%** |
| Ameriprise Financial, Inc., 5.15%, 05/15/2033<br>| &nbsp;&nbsp;2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2957783 |
| BlackRock, Inc., 4.75%, 05/25/2033<br>| &nbsp;&nbsp;4611000 | &nbsp;&nbsp;&nbsp;&nbsp; 4755485 |
| Goldman Sachs Group, Inc. (The), 6.13%, 02/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;3811000 | &nbsp;&nbsp;&nbsp;&nbsp; 4181170 |
| Nomura Holdings, Inc. (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;6.18%, 01/18/2033<br>| &nbsp;&nbsp;2837000 | &nbsp;&nbsp;&nbsp;&nbsp; 3094830 |
| &nbsp;&nbsp;&nbsp;6.09%, 07/12/2033<br>| &nbsp;&nbsp;2269000 | &nbsp;&nbsp;&nbsp;&nbsp; 2464486 |
| S&P Global, Inc., 5.25%, 09/15/2033<br>| &nbsp;&nbsp;2831000 | &nbsp;&nbsp;&nbsp;&nbsp; 2990889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20444643 |
| **Chemicals-1.38%** | **Chemicals-1.38%** | **Chemicals-1.38%** |
| Air Products and Chemicals, Inc., 4.80%, 03/03/2033<br>| &nbsp;&nbsp;2269000 | &nbsp;&nbsp;&nbsp;&nbsp; 2340789 |
| Dow Chemical Co. (The), 6.30%, 03/15/2033<br>| &nbsp;&nbsp;2279000 | &nbsp;&nbsp;&nbsp;&nbsp; 2421781 |
| Eastman Chemical Co., 5.75%, 03/08/2033<sup>(b)</sup><br>| &nbsp;&nbsp;1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 2016009 |
| EIDP, Inc., 4.80%, 05/15/2033<br>| &nbsp;&nbsp;2279000 | &nbsp;&nbsp;&nbsp;&nbsp; 2307766 |
| LYB International Finance III LLC, 5.63%, 05/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1947373 |
| Mosaic Co. (The), 5.45%, 11/15/2033<br>| &nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1978752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13012470 |
| **Commercial Services & Supplies-1.33%** | **Commercial Services & Supplies-1.33%** | **Commercial Services & Supplies-1.33%** |
| Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.38%, 03/15/2033<br>| &nbsp;&nbsp;2664000 | &nbsp;&nbsp;&nbsp;&nbsp; 2360219 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/15/2033<br>| &nbsp;&nbsp;2462000 | &nbsp;&nbsp;&nbsp;&nbsp; 2567255 |
| Veralto Corp., 5.45%, 09/18/2033<br>| &nbsp;&nbsp;2654000 | &nbsp;&nbsp;&nbsp;&nbsp; 2797649 |
| Waste Connections, Inc., 4.20%, 01/15/2033<br>| &nbsp;&nbsp;2837000 | &nbsp;&nbsp;&nbsp;&nbsp; 2809208 |
| Waste Management, Inc., 4.63%, 02/15/2033<br>| &nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1953571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12487902 |
| **Consumer Finance-0.96%** | **Consumer Finance-0.96%** | **Consumer Finance-0.96%** |
| Ally Financial, Inc., 6.70%, 02/14/2033<sup>(b)</sup><br>| &nbsp;&nbsp;1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1977024 |
| General Motors Financial Co., Inc., 6.40%, 01/09/2033<br>| &nbsp;&nbsp;3691000 | &nbsp;&nbsp;&nbsp;&nbsp; 4018281 |
| Synchrony Financial, 7.25%, 02/02/2033<br>| &nbsp;&nbsp;2851000 | &nbsp;&nbsp;&nbsp;&nbsp; 3008039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9003344 |
| **Consumer Staples Distribution & Retail-1.21%** | **Consumer Staples Distribution & Retail-1.21%** | **Consumer Staples Distribution & Retail-1.21%** |
| Dollar General Corp., 5.45%, 07/05/2033<sup>(b)</sup><br>| &nbsp;&nbsp;3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3878738 |

---

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

------

#### 61

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** |
| Target Corp., 4.40%, 01/15/2033<sup>(b)</sup><br>| $| &nbsp;&nbsp;1905000 | &nbsp;&nbsp;$1932340 |
| Walmart, Inc., 4.10%, 04/15/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;5534000 | &nbsp;&nbsp;&nbsp;&nbsp; 5574626 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11385704 |
| **Containers & Packaging-0.43%** | **Containers & Packaging-0.43%** | **Containers & Packaging-0.43%** | **Containers & Packaging-0.43%** |
| Amcor Finance (USA), Inc., 5.63%, 05/26/2033<br>|  | &nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022504 |
| WRKCo, Inc., 3.00%, 06/15/2033<br>|  | &nbsp;&nbsp;2279000 | &nbsp;&nbsp;&nbsp;&nbsp; 2059995 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4082499 |
| **Distributors-0.26%** | **Distributors-0.26%** | **Distributors-0.26%** | **Distributors-0.26%** |
| LKQ Corp., 6.25%, 06/15/2033<br>|  | &nbsp;&nbsp;2279000 | &nbsp;&nbsp;&nbsp;&nbsp; 2416091 |
| **Diversified Telecommunication Services-4.16%** | **Diversified Telecommunication Services-4.16%** | **Diversified Telecommunication Services-4.16%** | **Diversified Telecommunication Services-4.16%** |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 04/30/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;4610000 | &nbsp;&nbsp;&nbsp;&nbsp; 4674455 |
| &nbsp;&nbsp;&nbsp;2.55%, 12/01/2033<br>|  | 13806000 | &nbsp;&nbsp;&nbsp;&nbsp; 11978209 |
| Bell Canada (Canada), 5.10%, 05/11/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;3222000 | &nbsp;&nbsp;&nbsp;&nbsp; 3320140 |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 01/15/2033<br>|  | &nbsp;&nbsp;7373000 | &nbsp;&nbsp;&nbsp;&nbsp; 7479506 |
| &nbsp;&nbsp;&nbsp;5.05%, 05/09/2033<br>|  | &nbsp;&nbsp;3685000 | &nbsp;&nbsp;&nbsp;&nbsp; 3823524 |
| &nbsp;&nbsp;&nbsp;4.50%, 08/10/2033<br>|  | &nbsp;&nbsp;7879000 | &nbsp;&nbsp;&nbsp;&nbsp; 7861516 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39137350 |
| **Electric Utilities-8.24%** | **Electric Utilities-8.24%** | **Electric Utilities-8.24%** | **Electric Utilities-8.24%** |
| American Electric Power Co., Inc., 5.63%, 03/01/2033<br>|  | &nbsp;&nbsp;3132000 | &nbsp;&nbsp;&nbsp;&nbsp; 3323281 |
| Arizona Public Service Co., 5.55%, 08/01/2033<br>|  | &nbsp;&nbsp;1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1995570 |
| CenterPoint Energy Houston Electric LLC, 4.95%, 04/01/2033<br>|  | &nbsp;&nbsp;2269000 | &nbsp;&nbsp;&nbsp;&nbsp; 2328525 |
| Consolidated Edison Co. of New York, Inc., 5.20%, 03/01/2033<br>|  | &nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996750 |
| Constellation Energy Generation LLC, 5.80%, 03/01/2033<br>|  | &nbsp;&nbsp;2279000 | &nbsp;&nbsp;&nbsp;&nbsp; 2445037 |
| Duke Energy Carolinas LLC, 4.95%, 01/15/2033<br>|  | &nbsp;&nbsp;4611000 | &nbsp;&nbsp;&nbsp;&nbsp; 4781125 |
| Duke Energy Corp., 5.75%, 09/15/2033<br>|  | &nbsp;&nbsp;2272000 | &nbsp;&nbsp;&nbsp;&nbsp; 2430473 |
| Duke Energy Florida LLC, 5.88%, 11/15/2033<br>|  | &nbsp;&nbsp;2269000 | &nbsp;&nbsp;&nbsp;&nbsp; 2463158 |
| Duke Energy Progress LLC, 5.25%, 03/15/2033<br>|  | &nbsp;&nbsp;1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999435 |
| Entergy Louisiana LLC, 4.00%, 03/15/2033<br>|  | &nbsp;&nbsp;2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2773349 |
| Eversource Energy, 5.13%, 05/15/2033<br>|  | &nbsp;&nbsp;3029000 | &nbsp;&nbsp;&nbsp;&nbsp; 3096606 |
| Exelon Corp., 5.30%, 03/15/2033<br>|  | &nbsp;&nbsp;3132000 | &nbsp;&nbsp;&nbsp;&nbsp; 3284745 |
| Florida Power & Light Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.10%, 04/01/2033<br>|  | &nbsp;&nbsp;2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2968422 |
| &nbsp;&nbsp;&nbsp;4.80%, 05/15/2033<br>|  | &nbsp;&nbsp;2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2925895 |
| Georgia Power Co., 4.95%, 05/17/2033<br>|  | &nbsp;&nbsp;3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3811272 |
| National Rural Utilities Cooperative Finance Corp., 5.80%, 01/15/2033<br>|  | &nbsp;&nbsp;2462000 | &nbsp;&nbsp;&nbsp;&nbsp; 2663309 |
| NextEra Energy Capital Holdings, Inc., 5.05%, 02/28/2033<br>|  | &nbsp;&nbsp;3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3811008 |
| Oncor Electric Delivery Co. LLC, 5.65%, 11/15/2033<br>|  | &nbsp;&nbsp;3039000 | &nbsp;&nbsp;&nbsp;&nbsp; 3261574 |
| Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.15%, 01/15/2033<br>|  | &nbsp;&nbsp;2837000 | &nbsp;&nbsp;&nbsp;&nbsp; 3049393 |
| &nbsp;&nbsp;&nbsp;6.40%, 06/15/2033<br>|  | &nbsp;&nbsp;4246000 | &nbsp;&nbsp;&nbsp;&nbsp; 4627485 |
| PECO Energy Co., 4.90%, 06/15/2033<br>|  | &nbsp;&nbsp;2178000 | &nbsp;&nbsp;&nbsp;&nbsp; 2242540 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| PPL Electric Utilities Corp., 5.00%, 05/15/2033<br>| $| 2276000 | &nbsp;&nbsp;$2354375 |
| Public Service Electric and Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, 03/15/2033<br>|  | 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1918114 |
| &nbsp;&nbsp;&nbsp;5.20%, 08/01/2033<br>|  | 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996279 |
| Southern Co. (The), 5.20%, 06/15/2033<br>|  | 2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2950408 |
| Virginia Electric & Power Co., 5.00%, 04/01/2033<br>|  | 2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2926834 |
| Xcel Energy, Inc., 5.45%, 08/15/2033<br>|  | 2970000 | &nbsp;&nbsp;&nbsp;&nbsp; 3101412 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77526374 |
| **Electrical Equipment-0.53%** | **Electrical Equipment-0.53%** | **Electrical Equipment-0.53%** | **Electrical Equipment-0.53%** |
| Regal Rexnord Corp., 6.40%, 04/15/2033<br>|  | 4609000 | &nbsp;&nbsp;&nbsp;&nbsp; 5012885 |
| **Electronic Equipment, Instruments & Components-0.94%** | **Electronic Equipment, Instruments & Components-0.94%** | **Electronic Equipment, Instruments & Components-0.94%** | **Electronic Equipment, Instruments & Components-0.94%** |
| Amphenol Corp., 4.40%, 02/15/2033<br>|  | 4611000 | &nbsp;&nbsp;&nbsp;&nbsp; 4623691 |
| Jabil, Inc., 4.75%, 02/01/2033<br>|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996642 |
| Trimble, Inc., 6.10%, 03/15/2033<br>|  | 3029000 | &nbsp;&nbsp;&nbsp;&nbsp; 3228860 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8849193 |
| **Financial Services-3.24%** | **Financial Services-3.24%** | **Financial Services-3.24%** | **Financial Services-3.24%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 01/15/2033<br>|  | 3230000 | &nbsp;&nbsp;&nbsp;&nbsp; 3237264 |
| &nbsp;&nbsp;&nbsp;3.40%, 10/29/2033<br>|  | 5534000 | &nbsp;&nbsp;&nbsp;&nbsp; 5053324 |
| Apollo Global Management, Inc., 6.38%, 11/15/2033<sup>(b)</sup><br>|  | 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 2073794 |
| Brookfield Capital Finance LLC (Canada), 6.09%, 06/14/2033<br>|  | 2087000 | &nbsp;&nbsp;&nbsp;&nbsp; 2219977 |
| Equitable Holdings, Inc., 5.59%, 01/11/2033<br>|  | 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1985511 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.60%, 03/02/2033<br>|  | 3324000 | &nbsp;&nbsp;&nbsp;&nbsp; 3439462 |
| &nbsp;&nbsp;&nbsp;5.63%, 08/21/2033<br>|  | 4794000 | &nbsp;&nbsp;&nbsp;&nbsp; 4963601 |
| Mastercard, Inc., 4.85%, 03/09/2033<br>|  | 2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2949838 |
| Visa, Inc., 4.40%, 02/12/2033<br>|  | 2580000 | &nbsp;&nbsp;&nbsp;&nbsp; 2610002 |
| Vornado Realty L.P., 5.75%, 02/01/2033<br>|  | 1890000 | &nbsp;&nbsp;&nbsp;&nbsp; 1918347 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30451120 |
| **Food Products-2.32%** | **Food Products-2.32%** | **Food Products-2.32%** | **Food Products-2.32%** |
| Archer-Daniels-Midland Co., 4.50%, 08/15/2033<br>|  | 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1929795 |
| General Mills, Inc., 4.95%, 03/29/2033<br>|  | 3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3773357 |
| J.M. Smucker Co. (The), 6.20%, 11/15/2033<br>|  | 3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 4049274 |
| JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 5.75%, 04/01/2033<br>|  | 6123000 | &nbsp;&nbsp;&nbsp;&nbsp; 6442871 |
| McCormick & Co., Inc., 4.95%, 04/15/2033<br>|  | 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1955542 |
| Pilgrim's Pride Corp., 6.25%, 07/01/2033<br>|  | 3406000 | &nbsp;&nbsp;&nbsp;&nbsp; 3675030 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21825869 |
| **Gas Utilities-0.53%** | **Gas Utilities-0.53%** | **Gas Utilities-0.53%** | **Gas Utilities-0.53%** |
| Atmos Energy Corp., 5.90%, 11/15/2033<br>|  | 2746000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005506 |
| Southern California Gas Co., 5.20%, 06/01/2033<br>|  | 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1975692 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981198 |
| **Ground Transportation-1.09%** | **Ground Transportation-1.09%** | **Ground Transportation-1.09%** | **Ground Transportation-1.09%** |
| CSX Corp., 5.20%, 11/15/2033<br>|  | 2279000 | &nbsp;&nbsp;&nbsp;&nbsp; 2399413 |

---

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

------

#### 62

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** |
| Norfolk Southern Corp., 4.45%, 03/01/2033<br>| $| 1895000 | &nbsp;&nbsp;$1907983 |
| Ryder System, Inc., 6.60%, 12/01/2033<br>|  | 2269000 | &nbsp;&nbsp;&nbsp;&nbsp; 2562550 |
| Union Pacific Corp., 4.50%, 01/20/2033<br>|  | 3324000 | &nbsp;&nbsp;&nbsp;&nbsp; 3393784 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10263730 |
| **Health Care Equipment & Supplies-0.40%** | **Health Care Equipment & Supplies-0.40%** | **Health Care Equipment & Supplies-0.40%** | **Health Care Equipment & Supplies-0.40%** |
| Medtronic Global Holdings S.C.A., 4.50%, 03/30/2033<br>|  | 3690000 | &nbsp;&nbsp;&nbsp;&nbsp; 3729169 |
| **Health Care Providers & Services-5.35%** | **Health Care Providers & Services-5.35%** | **Health Care Providers & Services-5.35%** | **Health Care Providers & Services-5.35%** |
| Cencora, Inc., 4.60%, 02/13/2033<br>|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007612 |
| Cigna Group (The), 5.40%, 03/15/2033<br>|  | 3039000 | &nbsp;&nbsp;&nbsp;&nbsp; 3199005 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 02/21/2033<br>|  | 6450000 | &nbsp;&nbsp;&nbsp;&nbsp; 6701462 |
| &nbsp;&nbsp;&nbsp;5.30%, 06/01/2033<br>|  | 4609000 | &nbsp;&nbsp;&nbsp;&nbsp; 4779926 |
| Elevance Health, Inc., 4.75%, 02/15/2033<br>|  | 3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3737347 |
| HCA, Inc., 5.50%, 06/01/2033<br>|  | 4613000 | &nbsp;&nbsp;&nbsp;&nbsp; 4836796 |
| Humana, Inc., 5.88%, 03/01/2033<br>|  | 2853000 | &nbsp;&nbsp;&nbsp;&nbsp; 2987625 |
| McKesson Corp., 5.10%, 07/15/2033<br>|  | 2279000 | &nbsp;&nbsp;&nbsp;&nbsp; 2382239 |
| Providence St. Joseph Health Obligated Group, 5.40%, 10/01/2033<br>|  | 2215000 | &nbsp;&nbsp;&nbsp;&nbsp; 2320140 |
| Quest Diagnostics, Inc., 6.40%, 11/30/2033<br>|  | 2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 3183990 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, 02/15/2033<br>|  | 7379000 | &nbsp;&nbsp;&nbsp;&nbsp; 7749407 |
| &nbsp;&nbsp;&nbsp;4.50%, 04/15/2033<br>|  | 5534000 | &nbsp;&nbsp;&nbsp;&nbsp; 5528795 |
| UPMC, 5.04%, 05/15/2033<br>|  | 1890000 | &nbsp;&nbsp;&nbsp;&nbsp; 1945804 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50360148 |
| **Health Care REITs-0.78%** | **Health Care REITs-0.78%** | **Health Care REITs-0.78%** | **Health Care REITs-0.78%** |
| Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033<br>|  | 3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3071260 |
| Healthpeak OP LLC, 4.75%, 01/15/2033<br>|  | 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1906821 |
| Omega Healthcare Investors, Inc., 3.25%, 04/15/2033<br>|  | 2654000 | &nbsp;&nbsp;&nbsp;&nbsp; 2397701 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7375782 |
| **Hotels, Restaurants & Leisure-0.93%** | **Hotels, Restaurants & Leisure-0.93%** | **Hotels, Restaurants & Leisure-0.93%** | **Hotels, Restaurants & Leisure-0.93%** |
| Darden Restaurants, Inc., 6.30%, 10/10/2033<br>|  | 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 2085009 |
| Marriott International, Inc., Series II, 2.75%, 10/15/2033<sup>(b)</sup><br>|  | 2654000 | &nbsp;&nbsp;&nbsp;&nbsp; 2352965 |
| McDonald's Corp., 4.95%, 08/14/2033<sup>(b)</sup><br>|  | 2279000 | &nbsp;&nbsp;&nbsp;&nbsp; 2374016 |
| Starbucks Corp., 4.80%, 02/15/2033<br>|  | 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1956377 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8768367 |
| **Household Products-0.54%** | **Household Products-0.54%** | **Household Products-0.54%** | **Household Products-0.54%** |
| Colgate-Palmolive Co., 4.60%, 03/01/2033<sup>(b)</sup><br>|  | 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1957829 |
| Procter & Gamble Co. (The), 4.05%, 01/26/2033<sup>(b)</sup><br>|  | 3131000 | &nbsp;&nbsp;&nbsp;&nbsp; 3160867 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5118696 |
| **Industrial Conglomerates-0.96%** | **Industrial Conglomerates-0.96%** | **Industrial Conglomerates-0.96%** | **Industrial Conglomerates-0.96%** |
| Eaton Corp., 4.15%, 03/15/2033<sup>(b)</sup><br>|  | 4796000 | &nbsp;&nbsp;&nbsp;&nbsp; 4788097 |
| Honeywell International, Inc., 5.00%, 02/15/2033<br>|  | 4060000 | &nbsp;&nbsp;&nbsp;&nbsp; 4236491 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9024588 |
| **Insurance-2.69%** | **Insurance-2.69%** | **Insurance-2.69%** | **Insurance-2.69%** |
| Allstate Corp. (The), 5.25%, 03/30/2033<br>|  | 2837000 | &nbsp;&nbsp;&nbsp;&nbsp; 2964913 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** |
| American International Group, Inc., 5.13%, 03/27/2033<br>| $| 2847000 | &nbsp;&nbsp;$2935814 |
| Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/2033<br>|  | 2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2980199 |
| Fairfax Financial Holdings Ltd. (Canada), 6.00%, 12/07/2033<br>|  | 2835000 | &nbsp;&nbsp;&nbsp;&nbsp; 3031740 |
| Marsh & McLennan Cos., Inc., 5.40%, 09/15/2033<br>|  | 2279000 | &nbsp;&nbsp;&nbsp;&nbsp; 2400408 |
| MetLife, Inc., 5.38%, 07/15/2033<br>|  | 3749000 | &nbsp;&nbsp;&nbsp;&nbsp; 3953410 |
| Progressive Corp. (The), 4.95%, 06/15/2033<br>|  | 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 1966652 |
| Travelers Property Casualty Corp., 6.38%, 03/15/2033<sup>(b)</sup><br>|  | 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 2148631 |
| Willis North America, Inc., 5.35%, 05/15/2033<br>|  | 2837000 | &nbsp;&nbsp;&nbsp;&nbsp; 2923436 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25305203 |
| **Interactive Media & Services-1.08%** | **Interactive Media & Services-1.08%** | **Interactive Media & Services-1.08%** | **Interactive Media & Services-1.08%** |
| Alphabet, Inc., 4.40%, 02/15/2033<br>|  | 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3430969 |
| Meta Platforms, Inc., 4.95%, 05/15/2033<br>|  | 6456000 | &nbsp;&nbsp;&nbsp;&nbsp; 6682998 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10113967 |
| **IT Services-0.42%** | **IT Services-0.42%** | **IT Services-0.42%** | **IT Services-0.42%** |
| International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, 02/03/2033<br>|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008079 |
| &nbsp;&nbsp;&nbsp;4.75%, 02/06/2033<br>|  | 2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2902229 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910308 |
| **Life Sciences Tools & Services-0.63%** | **Life Sciences Tools & Services-0.63%** | **Life Sciences Tools & Services-0.63%** | **Life Sciences Tools & Services-0.63%** |
| Thermo Fisher Scientific, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 06/15/2033<br>|  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023330 |
| &nbsp;&nbsp;&nbsp;5.09%, 08/10/2033<br>|  | 3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3851663 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5874993 |
| **Machinery-1.56%** | **Machinery-1.56%** | **Machinery-1.56%** | **Machinery-1.56%** |
| Ingersoll Rand, Inc., 5.70%, 08/14/2033<br>|  | 3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3948872 |
| John Deere Capital Corp., Series I, 5.15%, 09/08/2033<br>|  | 3687000 | &nbsp;&nbsp;&nbsp;&nbsp; 3899421 |
| Nordson Corp., 5.80%, 09/15/2033<br>|  | 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026972 |
| nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033<br>|  | 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003284 |
| Trane Technologies Financing Ltd., 5.25%, 03/03/2033<br>|  | 2644000 | &nbsp;&nbsp;&nbsp;&nbsp; 2796394 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14674943 |
| **Media-3.18%** | **Media-3.18%** | **Media-3.18%** | **Media-3.18%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.40%, 04/01/2033<br>|  | 3751000 | &nbsp;&nbsp;&nbsp;&nbsp; 3574010 |
| Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 01/15/2033<br>|  | 6274000 | &nbsp;&nbsp;&nbsp;&nbsp; 6216364 |
| &nbsp;&nbsp;&nbsp;4.65%, 02/15/2033<sup>(b)</sup><br>|  | 3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3749007 |
| &nbsp;&nbsp;&nbsp;7.05%, 03/15/2033<br>|  | 2837000 | &nbsp;&nbsp;&nbsp;&nbsp; 3278787 |
| &nbsp;&nbsp;&nbsp;4.80%, 05/15/2033<sup>(b)</sup><br>|  | 3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3765592 |
| Fox Corp., 6.50%, 10/13/2033<br>|  | 4610000 | &nbsp;&nbsp;&nbsp;&nbsp; 5061339 |
| Time Warner Cable Enterprises LLC, 8.38%, 07/15/2033<br>|  | 3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 4315367 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29960466 |

---

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

------

#### 63

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Metals & Mining-0.33%** | **Metals & Mining-0.33%** | **Metals & Mining-0.33%** |
| Rio Tinto Alcan, Inc. (Canada), 6.13%, 12/15/2033<br>| $2847000 | &nbsp;&nbsp;$3143175 |
| **Multi-Utilities-1.60%** | **Multi-Utilities-1.60%** | **Multi-Utilities-1.60%** |
| Ameren Illinois Co., 4.95%, 06/01/2033<br>| 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1956793 |
| Consumers Energy Co., 4.63%, 05/15/2033<br>| 2654000 | &nbsp;&nbsp;&nbsp;&nbsp; 2694659 |
| Dominion Energy, Inc., Series F, 5.25%, 08/01/2033<br>| 1941000 | &nbsp;&nbsp;&nbsp;&nbsp; 2012204 |
| DTE Electric Co., 5.20%, 04/01/2033<br>| 2269000 | &nbsp;&nbsp;&nbsp;&nbsp; 2378248 |
| National Grid PLC (United Kingdom), 5.81%, 06/12/2033<br>| 3029000 | &nbsp;&nbsp;&nbsp;&nbsp; 3241300 |
| Sempra, 5.50%, 08/01/2033<br>| 2650000 | &nbsp;&nbsp;&nbsp;&nbsp; 2796285 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15079489 |
| **Office REITs-0.28%** | **Office REITs-0.28%** | **Office REITs-0.28%** |
| Boston Properties L.P., 2.45%, 10/01/2033<br>| 3215000 | &nbsp;&nbsp;&nbsp;&nbsp; 2659403 |
| **Oil, Gas & Consumable Fuels-11.85%** | **Oil, Gas & Consumable Fuels-11.85%** | **Oil, Gas & Consumable Fuels-11.85%** |
| BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.81%, 02/13/2033<br>| 8295000 | &nbsp;&nbsp;&nbsp;&nbsp; 8504786 |
| &nbsp;&nbsp;&nbsp;4.89%, 09/11/2033<br>| 5528000 | &nbsp;&nbsp;&nbsp;&nbsp; 5683725 |
| Cheniere Energy Partners L.P., 5.95%, 06/30/2033<br>| 5159000 | &nbsp;&nbsp;&nbsp;&nbsp; 5535523 |
| ConocoPhillips Co., 5.05%, 09/15/2033<sup>(b)</sup><br>| 3687000 | &nbsp;&nbsp;&nbsp;&nbsp; 3839159 |
| Diamondback Energy, Inc., 6.25%, 03/15/2033<br>| 4056000 | &nbsp;&nbsp;&nbsp;&nbsp; 4437174 |
| Enbridge, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;5.70%, 03/08/2033<br>| 8478000 | &nbsp;&nbsp;&nbsp;&nbsp; 9013211 |
| &nbsp;&nbsp;&nbsp;2.50%, 08/01/2033<br>| 3686000 | &nbsp;&nbsp;&nbsp;&nbsp; 3217011 |
| Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 02/15/2033<br>| 5527000 | &nbsp;&nbsp;&nbsp;&nbsp; 5875715 |
| &nbsp;&nbsp;&nbsp;6.55%, 12/01/2033<br>| 5534000 | &nbsp;&nbsp;&nbsp;&nbsp; 6130823 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, 01/31/2033<br>| 3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3900966 |
| &nbsp;&nbsp;&nbsp;Series D, 6.88%, 03/01/2033<br>| 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 2177161 |
| Hess Corp., 7.13%, 03/15/2033<br>| 2040000 | &nbsp;&nbsp;&nbsp;&nbsp; 2385110 |
| Kinder Morgan Energy Partners L.P., 7.30%, 08/15/2033<br>| 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 2219794 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.80%, 02/01/2033<br>| 2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2899224 |
| &nbsp;&nbsp;&nbsp;5.20%, 06/01/2033<br>| 5536000 | &nbsp;&nbsp;&nbsp;&nbsp; 5778591 |
| MPLX L.P. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 01/15/2033<br>| 2837000 | &nbsp;&nbsp;&nbsp;&nbsp; 2883936 |
| &nbsp;&nbsp;&nbsp;5.00%, 03/01/2033<br>| 4054000 | &nbsp;&nbsp;&nbsp;&nbsp; 4121928 |
| ONEOK, Inc., 6.05%, 09/01/2033<br>| 5534000 | &nbsp;&nbsp;&nbsp;&nbsp; 5943764 |
| Ovintiv, Inc., 6.25%, 07/15/2033<br>| 2276000 | &nbsp;&nbsp;&nbsp;&nbsp; 2457005 |
| Phillips 66 Co., 5.30%, 06/30/2033<br>| 3324000 | &nbsp;&nbsp;&nbsp;&nbsp; 3456005 |
| Southern Co. Gas Capital Corp., 5.75%, 09/15/2033<br>| 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 2038384 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.20%, 02/01/2033<br>| 2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2765723 |
| &nbsp;&nbsp;&nbsp;6.13%, 03/15/2033<br>| 3404000 | &nbsp;&nbsp;&nbsp;&nbsp; 3684308 |
| TotalEnergies Capital USA LLC (France), 4.57%, 01/13/2033<br>| 4610000 | &nbsp;&nbsp;&nbsp;&nbsp; 4668844 |
| Western Midstream Operating L.P., 6.15%, 04/01/2033<br>| 2843000 | &nbsp;&nbsp;&nbsp;&nbsp; 3043268 |
| Williams Cos., Inc. (The), 5.65%, 03/15/2033<br>| 4607000 | &nbsp;&nbsp;&nbsp;&nbsp; 4876348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;111537486 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Personal Care Products-1.13%** | **Personal Care Products-1.13%** | **Personal Care Products-1.13%** |
| Estee Lauder Cos., Inc. (The), 4.65%, 05/15/2033<sup>(b)</sup><br>| $2654000 | &nbsp;&nbsp;$2697265 |
| Kenvue, Inc., 4.90%, 03/22/2033<br>| 4611000 | &nbsp;&nbsp;&nbsp;&nbsp; 4764455 |
| Unilever Capital Corp. (United Kingdom), 5.00%, 12/08/2033<br>| 3029000 | &nbsp;&nbsp;&nbsp;&nbsp; 3176338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10638058 |
| **Pharmaceuticals-2.40%** | **Pharmaceuticals-2.40%** | **Pharmaceuticals-2.40%** |
| AstraZeneca Finance LLC (United Kingdom), 4.88%, 03/03/2033<br>| 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1972307 |
| Bristol-Myers Squibb Co., 5.90%, 11/15/2033<br>| 2852000 | &nbsp;&nbsp;&nbsp;&nbsp; 3133431 |
| Eli Lilly and Co., 4.70%, 02/27/2033<br>| 3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3797105 |
| Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 05/15/2033<br>| 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 2020592 |
| &nbsp;&nbsp;&nbsp;4.38%, 12/05/2033<br>| 3132000 | &nbsp;&nbsp;&nbsp;&nbsp; 3191072 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 05/17/2033<br>| 5534000 | &nbsp;&nbsp;&nbsp;&nbsp; 5641401 |
| &nbsp;&nbsp;&nbsp;6.50%, 12/01/2033<br>| 2468000 | &nbsp;&nbsp;&nbsp;&nbsp; 2819356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22575264 |
| **Professional Services-0.64%** | **Professional Services-0.64%** | **Professional Services-0.64%** |
| Concentrix Corp., 6.85%, 08/02/2033<sup>(b)</sup><br>| 2087000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007904 |
| Jacobs Engineering Group, Inc., 5.90%, 03/01/2033<br>| 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010358 |
| Verisk Analytics, Inc., 5.75%, 04/01/2033<br>| 1905000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6037634 |
| **Real Estate Management & Development-0.31%** | **Real Estate Management & Development-0.31%** | **Real Estate Management & Development-0.31%** |
| CBRE Services, Inc., 4.90%, 01/15/2033<br>| 2842000 | &nbsp;&nbsp;&nbsp;&nbsp; 2878633 |
| **Residential REITs-0.24%** | **Residential REITs-0.24%** | **Residential REITs-0.24%** |
| Invitation Homes Operating Partnership L.P., 4.95%, 01/15/2033<br>| 2269000 | &nbsp;&nbsp;&nbsp;&nbsp; 2287771 |
| **Retail REITs-1.00%** | **Retail REITs-1.00%** | **Retail REITs-1.00%** |
| Kimco Realty OP LLC, 4.60%, 02/01/2033<br>| 2462000 | &nbsp;&nbsp;&nbsp;&nbsp; 2489341 |
| NNN REIT, Inc., 5.60%, 10/15/2033<br>| 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998686 |
| Realty Income Corp., 4.90%, 07/15/2033<sup>(b)</sup><br>| 2274000 | &nbsp;&nbsp;&nbsp;&nbsp; 2333922 |
| Simon Property Group L.P., 5.50%, 03/08/2033<br>| 2462000 | &nbsp;&nbsp;&nbsp;&nbsp; 2614909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9436858 |
| **Semiconductors & Semiconductor Equipment-4.45%** | **Semiconductors & Semiconductor Equipment-4.45%** | **Semiconductors & Semiconductor Equipment-4.45%** |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, 01/15/2033<br>| 4611000 | &nbsp;&nbsp;&nbsp;&nbsp; 4662277 |
| &nbsp;&nbsp;&nbsp;2.60%, 02/15/2033<br>| 6441000 | &nbsp;&nbsp;&nbsp;&nbsp; 5735740 |
| &nbsp;&nbsp;&nbsp;3.42%, 04/15/2033<br>| 8292000 | &nbsp;&nbsp;&nbsp;&nbsp; 7769100 |
| Intel Corp., 5.20%, 02/10/2033<sup>(b)</sup><br>| 8301000 | &nbsp;&nbsp;&nbsp;&nbsp; 8561176 |
| Marvell Technology, Inc., 5.95%, 09/15/2033<br>| 1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036603 |
| Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 02/09/2033<br>| 2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 3067078 |
| &nbsp;&nbsp;&nbsp;5.88%, 09/15/2033<br>| 3324000 | &nbsp;&nbsp;&nbsp;&nbsp; 3577007 |
| QUALCOMM, Inc., 5.40%, 05/20/2033<sup>(b)</sup><br>| 2644000 | &nbsp;&nbsp;&nbsp;&nbsp; 2820481 |
| Texas Instruments, Inc., 4.90%, 03/14/2033<br>| 3499000 | &nbsp;&nbsp;&nbsp;&nbsp; 3636214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41865676 |
| **Software-2.20%** | **Software-2.20%** | **Software-2.20%** |
| Intuit, Inc., 5.20%, 09/15/2033<br>| 4611000 | &nbsp;&nbsp;&nbsp;&nbsp; 4783402 |

---

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

------

#### 64

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software-(continued)** | **Software-(continued)** | **Software-(continued)** | **Software-(continued)** |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 02/06/2033<br>| $| &nbsp;&nbsp;5534000 | &nbsp;&nbsp;&nbsp;&nbsp;$5412597 |
| &nbsp;&nbsp;&nbsp;5.35%, 05/04/2033<br>|  | 10500000 | &nbsp;&nbsp;&nbsp;&nbsp; 10538568 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20734567 |
| **Specialized REITs-2.77%** | **Specialized REITs-2.77%** | **Specialized REITs-2.77%** | **Specialized REITs-2.77%** |
| American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.65%, 03/15/2033<br>|  | &nbsp;&nbsp;3029000 | &nbsp;&nbsp;&nbsp;&nbsp; 3220039 |
| &nbsp;&nbsp;&nbsp;5.55%, 07/15/2033<br>|  | &nbsp;&nbsp;3132000 | &nbsp;&nbsp;&nbsp;&nbsp; 3308230 |
| &nbsp;&nbsp;&nbsp;5.90%, 11/15/2033<br>|  | &nbsp;&nbsp;2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 3073093 |
| Crown Castle, Inc., 5.10%, 05/01/2033<br>|  | &nbsp;&nbsp;2837000 | &nbsp;&nbsp;&nbsp;&nbsp; 2892255 |
| Extra Space Storage L.P., 4.95%, 01/15/2033<br>|  | &nbsp;&nbsp;3039000 | &nbsp;&nbsp;&nbsp;&nbsp; 3088421 |
| GLP Capital L.P./GLP Financing II, Inc., 5.25%, 02/15/2033<br>|  | &nbsp;&nbsp;2269000 | &nbsp;&nbsp;&nbsp;&nbsp; 2287279 |
| Prologis L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 01/15/2033<br>|  | &nbsp;&nbsp;2462000 | &nbsp;&nbsp;&nbsp;&nbsp; 2499348 |
| &nbsp;&nbsp;&nbsp;4.75%, 06/15/2033<br>|  | &nbsp;&nbsp;2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2909220 |
| Public Storage Operating Co., 5.10%, 08/01/2033<br>|  | &nbsp;&nbsp;2654000 | &nbsp;&nbsp;&nbsp;&nbsp; 2771484 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26049369 |
| **Specialty Retail-2.68%** | **Specialty Retail-2.68%** | **Specialty Retail-2.68%** | **Specialty Retail-2.68%** |
| AutoZone, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 02/01/2033<br>|  | &nbsp;&nbsp;2088000 | &nbsp;&nbsp;&nbsp;&nbsp; 2113828 |
| &nbsp;&nbsp;&nbsp;6.55%, 11/01/2033<br>|  | &nbsp;&nbsp;1895000 | &nbsp;&nbsp;&nbsp;&nbsp; 2120548 |
| Booz Allen Hamilton, Inc., 5.95%, 08/04/2033<br>|  | &nbsp;&nbsp;2463000 | &nbsp;&nbsp;&nbsp;&nbsp; 2527708 |
| Dell International LLC/EMC Corp., 5.75%, 02/01/2033<br>|  | &nbsp;&nbsp;3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3918473 |
| Leidos, Inc., 5.75%, 03/15/2033<br>|  | &nbsp;&nbsp;2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 3024116 |
| Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 04/15/2033<br>|  | &nbsp;&nbsp;4614000 | &nbsp;&nbsp;&nbsp;&nbsp; 4764203 |
| &nbsp;&nbsp;&nbsp;5.15%, 07/01/2033<br>|  | &nbsp;&nbsp;3687000 | &nbsp;&nbsp;&nbsp;&nbsp; 3829954 |
| Tractor Supply Co., 5.25%, 05/15/2033<br>|  | &nbsp;&nbsp;2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2959673 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25258503 |
| **Technology Hardware, Storage & Peripherals-0.84%** | **Technology Hardware, Storage & Peripherals-0.84%** | **Technology Hardware, Storage & Peripherals-0.84%** | **Technology Hardware, Storage & Peripherals-0.84%** |
| Apple, Inc., 4.30%, 05/10/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;3689000 | &nbsp;&nbsp;&nbsp;&nbsp; 3771172 |
| HP, Inc., 5.50%, 01/15/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;4054000 | &nbsp;&nbsp;&nbsp;&nbsp; 4167007 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7938179 |
| **Tobacco-2.44%** | **Tobacco-2.44%** | **Tobacco-2.44%** | **Tobacco-2.44%** |
| Altria Group, Inc., 6.88%, 11/01/2033<br>|  | &nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp; 2138061 |
| B.A.T. Capital Corp. (United Kingdom) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 03/22/2033<br>|  | &nbsp;&nbsp;2847000 | &nbsp;&nbsp;&nbsp;&nbsp; 2859809 |
| &nbsp;&nbsp;&nbsp;6.42%, 08/02/2033<br>|  | &nbsp;&nbsp;4611000 | &nbsp;&nbsp;&nbsp;&nbsp; 5130201 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Tobacco-(continued)** | **Tobacco-(continued)** | **Tobacco-(continued)** |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 02/15/2033<br>| &nbsp;&nbsp;8298000 | &nbsp;&nbsp;&nbsp;&nbsp;$8764338 |
| &nbsp;&nbsp;&nbsp;5.63%, 09/07/2033<br>| &nbsp;&nbsp;3782000 | &nbsp;&nbsp;&nbsp;&nbsp; 4056112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22948521 |
| **Wireless Telecommunication Services-1.89%** | **Wireless Telecommunication Services-1.89%** | **Wireless Telecommunication Services-1.89%** |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 01/15/2033<br>| &nbsp;&nbsp;3039000 | &nbsp;&nbsp;&nbsp;&nbsp; 3064018 |
| &nbsp;&nbsp;&nbsp;5.20%, 01/15/2033<br>| &nbsp;&nbsp;4611000 | &nbsp;&nbsp;&nbsp;&nbsp; 4801848 |
| &nbsp;&nbsp;&nbsp;5.05%, 07/15/2033<br>| &nbsp;&nbsp;9588000 | &nbsp;&nbsp;&nbsp;&nbsp; 9893238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17759104 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $902,796,002) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $902,796,002) | &nbsp;&nbsp;929421526 |
|  | **Shares** |  |
| **Money Market Funds-0.01%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(c)(d)</sup><br>(Cost $117,134)<br>| &nbsp;&nbsp;&nbsp;&nbsp;117134 | &nbsp;&nbsp;&nbsp;&nbsp; 117134 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.76%<br>(Cost $902,913,136) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.76%<br>(Cost $902,913,136) | &nbsp;&nbsp;929538660 |
| **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-4.36%** | **Money Market Funds-4.36%** | **Money Market Funds-4.36%** |
| Invesco Private Government Fund, 3.64%<sup>(c)(d)(e)</sup><br>| 11378690 | &nbsp;&nbsp;&nbsp;&nbsp; 11378690 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup><br>| 29587413 | &nbsp;&nbsp;&nbsp;&nbsp; 29596289 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $40,974,979) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $40,974,979) | &nbsp;&nbsp;&nbsp;&nbsp;40974979 |
| TOTAL INVESTMENTS IN SECURITIES-103.12%<br>(Cost $943,888,115) | TOTAL INVESTMENTS IN SECURITIES-103.12%<br>(Cost $943,888,115) | &nbsp;&nbsp;970513639 |
| OTHER ASSETS LESS LIABILITIES-(3.12)% | OTHER ASSETS LESS LIABILITIES-(3.12)% | &nbsp;&nbsp;&nbsp;(29325950) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $941187689 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

------

#### 65

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Corporate Bond ETF (BSCX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$647772 | &nbsp;&nbsp;&nbsp;$29161677 | &nbsp;&nbsp;&nbsp;$(29692315) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$117134 | &nbsp;&nbsp;&nbsp;$36593 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7554853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36658477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32834640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;11378690 | &nbsp;&nbsp;&nbsp;&nbsp;177,477\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;19625700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77405122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67434004) | &nbsp;&nbsp;&nbsp;&nbsp;(1110) | &nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;29596289 | &nbsp;&nbsp;&nbsp;&nbsp;481,608\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$27828325 | &nbsp;&nbsp;&nbsp;$143225276 | &nbsp;&nbsp;&nbsp;$(129960959) | &nbsp;&nbsp;&nbsp;$(1110) | &nbsp;&nbsp;&nbsp;$581 | &nbsp;&nbsp;&nbsp;$41092113 | &nbsp;&nbsp;&nbsp;$695678 |

---

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

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

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 66

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Corporate Bond ETF (BSCY)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.51%** | **U.S. Dollar Denominated Bonds & Notes-98.51%** | **U.S. Dollar Denominated Bonds & Notes-98.51%** |
| **Aerospace & Defense-2.98%** | **Aerospace & Defense-2.98%** | **Aerospace & Defense-2.98%** |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 05/01/2034<br>| $1425000 | &nbsp;&nbsp;&nbsp;&nbsp;$1315057 |
| &nbsp;&nbsp;&nbsp;6.53%, 05/01/2034<br>| 4277000 | &nbsp;&nbsp;&nbsp;&nbsp; 4796775 |
| L3Harris Technologies, Inc., 5.35%, 06/01/2034<br>| 1262000 | &nbsp;&nbsp;&nbsp;&nbsp; 1317322 |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 02/15/2034<br>| 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495695 |
| &nbsp;&nbsp;&nbsp;4.80%, 08/15/2034<br>| 1011000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035253 |
| Northrop Grumman Corp., 4.90%, 06/01/2034<br>| 1456000 | &nbsp;&nbsp;&nbsp;&nbsp; 1493998 |
| RTX Corp., 6.10%, 03/15/2034<br>| 2569000 | &nbsp;&nbsp;&nbsp;&nbsp; 2841280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14295380 |
| **Air Freight & Logistics-0.53%** | **Air Freight & Logistics-0.53%** | **Air Freight & Logistics-0.53%** |
| GXO Logistics, Inc., 6.50%, 05/06/2034<br>| &nbsp;&nbsp;&nbsp;856000 | &nbsp;&nbsp;&nbsp;&nbsp; 932127 |
| United Parcel Service, Inc., 5.15%, 05/22/2034<br>| 1512000 | &nbsp;&nbsp;&nbsp;&nbsp; 1592585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524712 |
| **Automobile Components-0.38%** | **Automobile Components-0.38%** | **Automobile Components-0.38%** |
| Aptiv Swiss Holdings Ltd., 5.15%, 09/13/2034<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;884000 | &nbsp;&nbsp;&nbsp;&nbsp; 907690 |
| BorgWarner, Inc., 5.40%, 08/15/2034<br>| &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 893505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801195 |
| **Automobiles-1.17%** | **Automobiles-1.17%** | **Automobiles-1.17%** |
| American Honda Finance Corp., 4.90%, 01/10/2034<br>| 1281000 | &nbsp;&nbsp;&nbsp;&nbsp; 1301750 |
| Ford Motor Credit Co. LLC, 6.13%, 03/08/2034<br>| 2827000 | &nbsp;&nbsp;&nbsp;&nbsp; 2923823 |
| Toyota Motor Credit Corp., 4.80%, 01/05/2034<br>| 1368000 | &nbsp;&nbsp;&nbsp;&nbsp; 1403685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5629258 |
| **Banks-2.55%** | **Banks-2.55%** | **Banks-2.55%** |
| Banco Santander S.A. (Spain), 6.35%, 03/14/2034<br>| 2145000 | &nbsp;&nbsp;&nbsp;&nbsp; 2317104 |
| Bank of Nova Scotia (The) (Canada), 5.65%, 02/01/2034<br>| 1458000 | &nbsp;&nbsp;&nbsp;&nbsp; 1562791 |
| Citibank N.A., 5.57%, 04/30/2034<br>| 3432000 | &nbsp;&nbsp;&nbsp;&nbsp; 3650557 |
| Royal Bank of Canada (Canada), 5.15%, 02/01/2034<sup>(b)</sup><br>| 2139000 | &nbsp;&nbsp;&nbsp;&nbsp; 2252931 |
| Sumitomo Mitsui Financial Group, Inc. (Japan), 5.56%, 07/09/2034<br>| 2314000 | &nbsp;&nbsp;&nbsp;&nbsp; 2450816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12234199 |
| **Beverages-1.70%** | **Beverages-1.70%** | **Beverages-1.70%** |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium), 5.00%, 06/15/2034<sup>(b)</sup><br>| 1713000 | &nbsp;&nbsp;&nbsp;&nbsp; 1784432 |
| Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 05/13/2034<br>| 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1807613 |
| &nbsp;&nbsp;&nbsp;4.65%, 08/14/2034<sup>(b)</sup><br>| 1282000 | &nbsp;&nbsp;&nbsp;&nbsp; 1325985 |
| Coca-Cola Consolidated, Inc., 5.45%, 06/01/2034<br>| &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 912191 |
| Keurig Dr Pepper, Inc., 5.30%, 03/15/2034<br>| 1114000 | &nbsp;&nbsp;&nbsp;&nbsp; 1146643 |
| PepsiCo, Inc., 4.80%, 07/17/2034<br>| 1118000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8135541 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology-1.09%** | **Biotechnology-1.09%** | **Biotechnology-1.09%** |
| AbbVie, Inc., 5.05%, 03/15/2034<br>| $5036000 | &nbsp;&nbsp;$5230011 |
| **Broadline Retail-0.46%** | **Broadline Retail-0.46%** | **Broadline Retail-0.46%** |
| Amazon.com, Inc., 4.80%, 12/05/2034<br>| 2139000 | &nbsp;&nbsp;&nbsp;&nbsp; 2219625 |
| **Building Products-0.91%** | **Building Products-0.91%** | **Building Products-0.91%** |
| Carrier Global Corp., 5.90%, 03/15/2034<br>| 1496000 | &nbsp;&nbsp;&nbsp;&nbsp; 1619042 |
| CRH America Finance, Inc., 5.40%, 05/21/2034<br>| 1283000 | &nbsp;&nbsp;&nbsp;&nbsp; 1343625 |
| Owens Corning, 5.70%, 06/15/2034<br>| 1340000 | &nbsp;&nbsp;&nbsp;&nbsp; 1421916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384583 |
| **Capital Markets-1.82%** | **Capital Markets-1.82%** | **Capital Markets-1.82%** |
| Brookfield Finance, Inc. (Canada), 6.35%, 01/05/2034<br>| 1203000 | &nbsp;&nbsp;&nbsp;&nbsp; 1305713 |
| Jefferies Financial Group, Inc., 6.20%, 04/14/2034<br>| 2570000 | &nbsp;&nbsp;&nbsp;&nbsp; 2688827 |
| Moody's Corp., 5.00%, 08/05/2034<br>| &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 883440 |
| Nasdaq, Inc., 5.55%, 02/15/2034<br>| 1937000 | &nbsp;&nbsp;&nbsp;&nbsp; 2042131 |
| Nomura Holdings, Inc. (Japan), 5.78%, 07/03/2034<br>| 1717000 | &nbsp;&nbsp;&nbsp;&nbsp; 1827456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8747567 |
| **Chemicals-1.84%** | **Chemicals-1.84%** | **Chemicals-1.84%** |
| Air Products and Chemicals, Inc., 4.85%, 02/08/2034<br>| 1975000 | &nbsp;&nbsp;&nbsp;&nbsp; 2028198 |
| CF Industries, Inc., 5.15%, 03/15/2034<br>| 1282000 | &nbsp;&nbsp;&nbsp;&nbsp; 1306671 |
| Dow Chemical Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, 02/15/2034<br>| 1032000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024933 |
| &nbsp;&nbsp;&nbsp;4.25%, 10/01/2034<br>| &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp; 730935 |
| Eastman Chemical Co., 5.63%, 02/20/2034<sup>(b)</sup><br>| 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1347480 |
| LYB International Finance III LLC, 5.50%, 03/01/2034<br>| 1281000 | &nbsp;&nbsp;&nbsp;&nbsp; 1291589 |
| Nutrien Ltd. (Canada), 5.40%, 06/21/2034<br>| 1032000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078559 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8808365 |
| **Commercial Services & Supplies-1.44%** | **Commercial Services & Supplies-1.44%** | **Commercial Services & Supplies-1.44%** |
| CDW LLC/CDW Finance Corp., 5.55%, 08/22/2034<br>| 1027000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034084 |
| Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 04/01/2034<br>| 1368000 | &nbsp;&nbsp;&nbsp;&nbsp; 1419412 |
| &nbsp;&nbsp;&nbsp;5.20%, 11/15/2034<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 898501 |
| Waste Connections, Inc., 5.00%, 03/01/2034<br>| 1284000 | &nbsp;&nbsp;&nbsp;&nbsp; 1327915 |
| Waste Management, Inc., 4.88%, 02/15/2034<br>| 2139000 | &nbsp;&nbsp;&nbsp;&nbsp; 2215916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895828 |
| **Communications Equipment-1.26%** | **Communications Equipment-1.26%** | **Communications Equipment-1.26%** |
| Cisco Systems, Inc., 5.05%, 02/26/2034<br>| 4289000 | &nbsp;&nbsp;&nbsp;&nbsp; 4453079 |
| Motorola Solutions, Inc., 5.40%, 04/15/2034<br>| 1543000 | &nbsp;&nbsp;&nbsp;&nbsp; 1613490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066569 |
| **Construction & Engineering-0.24%** | **Construction & Engineering-0.24%** | **Construction & Engineering-0.24%** |
| Quanta Services, Inc., 5.25%, 08/09/2034<br>| 1118000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158871 |
| **Construction Materials-0.55%** | **Construction Materials-0.55%** | **Construction Materials-0.55%** |
| Martin Marietta Materials, Inc., 5.15%, 12/01/2034<br>| 1281000 | &nbsp;&nbsp;&nbsp;&nbsp; 1322817 |
| Vulcan Materials Co., 5.35%, 12/01/2034<br>| 1282000 | &nbsp;&nbsp;&nbsp;&nbsp; 1339680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662497 |

---

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

------

#### 67

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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<br>| $2575000 | &nbsp;&nbsp;&nbsp;&nbsp;$2761773 |
| &nbsp;&nbsp;&nbsp;5.95%, 04/04/2034<br>| 2139000 | &nbsp;&nbsp;&nbsp;&nbsp; 2270070 |
| &nbsp;&nbsp;&nbsp;5.45%, 09/06/2034<br>| 1282000 | &nbsp;&nbsp;&nbsp;&nbsp; 1316401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348244 |
| **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<br>| 3768000 | &nbsp;&nbsp;&nbsp;&nbsp; 3832512 |
| Sysco Corp., 6.00%, 01/17/2034<br>| &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 935046 |
| Target Corp., 4.50%, 09/15/2034<sup>(b)</sup><br>| 1281000 | &nbsp;&nbsp;&nbsp;&nbsp; 1280875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6048433 |
| **Containers & Packaging-0.93%** | **Containers & Packaging-0.93%** | **Containers & Packaging-0.93%** |
| Berry Global, Inc., 5.65%, 01/15/2034<br>| 1366000 | &nbsp;&nbsp;&nbsp;&nbsp; 1443624 |
| Smurfit Kappa Treasury Unlimited Co. (Ireland), 5.44%, 04/03/2034<br>| 1712000 | &nbsp;&nbsp;&nbsp;&nbsp; 1786107 |
| Sonoco Products Co., 5.00%, 09/01/2034<br>| 1204000 | &nbsp;&nbsp;&nbsp;&nbsp; 1216338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4446069 |
| **Diversified REITs-0.67%** | **Diversified REITs-0.67%** | **Diversified REITs-0.67%** |
| American Assets Trust L.P., 6.15%, 10/01/2034<br>| &nbsp;&nbsp;&nbsp;902000 | &nbsp;&nbsp;&nbsp;&nbsp; 924930 |
| Equinix Europe 2 Financing Corp. LLC, 5.50%, 06/15/2034<br>| 1282000 | &nbsp;&nbsp;&nbsp;&nbsp; 1338409 |
| VICI Properties L.P., 5.75%, 04/01/2034<br>| &nbsp;&nbsp;&nbsp;926000 | &nbsp;&nbsp;&nbsp;&nbsp; 962582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225921 |
| **Diversified Telecommunication Services-1.95%** | **Diversified Telecommunication Services-1.95%** | **Diversified Telecommunication Services-1.95%** |
| AT&T, Inc., 5.40%, 02/15/2034<br>| 4712000 | &nbsp;&nbsp;&nbsp;&nbsp; 4940428 |
| Bell Canada (Canada), 5.20%, 02/15/2034<sup>(b)</sup><br>| 1204000 | &nbsp;&nbsp;&nbsp;&nbsp; 1240630 |
| Verizon Communications, Inc., 4.40%, 11/01/2034<br>| 3237000 | &nbsp;&nbsp;&nbsp;&nbsp; 3173955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9355013 |
| **Electric Utilities-7.98%** | **Electric Utilities-7.98%** | **Electric Utilities-7.98%** |
| Arizona Public Service Co., 5.70%, 08/15/2034<br>| 1196000 | &nbsp;&nbsp;&nbsp;&nbsp; 1268364 |
| Consolidated Edison Co. of New York, Inc., 5.50%, 03/15/2034<br>| 1028000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090868 |
| Constellation Energy Generation LLC, 6.13%, 01/15/2034<br>| &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 938981 |
| Duke Energy Carolinas LLC, 4.85%, 01/15/2034<br>| &nbsp;&nbsp;&nbsp;989000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010507 |
| Duke Energy Corp., 5.45%, 06/15/2034<br>| 1282000 | &nbsp;&nbsp;&nbsp;&nbsp; 1347110 |
| Duke Energy Progress LLC, 5.10%, 03/15/2034<br>| &nbsp;&nbsp;&nbsp;856000 | &nbsp;&nbsp;&nbsp;&nbsp; 891027 |
| Entergy Arkansas LLC, 5.45%, 06/01/2034<br>| 1204000 | &nbsp;&nbsp;&nbsp;&nbsp; 1273871 |
| Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, 03/15/2034<br>| &nbsp;&nbsp;&nbsp;837000 | &nbsp;&nbsp;&nbsp;&nbsp; 881206 |
| &nbsp;&nbsp;&nbsp;5.15%, 09/15/2034<br>| 1204000 | &nbsp;&nbsp;&nbsp;&nbsp; 1245618 |
| Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 01/01/2034<br>| 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1136981 |
| &nbsp;&nbsp;&nbsp;5.95%, 07/15/2034<br>| 1199000 | &nbsp;&nbsp;&nbsp;&nbsp; 1281813 |
| Exelon Corp., 5.45%, 03/15/2034<br>| 1089000 | &nbsp;&nbsp;&nbsp;&nbsp; 1144120 |
| Florida Power & Light Co., 5.30%, 06/15/2034<br>| 1885000 | &nbsp;&nbsp;&nbsp;&nbsp; 1987882 |
| Georgia Power Co., 5.25%, 03/15/2034<br>| 1538000 | &nbsp;&nbsp;&nbsp;&nbsp; 1606907 |
| NextEra Energy Capital Holdings, Inc., 5.25%, 03/15/2034<br>| 1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 1948724 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.95%, 03/15/2034<br>| $| 1368000 | &nbsp;&nbsp;&nbsp;&nbsp;$1541913 |
| &nbsp;&nbsp;&nbsp;5.80%, 05/15/2034<br>|  | 1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 1984187 |
| PacifiCorp, 5.45%, 02/15/2034<br>|  | 1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 1931933 |
| PPL Capital Funding, Inc., 5.25%, 09/01/2034<br>|  | 1281000 | &nbsp;&nbsp;&nbsp;&nbsp; 1324124 |
| PPL Electric Utilities Corp., 4.85%, 02/15/2034<br>|  | 1109000 | &nbsp;&nbsp;&nbsp;&nbsp; 1135395 |
| Public Service Co. of Colorado, 5.35%, 05/15/2034<br>|  | 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 1524679 |
| Public Service Electric and Gas Co., 4.85%, 08/01/2034<br>|  | 1032000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049265 |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 01/15/2034<br>|  | &nbsp;&nbsp;&nbsp;902000 | &nbsp;&nbsp;&nbsp;&nbsp; 964674 |
| &nbsp;&nbsp;&nbsp;5.20%, 06/01/2034<br>|  | 1543000 | &nbsp;&nbsp;&nbsp;&nbsp; 1569108 |
| Southern Co. (The), 5.70%, 03/15/2034<br>|  | 1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000269 |
| Union Electric Co., 5.20%, 04/01/2034<br>|  | &nbsp;&nbsp;&nbsp;852000 | &nbsp;&nbsp;&nbsp;&nbsp; 889729 |
| Virginia Electric & Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 01/15/2034<br>|  | &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 875638 |
| &nbsp;&nbsp;&nbsp;5.05%, 08/15/2034<br>|  | 1031000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051888 |
| Xcel Energy, Inc., 5.50%, 03/15/2034<br>|  | 1368000 | &nbsp;&nbsp;&nbsp;&nbsp; 1428695 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38325476 |
| **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<br>|  | 1031000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080403 |
| Arrow Electronics, Inc., 5.88%, 04/10/2034<br>|  | &nbsp;&nbsp;&nbsp;856000 | &nbsp;&nbsp;&nbsp;&nbsp; 902370 |
| Keysight Technologies, Inc., 4.95%, 10/15/2034<br>|  | 1032000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052528 |
| TD SYNNEX Corp., 6.10%, 04/12/2034<br>|  | 1032000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094433 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129734 |
| **Energy Equipment & Services-0.20%** | **Energy Equipment & Services-0.20%** | **Energy Equipment & Services-0.20%** | **Energy Equipment & Services-0.20%** |
| Helmerich & Payne, Inc., 5.50%, 12/01/2034<br>|  | &nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp;&nbsp; 949393 |
| **Entertainment-0.77%** | **Entertainment-0.77%** | **Entertainment-0.77%** | **Entertainment-0.77%** |
| Netflix, Inc., 4.90%, 08/15/2034<br>|  | 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1769519 |
| Walt Disney Co. (The), 6.20%, 12/15/2034<br>|  | 1685000 | &nbsp;&nbsp;&nbsp;&nbsp; 1905711 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675230 |
| **Financial Services-4.23%** | **Financial Services-4.23%** | **Financial Services-4.23%** | **Financial Services-4.23%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, 01/19/2034<br>|  | 1204000 | &nbsp;&nbsp;&nbsp;&nbsp; 1239037 |
| &nbsp;&nbsp;&nbsp;4.95%, 09/10/2034<br>|  | 1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 1885471 |
| BlackRock Funding, Inc., 5.00%, 03/14/2034<br>|  | 1713000 | &nbsp;&nbsp;&nbsp;&nbsp; 1782427 |
| Blackstone Private Credit Fund, 6.00%, 11/22/2034<br>|  | 1364000 | &nbsp;&nbsp;&nbsp;&nbsp; 1320349 |
| Blackstone Reg Finance Co. L.L.C., 5.00%, 12/06/2034<br>|  | 1289000 | &nbsp;&nbsp;&nbsp;&nbsp; 1293883 |
| Blue Owl Finance LLC, 6.25%, 04/18/2034<br>|  | 1713000 | &nbsp;&nbsp;&nbsp;&nbsp; 1712114 |
| Corebridge Financial, Inc., 5.75%, 01/15/2034<br>|  | 1284000 | &nbsp;&nbsp;&nbsp;&nbsp; 1329000 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, 03/15/2034<br>|  | 1281000 | &nbsp;&nbsp;&nbsp;&nbsp; 1306604 |
| &nbsp;&nbsp;&nbsp;5.15%, 08/12/2034<br>|  | 1543000 | &nbsp;&nbsp;&nbsp;&nbsp; 1539108 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/2034<br>|  | 1704000 | &nbsp;&nbsp;&nbsp;&nbsp; 1762898 |
| LPL Holdings, Inc., 6.00%, 05/20/2034<br>|  | &nbsp;&nbsp;&nbsp;842000 | &nbsp;&nbsp;&nbsp;&nbsp; 877815 |
| Mastercard, Inc., 4.88%, 05/09/2034<br>|  | 1716000 | &nbsp;&nbsp;&nbsp;&nbsp; 1771187 |

---

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

------

#### 68

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| PayPal Holdings, Inc., 5.15%, 06/01/2034<br>| $| 1425000 | &nbsp;&nbsp;$1445814 |
| TPG Operating Group II L.P., 5.88%, 03/05/2034<br>|  | &nbsp;&nbsp;&nbsp;998000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034019 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20299726 |
| **Food Products-2.32%** | **Food Products-2.32%** | **Food Products-2.32%** | **Food Products-2.32%** |
| Bunge Ltd. Finance Corp., 4.65%, 09/17/2034<br>|  | 1368000 | &nbsp;&nbsp;&nbsp;&nbsp; 1362918 |
| Campbell's Co. (The), 5.40%, 03/21/2034<br>|  | 1716000 | &nbsp;&nbsp;&nbsp;&nbsp; 1754366 |
| JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 6.75%, 03/15/2034<br>|  | 2575000 | &nbsp;&nbsp;&nbsp;&nbsp; 2872387 |
| McCormick & Co., Inc., 4.70%, 10/15/2034<br>|  | &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 858151 |
| Mondelez International, Inc., 4.75%, 08/28/2034<br>|  | &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp; 840281 |
| Pilgrim's Pride Corp., 6.88%, 05/15/2034<br>|  | &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 960011 |
| Tyson Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.70%, 03/15/2034<sup>(b)</sup><br>|  | 1541000 | &nbsp;&nbsp;&nbsp;&nbsp; 1640295 |
| &nbsp;&nbsp;&nbsp;4.88%, 08/15/2034<br>|  | &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 869850 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11158259 |
| **Gas Utilities-0.22%** | **Gas Utilities-0.22%** | **Gas Utilities-0.22%** | **Gas Utilities-0.22%** |
| Southern California Gas Co., 5.05%, 09/01/2034<br>|  | 1008000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037292 |
| **Ground Transportation-0.99%** | **Ground Transportation-0.99%** | **Ground Transportation-0.99%** | **Ground Transportation-0.99%** |
| Canadian National Railway Co. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 08/01/2034<br>|  | &nbsp;&nbsp;&nbsp;838000 | &nbsp;&nbsp;&nbsp;&nbsp; 938898 |
| &nbsp;&nbsp;&nbsp;4.38%, 09/18/2034<br>|  | 1284000 | &nbsp;&nbsp;&nbsp;&nbsp; 1278405 |
| Uber Technologies, Inc., 4.80%, 09/15/2034<br>|  | 2514000 | &nbsp;&nbsp;&nbsp;&nbsp; 2522620 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4739923 |
| **Health Care Equipment & Supplies-1.58%** | **Health Care Equipment & Supplies-1.58%** | **Health Care Equipment & Supplies-1.58%** | **Health Care Equipment & Supplies-1.58%** |
| Becton, Dickinson and Co., 5.11%, 02/08/2034<br>|  | &nbsp;&nbsp;&nbsp;922000 | &nbsp;&nbsp;&nbsp;&nbsp; 950665 |
| Smith & Nephew PLC (United Kingdom), 5.40%, 03/20/2034<br>|  | 1109000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156598 |
| Solventum Corp., 5.60%, 03/23/2034<br>|  | 2825000 | &nbsp;&nbsp;&nbsp;&nbsp; 2954831 |
| Stryker Corp., 4.63%, 09/11/2034<br>|  | 1282000 | &nbsp;&nbsp;&nbsp;&nbsp; 1287138 |
| Zimmer Biomet Holdings, Inc., 5.20%, 09/15/2034<br>|  | 1199000 | &nbsp;&nbsp;&nbsp;&nbsp; 1233576 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7582808 |
| **Health Care Providers & Services-5.75%** | **Health Care Providers & Services-5.75%** | **Health Care Providers & Services-5.75%** | **Health Care Providers & Services-5.75%** |
| Cardinal Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, 02/15/2034<br>|  | &nbsp;&nbsp;&nbsp;838000 | &nbsp;&nbsp;&nbsp;&nbsp; 881739 |
| &nbsp;&nbsp;&nbsp;5.35%, 11/15/2034<br>|  | 1716000 | &nbsp;&nbsp;&nbsp;&nbsp; 1785643 |
| Cencora, Inc., 5.13%, 02/15/2034<br>|  | &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 889280 |
| Cigna Group (The), 5.25%, 02/15/2034<br>|  | 2140000 | &nbsp;&nbsp;&nbsp;&nbsp; 2220910 |
| CommonSpirit Health, 5.32%, 12/01/2034<br>|  | 1238000 | &nbsp;&nbsp;&nbsp;&nbsp; 1279161 |
| CVS Health Corp., 5.70%, 06/01/2034<br>|  | 2139000 | &nbsp;&nbsp;&nbsp;&nbsp; 2259464 |
| Elevance Health, Inc., 5.38%, 06/15/2034<br>|  | 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1786042 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.60%, 04/01/2034<br>|  | 2227000 | &nbsp;&nbsp;&nbsp;&nbsp; 2341023 |
| &nbsp;&nbsp;&nbsp;5.45%, 09/15/2034<br>|  | 2139000 | &nbsp;&nbsp;&nbsp;&nbsp; 2221688 |
| Humana, Inc., 5.95%, 03/15/2034<br>|  | 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1527522 |
| Icon Investments Six DAC, 6.00%, 05/08/2034<br>|  | &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 880749 |
| Laboratory Corp. of America Holdings, 4.80%, 10/01/2034<br>|  | 1456000 | &nbsp;&nbsp;&nbsp;&nbsp; 1461790 |
| Quest Diagnostics, Inc., 5.00%, 12/15/2034<br>|  | 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1490918 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 04/15/2034<br>| $| 2139000 | &nbsp;&nbsp;&nbsp;&nbsp;$2191223 |
| &nbsp;&nbsp;&nbsp;5.15%, 07/15/2034<br>|  | 3431000 | &nbsp;&nbsp;&nbsp;&nbsp; 3546647 |
| Universal Health Services, Inc., 5.05%, 10/15/2034<br>|  | &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 852355 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27616154 |
| **Health Care REITs-0.43%** | **Health Care REITs-0.43%** | **Health Care REITs-0.43%** | **Health Care REITs-0.43%** |
| Alexandria Real Estate Equities, Inc., 2.95%, 03/15/2034<br>|  | 1339000 | &nbsp;&nbsp;&nbsp;&nbsp; 1165763 |
| Ventas Realty L.P., 5.63%, 07/01/2034<br>|  | &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 903795 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069558 |
| **Hotel & Resort REITs-0.22%** | **Hotel & Resort REITs-0.22%** | **Hotel & Resort REITs-0.22%** | **Hotel & Resort REITs-0.22%** |
| Host Hotels & Resorts L.P., 5.70%, 07/01/2034<br>|  | 1032000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076445 |
| **Hotels, Restaurants & Leisure-1.16%** | **Hotels, Restaurants & Leisure-1.16%** | **Hotels, Restaurants & Leisure-1.16%** | **Hotels, Restaurants & Leisure-1.16%** |
| Choice Hotels International, Inc., 5.85%, 08/01/2034<br>|  | 1032000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070893 |
| Las Vegas Sands Corp., 6.20%, 08/15/2034<br>|  | &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 906356 |
| Marriott International, Inc., 5.30%, 05/15/2034<br>|  | 1712000 | &nbsp;&nbsp;&nbsp;&nbsp; 1780688 |
| McDonald's Corp., 5.20%, 05/17/2034<br>|  | &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 901069 |
| Starbucks Corp., 5.00%, 02/15/2034<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;859000 | &nbsp;&nbsp;&nbsp;&nbsp; 887489 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5546495 |
| **Household Durables-0.26%** | **Household Durables-0.26%** | **Household Durables-0.26%** | **Household Durables-0.26%** |
| D.R. Horton, Inc., 5.00%, 10/15/2034<br>|  | 1198000 | &nbsp;&nbsp;&nbsp;&nbsp; 1228500 |
| **Household Products-0.46%** | **Household Products-0.46%** | **Household Products-0.46%** | **Household Products-0.46%** |
| Procter & Gamble Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 01/29/2034<br>|  | 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1324156 |
| &nbsp;&nbsp;&nbsp;4.55%, 10/24/2034<br>|  | &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 880530 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204686 |
| **Independent Power and Renewable Electricity Producers-0.22%** | **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<br>|  | 1027000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074577 |
| **Industrial Conglomerates-0.36%** | **Industrial Conglomerates-0.36%** | **Industrial Conglomerates-0.36%** | **Industrial Conglomerates-0.36%** |
| Honeywell International, Inc., 4.50%, 01/15/2034<br>|  | 1716000 | &nbsp;&nbsp;&nbsp;&nbsp; 1726129 |
| **Insurance-3.24%** | **Insurance-3.24%** | **Insurance-3.24%** | **Insurance-3.24%** |
| Aon North America, Inc., 5.45%, 03/01/2034<br>|  | 2997000 | &nbsp;&nbsp;&nbsp;&nbsp; 3127908 |
| Arthur J. Gallagher & Co., 5.45%, 07/15/2034<br>|  | &nbsp;&nbsp;&nbsp;853000 | &nbsp;&nbsp;&nbsp;&nbsp; 885080 |
| Brown & Brown, Inc., 5.65%, 06/11/2034<br>|  | 1031000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061664 |
| Chubb INA Holdings LLC, 5.00%, 03/15/2034<br>|  | 2667000 | &nbsp;&nbsp;&nbsp;&nbsp; 2746095 |
| CNA Financial Corp., 5.13%, 02/15/2034<br>|  | &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 872045 |
| CNO Financial Group, Inc., 6.45%, 06/15/2034<br>|  | 1204000 | &nbsp;&nbsp;&nbsp;&nbsp; 1256165 |
| F&G Annuities & Life, Inc., 6.25%, 10/04/2034<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 817134 |
| Marsh & McLennan Cos., Inc., 5.15%, 03/15/2034<br>|  | &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 886423 |
| MetLife, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 06/15/2034<br>|  | 1284000 | &nbsp;&nbsp;&nbsp;&nbsp; 1433555 |
| &nbsp;&nbsp;&nbsp;5.30%, 12/15/2034<br>|  | 1282000 | &nbsp;&nbsp;&nbsp;&nbsp; 1334170 |
| Reinsurance Group of America, Inc., 5.75%, 09/15/2034<br>|  | 1089000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141707 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15561946 |

---

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

------

#### 69

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Interactive Media & Services-0.91%** | **Interactive Media & Services-0.91%** | **Interactive Media & Services-0.91%** |
| Meta Platforms, Inc., 4.75%, 08/15/2034<br>| $4280000 | &nbsp;&nbsp;$4347714 |
| **IT Services-0.17%** | **IT Services-0.17%** | **IT Services-0.17%** |
| Kyndryl Holdings, Inc., 6.35%, 02/20/2034<br>| &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 819327 |
| **Leisure Products-0.19%** | **Leisure Products-0.19%** | **Leisure Products-0.19%** |
| Hasbro, Inc., 6.05%, 05/14/2034<br>| &nbsp;&nbsp;&nbsp;828000 | &nbsp;&nbsp;&nbsp;&nbsp; 889373 |
| **Life Sciences Tools & Services-0.40%** | **Life Sciences Tools & Services-0.40%** | **Life Sciences Tools & Services-0.40%** |
| Agilent Technologies, Inc., 4.75%, 09/09/2034<br>| 1031000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041495 |
| Thermo Fisher Scientific, Inc., 5.20%, 01/31/2034<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;856000 | &nbsp;&nbsp;&nbsp;&nbsp; 899964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941459 |
| **Machinery-2.04%** | **Machinery-2.04%** | **Machinery-2.04%** |
| AGCO Corp., 5.80%, 03/21/2034<br>| 1204000 | &nbsp;&nbsp;&nbsp;&nbsp; 1272840 |
| Cummins, Inc., 5.15%, 02/20/2034<br>| 1254000 | &nbsp;&nbsp;&nbsp;&nbsp; 1308607 |
| Ingersoll Rand, Inc., 5.45%, 06/15/2034<br>| 1284000 | &nbsp;&nbsp;&nbsp;&nbsp; 1349089 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.10%, 04/11/2034<br>| 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1792734 |
| &nbsp;&nbsp;&nbsp;5.05%, 06/12/2034<br>| 1368000 | &nbsp;&nbsp;&nbsp;&nbsp; 1425968 |
| Parker-Hannifin Corp., 4.20%, 11/21/2034<br>| &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 847626 |
| Trane Technologies Financing Ltd., 5.10%, 06/13/2034<br>| &nbsp;&nbsp;&nbsp;856000 | &nbsp;&nbsp;&nbsp;&nbsp; 893696 |
| Wabtec Corp., 5.61%, 03/11/2034<br>| &nbsp;&nbsp;&nbsp;836000 | &nbsp;&nbsp;&nbsp;&nbsp; 886852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9777412 |
| **Media-1.94%** | **Media-1.94%** | **Media-1.94%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.65%, 02/01/2034<br>| 1511000 | &nbsp;&nbsp;&nbsp;&nbsp; 1605439 |
| &nbsp;&nbsp;&nbsp;6.55%, 06/01/2034<br>| 2514000 | &nbsp;&nbsp;&nbsp;&nbsp; 2674789 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, 06/01/2034<br>| 2226000 | &nbsp;&nbsp;&nbsp;&nbsp; 2326489 |
| &nbsp;&nbsp;&nbsp;4.20%, 08/15/2034<br>| 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1664759 |
| Omnicom Group, Inc., 5.30%, 11/01/2034<br>| 1028000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037041 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9308517 |
| **Metals & Mining-1.07%** | **Metals & Mining-1.07%** | **Metals & Mining-1.07%** |
| ArcelorMittal S.A. (Luxembourg), 6.00%, 06/17/2034<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;852000 | &nbsp;&nbsp;&nbsp;&nbsp; 925650 |
| Freeport-McMoRan, Inc., 5.40%, 11/14/2034<br>| 1254000 | &nbsp;&nbsp;&nbsp;&nbsp; 1312677 |
| Newmont Corp./Newcrest Finance Pty Ltd., 5.35%, 03/15/2034<br>| 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1812796 |
| Steel Dynamics, Inc., 5.38%, 08/15/2034<br>| 1027000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5118894 |
| **Multi-Utilities-1.22%** | **Multi-Utilities-1.22%** | **Multi-Utilities-1.22%** |
| DTE Electric Co., 5.20%, 03/01/2034<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 896964 |
| DTE Energy Co., 5.85%, 06/01/2034<br>| 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1565497 |
| National Grid PLC (United Kingdom), 5.42%, 01/11/2034<br>| 1282000 | &nbsp;&nbsp;&nbsp;&nbsp; 1340215 |
| NiSource, Inc., 5.35%, 04/01/2034<br>| 1118000 | &nbsp;&nbsp;&nbsp;&nbsp; 1167506 |
| Public Service Enterprise Group, Inc., 5.45%, 04/01/2034<br>| &nbsp;&nbsp;&nbsp;856000 | &nbsp;&nbsp;&nbsp;&nbsp; 895025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5865207 |
| **Office REITs-0.47%** | **Office REITs-0.47%** | **Office REITs-0.47%** |
| Boston Properties L.P., 6.50%, 01/15/2034<br>| 1283000 | &nbsp;&nbsp;&nbsp;&nbsp; 1377467 |
| Cousins Properties L.P., 5.88%, 10/01/2034<br>| &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 899196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276663 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil, Gas & Consumable Fuels-12.03%** | **Oil, Gas & Consumable Fuels-12.03%** | **Oil, Gas & Consumable Fuels-12.03%** |
| Boardwalk Pipelines L.P., 5.63%, 08/01/2034<br>| $1032000 | &nbsp;&nbsp;$1093858 |
| BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.99%, 04/10/2034<br>| 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1725254 |
| &nbsp;&nbsp;&nbsp;5.23%, 11/17/2034<br>| 3344000 | &nbsp;&nbsp;&nbsp;&nbsp; 3501496 |
| Canadian Natural Resources Ltd. (Canada), 5.40%, 12/15/2034<br>| 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1326242 |
| Cheniere Energy Partners L.P., 5.75%, 08/15/2034<br>| 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2167589 |
| Cheniere Energy, Inc., 5.65%, 04/15/2034<br>| 2574000 | &nbsp;&nbsp;&nbsp;&nbsp; 2707648 |
| Coterra Energy, Inc., 5.60%, 03/15/2034<br>| &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 898750 |
| Devon Energy Corp., 5.20%, 09/15/2034<sup>(b)</sup><br>| 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2154331 |
| Diamondback Energy, Inc., 5.40%, 04/18/2034<br>| 2227000 | &nbsp;&nbsp;&nbsp;&nbsp; 2316562 |
| Enbridge, Inc. (Canada), 5.63%, 04/05/2034<br>| 2052000 | &nbsp;&nbsp;&nbsp;&nbsp; 2172818 |
| Energy Transfer L.P. |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, 05/15/2034<br>| 2099000 | &nbsp;&nbsp;&nbsp;&nbsp; 2184578 |
| &nbsp;&nbsp;&nbsp;5.60%, 09/01/2034<br>| 2139000 | &nbsp;&nbsp;&nbsp;&nbsp; 2235577 |
| Enterprise Products Operating LLC, 4.85%, 01/31/2034<br>| 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1754514 |
| EQT Corp., 5.75%, 02/01/2034<br>| 1282000 | &nbsp;&nbsp;&nbsp;&nbsp; 1358533 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, 02/01/2034<br>| 1716000 | &nbsp;&nbsp;&nbsp;&nbsp; 1802713 |
| &nbsp;&nbsp;&nbsp;5.30%, 12/01/2034<br>| 1282000 | &nbsp;&nbsp;&nbsp;&nbsp; 1330440 |
| MPLX L.P., 5.50%, 06/01/2034<br>| 2823000 | &nbsp;&nbsp;&nbsp;&nbsp; 2927180 |
| Occidental Petroleum Corp., 5.55%, 10/01/2034<sup>(b)</sup><br>| 2015000 | &nbsp;&nbsp;&nbsp;&nbsp; 2101663 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.65%, 09/01/2034<br>| &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 896917 |
| &nbsp;&nbsp;&nbsp;5.05%, 11/01/2034<br>| 2740000 | &nbsp;&nbsp;&nbsp;&nbsp; 2750925 |
| Ovintiv, Inc., 6.50%, 08/15/2034<br>| 1026000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124028 |
| Phillips 66, 4.65%, 11/15/2034<br>| 1716000 | &nbsp;&nbsp;&nbsp;&nbsp; 1704779 |
| Plains All American Pipeline L.P./PAA Finance Corp., 5.70%, 09/15/2034<br>| 1109000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158842 |
| South Bow USA Infrastructure Holdings LLC (Canada), 5.58%, 10/01/2034<br>| 2140000 | &nbsp;&nbsp;&nbsp;&nbsp; 2180625 |
| Suncor Energy, Inc. (Canada), 5.95%, 12/01/2034<br>| &nbsp;&nbsp;&nbsp;856000 | &nbsp;&nbsp;&nbsp;&nbsp; 920833 |
| Targa Resources Corp., 6.50%, 03/30/2034<br>| 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1900169 |
| TotalEnergies Capital S.A. (France) |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, 04/05/2034<br>| 2144000 | &nbsp;&nbsp;&nbsp;&nbsp; 2245952 |
| &nbsp;&nbsp;&nbsp;4.72%, 09/10/2034<br>| 1288000 | &nbsp;&nbsp;&nbsp;&nbsp; 1314531 |
| TransCanada PipeLines Ltd. (Canada), 4.63%, 03/01/2034<br>| 2145000 | &nbsp;&nbsp;&nbsp;&nbsp; 2133756 |
| Western Midstream Operating L.P., 5.45%, 11/15/2034<br>| 1369000 | &nbsp;&nbsp;&nbsp;&nbsp; 1393244 |
| Williams Cos., Inc. (The), 5.15%, 03/15/2034<br>| 2228000 | &nbsp;&nbsp;&nbsp;&nbsp; 2286792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57771139 |
| **Passenger Airlines-0.20%** | **Passenger Airlines-0.20%** | **Passenger Airlines-0.20%** |
| American Airlines Pass-Through Trust, Series 2021-1, Class A, 2.88%, 07/11/2034<br>| 1031645 | &nbsp;&nbsp;&nbsp;&nbsp; 953850 |
| **Personal Care Products-0.60%** | **Personal Care Products-0.60%** | **Personal Care Products-0.60%** |
| Estee Lauder Cos., Inc. (The), 5.00%, 02/14/2034<sup>(b)</sup><br>| 1114000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150947 |
| Unilever Capital Corp. (United Kingdom), 4.63%, 08/12/2034<br>| 1713000 | &nbsp;&nbsp;&nbsp;&nbsp; 1743100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894047 |

---

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

------

#### 70

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals-4.29%** | **Pharmaceuticals-4.29%** | **Pharmaceuticals-4.29%** |
| AstraZeneca Finance LLC (United Kingdom), 5.00%, 02/26/2034<br>| $2570000 | &nbsp;&nbsp;$2676089 |
| Bristol-Myers Squibb Co., 5.20%, 02/22/2034<br>| 4280000 | &nbsp;&nbsp;&nbsp;&nbsp; 4481114 |
| Eli Lilly and Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, 02/09/2034<br>| 2574000 | &nbsp;&nbsp;&nbsp;&nbsp; 2634402 |
| &nbsp;&nbsp;&nbsp;4.60%, 08/14/2034<br>| 2139000 | &nbsp;&nbsp;&nbsp;&nbsp; 2172660 |
| GlaxoSmithKline Capital, Inc., 5.38%, 04/15/2034<br>| &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 918961 |
| Johnson & Johnson, 4.95%, 06/01/2034<sup>(b)</sup><br>| 1459000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545187 |
| Novartis Capital Corp., 4.20%, 09/18/2034<sup>(b)</sup><br>| 1880000 | &nbsp;&nbsp;&nbsp;&nbsp; 1866260 |
| Royalty Pharma PLC, 5.40%, 09/02/2034<br>| &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 888137 |
| Takeda Pharmaceutical Co. Ltd. (Japan), 5.30%, 07/05/2034<br>| 1889000 | &nbsp;&nbsp;&nbsp;&nbsp; 1970354 |
| Wyeth LLC, 6.50%, 02/01/2034<br>| 1282000 | &nbsp;&nbsp;&nbsp;&nbsp; 1452860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20606024 |
| **Professional Services-0.58%** | **Professional Services-0.58%** | **Professional Services-0.58%** |
| Automatic Data Processing, Inc., 4.45%, 09/09/2034<br>| 1718000 | &nbsp;&nbsp;&nbsp;&nbsp; 1717693 |
| Verisk Analytics, Inc., 5.25%, 06/05/2034<br>| 1032000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769318 |
| **Real Estate Management & Development-0.38%** | **Real Estate Management & Development-0.38%** | **Real Estate Management & Development-0.38%** |
| CBRE Services, Inc., 5.95%, 08/15/2034<br>| 1716000 | &nbsp;&nbsp;&nbsp;&nbsp; 1835876 |
| **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<br>| 1027000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061133 |
| &nbsp;&nbsp;&nbsp;5.50%, 07/15/2034<br>| &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 886573 |
| ERP Operating L.P., 4.65%, 09/15/2034<br>| 1032000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2982687 |
| **Retail REITs-1.24%** | **Retail REITs-1.24%** | **Retail REITs-1.24%** |
| Kimco Realty OP LLC, 6.40%, 03/01/2034<br>| &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 955310 |
| NNN REIT, Inc., 5.50%, 06/15/2034<br>| &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 897282 |
| Realty Income Corp., 5.13%, 02/15/2034<br>| 1368000 | &nbsp;&nbsp;&nbsp;&nbsp; 1418518 |
| Simon Property Group L.P. |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 01/15/2034<br>| &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 949057 |
| &nbsp;&nbsp;&nbsp;4.75%, 09/26/2034<br>| 1716000 | &nbsp;&nbsp;&nbsp;&nbsp; 1728517 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5948684 |
| **Semiconductors & Semiconductor Equipment-2.64%** | **Semiconductors & Semiconductor Equipment-2.64%** | **Semiconductors & Semiconductor Equipment-2.64%** |
| Analog Devices, Inc., 5.05%, 04/01/2034<br>| &nbsp;&nbsp;&nbsp;945000 | &nbsp;&nbsp;&nbsp;&nbsp; 988352 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.47%, 04/15/2034<br>| 5550000 | &nbsp;&nbsp;&nbsp;&nbsp; 5137252 |
| &nbsp;&nbsp;&nbsp;4.80%, 10/15/2034<br>| 2998000 | &nbsp;&nbsp;&nbsp;&nbsp; 3032371 |
| Intel Corp., 5.15%, 02/21/2034<br>| 1543000 | &nbsp;&nbsp;&nbsp;&nbsp; 1578949 |
| KLA Corp., 4.70%, 02/01/2034<br>| &nbsp;&nbsp;&nbsp;861000 | &nbsp;&nbsp;&nbsp;&nbsp; 874410 |
| Texas Instruments, Inc., 4.85%, 02/08/2034<br>| 1031000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12676389 |
| **Software-3.22%** | **Software-3.22%** | **Software-3.22%** |
| Accenture Capital, Inc., 4.50%, 10/04/2034<br>| 2574000 | &nbsp;&nbsp;&nbsp;&nbsp; 2547596 |
| Adobe, Inc., 4.95%, 04/04/2034<br>| 1281000 | &nbsp;&nbsp;&nbsp;&nbsp; 1314114 |
| AppLovin Corp., 5.50%, 12/01/2034<br>| 1712000 | &nbsp;&nbsp;&nbsp;&nbsp; 1746197 |
| Atlassian Corp., 5.50%, 05/15/2034<br>| &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 856664 |
| Cadence Design Systems, Inc., 4.70%, 09/10/2034<br>| 1716000 | &nbsp;&nbsp;&nbsp;&nbsp; 1731469 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software-(continued)** | **Software-(continued)** | **Software-(continued)** | **Software-(continued)** |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.30%, 07/08/2034<br>| $| 2998000 | &nbsp;&nbsp;&nbsp;&nbsp;$2750158 |
| &nbsp;&nbsp;&nbsp;4.70%, 09/27/2034<br>|  | 2998000 | &nbsp;&nbsp;&nbsp;&nbsp; 2818973 |
| Roper Technologies, Inc., 4.90%, 10/15/2034<br>|  | 1716000 | &nbsp;&nbsp;&nbsp;&nbsp; 1706243 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15471414 |
| **Specialized REITs-2.04%** | **Specialized REITs-2.04%** | **Specialized REITs-2.04%** | **Specialized REITs-2.04%** |
| American Tower Corp., 5.45%, 02/15/2034<br>|  | 1118000 | &nbsp;&nbsp;&nbsp;&nbsp; 1172146 |
| Americold Realty Operating Partnership L.P., 5.41%, 09/12/2034<br>|  | &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 850822 |
| Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.80%, 03/01/2034<br>|  | 1285000 | &nbsp;&nbsp;&nbsp;&nbsp; 1361662 |
| &nbsp;&nbsp;&nbsp;5.20%, 09/01/2034<br>|  | 1204000 | &nbsp;&nbsp;&nbsp;&nbsp; 1232743 |
| Extra Space Storage L.P., 5.40%, 02/01/2034<br>|  | 1031000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063932 |
| GLP Capital L.P./GLP Financing II, Inc., 5.63%, 09/15/2034<br>|  | 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1396400 |
| Prologis L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 01/15/2034<br>|  | 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1306502 |
| &nbsp;&nbsp;&nbsp;5.00%, 03/15/2034<br>|  | 1369000 | &nbsp;&nbsp;&nbsp;&nbsp; 1408661 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9792868 |
| **Specialty Retail-1.45%** | **Specialty Retail-1.45%** | **Specialty Retail-1.45%** | **Specialty Retail-1.45%** |
| AutoZone, Inc., 5.40%, 07/15/2034<br>|  | 1195000 | &nbsp;&nbsp;&nbsp;&nbsp; 1249084 |
| Dell International LLC/EMC Corp., 5.40%, 04/15/2034<br>|  | 1682000 | &nbsp;&nbsp;&nbsp;&nbsp; 1741923 |
| Home Depot, Inc. (The), 4.95%, 06/25/2034<br>|  | 3003000 | &nbsp;&nbsp;&nbsp;&nbsp; 3104818 |
| O'Reilly Automotive, Inc., 5.00%, 08/19/2034<br>|  | &nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp; 873030 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968855 |
| **Technology Hardware, Storage & Peripherals-1.05%** | **Technology Hardware, Storage & Peripherals-1.05%** | **Technology Hardware, Storage & Peripherals-1.05%** | **Technology Hardware, Storage & Peripherals-1.05%** |
| Hewlett Packard Enterprise Co., 5.00%, 10/15/2034<br>|  | 3351000 | &nbsp;&nbsp;&nbsp;&nbsp; 3322025 |
| IBM International Capital Pte. Ltd., 4.90%, 02/05/2034<br>|  | 1715000 | &nbsp;&nbsp;&nbsp;&nbsp; 1736301 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058326 |
| **Tobacco-1.26%** | **Tobacco-1.26%** | **Tobacco-1.26%** | **Tobacco-1.26%** |
| B.A.T. Capital Corp. (United Kingdom), 6.00%, 02/20/2034<br>|  | 1456000 | &nbsp;&nbsp;&nbsp;&nbsp; 1581327 |
| Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 02/13/2034<br>|  | 2998000 | &nbsp;&nbsp;&nbsp;&nbsp; 3141282 |
| &nbsp;&nbsp;&nbsp;4.90%, 11/01/2034<br>|  | 1284000 | &nbsp;&nbsp;&nbsp;&nbsp; 1313019 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6035628 |
| **Trading Companies & Distributors-0.45%** | **Trading Companies & Distributors-0.45%** | **Trading Companies & Distributors-0.45%** | **Trading Companies & Distributors-0.45%** |
| Ferguson Enterprises, Inc., 5.00%, 10/03/2034<br>|  | 1286000 | &nbsp;&nbsp;&nbsp;&nbsp; 1307029 |
| W.W. Grainger, Inc., 4.45%, 09/15/2034<br>|  | &nbsp;&nbsp;&nbsp;856000 | &nbsp;&nbsp;&nbsp;&nbsp; 859051 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166080 |
| **Water Utilities-0.45%** | **Water Utilities-0.45%** | **Water Utilities-0.45%** | **Water Utilities-0.45%** |
| American Water Capital Corp., 5.15%, 03/01/2034<br>|  | 1204000 | &nbsp;&nbsp;&nbsp;&nbsp; 1252428 |
| Essential Utilities, Inc., 5.38%, 01/15/2034<br>|  | &nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp;&nbsp; 894947 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147375 |
| **Wireless Telecommunication Services-1.30%** | **Wireless Telecommunication Services-1.30%** | **Wireless Telecommunication Services-1.30%** | **Wireless Telecommunication Services-1.30%** |
| Rogers Communications, Inc. (Canada), 5.30%, 02/15/2034<br>|  | 2145000 | &nbsp;&nbsp;&nbsp;&nbsp; 2192769 |

---

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

------

#### 71

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Corporate Bond ETF (BSCY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Wireless Telecommunication Services-(continued)** | **Wireless Telecommunication Services-(continued)** | **Wireless Telecommunication Services-(continued)** | **Wireless Telecommunication Services-(continued)** |
| T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 01/15/2034<br>| $| 1716000 | &nbsp;&nbsp;&nbsp;&nbsp;$1834937 |
| &nbsp;&nbsp;&nbsp;5.15%, 04/15/2034<br>|  | 2142000 | &nbsp;&nbsp;&nbsp;&nbsp; 2214198 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6241904 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $463,318,471) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $463,318,471) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $463,318,471) | &nbsp;&nbsp;472885242 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-0.11%** |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(c)(d)</sup><br>(Cost $552,473)<br>|  | &nbsp;&nbsp;&nbsp;552473 | &nbsp;&nbsp;&nbsp;&nbsp; 552473 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.62%<br>(Cost $463,870,944) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.62%<br>(Cost $463,870,944) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.62%<br>(Cost $463,870,944) | &nbsp;&nbsp;473437715 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**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-2.02%** | **Money Market Funds-2.02%** | **Money Market Funds-2.02%** |
| Invesco Private Government Fund, 3.64%<sup>(c)(d)(e)</sup><br>| 2696193 | &nbsp;&nbsp;$2696193 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup><br>| 7004115 | &nbsp;&nbsp;&nbsp;&nbsp; 7006216 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $9,702,409) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $9,702,409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9702409 |
| TOTAL INVESTMENTS IN SECURITIES-100.64%<br>(Cost $473,573,353) | TOTAL INVESTMENTS IN SECURITIES-100.64%<br>(Cost $473,573,353) | &nbsp;&nbsp;483140124 |
| OTHER ASSETS LESS LIABILITIES-(0.64)% | OTHER ASSETS LESS LIABILITIES-(0.64)% | &nbsp;&nbsp;&nbsp;&nbsp;(3093200) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $480046924 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$333554 | &nbsp;&nbsp;&nbsp;$10601727 | &nbsp;&nbsp;&nbsp;$(10382808) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$552473 | &nbsp;&nbsp;&nbsp;$16062 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798090 | &nbsp;&nbsp;&nbsp;&nbsp;17467765 | &nbsp;&nbsp;&nbsp;&nbsp;(17569662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,427\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276273 | &nbsp;&nbsp;&nbsp;&nbsp;36840171 | &nbsp;&nbsp;&nbsp;&nbsp;(37110391) | &nbsp;&nbsp;&nbsp;&nbsp;(282) | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7006216 | &nbsp;&nbsp;&nbsp;&nbsp;148,796\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$10407917 | &nbsp;&nbsp;&nbsp;$64909663 | &nbsp;&nbsp;&nbsp;$(65062861) | &nbsp;&nbsp;&nbsp;$(282) | &nbsp;&nbsp;&nbsp;$445 | &nbsp;&nbsp;&nbsp;$10254882 | &nbsp;&nbsp;&nbsp;$220285 |

---

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

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

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 72

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.47%** | **U.S. Dollar Denominated Bonds & Notes-98.47%** | **U.S. Dollar Denominated Bonds & Notes-98.47%** |
| **Aerospace & Defense-1.46%** | **Aerospace & Defense-1.46%** | **Aerospace & Defense-1.46%** |
| Boeing Co. (The), 3.25%, 02/01/2035<br>| $497000 | &nbsp;&nbsp;$443285 |
| General Dynamics Corp., 4.95%, 08/15/2035<br>| 504000 | &nbsp;&nbsp;&nbsp;&nbsp; 521473 |
| Huntington Ingalls Industries, Inc., 5.75%, 01/15/2035<br>| 334000 | &nbsp;&nbsp;&nbsp;&nbsp; 357417 |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.60%, 03/01/2035<br>| 323000 | &nbsp;&nbsp;&nbsp;&nbsp; 302651 |
| &nbsp;&nbsp;&nbsp;5.00%, 08/15/2035<br>| 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 516928 |
| Northrop Grumman Corp., 5.25%, 07/15/2035<br>| 334000 | &nbsp;&nbsp;&nbsp;&nbsp; 349753 |
| Textron, Inc., 5.50%, 05/15/2035<br>| 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 353294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844801 |
| **Air Freight & Logistics-0.44%** | **Air Freight & Logistics-0.44%** | **Air Freight & Logistics-0.44%** |
| United Parcel Service, Inc., 5.25%, 05/14/2035<sup>(b)</sup><br>| 811000 | &nbsp;&nbsp;&nbsp;&nbsp; 852639 |
| **Automobiles-2.21%** | **Automobiles-2.21%** | **Automobiles-2.21%** |
| American Honda Finance Corp., 5.20%, 03/05/2035<br>| 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 343241 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 02/07/2035<br>| 811000 | &nbsp;&nbsp;&nbsp;&nbsp; 850580 |
| &nbsp;&nbsp;&nbsp;5.87%, 10/31/2035<br>| 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 672573 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 04/01/2035<br>| 497000 | &nbsp;&nbsp;&nbsp;&nbsp; 493994 |
| &nbsp;&nbsp;&nbsp;6.25%, 04/15/2035<br>| 334000 | &nbsp;&nbsp;&nbsp;&nbsp; 358974 |
| Honda Motor Co. Ltd. (Japan), 5.34%, 07/08/2035<br>| 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 693963 |
| Toyota Motor Corp. (Japan), 5.05%, 06/30/2035<br>| 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 343626 |
| Toyota Motor Credit Corp., 5.35%, 01/09/2035<br>| 532000 | &nbsp;&nbsp;&nbsp;&nbsp; 563348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4320299 |
| **Banks-1.87%** | **Banks-1.87%** | **Banks-1.87%** |
| Banco Santander S.A. (Spain) |  |  |
| &nbsp;&nbsp;&nbsp;6.03%, 01/17/2035<br>| 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 716848 |
| &nbsp;&nbsp;&nbsp;5.13%, 11/06/2035<br>| 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 835684 |
| Sumitomo Mitsui Financial Group, Inc. (Japan), 5.63%, 01/15/2035<br>| 669000 | &nbsp;&nbsp;&nbsp;&nbsp; 714484 |
| Toronto-Dominion Bank (The) (Canada), 4.93%, 10/15/2035<br>| 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 837258 |
| Wachovia Corp., 5.50%, 08/01/2035<br>| 528000 | &nbsp;&nbsp;&nbsp;&nbsp; 548943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3653217 |
| **Beverages-1.50%** | **Beverages-1.50%** | **Beverages-1.50%** |
| Constellation Brands, Inc., 4.95%, 11/01/2035<sup>(b)</sup><br>| 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 330749 |
| Diageo Investment Corp. (United Kingdom), 5.63%, 04/15/2035<br>| 504000 | &nbsp;&nbsp;&nbsp;&nbsp; 537450 |
| Keurig Dr Pepper, Inc., 5.15%, 05/15/2035<br>| 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 339681 |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 02/07/2035<br>| 831000 | &nbsp;&nbsp;&nbsp;&nbsp; 860912 |
| &nbsp;&nbsp;&nbsp;5.00%, 07/23/2035<br>| 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 860568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929360 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology-2.67%** | **Biotechnology-2.67%** | **Biotechnology-2.67%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.55%, 03/15/2035<br>| $1087000 | &nbsp;&nbsp;&nbsp;&nbsp;$1082644 |
| &nbsp;&nbsp;&nbsp;5.20%, 03/15/2035<br>| &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 698324 |
| &nbsp;&nbsp;&nbsp;4.50%, 05/14/2035<br>| 1661000 | &nbsp;&nbsp;&nbsp;&nbsp; 1646038 |
| Biogen, Inc., 5.75%, 05/15/2035<br>| &nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;&nbsp;&nbsp; 459760 |
| Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.10%, 06/15/2035<br>| &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 692832 |
| &nbsp;&nbsp;&nbsp;4.60%, 09/01/2035<br>| &nbsp;&nbsp;&nbsp;649000 | &nbsp;&nbsp;&nbsp;&nbsp; 648784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5228382 |
| **Broadline Retail-1.20%** | **Broadline Retail-1.20%** | **Broadline Retail-1.20%** |
| Amazon.com, Inc., 4.65%, 11/20/2035<br>| 2330000 | &nbsp;&nbsp;&nbsp;&nbsp; 2344220 |
| **Building Products-0.96%** | **Building Products-0.96%** | **Building Products-0.96%** |
| Amrize Finance US LLC, 5.40%, 04/07/2035<br>| &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp; 659057 |
| Carlisle Cos., Inc., 5.25%, 09/15/2035<br>| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 340685 |
| CRH America Finance, Inc., 5.50%, 01/09/2035<br>| &nbsp;&nbsp;&nbsp;831000 | &nbsp;&nbsp;&nbsp;&nbsp; 876219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875961 |
| **Capital Markets-1.92%** | **Capital Markets-1.92%** | **Capital Markets-1.92%** |
| Ameriprise Financial, Inc., 5.20%, 04/15/2035<br>| &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 506005 |
| Brookfield Asset Management Ltd. (Canada), 5.80%, 04/24/2035<br>| &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 519238 |
| Carlyle Group, Inc. (The), 5.05%, 09/19/2035<br>| &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp; 523820 |
| KKR & Co., Inc., 5.10%, 08/07/2035<br>| &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 594173 |
| MSCI, Inc., 5.25%, 09/01/2035<br>| &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 831355 |
| Nomura Holdings, Inc. (Japan), 5.49%, 06/29/2035<br>| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 344437 |
| Raymond James Financial, Inc., 4.90%, 09/11/2035<br>| &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp; 429479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748507 |
| **Chemicals-1.08%** | **Chemicals-1.08%** | **Chemicals-1.08%** |
| CF Industries, Inc., 5.30%, 11/26/2035<br>| &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 681855 |
| Ecolab, Inc., 5.00%, 09/01/2035<br>| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 340877 |
| LYB International Finance III LLC, 6.15%, 05/15/2035<br>| &nbsp;&nbsp;&nbsp;328000 | &nbsp;&nbsp;&nbsp;&nbsp; 341051 |
| Sherwin-Williams Co. (The), 5.15%, 08/15/2035<br>| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 339794 |
| Westlake Corp., 5.55%, 11/15/2035<br>| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 406362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109939 |
| **Commercial Services & Supplies-0.94%** | **Commercial Services & Supplies-0.94%** | **Commercial Services & Supplies-0.94%** |
| Republic Services, Inc., 5.15%, 03/15/2035<br>| &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 485988 |
| Waste Connections, Inc., 5.25%, 09/01/2035<br>| &nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp; 350220 |
| Waste Management, Inc., 4.95%, 03/15/2035<br>| &nbsp;&nbsp;&nbsp;971000 | &nbsp;&nbsp;&nbsp;&nbsp; 999124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835332 |
| **Communications Equipment-0.77%** | **Communications Equipment-0.77%** | **Communications Equipment-0.77%** |
| Cisco Systems, Inc., 5.10%, 02/24/2035<br>| &nbsp;&nbsp;&nbsp;836000 | &nbsp;&nbsp;&nbsp;&nbsp; 867987 |
| Motorola Solutions, Inc., 5.55%, 08/15/2035<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;604000 | &nbsp;&nbsp;&nbsp;&nbsp; 636291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504278 |
| **Construction & Engineering-0.17%** | **Construction & Engineering-0.17%** | **Construction & Engineering-0.17%** |
| Quanta Services, Inc., 5.10%, 08/09/2035<br>| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 336162 |

---

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

------

#### 73

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Consumer Finance-0.63%** | **Consumer Finance-0.63%** | **Consumer Finance-0.63%** |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.90%, 01/07/2035<br>| $&nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$703440 |
| &nbsp;&nbsp;&nbsp;6.15%, 07/15/2035<br>| &nbsp;&nbsp;&nbsp;496000 | &nbsp;&nbsp;&nbsp;&nbsp; 530009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233449 |
| **Consumer Staples Distribution & Retail-1.56%** | **Consumer Staples Distribution & Retail-1.56%** | **Consumer Staples Distribution & Retail-1.56%** |
| Sysco Corp., 5.40%, 03/23/2035<br>| &nbsp;&nbsp;&nbsp;366000 | &nbsp;&nbsp;&nbsp;&nbsp; 382467 |
| Target Corp., 5.00%, 04/15/2035<br>| &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 687062 |
| Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 04/28/2035<br>| 1003000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041125 |
| &nbsp;&nbsp;&nbsp;5.25%, 09/01/2035<br>| &nbsp;&nbsp;&nbsp;886000 | &nbsp;&nbsp;&nbsp;&nbsp; 947874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3058528 |
| **Containers & Packaging-0.47%** | **Containers & Packaging-0.47%** | **Containers & Packaging-0.47%** |
| Packaging Corp. of America, 5.20%, 08/15/2035<br>| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 338491 |
| Smurfit Westrock Financing DAC (Ireland), 5.42%, 01/15/2035<br>| &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 581406 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919897 |
| **Diversified REITs-0.32%** | **Diversified REITs-0.32%** | **Diversified REITs-0.32%** |
| VICI Properties L.P., 5.63%, 04/01/2035<br>| &nbsp;&nbsp;&nbsp;604000 | &nbsp;&nbsp;&nbsp;&nbsp; 621833 |
| **Diversified Telecommunication Services-3.23%** | **Diversified Telecommunication Services-3.23%** | **Diversified Telecommunication Services-3.23%** |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 05/15/2035<br>| 1662000 | &nbsp;&nbsp;&nbsp;&nbsp; 1620321 |
| &nbsp;&nbsp;&nbsp;5.38%, 08/15/2035<br>| &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 862425 |
| &nbsp;&nbsp;&nbsp;4.90%, 11/01/2035<br>| &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 831946 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.78%, 02/15/2035<br>| 1451000 | &nbsp;&nbsp;&nbsp;&nbsp; 1445247 |
| &nbsp;&nbsp;&nbsp;5.25%, 04/02/2035<br>| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304954 |
| **Electric Utilities-7.01%** | **Electric Utilities-7.01%** | **Electric Utilities-7.01%** |
| Alabama Power Co., 5.10%, 04/02/2035<br>| &nbsp;&nbsp;&nbsp;337000 | &nbsp;&nbsp;&nbsp;&nbsp; 349431 |
| Baltimore Gas and Electric Co., 5.45%, 06/01/2035<br>| &nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;&nbsp;&nbsp; 452549 |
| CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.05%, 03/01/2035<br>| &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 342833 |
| &nbsp;&nbsp;&nbsp;Series AQ, 4.95%, 08/15/2035<br>| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 406724 |
| Duke Energy Carolinas LLC, 5.25%, 03/15/2035<br>| &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 485536 |
| Duke Energy Corp., 4.95%, 09/15/2035<br>| &nbsp;&nbsp;&nbsp;642000 | &nbsp;&nbsp;&nbsp;&nbsp; 643605 |
| Duke Energy Florida LLC, 4.85%, 12/01/2035<br>| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 403208 |
| Duke Energy Progress LLC, 5.05%, 03/15/2035<br>| &nbsp;&nbsp;&nbsp;552000 | &nbsp;&nbsp;&nbsp;&nbsp; 566675 |
| Entergy Texas, Inc., 5.25%, 04/15/2035<br>| &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 347858 |
| Exelon Corp., 5.63%, 06/15/2035<br>| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 348471 |
| Georgia Power Co., 5.20%, 03/15/2035<br>| &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 483233 |
| Interstate Power and Light Co., 5.60%, 06/29/2035<br>| &nbsp;&nbsp;&nbsp;402000 | &nbsp;&nbsp;&nbsp;&nbsp; 423462 |
| Jersey Central Power & Light Co., 5.10%, 01/15/2035<br>| &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp; 467473 |
| NextEra Energy Capital Holdings, Inc., 5.45%, 03/15/2035<br>| &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 696010 |
| Northern States Power Co., 5.05%, 05/15/2035<br>| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 411082 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.70%, 03/01/2035<br>| &nbsp;&nbsp;&nbsp;668000 | &nbsp;&nbsp;&nbsp;&nbsp; 696775 |
| &nbsp;&nbsp;&nbsp;6.00%, 08/15/2035<br>| &nbsp;&nbsp;&nbsp;564000 | &nbsp;&nbsp;&nbsp;&nbsp; 601184 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| PECO Energy Co., 4.88%, 09/15/2035<br>| $| &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;$354959 |
| Public Service Co. of Colorado, 5.15%, 09/15/2035<br>|  | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp; 541359 |
| Public Service Co. of Oklahoma, 5.20%, 01/15/2035<br>|  | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 408684 |
| San Diego Gas & Electric Co., 5.40%, 04/15/2035<br>|  | &nbsp;&nbsp;&nbsp;562000 | &nbsp;&nbsp;&nbsp;&nbsp; 585874 |
| Southern California Edison Co., 5.45%, 03/01/2035<br>|  | &nbsp;&nbsp;&nbsp;562000 | &nbsp;&nbsp;&nbsp;&nbsp; 578547 |
| Southern Co. (The), 4.85%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 499273 |
| Southwestern Public Service Co., 5.30%, 05/15/2035<br>|  | &nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp; 347142 |
| Tampa Electric Co., 5.15%, 03/01/2035<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 411211 |
| Union Electric Co., 5.25%, 04/15/2035<br>|  | &nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp; 346473 |
| Virginia Electric & Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.15%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 430587 |
| &nbsp;&nbsp;&nbsp;Series C, 4.90%, 09/15/2035<br>|  | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 551858 |
| Xcel Energy, Inc., 5.60%, 04/15/2035<br>|  | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 519693 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13701769 |
| **Electrical Equipment-0.18%** | **Electrical Equipment-0.18%** | **Electrical Equipment-0.18%** | **Electrical Equipment-0.18%** |
| Emerson Electric Co., 5.00%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 347150 |
| **Electronic Equipment, Instruments & Components-0.67%** | **Electronic Equipment, Instruments & Components-0.67%** | **Electronic Equipment, Instruments & Components-0.67%** | **Electronic Equipment, Instruments & Components-0.67%** |
| Amphenol Corp., 5.00%, 01/15/2035<br>|  | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 510178 |
| Flex Ltd., 5.38%, 11/13/2035<br>|  | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 404540 |
| TD SYNNEX Corp., 5.30%, 10/10/2035<br>|  | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 398959 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313677 |
| **Energy Equipment & Services-0.34%** | **Energy Equipment & Services-0.34%** | **Energy Equipment & Services-0.34%** | **Energy Equipment & Services-0.34%** |
| Halliburton Co., 4.85%, 11/15/2035<br>|  | &nbsp;&nbsp;&nbsp;659000 | &nbsp;&nbsp;&nbsp;&nbsp; 659148 |
| **Entertainment-0.38%** | **Entertainment-0.38%** | **Entertainment-0.38%** | **Entertainment-0.38%** |
| Walt Disney Co. (The), 6.40%, 12/15/2035<br>|  | &nbsp;&nbsp;&nbsp;647000 | &nbsp;&nbsp;&nbsp;&nbsp; 736978 |
| **Financial Services-3.48%** | **Financial Services-3.48%** | **Financial Services-3.48%** | **Financial Services-3.48%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.00%, 11/15/2035<br>|  | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 399637 |
| Apollo Global Management, Inc., 5.15%, 08/12/2035<br>|  | &nbsp;&nbsp;&nbsp;561000 | &nbsp;&nbsp;&nbsp;&nbsp; 556090 |
| BlackRock Funding, Inc., 4.90%, 01/08/2035<br>|  | &nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp; 344247 |
| Fiserv, Inc., 5.25%, 08/11/2035<br>|  | &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 670573 |
| Global Payments, Inc., 5.55%, 11/15/2035<br>|  | 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1154442 |
| LPL Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.65%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 340685 |
| &nbsp;&nbsp;&nbsp;5.75%, 06/15/2035<br>|  | &nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp; 341363 |
| Mastercard, Inc., 4.55%, 01/15/2035<br>|  | &nbsp;&nbsp;&nbsp;734000 | &nbsp;&nbsp;&nbsp;&nbsp; 738967 |
| ORIX Corp. (Japan), 5.40%, 02/25/2035<br>|  | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 349834 |
| PayPal Holdings, Inc., 5.10%, 04/01/2035<br>|  | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 405258 |
| RELX Capital, Inc. (United Kingdom), 5.25%, 03/27/2035<br>|  | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 511990 |
| Visa, Inc., 4.15%, 12/14/2035<sup>(b)</sup><br>|  | 1003000 | &nbsp;&nbsp;&nbsp;&nbsp; 981833 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6794919 |
| **Food Products-2.24%** | **Food Products-2.24%** | **Food Products-2.24%** | **Food Products-2.24%** |
| Bunge Ltd. Finance Corp., 5.15%, 08/04/2035<br>|  | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp; 441384 |
| Campbell's Co. (The), 4.75%, 03/23/2035<br>|  | &nbsp;&nbsp;&nbsp;537000 | &nbsp;&nbsp;&nbsp;&nbsp; 521687 |
| Conagra Brands, Inc., 5.75%, 08/01/2035<br>|  | &nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp; 330110 |
| Flowers Foods, Inc., 5.75%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 327094 |
| General Mills, Inc., 5.25%, 01/30/2035<br>|  | &nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp; 500502 |

---

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

------

#### 74

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Food Products-(continued)** | **Food Products-(continued)** | **Food Products-(continued)** | **Food Products-(continued)** |
| Hershey Co. (The), 5.10%, 02/24/2035<br>| $| &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;$351351 |
| J. M. Smucker Co. (The), 4.25%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;&nbsp;&nbsp; 413693 |
| JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 5.95%, 04/20/2035<br>|  | &nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp; 700439 |
| Kraft Heinz Foods Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp; 340067 |
| &nbsp;&nbsp;&nbsp;5.00%, 07/15/2035<br>|  | &nbsp;&nbsp;&nbsp;441000 | &nbsp;&nbsp;&nbsp;&nbsp; 442797 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369124 |
| **Gas Utilities-0.57%** | **Gas Utilities-0.57%** | **Gas Utilities-0.57%** | **Gas Utilities-0.57%** |
| Atmos Energy Corp., 5.20%, 08/15/2035<br>|  | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 344729 |
| National Fuel Gas Co., 5.95%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 357044 |
| Southern California Gas Co., 5.45%, 06/15/2035<br>|  | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 422131 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123904 |
| **Ground Transportation-1.30%** | **Ground Transportation-1.30%** | **Ground Transportation-1.30%** | **Ground Transportation-1.30%** |
| Canadian Pacific Railway Co. (Canada), 5.20%, 03/30/2035<br>|  | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 419675 |
| CSX Corp., 5.05%, 06/15/2035<br>|  | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 619196 |
| Uber Technologies, Inc., 4.80%, 09/15/2035<br>|  | &nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp; 806708 |
| Union Pacific Corp., 5.10%, 02/20/2035<br>|  | &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 698069 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543648 |
| **Health Care Equipment & Supplies-2.09%** | **Health Care Equipment & Supplies-2.09%** | **Health Care Equipment & Supplies-2.09%** | **Health Care Equipment & Supplies-2.09%** |
| Baxter International, Inc., 5.65%, 12/15/2035<br>|  | &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 681558 |
| GE HealthCare Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 06/15/2035<br>|  | &nbsp;&nbsp;&nbsp;562000 | &nbsp;&nbsp;&nbsp;&nbsp; 588803 |
| &nbsp;&nbsp;&nbsp;4.95%, 12/15/2035<br>|  | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp; 433289 |
| Medtronic, Inc., 4.38%, 03/15/2035<br>|  | 1284000 | &nbsp;&nbsp;&nbsp;&nbsp; 1271735 |
| Stryker Corp., 5.20%, 02/10/2035<br>|  | &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 694865 |
| Zimmer Biomet Holdings, Inc., 5.50%, 02/19/2035<br>|  | &nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp; 413527 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4083777 |
| **Health Care Providers & Services-4.28%** | **Health Care Providers & Services-4.28%** | **Health Care Providers & Services-4.28%** | **Health Care Providers & Services-4.28%** |
| Ascension Health, Series 2025, 4.92%, 11/15/2035<br>|  | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp; 540712 |
| Cencora, Inc., 5.15%, 02/15/2035<br>|  | &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 481196 |
| CommonSpirit Health, 4.98%, 09/01/2035<br>|  | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp; 432761 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 07/20/2035<br>|  | &nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;&nbsp;&nbsp; 428535 |
| &nbsp;&nbsp;&nbsp;5.45%, 09/15/2035<br>|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1033332 |
| Elevance Health, Inc., 5.20%, 02/15/2035<br>|  | &nbsp;&nbsp;&nbsp;798000 | &nbsp;&nbsp;&nbsp;&nbsp; 820825 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 03/01/2035<br>|  | 1003000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062114 |
| &nbsp;&nbsp;&nbsp;4.90%, 11/15/2035<br>|  | &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 667464 |
| Humana, Inc., 5.55%, 05/01/2035<br>|  | &nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp; 495825 |
| McKesson Corp., 5.25%, 05/30/2035<br>|  | &nbsp;&nbsp;&nbsp;464000 | &nbsp;&nbsp;&nbsp;&nbsp; 487064 |
| Sutter Health, Series 2025, 5.54%, 08/15/2035<br>|  | &nbsp;&nbsp;&nbsp;528000 | &nbsp;&nbsp;&nbsp;&nbsp; 561783 |
| UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, 06/15/2035<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;668000 | &nbsp;&nbsp;&nbsp;&nbsp; 697315 |
| &nbsp;&nbsp;&nbsp;4.63%, 07/15/2035<br>|  | &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 665223 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8374149 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Health Care REITs-1.16%** | **Health Care REITs-1.16%** | **Health Care REITs-1.16%** |
| Alexandria Real Estate Equities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 04/15/2035<br>| $&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$316859 |
| &nbsp;&nbsp;&nbsp;5.50%, 10/01/2035<br>| &nbsp;&nbsp;&nbsp;366000 | &nbsp;&nbsp;&nbsp;&nbsp; 376753 |
| Healthpeak OP LLC, 5.38%, 02/15/2035<br>| &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 345731 |
| Ventas Realty L.P., 5.00%, 01/15/2035<br>| &nbsp;&nbsp;&nbsp;366000 | &nbsp;&nbsp;&nbsp;&nbsp; 369663 |
| Welltower OP LLC, 5.13%, 07/01/2035<br>| &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 856252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265258 |
| **Hotel & Resort REITs-0.24%** | **Hotel & Resort REITs-0.24%** | **Hotel & Resort REITs-0.24%** |
| Host Hotels & Resorts L.P., 5.50%, 04/15/2035<br>| &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp; 464303 |
| **Hotels, Restaurants & Leisure-1.66%** | **Hotels, Restaurants & Leisure-1.66%** | **Hotels, Restaurants & Leisure-1.66%** |
| Expedia Group, Inc., 5.40%, 02/15/2035<br>| &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 676281 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.35%, 03/15/2035<br>| &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 695219 |
| &nbsp;&nbsp;&nbsp;5.25%, 10/15/2035<br>| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 410046 |
| McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 03/03/2035<br>| &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 615282 |
| &nbsp;&nbsp;&nbsp;4.70%, 12/09/2035<br>| &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 502849 |
| Starbucks Corp., 5.40%, 05/15/2035<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 353331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3253008 |
| **Household Durables-0.60%** | **Household Durables-0.60%** | **Household Durables-0.60%** |
| D.R. Horton, Inc., 5.50%, 10/15/2035<br>| &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 489629 |
| Meritage Homes Corp., 5.65%, 03/15/2035<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;311000 | &nbsp;&nbsp;&nbsp;&nbsp; 320993 |
| Toll Brothers Finance Corp., 5.60%, 06/15/2035<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp; 355755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166377 |
| **Household Products-0.36%** | **Household Products-0.36%** | **Household Products-0.36%** |
| Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;4.60%, 05/01/2035<br>| &nbsp;&nbsp;&nbsp;356000 | &nbsp;&nbsp;&nbsp;&nbsp; 364311 |
| &nbsp;&nbsp;&nbsp;4.35%, 11/03/2035<br>| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 329703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694014 |
| **Independent Power and Renewable Electricity Producers-0.65%** | **Independent Power and Renewable Electricity Producers-0.65%** | **Independent Power and Renewable Electricity Producers-0.65%** |
| NSTAR Electric Co., 5.20%, 03/01/2035<br>| &nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp; 484533 |
| Puget Energy, Inc., 5.73%, 03/15/2035<br>| &nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp; 408917 |
| Southern Power Co., Series B, 4.90%, 10/01/2035<br>| &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp; 368878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262328 |
| **Industrial Conglomerates-1.06%** | **Industrial Conglomerates-1.06%** | **Industrial Conglomerates-1.06%** |
| 3M Co., 5.15%, 03/15/2035<br>| &nbsp;&nbsp;&nbsp;367000 | &nbsp;&nbsp;&nbsp;&nbsp; 379920 |
| GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035<br>| &nbsp;&nbsp;&nbsp;709000 | &nbsp;&nbsp;&nbsp;&nbsp; 700304 |
| Honeywell International, Inc., 5.00%, 03/01/2035<br>| &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081246 |
| **Insurance-4.46%** | **Insurance-4.46%** | **Insurance-4.46%** |
| Allstate Corp. (The), 5.55%, 05/09/2035<br>| &nbsp;&nbsp;&nbsp;366000 | &nbsp;&nbsp;&nbsp;&nbsp; 389697 |
| American International Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88%, 01/15/2035<br>| &nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp; 313786 |
| &nbsp;&nbsp;&nbsp;5.45%, 05/07/2035<br>| &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 438273 |
| American National Group, Inc., 6.00%, 07/15/2035<br>| &nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp; 466634 |
| Arthur J. Gallagher & Co., 5.15%, 02/15/2035<br>| 1003000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017237 |
| Brown & Brown, Inc., 5.55%, 06/23/2035<br>| &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 684005 |

---

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

------

#### 75

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** |
| Chubb INA Holdings LLC, 4.90%, 08/15/2035<br>| $| &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;$841526 |
| CNA Financial Corp., 5.20%, 08/15/2035<br>|  | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 332196 |
| Hanover Insurance Group, Inc. (The), 5.50%, 09/01/2035<br>|  | &nbsp;&nbsp;&nbsp;331000 | &nbsp;&nbsp;&nbsp;&nbsp; 338402 |
| Lincoln National Corp., 5.35%, 11/15/2035<br>|  | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 322429 |
| Manulife Financial Corp. (Canada), 4.99%, 12/11/2035<br>|  | &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 672677 |
| Marsh & McLennan Cos., Inc., 5.00%, 03/15/2035<br>|  | 1328000 | &nbsp;&nbsp;&nbsp;&nbsp; 1352606 |
| MetLife, Inc., 5.70%, 06/15/2035<br>|  | &nbsp;&nbsp;&nbsp;662000 | &nbsp;&nbsp;&nbsp;&nbsp; 707719 |
| Prudential Financial, Inc., 5.20%, 03/14/2035<br>|  | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 509450 |
| Travelers Cos., Inc. (The), 5.05%, 07/24/2035<br>|  | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 337975 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8724612 |
| **Interactive Media & Services-3.87%** | **Interactive Media & Services-3.87%** | **Interactive Media & Services-3.87%** | **Interactive Media & Services-3.87%** |
| Alphabet, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 05/15/2035<br>|  | &nbsp;&nbsp;&nbsp;831000 | &nbsp;&nbsp;&nbsp;&nbsp; 836758 |
| &nbsp;&nbsp;&nbsp;4.70%, 11/15/2035<br>|  | 2330000 | &nbsp;&nbsp;&nbsp;&nbsp; 2360154 |
| Meta Platforms, Inc., 4.88%, 11/15/2035<br>|  | 4330000 | &nbsp;&nbsp;&nbsp;&nbsp; 4374760 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7571672 |
| **IT Services-0.32%** | **IT Services-0.32%** | **IT Services-0.32%** | **IT Services-0.32%** |
| International Business Machines Corp., 5.20%, 02/10/2035<br>|  | &nbsp;&nbsp;&nbsp;604000 | &nbsp;&nbsp;&nbsp;&nbsp; 623728 |
| **Life Sciences Tools & Services-0.26%** | **Life Sciences Tools & Services-0.26%** | **Life Sciences Tools & Services-0.26%** | **Life Sciences Tools & Services-0.26%** |
| Thermo Fisher Scientific, Inc., 4.79%, 10/07/2035<br>|  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 504731 |
| **Machinery-1.85%** | **Machinery-1.85%** | **Machinery-1.85%** | **Machinery-1.85%** |
| Caterpillar, Inc., 5.20%, 05/15/2035<br>|  | 1132000 | &nbsp;&nbsp;&nbsp;&nbsp; 1186315 |
| Cummins, Inc., 5.30%, 05/09/2035<br>|  | &nbsp;&nbsp;&nbsp;662000 | &nbsp;&nbsp;&nbsp;&nbsp; 694562 |
| Deere & Co., 5.45%, 01/16/2035<br>|  | &nbsp;&nbsp;&nbsp;831000 | &nbsp;&nbsp;&nbsp;&nbsp; 887549 |
| Otis Worldwide Corp., 5.13%, 09/04/2035<br>|  | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 340159 |
| Westinghouse Air Brake Technologies Corp., 5.50%, 05/29/2035<br>|  | &nbsp;&nbsp;&nbsp;476000 | &nbsp;&nbsp;&nbsp;&nbsp; 501108 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3609693 |
| **Media-2.20%** | **Media-2.20%** | **Media-2.20%** | **Media-2.20%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 10/23/2035<br>|  | 1328000 | &nbsp;&nbsp;&nbsp;&nbsp; 1387896 |
| &nbsp;&nbsp;&nbsp;5.85%, 12/01/2035<br>|  | &nbsp;&nbsp;&nbsp;790000 | &nbsp;&nbsp;&nbsp;&nbsp; 795411 |
| Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.30%, 05/15/2035<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp; 591428 |
| &nbsp;&nbsp;&nbsp;5.65%, 06/15/2035<br>|  | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 530383 |
| &nbsp;&nbsp;&nbsp;4.40%, 08/15/2035<br>|  | &nbsp;&nbsp;&nbsp;528000 | &nbsp;&nbsp;&nbsp;&nbsp; 512723 |
| &nbsp;&nbsp;&nbsp;6.50%, 11/15/2035<br>|  | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 473828 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291669 |
| **Metals & Mining-0.62%** | **Metals & Mining-0.62%** | **Metals & Mining-0.62%** | **Metals & Mining-0.62%** |
| Newmont Corp., 5.88%, 04/01/2035<br>|  | &nbsp;&nbsp;&nbsp;323000 | &nbsp;&nbsp;&nbsp;&nbsp; 351719 |
| Nucor Corp., 5.10%, 06/01/2035<br>|  | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 346607 |
| Steel Dynamics, Inc., 5.25%, 05/15/2035<br>|  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 514053 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212379 |
| **Multi-Utilities-1.66%** | **Multi-Utilities-1.66%** | **Multi-Utilities-1.66%** | **Multi-Utilities-1.66%** |
| Ameren Corp., 5.38%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 513425 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** | **Multi-Utilities-(continued)** |
| Consumers Energy Co., 5.05%, 05/15/2035<br>| $| &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;$432832 |
| Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.45%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 480644 |
| &nbsp;&nbsp;&nbsp;Series B, 5.95%, 06/15/2035<br>|  | &nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp; 354022 |
| DTE Electric Co., 5.25%, 05/15/2035<br>|  | &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 483103 |
| DTE Energy Co., 5.05%, 10/01/2035<br>|  | &nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp;&nbsp; 373538 |
| NiSource, Inc., 5.35%, 07/15/2035<br>|  | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp; 599065 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3236629 |
| **Office REITs-0.29%** | **Office REITs-0.29%** | **Office REITs-0.29%** | **Office REITs-0.29%** |
| Boston Properties L.P., 5.75%, 01/15/2035<br>|  | &nbsp;&nbsp;&nbsp;562000 | &nbsp;&nbsp;&nbsp;&nbsp; 572759 |
| **Oil, Gas & Consumable Fuels-9.63%** | **Oil, Gas & Consumable Fuels-9.63%** | **Oil, Gas & Consumable Fuels-9.63%** | **Oil, Gas & Consumable Fuels-9.63%** |
| Chevron USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.98%, 04/15/2035<br>|  | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 516071 |
| &nbsp;&nbsp;&nbsp;4.85%, 10/15/2035<br>|  | &nbsp;&nbsp;&nbsp;598000 | &nbsp;&nbsp;&nbsp;&nbsp; 614528 |
| ConocoPhillips Co., 5.00%, 01/15/2035<br>|  | &nbsp;&nbsp;&nbsp;831000 | &nbsp;&nbsp;&nbsp;&nbsp; 855456 |
| Coterra Energy, Inc., 5.40%, 02/15/2035<br>|  | &nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp; 502964 |
| Diamondback Energy, Inc., 5.55%, 04/01/2035<br>|  | &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp; 814379 |
| Eastern Energy Gas Holdings LLC, 5.80%, 01/15/2035<br>|  | &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 499468 |
| Enbridge, Inc. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;5.55%, 06/20/2035<br>|  | &nbsp;&nbsp;&nbsp;604000 | &nbsp;&nbsp;&nbsp;&nbsp; 633639 |
| &nbsp;&nbsp;&nbsp;5.20%, 11/20/2035<br>|  | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 336606 |
| Energy Transfer L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.90%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 334484 |
| &nbsp;&nbsp;&nbsp;5.70%, 04/01/2035<br>|  | &nbsp;&nbsp;&nbsp;811000 | &nbsp;&nbsp;&nbsp;&nbsp; 852265 |
| Enterprise Products Operating LLC, 4.95%, 02/15/2035<br>|  | &nbsp;&nbsp;&nbsp;734000 | &nbsp;&nbsp;&nbsp;&nbsp; 752207 |
| EOG Resources, Inc., 3.90%, 04/01/2035<br>|  | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 316912 |
| Equinor ASA (Norway) |  |  |  |
| &nbsp;&nbsp;&nbsp;5.13%, 06/03/2035<br>|  | &nbsp;&nbsp;&nbsp;528000 | &nbsp;&nbsp;&nbsp;&nbsp; 549274 |
| &nbsp;&nbsp;&nbsp;4.75%, 11/14/2035<br>|  | &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 674443 |
| Expand Energy Corp., 5.70%, 01/15/2035<br>|  | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 520627 |
| HF Sinclair Corp., 6.25%, 01/15/2035<br>|  | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 523471 |
| Kinder Morgan Energy Partners L.P., 5.80%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp; 357379 |
| Kinder Morgan, Inc., 5.85%, 06/01/2035<br>|  | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 534499 |
| Marathon Petroleum Corp., 5.70%, 03/01/2035<br>|  | &nbsp;&nbsp;&nbsp;603000 | &nbsp;&nbsp;&nbsp;&nbsp; 635374 |
| MPLX L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.40%, 04/01/2035<br>|  | &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 685077 |
| &nbsp;&nbsp;&nbsp;5.40%, 09/15/2035<br>|  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021656 |
| ONEOK, Inc., 5.40%, 10/15/2035<br>|  | &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 684362 |
| Phillips 66 Co., 4.95%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 405032 |
| Plains All American Pipeline L.P., 5.95%, 06/15/2035<br>|  | &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 707097 |
| Shell Finance US, Inc., 4.13%, 05/11/2035<br>|  | &nbsp;&nbsp;&nbsp;798000 | &nbsp;&nbsp;&nbsp;&nbsp; 778687 |
| Targa Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50%, 02/15/2035<br>|  | &nbsp;&nbsp;&nbsp;662000 | &nbsp;&nbsp;&nbsp;&nbsp; 685327 |
| &nbsp;&nbsp;&nbsp;5.55%, 08/15/2035<br>|  | &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 693583 |
| Viper Energy Partners LLC, 5.70%, 08/01/2035<br>|  | &nbsp;&nbsp;&nbsp;691000 | &nbsp;&nbsp;&nbsp;&nbsp; 717241 |
| Western Midstream Operating L.P., 5.50%, 12/15/2035<br>|  | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 403603 |
| Williams Cos., Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;5.60%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;664000 | &nbsp;&nbsp;&nbsp;&nbsp; 698142 |
| &nbsp;&nbsp;&nbsp;5.30%, 09/30/2035<br>|  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 513768 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18817621 |

---

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

------

#### 76

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Passenger Airlines-0.25%** | **Passenger Airlines-0.25%** | **Passenger Airlines-0.25%** |
| Southwest Airlines Co., 5.25%, 11/15/2035<br>| $&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;$496118 |
| **Pharmaceuticals-4.69%** | **Pharmaceuticals-4.69%** | **Pharmaceuticals-4.69%** |
| Eli Lilly and Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.10%, 02/12/2035<br>| &nbsp;&nbsp;&nbsp;831000 | &nbsp;&nbsp;&nbsp;&nbsp; 865446 |
| &nbsp;&nbsp;&nbsp;4.90%, 10/15/2035<br>| &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 850374 |
| GlaxoSmithKline Capital, Inc., 4.88%, 04/15/2035<br>| &nbsp;&nbsp;&nbsp;487000 | &nbsp;&nbsp;&nbsp;&nbsp; 497367 |
| Johnson & Johnson, 5.00%, 03/01/2035<br>| &nbsp;&nbsp;&nbsp;831000 | &nbsp;&nbsp;&nbsp;&nbsp; 875116 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.95%, 09/15/2035<br>| 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1190188 |
| &nbsp;&nbsp;&nbsp;4.75%, 12/04/2035<br>| &nbsp;&nbsp;&nbsp;999000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008481 |
| Novartis Capital Corp., 4.60%, 11/05/2035<br>| &nbsp;&nbsp;&nbsp;614000 | &nbsp;&nbsp;&nbsp;&nbsp; 617355 |
| Pfizer, Inc., 4.88%, 11/15/2035<br>| &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 846067 |
| Royalty Pharma PLC, 5.20%, 09/25/2035<br>| &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp; 609973 |
| Takeda U.S. Financing, Inc., 5.20%, 07/07/2035<br>| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1131864 |
| Zoetis, Inc., 5.00%, 08/17/2035<br>| &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 683758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9175989 |
| **Professional Services-0.66%** | **Professional Services-0.66%** | **Professional Services-0.66%** |
| Paychex, Inc., 5.60%, 04/15/2035<br>| &nbsp;&nbsp;&nbsp;796000 | &nbsp;&nbsp;&nbsp;&nbsp; 816382 |
| Verisk Analytics, Inc., 5.25%, 03/15/2035<br>| &nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp; 477829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294211 |
| **Real Estate Management & Development-0.18%** | **Real Estate Management & Development-0.18%** | **Real Estate Management & Development-0.18%** |
| CBRE Services, Inc., 5.50%, 06/15/2035<br>| &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 347484 |
| **Residential REITs-0.33%** | **Residential REITs-0.33%** | **Residential REITs-0.33%** |
| American Homes 4 Rent L.P., 5.25%, 03/15/2035<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp;&nbsp; 318937 |
| Invitation Homes Operating Partnership L.P., 4.88%, 02/01/2035<br>| &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 332814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651751 |
| **Retail REITs-0.66%** | **Retail REITs-0.66%** | **Retail REITs-0.66%** |
| Kimco Realty OP LLC, 4.85%, 03/01/2035<br>| &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 338947 |
| Realty Income Corp., 5.13%, 04/15/2035<br>| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 411723 |
| Simon Property Group L.P., 5.13%, 10/01/2035<br>| &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp; 542999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293669 |
| **Semiconductors & Semiconductor Equipment-3.09%** | **Semiconductors & Semiconductor Equipment-3.09%** | **Semiconductors & Semiconductor Equipment-3.09%** |
| Applied Materials, Inc., 5.10%, 10/01/2035<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 348810 |
| Broadcom, Inc., 5.20%, 07/15/2035<br>| 1660000 | &nbsp;&nbsp;&nbsp;&nbsp; 1716253 |
| Marvell Technology, Inc., 5.45%, 07/15/2035<br>| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 343687 |
| Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.80%, 01/15/2035<br>| &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 716682 |
| &nbsp;&nbsp;&nbsp;6.05%, 11/01/2035<br>| &nbsp;&nbsp;&nbsp;831000 | &nbsp;&nbsp;&nbsp;&nbsp; 903026 |
| NXP B.V./NXP Funding LLC/NXP USA, Inc. (Netherlands), 5.25%, 08/19/2035<br>| &nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp; 480327 |
| QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.65%, 05/20/2035<br>| &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 677027 |
| &nbsp;&nbsp;&nbsp;5.00%, 05/20/2035<br>| &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 410542 |
| Texas Instruments, Inc., 5.10%, 05/23/2035<br>| &nbsp;&nbsp;&nbsp;433000 | &nbsp;&nbsp;&nbsp;&nbsp; 451012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6047366 |
| **Software-4.51%** | **Software-4.51%** | **Software-4.51%** |
| Adobe, Inc., 5.30%, 01/17/2035<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp; 349623 |
| Autodesk, Inc., 5.30%, 06/15/2035<br>| &nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp; 342379 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software-(continued)** | **Software-(continued)** | **Software-(continued)** | **Software-(continued)** |
| Microsoft Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 02/12/2035<sup>(b)</sup><br>| $| &nbsp;&nbsp;&nbsp;963000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$915580 |
| &nbsp;&nbsp;&nbsp;4.20%, 11/03/2035<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp; 457959 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.90%, 05/15/2035<br>|  | &nbsp;&nbsp;&nbsp;832000 | &nbsp;&nbsp;&nbsp;&nbsp; 730554 |
| &nbsp;&nbsp;&nbsp;5.50%, 08/03/2035<br>|  | 1168000 | &nbsp;&nbsp;&nbsp;&nbsp; 1155043 |
| &nbsp;&nbsp;&nbsp;5.20%, 09/26/2035<br>|  | 2660000 | &nbsp;&nbsp;&nbsp;&nbsp; 2571451 |
| Roper Technologies, Inc., 5.10%, 09/15/2035<br>|  | &nbsp;&nbsp;&nbsp;662000 | &nbsp;&nbsp;&nbsp;&nbsp; 661093 |
| Synopsys, Inc., 5.15%, 04/01/2035<br>|  | 1597000 | &nbsp;&nbsp;&nbsp;&nbsp; 1636238 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8819920 |
| **Specialized REITs-0.89%** | **Specialized REITs-0.89%** | **Specialized REITs-0.89%** | **Specialized REITs-0.89%** |
| American Tower Corp., 5.40%, 01/31/2035<br>|  | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 416744 |
| Extra Space Storage L.P., 5.40%, 06/15/2035<br>|  | &nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp; 340755 |
| Prologis L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 01/31/2035<br>|  | &nbsp;&nbsp;&nbsp;461000 | &nbsp;&nbsp;&nbsp;&nbsp; 472575 |
| &nbsp;&nbsp;&nbsp;5.25%, 05/15/2035<br>|  | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 518016 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748090 |
| **Specialty Retail-1.94%** | **Specialty Retail-1.94%** | **Specialty Retail-1.94%** | **Specialty Retail-1.94%** |
| AutoNation, Inc., 5.89%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 344560 |
| Booz Allen Hamilton, Inc., 5.95%, 04/15/2035<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;&nbsp;&nbsp; 437391 |
| Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.85%, 02/01/2035<br>|  | &nbsp;&nbsp;&nbsp;512000 | &nbsp;&nbsp;&nbsp;&nbsp; 508869 |
| &nbsp;&nbsp;&nbsp;5.50%, 04/01/2035<br>|  | &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 696036 |
| Home Depot, Inc. (The), 4.65%, 09/15/2035<br>|  | &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 671039 |
| Leidos, Inc., 5.50%, 03/15/2035<br>|  | &nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp; 328316 |
| Lowe`s Cos., Inc., 4.85%, 10/15/2035<br>|  | &nbsp;&nbsp;&nbsp;799000 | &nbsp;&nbsp;&nbsp;&nbsp; 799818 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786029 |
| **Technology Hardware, Storage & Peripherals-1.03%** | **Technology Hardware, Storage & Peripherals-1.03%** | **Technology Hardware, Storage & Peripherals-1.03%** | **Technology Hardware, Storage & Peripherals-1.03%** |
| Apple, Inc., 4.75%, 05/12/2035<br>|  | &nbsp;&nbsp;&nbsp;669000 | &nbsp;&nbsp;&nbsp;&nbsp; 693810 |
| Hewlett Packard Enterprise Co., 6.20%, 10/15/2035<br>|  | &nbsp;&nbsp;&nbsp;477000 | &nbsp;&nbsp;&nbsp;&nbsp; 517285 |
| HP, Inc., 6.10%, 04/25/2035<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 358305 |
| NetApp, Inc., 5.70%, 03/17/2035<br>|  | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 438704 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008104 |
| **Textiles, Apparel & Luxury Goods-0.26%** | **Textiles, Apparel & Luxury Goods-0.26%** | **Textiles, Apparel & Luxury Goods-0.26%** | **Textiles, Apparel & Luxury Goods-0.26%** |
| Tapestry, Inc., 5.50%, 03/11/2035<br>|  | &nbsp;&nbsp;&nbsp;498000 | &nbsp;&nbsp;&nbsp;&nbsp; 516735 |
| **Tobacco-1.47%** | **Tobacco-1.47%** | **Tobacco-1.47%** | **Tobacco-1.47%** |
| Altria Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.63%, 02/06/2035<br>|  | &nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp; 351286 |
| &nbsp;&nbsp;&nbsp;5.25%, 08/06/2035<br>|  | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 343543 |
| B.A.T. Capital Corp. (United Kingdom), 5.63%, 08/15/2035<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;649000 | &nbsp;&nbsp;&nbsp;&nbsp; 684674 |
| Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 04/30/2035<br>|  | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp; 406370 |
| &nbsp;&nbsp;&nbsp;4.63%, 10/29/2035<br>|  | &nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp; 565256 |
| Reynolds American, Inc. (United Kingdom), 5.70%, 08/15/2035<br>|  | &nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 524681 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875810 |
| **Trading Companies & Distributors-0.25%** | **Trading Companies & Distributors-0.25%** | **Trading Companies & Distributors-0.25%** | **Trading Companies & Distributors-0.25%** |
| GATX Corp., 5.50%, 06/15/2035<br>|  | &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 483383 |

---

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

------

#### 77

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Water Utilities-0.44%** | **Water Utilities-0.44%** | **Water Utilities-0.44%** |
| American Water Capital Corp., 5.25%, 03/01/2035<br>| $508000 | &nbsp;&nbsp;$528427 |
| Essential Utilities, Inc., 5.25%, 08/15/2035<br>| 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 338649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867076 |
| **Wireless Telecommunication Services-0.99%** | **Wireless Telecommunication Services-0.99%** | **Wireless Telecommunication Services-0.99%** |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.70%, 01/15/2035<br>| 604000 | &nbsp;&nbsp;&nbsp;&nbsp; 600931 |
| &nbsp;&nbsp;&nbsp;5.30%, 05/15/2035<br>| 649000 | &nbsp;&nbsp;&nbsp;&nbsp; 672421 |
| &nbsp;&nbsp;&nbsp;4.95%, 11/15/2035<br>| 664000 | &nbsp;&nbsp;&nbsp;&nbsp; 670379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943731 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $190,533,039) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $190,533,039) | &nbsp;&nbsp;192477494 |
|  | **Shares** |  |
| **Money Market Funds-0.07%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(c)(d)</sup><br>(Cost $135,758)<br>| 135758 | &nbsp;&nbsp;&nbsp;&nbsp; 135758 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.54%<br>(Cost $190,668,797) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.54%<br>(Cost $190,668,797) | &nbsp;&nbsp;192613252 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**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-3.38%** | **Money Market Funds-3.38%** | **Money Market Funds-3.38%** |
| Invesco Private Government Fund, 3.64%<sup>(c)(d)(e)</sup><br>| 1219138 | &nbsp;&nbsp;$1219138 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup><br>| 5391922 | &nbsp;&nbsp;&nbsp;&nbsp; 5393540 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $6,612,678) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $6,612,678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6612678 |
| TOTAL INVESTMENTS IN SECURITIES-101.92%<br>(Cost $197,281,475) | TOTAL INVESTMENTS IN SECURITIES-101.92%<br>(Cost $197,281,475) | &nbsp;&nbsp;199225930 |
| OTHER ASSETS LESS LIABILITIES-(1.92)% | OTHER ASSETS LESS LIABILITIES-(1.92)% | &nbsp;&nbsp;&nbsp;&nbsp;(3759025) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $195466905 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$79351 | &nbsp;&nbsp;&nbsp;$2938598 | &nbsp;&nbsp;&nbsp;$(2882191) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$135758 | &nbsp;&nbsp;&nbsp;$4658 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;147715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5303432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4232009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1219138 | &nbsp;&nbsp;&nbsp;&nbsp;14,429\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;383929 | &nbsp;&nbsp;&nbsp;&nbsp;11956932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6947297) | &nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;5393540 | &nbsp;&nbsp;&nbsp;&nbsp;38,582\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$610995 | &nbsp;&nbsp;&nbsp;$20198962 | &nbsp;&nbsp;&nbsp;$(14061497) | &nbsp;&nbsp;&nbsp;$(25) | &nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;$6748436 | &nbsp;&nbsp;&nbsp;$57669 |

---

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

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

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

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

------

#### 78

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)—(continued)
February 28, 2026

(Unaudited)

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 79

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-79.37%** | **U.S. Dollar Denominated Bonds & Notes-79.37%** | **U.S. Dollar Denominated Bonds & Notes-79.37%** |
| **Aerospace & Defense-4.13%** | **Aerospace & Defense-4.13%** | **Aerospace & Defense-4.13%** |
| Bombardier, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 02/01/2029<sup>(b)(c)</sup><br>| $&nbsp;&nbsp;7101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7388242 |
| &nbsp;&nbsp;&nbsp;8.75%, 11/15/2030<sup>(b)</sup><br>| 19862000 | &nbsp;&nbsp;&nbsp;&nbsp; 21303822 |
| TransDigm, Inc., 6.75%, 08/15/2028<sup>(b)</sup><br>| 17103000 | &nbsp;&nbsp;&nbsp;&nbsp; 17428898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46120962 |
| **Banks-1.29%** | **Banks-1.29%** | **Banks-1.29%** |
| Freedom Mortgage Corp., 12.25%, 10/01/2030<sup>(b)</sup><br>| 13244000 | &nbsp;&nbsp;&nbsp;&nbsp; 14413697 |
| **Building Products-0.08%** | **Building Products-0.08%** | **Building Products-0.08%** |
| STL Holding Co. LLC, 8.75%, 02/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp; 921097 |
| **Capital Markets-1.59%** | **Capital Markets-1.59%** | **Capital Markets-1.59%** |
| Aretec Group, Inc., 10.00%, 08/15/2030<sup>(b)</sup><br>| 16679000 | &nbsp;&nbsp;&nbsp;&nbsp; 17766037 |
| **Chemicals-2.41%** | **Chemicals-2.41%** | **Chemicals-2.41%** |
| Calderys Financing LLC (France), 11.25%, 06/01/2028<sup>(b)</sup><br>| 14722000 | &nbsp;&nbsp;&nbsp;&nbsp; 15309629 |
| Consolidated Energy Finance S.A. (Switzerland), 6.50%, 05/15/2026<sup>(b)</sup><br>| &nbsp;&nbsp;5229000 | &nbsp;&nbsp;&nbsp;&nbsp; 5195182 |
| Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026<br>| &nbsp;&nbsp;6368000 | &nbsp;&nbsp;&nbsp;&nbsp; 6384934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26889745 |
| **Commercial Services & Supplies-2.92%** | **Commercial Services & Supplies-2.92%** | **Commercial Services & Supplies-2.92%** |
| Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/2026<sup>(c)</sup><br>| 11362000 | &nbsp;&nbsp;&nbsp;&nbsp; 11370522 |
| RB Global Holdings, Inc. (Canada), 7.75%, 03/15/2031<sup>(b)(c)</sup><br>| 20385000 | &nbsp;&nbsp;&nbsp;&nbsp; 21219052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32589574 |
| **Communications Equipment-1.15%** | **Communications Equipment-1.15%** | **Communications Equipment-1.15%** |
| Hughes Satellite Systems Corp., 5.25%, 08/01/2026<sup>(c)</sup><br>| 13469000 | &nbsp;&nbsp;&nbsp;&nbsp; 12897370 |
| **Consumer Finance-3.65%** | **Consumer Finance-3.65%** | **Consumer Finance-3.65%** |
| Encore Capital Group, Inc., 9.25%, 04/01/2029<sup>(b)</sup><br>| 13236000 | &nbsp;&nbsp;&nbsp;&nbsp; 13869918 |
| Navient Corp., 6.75%, 06/15/2026<br>| 13381000 | &nbsp;&nbsp;&nbsp;&nbsp; 13442031 |
| SLM Corp., 3.13%, 11/02/2026<br>| 13586000 | &nbsp;&nbsp;&nbsp;&nbsp; 13406636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40718585 |
| **Distributors-2.01%** | **Distributors-2.01%** | **Distributors-2.01%** |
| Windsor Holdings III LLC, 8.50%, 06/15/2030<sup>(b)</sup><br>| 21410000 | &nbsp;&nbsp;&nbsp;&nbsp; 22478188 |
| **Diversified Consumer Services-1.61%** | **Diversified Consumer Services-1.61%** | **Diversified Consumer Services-1.61%** |
| Allwyn Entertainment Financing (UK) PLC (United Kingdom), 7.88%, 04/30/2029<sup>(b)(c)</sup><br>| 17260000 | &nbsp;&nbsp;&nbsp;&nbsp; 17938709 |
| **Diversified Telecommunication Services-3.25%** | **Diversified Telecommunication Services-3.25%** | **Diversified Telecommunication Services-3.25%** |
| Altice France S.A. (France), 9.50%, 11/01/2029<sup>(b)</sup><br>| 35686431 | &nbsp;&nbsp;&nbsp;&nbsp; 36266121 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric Utilities-6.67%** | **Electric Utilities-6.67%** | **Electric Utilities-6.67%** |
| Talen Energy Supply LLC, 8.63%, 06/01/2030<sup>(b)</sup><br>| $31900000 | &nbsp;&nbsp;$33665729 |
| Vistra Operations Co. LLC, 7.75%, 10/15/2031<sup>(b)</sup><br>| 38661000 | &nbsp;&nbsp;&nbsp;&nbsp; 40873569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74539298 |
| **Electrical Equipment-3.17%** | **Electrical Equipment-3.17%** | **Electrical Equipment-3.17%** |
| WESCO Distribution, Inc., 7.25%, 06/15/2028<sup>(b)</sup><br>| 35086000 | &nbsp;&nbsp;&nbsp;&nbsp; 35364583 |
| **Financial Services-7.07%** | **Financial Services-7.07%** | **Financial Services-7.07%** |
| EG Global Finance PLC (United Kingdom), 12.00%, 11/30/2028<sup>(b)(c)</sup><br>| 30127000 | &nbsp;&nbsp;&nbsp;&nbsp; 32408187 |
| Jefferson Capital Holdings LLC, 6.00%, 08/15/2026<sup>(b)</sup><br>| &nbsp;&nbsp;7904000 | &nbsp;&nbsp;&nbsp;&nbsp; 7915421 |
| NCR Atleos Corp., 9.50%, 04/01/2029<sup>(b)</sup><br>| 35996000 | &nbsp;&nbsp;&nbsp;&nbsp; 38675974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78999582 |
| **Ground Transportation-0.46%** | **Ground Transportation-0.46%** | **Ground Transportation-0.46%** |
| Hertz Corp. (The), 4.63%, 12/01/2026<sup>(b)</sup><br>| &nbsp;&nbsp;5658000 | &nbsp;&nbsp;&nbsp;&nbsp; 5158557 |
| **Health Care Providers & Services-6.30%** | **Health Care Providers & Services-6.30%** | **Health Care Providers & Services-6.30%** |
| Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/2028<sup>(b)</sup><br>| &nbsp;&nbsp;4019000 | &nbsp;&nbsp;&nbsp;&nbsp; 4163861 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.88%, 08/15/2030<sup>(b)</sup><br>| 21413000 | &nbsp;&nbsp;&nbsp;&nbsp; 22873731 |
| &nbsp;&nbsp;&nbsp;11.00%, 10/15/2030<sup>(b)</sup><br>| 29250000 | &nbsp;&nbsp;&nbsp;&nbsp; 31805631 |
| Team Health Holdings, Inc., 8.38%, 06/30/2028<sup>(b)</sup><br>| 11389000 | &nbsp;&nbsp;&nbsp;&nbsp; 11472906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70316129 |
| **Hotel & Resort REITs-1.18%** | **Hotel & Resort REITs-1.18%** | **Hotel & Resort REITs-1.18%** |
| RLJ Lodging Trust L.P., 3.75%, 07/01/2026<sup>(b)</sup><br>| 13299000 | &nbsp;&nbsp;&nbsp;&nbsp; 13241573 |
| **Hotels, Restaurants & Leisure-4.22%** | **Hotels, Restaurants & Leisure-4.22%** | **Hotels, Restaurants & Leisure-4.22%** |
| Brinker International, Inc., 8.25%, 07/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;9586000 | &nbsp;&nbsp;&nbsp;&nbsp; 10135195 |
| Empire Resorts, Inc., 7.75%, 11/01/2026<sup>(b)(c)</sup><br>| &nbsp;&nbsp;8196000 | &nbsp;&nbsp;&nbsp;&nbsp; 8139735 |
| MGM Resorts International, 4.63%, 09/01/2026<br>| 10953000 | &nbsp;&nbsp;&nbsp;&nbsp; 10972700 |
| Travel + Leisure Co., 6.63%, 07/31/2026<sup>(b)</sup><br>| 17804000 | &nbsp;&nbsp;&nbsp;&nbsp; 17864854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47112484 |
| **Household Durables-0.17%** | **Household Durables-0.17%** | **Household Durables-0.17%** |
| FXI Holdings, Inc., 14.00% PIK Rate, 2.00% Cash Rate, 11/15/2029<sup>(d)</sup><br>| &nbsp;&nbsp;3168060 | &nbsp;&nbsp;&nbsp;&nbsp; 1851446 |
| **Life Sciences Tools & Services-2.36%** | **Life Sciences Tools & Services-2.36%** | **Life Sciences Tools & Services-2.36%** |
| IQVIA, Inc., 5.00%, 10/15/2026<sup>(b)</sup><br>| 26305000 | &nbsp;&nbsp;&nbsp;&nbsp; 26328346 |
| **Marine Transportation-1.88%** | **Marine Transportation-1.88%** | **Marine Transportation-1.88%** |
| Viking Cruises Ltd., 9.13%, 07/15/2031<sup>(b)</sup><br>| 19722000 | &nbsp;&nbsp;&nbsp;&nbsp; 20993181 |

---

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

------

#### 80

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media-6.58%** | **Media-6.58%** | **Media-6.58%** |
| DISH DBS Corp., 5.25%, 12/01/2026<sup>(b)</sup><br>| $48139000 | &nbsp;&nbsp;$46804649 |
| Sirius XM Radio LLC, 3.13%, 09/01/2026<sup>(b)</sup><br>| 26765000 | &nbsp;&nbsp;&nbsp;&nbsp; 26635669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73440318 |
| **Metals & Mining-1.47%** | **Metals & Mining-1.47%** | **Metals & Mining-1.47%** |
| Baffinland Iron Mines Corp./Baffinland Iron Mines L.P. (Canada), 8.75%, 07/15/2026<sup>(b)(c)</sup><br>| 15390000 | &nbsp;&nbsp;&nbsp;&nbsp; 14360237 |
| Warrior Met Coal, Inc., 7.88%, 12/01/2028<sup>(b)</sup><br>| &nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2092845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16453082 |
| **Mortgage REITs-0.95%** | **Mortgage REITs-0.95%** | **Mortgage REITs-0.95%** |
| Starwood Property Trust, Inc., 3.63%, 07/15/2026<sup>(b)</sup><br>| 10704000 | &nbsp;&nbsp;&nbsp;&nbsp; 10661242 |
| **Oil, Gas & Consumable Fuels-4.32%** | **Oil, Gas & Consumable Fuels-4.32%** | **Oil, Gas & Consumable Fuels-4.32%** |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/2026<sup>(b)</sup><br>| &nbsp;&nbsp;7786000 | &nbsp;&nbsp;&nbsp;&nbsp; 7826760 |
| Buckeye Partners L.P., 3.95%, 12/01/2026<br>| 15954000 | &nbsp;&nbsp;&nbsp;&nbsp; 15846232 |
| Crescent Energy Finance LLC, 9.25%, 02/15/2028<sup>(b)(c)</sup><br>| &nbsp;&nbsp;2416000 | &nbsp;&nbsp;&nbsp;&nbsp; 2487687 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 09/15/2026<br>| 11399000 | &nbsp;&nbsp;&nbsp;&nbsp; 11416566 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/15/2026<sup>(b)</sup><br>| 10668000 | &nbsp;&nbsp;&nbsp;&nbsp; 10670118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48247363 |
| **Pharmaceuticals-2.04%** | **Pharmaceuticals-2.04%** | **Pharmaceuticals-2.04%** |
| HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 12.25%, 04/15/2029<sup>(b)</sup><br>| 21268000 | &nbsp;&nbsp;&nbsp;&nbsp; 22734365 |
| **Real Estate Management & Development-2.03%** | **Real Estate Management & Development-2.03%** | **Real Estate Management & Development-2.03%** |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/2031<sup>(b)(c)</sup><br>| 10960000 | &nbsp;&nbsp;&nbsp;&nbsp; 11607396 |
| Greystar Real Estate Partners LLC, 7.75%, 09/01/2030<sup>(b)</sup><br>| 10596000 | &nbsp;&nbsp;&nbsp;&nbsp; 11106145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22713541 |
| **Software-1.73%** | **Software-1.73%** | **Software-1.73%** |
| Fair Isaac Corp., 5.25%, 05/15/2026<sup>(b)</sup><br>| &nbsp;&nbsp;9522000 | &nbsp;&nbsp;&nbsp;&nbsp; 9532227 |
| RingCentral, Inc., 8.50%, 08/15/2030<sup>(b)(c)</sup><br>| &nbsp;&nbsp;9368000 | &nbsp;&nbsp;&nbsp;&nbsp; 9845262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19377489 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Specialty Retail-1.21%** | **Specialty Retail-1.21%** | **Specialty Retail-1.21%** |
| Bath & Body Works, Inc., 7.50%, 06/15/2029<br>| $&nbsp;&nbsp;13211000 | &nbsp;&nbsp;$13503505 |
| **Textiles, Apparel & Luxury Goods-1.47%** | **Textiles, Apparel & Luxury Goods-1.47%** | **Textiles, Apparel & Luxury Goods-1.47%** |
| Under Armour, Inc., 3.25%, 06/15/2026<sup>(c)</sup><br>| &nbsp;&nbsp;16439000 | &nbsp;&nbsp;&nbsp;&nbsp; 16372621 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $885,217,654) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $885,217,654) | &nbsp;&nbsp;&nbsp;&nbsp;886408790 |
|  | **Shares** |  |
| **Money Market Funds-16.25%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(e)(f)</sup><br>(Cost $181,472,648)<br>| 181472648 | &nbsp;&nbsp;&nbsp;&nbsp; 181472648 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-95.62%<br>(Cost $1,066,690,302) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-95.62%<br>(Cost $1,066,690,302) | &nbsp;&nbsp;1067881438 |
| **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-6.02%** | **Money Market Funds-6.02%** | **Money Market Funds-6.02%** |
| Invesco Private Government Fund, 3.64%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp;18695400 | &nbsp;&nbsp;&nbsp;&nbsp; 18695400 |
| Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp;48489349 | &nbsp;&nbsp;&nbsp;&nbsp; 48503896 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $67,199,296) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $67,199,296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67199296 |
| TOTAL INVESTMENTS IN SECURITIES-101.64%<br>(Cost $1,133,889,598) | TOTAL INVESTMENTS IN SECURITIES-101.64%<br>(Cost $1,133,889,598) | &nbsp;&nbsp;1135080734 |
| OTHER ASSETS LESS LIABILITIES-(1.64)% | OTHER ASSETS LESS LIABILITIES-(1.64)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18320303) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $1116760431 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <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 resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2026 was $758,944,227, which represented 67.96% of the Fund's Net Assets. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

------

#### 81

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$85881696 | &nbsp;&nbsp;&nbsp;$532479323 | &nbsp;&nbsp;&nbsp;$(436888371) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$181472648 | &nbsp;&nbsp;&nbsp;$2069267 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32048627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78704034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92057261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18695400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369,413\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83352265 | &nbsp;&nbsp;&nbsp;&nbsp;154051628 | &nbsp;&nbsp;&nbsp;&nbsp;(188900605) | &nbsp;&nbsp;&nbsp;&nbsp;(5815) | &nbsp;&nbsp;&nbsp;&nbsp;6423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48503896 | &nbsp;&nbsp;&nbsp;&nbsp;1,015,937\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$201282588 | &nbsp;&nbsp;&nbsp;$765234985 | &nbsp;&nbsp;&nbsp;$(717846237) | &nbsp;&nbsp;&nbsp;$(5815) | &nbsp;&nbsp;&nbsp;$6423 | &nbsp;&nbsp;&nbsp;$248671944 | &nbsp;&nbsp;&nbsp;$3454617 |

---

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

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

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

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 82

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-91.71%** | **U.S. Dollar Denominated Bonds & Notes-91.71%** | **U.S. Dollar Denominated Bonds & Notes-91.71%** |
| **Aerospace & Defense-2.88%** | **Aerospace & Defense-2.88%** | **Aerospace & Defense-2.88%** |
| Bombardier, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 07/01/2031<sup>(b)(c)</sup><br>| $&nbsp;&nbsp;7260000 | &nbsp;&nbsp;&nbsp;&nbsp;$7733084 |
| &nbsp;&nbsp;&nbsp;7.00%, 06/01/2032<sup>(b)(c)</sup><br>| &nbsp;&nbsp;7265000 | &nbsp;&nbsp;&nbsp;&nbsp; 7661974 |
| Moog, Inc., 4.25%, 12/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;4845000 | &nbsp;&nbsp;&nbsp;&nbsp; 4835471 |
| TransDigm, Inc., 6.75%, 08/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;3550000 | &nbsp;&nbsp;&nbsp;&nbsp; 3617645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23848174 |
| **Automobile Components-4.04%** | **Automobile Components-4.04%** | **Automobile Components-4.04%** |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75%, 07/15/2027<sup>(b)(c)</sup><br>| &nbsp;&nbsp;3355000 | &nbsp;&nbsp;&nbsp;&nbsp; 3352870 |
| &nbsp;&nbsp;&nbsp;5.75%, 07/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;2940000 | &nbsp;&nbsp;&nbsp;&nbsp; 2940298 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/2032<sup>(b)(c)</sup><br>| &nbsp;&nbsp;6534000 | &nbsp;&nbsp;&nbsp;&nbsp; 6963225 |
| Forvia SE (France), 8.00%, 06/15/2030<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4840000 | &nbsp;&nbsp;&nbsp;&nbsp; 5160369 |
| Garrett Motion Holdings, Inc./Garrett LX I S.a.r.l., 7.75%, 05/31/2032<sup>(b)</sup><br>| &nbsp;&nbsp;7750000 | &nbsp;&nbsp;&nbsp;&nbsp; 8196129 |
| Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027<sup>(c)</sup><br>| &nbsp;&nbsp;6779000 | &nbsp;&nbsp;&nbsp;&nbsp; 6765329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33378220 |
| **Automobiles-0.46%** | **Automobiles-0.46%** | **Automobiles-0.46%** |
| Allison Transmission, Inc., 4.75%, 10/01/2027<sup>(b)</sup><br>| &nbsp;&nbsp;3802000 | &nbsp;&nbsp;&nbsp;&nbsp; 3807834 |
| **Banks-0.63%** | **Banks-0.63%** | **Banks-0.63%** |
| Freedom Mortgage Corp., 6.63%, 01/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5180000 | &nbsp;&nbsp;&nbsp;&nbsp; 5178143 |
| **Broadline Retail-2.68%** | **Broadline Retail-2.68%** | **Broadline Retail-2.68%** |
| Kohl's Corp., 10.00%, 06/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;3490000 | &nbsp;&nbsp;&nbsp;&nbsp; 3802100 |
| Rakuten Group, Inc. (Japan), 11.25%, 02/15/2027<sup>(b)</sup><br>| 17453000 | &nbsp;&nbsp;&nbsp;&nbsp; 18393902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22196002 |
| **Building Products-0.38%** | **Building Products-0.38%** | **Building Products-0.38%** |
| JELD-WEN, Inc., 4.88%, 12/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;3876000 | &nbsp;&nbsp;&nbsp;&nbsp; 3179701 |
| **Capital Markets-2.28%** | **Capital Markets-2.28%** | **Capital Markets-2.28%** |
| Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 5.25%, 05/15/2027<br>| 13363000 | &nbsp;&nbsp;&nbsp;&nbsp; 13172380 |
| StoneX Group, Inc., 7.88%, 03/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;5330000 | &nbsp;&nbsp;&nbsp;&nbsp; 5662011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18834391 |
| **Chemicals-3.50%** | **Chemicals-3.50%** | **Chemicals-3.50%** |
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V., 4.75%, 06/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;4843000 | &nbsp;&nbsp;&nbsp;&nbsp; 4844081 |
| Celanese US Holdings LLC, 7.17%, 07/15/2027<sup>(c)</sup><br>| &nbsp;&nbsp;5363000 | &nbsp;&nbsp;&nbsp;&nbsp; 5555666 |
| Chemours Co. (The), 5.38%, 05/15/2027<sup>(c)</sup><br>| &nbsp;&nbsp;4789000 | &nbsp;&nbsp;&nbsp;&nbsp; 4842421 |
| HB Fuller Co., 4.00%, 02/15/2027<sup>(c)</sup><br>| &nbsp;&nbsp;2904000 | &nbsp;&nbsp;&nbsp;&nbsp; 2872709 |
| Methanex Corp. (Canada), 5.13%, 10/15/2027<br>| &nbsp;&nbsp;6645000 | &nbsp;&nbsp;&nbsp;&nbsp; 6675700 |
| NOVA Chemicals Corp. (Canada), 7.00%, 12/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;3875000 | &nbsp;&nbsp;&nbsp;&nbsp; 4143588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28934165 |
| **Commercial Services & Supplies-3.86%** | **Commercial Services & Supplies-3.86%** | **Commercial Services & Supplies-3.86%** |
| Brink's Co. (The), 4.63%, 10/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;5692000 | &nbsp;&nbsp;&nbsp;&nbsp; 5701418 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** |
| CoreCivic, Inc., 4.75%, 10/15/2027<br>| $| &nbsp;&nbsp;2313000 | &nbsp;&nbsp;$2315222 |
| Enviri Corp., 5.75%, 07/31/2027<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;4512000 | &nbsp;&nbsp;&nbsp;&nbsp; 4518903 |
| GEO Group, Inc. (The), 10.25%, 04/15/2031<br>|  | &nbsp;&nbsp;6054000 | &nbsp;&nbsp;&nbsp;&nbsp; 6504516 |
| Pitney Bowes, Inc., 6.88%, 03/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;3354000 | &nbsp;&nbsp;&nbsp;&nbsp; 3357468 |
| Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/2027<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;9686000 | &nbsp;&nbsp;&nbsp;&nbsp; 9538529 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31936056 |
| **Construction Materials-0.37%** | **Construction Materials-0.37%** | **Construction Materials-0.37%** | **Construction Materials-0.37%** |
| Global Infrastructure Solutions, Inc., 7.50%, 04/15/2032<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;2901000 | &nbsp;&nbsp;&nbsp;&nbsp; 3076330 |
| **Consumer Finance-2.93%** | **Consumer Finance-2.93%** | **Consumer Finance-2.93%** | **Consumer Finance-2.93%** |
| Encore Capital Group, Inc., 8.50%, 05/15/2030<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;4844000 | &nbsp;&nbsp;&nbsp;&nbsp; 5184867 |
| Navient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 03/15/2027<sup>(c)</sup><br>|  | &nbsp;&nbsp;6780000 | &nbsp;&nbsp;&nbsp;&nbsp; 6682851 |
| &nbsp;&nbsp;&nbsp;11.50%, 03/15/2031<br>|  | &nbsp;&nbsp;4843000 | &nbsp;&nbsp;&nbsp;&nbsp; 5135724 |
| OneMain Finance Corp., 3.50%, 01/15/2027<br>|  | &nbsp;&nbsp;7264000 | &nbsp;&nbsp;&nbsp;&nbsp; 7183697 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24187139 |
| **Containers & Packaging-2.93%** | **Containers & Packaging-2.93%** | **Containers & Packaging-2.93%** | **Containers & Packaging-2.93%** |
| Graphic Packaging International LLC, 4.75%, 07/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;2908000 | &nbsp;&nbsp;&nbsp;&nbsp; 2914147 |
| Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;5505000 | &nbsp;&nbsp;&nbsp;&nbsp; 5513390 |
| Sealed Air Corp., 4.00%, 12/01/2027<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;4119075 | &nbsp;&nbsp;&nbsp;&nbsp; 4109786 |
| Trivium Packaging Finance B.V. (Netherlands) |  |  |  |
| &nbsp;&nbsp;&nbsp;8.25%, 07/15/2030<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;5117000 | &nbsp;&nbsp;&nbsp;&nbsp; 5484835 |
| &nbsp;&nbsp;&nbsp;12.25%, 01/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;5655000 | &nbsp;&nbsp;&nbsp;&nbsp; 6231188 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24253346 |
| **Diversified Consumer Services-1.53%** | **Diversified Consumer Services-1.53%** | **Diversified Consumer Services-1.53%** | **Diversified Consumer Services-1.53%** |
| Service Corp. International, 4.63%, 12/15/2027<br>|  | &nbsp;&nbsp;5325000 | &nbsp;&nbsp;&nbsp;&nbsp; 5324541 |
| Sotheby's, 7.38%, 10/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;7402000 | &nbsp;&nbsp;&nbsp;&nbsp; 7361518 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12686059 |
| **Diversified Telecommunication Services-1.19%** | **Diversified Telecommunication Services-1.19%** | **Diversified Telecommunication Services-1.19%** | **Diversified Telecommunication Services-1.19%** |
| Iliad Holding S.A.S. (France), 8.50%, 04/15/2031<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;9199000 | &nbsp;&nbsp;&nbsp;&nbsp; 9860675 |
| **Electric Utilities-3.37%** | **Electric Utilities-3.37%** | **Electric Utilities-3.37%** | **Electric Utilities-3.37%** |
| Vistra Operations Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 07/31/2027<sup>(b)</sup><br>|  | 12322000 | &nbsp;&nbsp;&nbsp;&nbsp; 12328752 |
| &nbsp;&nbsp;&nbsp;6.88%, 04/15/2032<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;9686000 | &nbsp;&nbsp;&nbsp;&nbsp; 10194418 |
| XPLR Infrastructure Operating Partners L.P., 4.50%, 09/15/2027<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;5322000 | &nbsp;&nbsp;&nbsp;&nbsp; 5302319 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27825489 |
| **Electrical Equipment-2.69%** | **Electrical Equipment-2.69%** | **Electrical Equipment-2.69%** | **Electrical Equipment-2.69%** |
| EnerSys, 4.38%, 12/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;2902000 | &nbsp;&nbsp;&nbsp;&nbsp; 2900739 |
| Lightning Power LLC, 7.25%, 08/15/2032<sup>(b)</sup><br>|  | 14530000 | &nbsp;&nbsp;&nbsp;&nbsp; 15435394 |
| Nissan Motor Acceptance Co. LLC, 5.30%, 09/13/2027<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;3873000 | &nbsp;&nbsp;&nbsp;&nbsp; 3902028 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22238161 |

---

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

------

#### 83

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment-2.99%** | **Entertainment-2.99%** | **Entertainment-2.99%** |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 05/15/2027<sup>(b)</sup><br>| $11627000 | $11689786 |
| &nbsp;&nbsp;&nbsp;4.75%, 10/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;9204000 | &nbsp;&nbsp;&nbsp;&nbsp; 9203905 |
| Odeon Finco PLC (United Kingdom), 12.75%, 11/01/2027<sup>(b)</sup><br>| &nbsp;&nbsp;3798000 | &nbsp;&nbsp;&nbsp;&nbsp; 3850538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24744229 |
| **Financial Services-3.14%** | **Financial Services-3.14%** | **Financial Services-3.14%** |
| Freedom Mortgage Holdings LLC, 9.13%, 05/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;7020000 | &nbsp;&nbsp;&nbsp;&nbsp; 7275331 |
| GGAM Finance Ltd. (Ireland), 8.00%, 02/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;6774000 | &nbsp;&nbsp;&nbsp;&nbsp; 6855288 |
| LD Holdings Group LLC, 8.75%, 11/01/2027<sup>(b)</sup><br>| &nbsp;&nbsp;3261000 | &nbsp;&nbsp;&nbsp;&nbsp; 3113353 |
| Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc., 6.38%, 02/01/2027<sup>(b)</sup><br>| &nbsp;&nbsp;3870000 | &nbsp;&nbsp;&nbsp;&nbsp; 3843411 |
| United Wholesale Mortgage LLC, 5.75%, 06/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;4847000 | &nbsp;&nbsp;&nbsp;&nbsp; 4829423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25916806 |
| **Food Products-0.57%** | **Food Products-0.57%** | **Food Products-0.57%** |
| Chobani LLC/Chobani Finance Corp., Inc., 7.63%, 07/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;4562000 | &nbsp;&nbsp;&nbsp;&nbsp; 4751159 |
| **Gas Utilities-0.61%** | **Gas Utilities-0.61%** | **Gas Utilities-0.61%** |
| AmeriGas Partners L.P./AmeriGas Finance Corp., 5.75%, 05/20/2027<br>| &nbsp;&nbsp;4960000 | &nbsp;&nbsp;&nbsp;&nbsp; 5003856 |
| **Ground Transportation-0.72%** | **Ground Transportation-0.72%** | **Ground Transportation-0.72%** |
| XPO, Inc., 7.13%, 02/01/2032<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5661000 | &nbsp;&nbsp;&nbsp;&nbsp; 5937868 |
| **Health Care Equipment & Supplies-1.46%** | **Health Care Equipment & Supplies-1.46%** | **Health Care Equipment & Supplies-1.46%** |
| Neogen Food Safety Corp., 8.63%, 07/20/2030<sup>(b)(c)</sup><br>| &nbsp;&nbsp;3355000 | &nbsp;&nbsp;&nbsp;&nbsp; 3588122 |
| Teleflex, Inc., 4.63%, 11/15/2027<br>| &nbsp;&nbsp;4847000 | &nbsp;&nbsp;&nbsp;&nbsp; 4823167 |
| Varex Imaging Corp., 7.88%, 10/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;3563000 | &nbsp;&nbsp;&nbsp;&nbsp; 3643916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12055205 |
| **Health Care Providers & Services-1.72%** | **Health Care Providers & Services-1.72%** | **Health Care Providers & Services-1.72%** |
| Tenet Healthcare Corp., 5.13%, 11/01/2027<br>| 14222000 | &nbsp;&nbsp;&nbsp;&nbsp; 14238245 |
| **Health Care REITs-1.61%** | **Health Care REITs-1.61%** | **Health Care REITs-1.61%** |
| MPT Operating Partnership L.P./MPT Finance Corp., 5.00%, 10/15/2027<sup>(c)</sup><br>| 13555000 | &nbsp;&nbsp;&nbsp;&nbsp; 13290312 |
| **Health Care Technology-0.35%** | **Health Care Technology-0.35%** | **Health Care Technology-0.35%** |
| Cogent Communications Group LLC/Cogent Finance, Inc., 7.00%, 06/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;2909000 | &nbsp;&nbsp;&nbsp;&nbsp; 2861749 |
| **Hotel & Resort REITs-1.31%** | **Hotel & Resort REITs-1.31%** | **Hotel & Resort REITs-1.31%** |
| RHP Hotel Properties L.P./RHP Finance Corp., 4.75%, 10/15/2027<br>| &nbsp;&nbsp;6640000 | &nbsp;&nbsp;&nbsp;&nbsp; 6643236 |
| Service Properties Trust, 5.50%, 12/15/2027<br>| &nbsp;&nbsp;4161000 | &nbsp;&nbsp;&nbsp;&nbsp; 4173167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10816403 |
| **Hotels, Restaurants & Leisure-5.17%** | **Hotels, Restaurants & Leisure-5.17%** | **Hotels, Restaurants & Leisure-5.17%** |
| Academy Ltd., 6.00%, 11/15/2027<sup>(b)(c)</sup><br>| &nbsp;&nbsp;3664000 | &nbsp;&nbsp;&nbsp;&nbsp; 3685797 |
| Boyd Gaming Corp., 4.75%, 12/01/2027<br>| &nbsp;&nbsp;9684000 | &nbsp;&nbsp;&nbsp;&nbsp; 9676089 |
| Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027<br>| &nbsp;&nbsp;5685000 | &nbsp;&nbsp;&nbsp;&nbsp; 5689048 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027<sup>(b)(c)</sup><br>| $| &nbsp;&nbsp;7213000 | &nbsp;&nbsp;$7208031 |
| PENN Entertainment, Inc., 5.63%, 01/15/2027<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;3795000 | &nbsp;&nbsp;&nbsp;&nbsp; 3811004 |
| Travel + Leisure Co., Series J, 6.00%, 04/01/2027<sup>(c)</sup><br>|  | &nbsp;&nbsp;3876000 | &nbsp;&nbsp;&nbsp;&nbsp; 3926411 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;8714000 | &nbsp;&nbsp;&nbsp;&nbsp; 8744952 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42741332 |
| **Household Durables-1.35%** | **Household Durables-1.35%** | **Household Durables-1.35%** | **Household Durables-1.35%** |
| Beazer Homes USA, Inc., 5.88%, 10/15/2027<sup>(c)</sup><br>|  | &nbsp;&nbsp;3312000 | &nbsp;&nbsp;&nbsp;&nbsp; 3319189 |
| Newell Brands, Inc., 6.38%, 09/15/2027<br>|  | &nbsp;&nbsp;4847000 | &nbsp;&nbsp;&nbsp;&nbsp; 4932674 |
| Tri Pointe Homes, Inc., 5.25%, 06/01/2027<sup>(c)</sup><br>|  | &nbsp;&nbsp;2902000 | &nbsp;&nbsp;&nbsp;&nbsp; 2924180 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11176043 |
| **Insurance-3.18%** | **Insurance-3.18%** | **Insurance-3.18%** | **Insurance-3.18%** |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;7267000 | &nbsp;&nbsp;&nbsp;&nbsp; 7182051 |
| &nbsp;&nbsp;&nbsp;6.75%, 10/15/2027<sup>(b)</sup><br>|  | 12976000 | &nbsp;&nbsp;&nbsp;&nbsp; 12983342 |
| USI, Inc., 7.50%, 01/15/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;5993000 | &nbsp;&nbsp;&nbsp;&nbsp; 6141351 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26306744 |
| **Interactive Media & Services-3.88%** | **Interactive Media & Services-3.88%** | **Interactive Media & Services-3.88%** | **Interactive Media & Services-3.88%** |
| Discovery Global Holdings, Inc., 3.76%, 03/15/2027<br>|  | 11570000 | &nbsp;&nbsp;&nbsp;&nbsp; 11542174 |
| Match Group Holdings II LLC, 5.00%, 12/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;4271000 | &nbsp;&nbsp;&nbsp;&nbsp; 4272549 |
| Nexstar Media, Inc., 5.63%, 07/15/2027<sup>(b)</sup><br>|  | 16282000 | &nbsp;&nbsp;&nbsp;&nbsp; 16294195 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32108918 |
| **IT Services-1.77%** | **IT Services-1.77%** | **IT Services-1.77%** | **IT Services-1.77%** |
| Cablevision Lightpath LLC, 3.88%, 09/15/2027<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;4234000 | &nbsp;&nbsp;&nbsp;&nbsp; 4233306 |
| Cogent Communications Group, Inc., 7.00%, 06/15/2027<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;4272000 | &nbsp;&nbsp;&nbsp;&nbsp; 4197034 |
| EquipmentShare.com, Inc., 8.63%, 05/15/2032<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;5810000 | &nbsp;&nbsp;&nbsp;&nbsp; 6221889 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14652229 |
| **Machinery-2.63%** | **Machinery-2.63%** | **Machinery-2.63%** | **Machinery-2.63%** |
| Chart Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 01/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;1503000 | &nbsp;&nbsp;&nbsp;&nbsp; 1563213 |
| &nbsp;&nbsp;&nbsp;9.50%, 01/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;4808000 | &nbsp;&nbsp;&nbsp;&nbsp; 5061348 |
| TK Elevator U.S. Newco, Inc. (Germany), 5.25%, 07/15/2027<sup>(b)(c)</sup><br>|  | 15103000 | &nbsp;&nbsp;&nbsp;&nbsp; 15121563 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21746124 |
| **Media-7.55%** | **Media-7.55%** | **Media-7.55%** | **Media-7.55%** |
| Belo Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, 06/01/2027<br>|  | &nbsp;&nbsp;1936000 | &nbsp;&nbsp;&nbsp;&nbsp; 2020613 |
| &nbsp;&nbsp;&nbsp;7.25%, 09/15/2027<br>|  | &nbsp;&nbsp;2320000 | &nbsp;&nbsp;&nbsp;&nbsp; 2404671 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;8565000 | &nbsp;&nbsp;&nbsp;&nbsp; 8576745 |
| CSC Holdings LLC, 5.50%, 04/15/2027<sup>(b)</sup><br>|  | 11428000 | &nbsp;&nbsp;&nbsp;&nbsp; 9700226 |

---

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

------

#### 84

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media-(continued)** | **Media-(continued)** | **Media-(continued)** | **Media-(continued)** |
| DISH Network Corp., 11.75%, 11/15/2027<sup>(b)</sup><br>| $| 24292000 | &nbsp;&nbsp;$25162407 |
| Sirius XM Radio LLC, 5.00%, 08/01/2027<sup>(b)</sup><br>|  | 14530000 | &nbsp;&nbsp;&nbsp;&nbsp; 14530369 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62395031 |
| **Metals & Mining-1.09%** | **Metals & Mining-1.09%** | **Metals & Mining-1.09%** | **Metals & Mining-1.09%** |
| Alcoa Nederland Holding B.V., 7.13%, 03/15/2031<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;7260000 | &nbsp;&nbsp;&nbsp;&nbsp; 7680586 |
| Compass Minerals International, Inc., 6.75%, 12/01/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;1347000 | &nbsp;&nbsp;&nbsp;&nbsp; 1353782 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9034368 |
| **Mortgage REITs-0.97%** | **Mortgage REITs-0.97%** | **Mortgage REITs-0.97%** | **Mortgage REITs-0.97%** |
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;3245000 | &nbsp;&nbsp;&nbsp;&nbsp; 3196121 |
| Starwood Property Trust, Inc., 4.38%, 01/15/2027<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;4847000 | &nbsp;&nbsp;&nbsp;&nbsp; 4813392 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8009513 |
| **Oil, Gas & Consumable Fuels-5.35%** | **Oil, Gas & Consumable Fuels-5.35%** | **Oil, Gas & Consumable Fuels-5.35%** | **Oil, Gas & Consumable Fuels-5.35%** |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;3127000 | &nbsp;&nbsp;&nbsp;&nbsp; 3750508 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.25%, 07/15/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;4847000 | &nbsp;&nbsp;&nbsp;&nbsp; 5129852 |
| Crescent Energy Finance LLC, 9.75%, 10/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2476698 |
| EnQuest PLC (United Kingdom), 11.63%, 11/01/2027<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;4506000 | &nbsp;&nbsp;&nbsp;&nbsp; 4574635 |
| Global Partners L.P./GLP Finance Corp., 6.88%, 01/15/2029<br>|  | &nbsp;&nbsp;3386000 | &nbsp;&nbsp;&nbsp;&nbsp; 3421584 |
| Murphy Oil USA, Inc., 5.63%, 05/01/2027<br>|  | &nbsp;&nbsp;2910000 | &nbsp;&nbsp;&nbsp;&nbsp; 2909972 |
| NuStar Logistics L.P., 5.63%, 04/28/2027<br>|  | &nbsp;&nbsp;5330000 | &nbsp;&nbsp;&nbsp;&nbsp; 5384467 |
| SM Energy Co., 6.63%, 01/15/2027<br>|  | &nbsp;&nbsp;4037000 | &nbsp;&nbsp;&nbsp;&nbsp; 4048045 |
| Sunoco L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 07/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;4835000 | &nbsp;&nbsp;&nbsp;&nbsp; 4848282 |
| &nbsp;&nbsp;&nbsp;7.25%, 05/01/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;7265000 | &nbsp;&nbsp;&nbsp;&nbsp; 7679606 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44223649 |
| **Passenger Airlines-0.48%** | **Passenger Airlines-0.48%** | **Passenger Airlines-0.48%** | **Passenger Airlines-0.48%** |
| Allegiant Travel Co., 7.25%, 08/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;3905000 | &nbsp;&nbsp;&nbsp;&nbsp; 3944296 |
| **Personal Care Products-1.00%** | **Personal Care Products-1.00%** | **Personal Care Products-1.00%** | **Personal Care Products-1.00%** |
| BellRing Brands, Inc., 7.00%, 03/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;8131000 | &nbsp;&nbsp;&nbsp;&nbsp; 8302223 |
| **Professional Services-0.46%** | **Professional Services-0.46%** | **Professional Services-0.46%** | **Professional Services-0.46%** |
| Korn Ferry, 4.63%, 12/15/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;3799000 | &nbsp;&nbsp;&nbsp;&nbsp; 3785163 |
| **Real Estate Management & Development-0.63%** | **Real Estate Management & Development-0.63%** | **Real Estate Management & Development-0.63%** | **Real Estate Management & Development-0.63%** |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 04/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;4845000 | &nbsp;&nbsp;&nbsp;&nbsp; 5224223 |
| **Retail REITs-0.58%** | **Retail REITs-0.58%** | **Retail REITs-0.58%** | **Retail REITs-0.58%** |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/2027<sup>(b)</sup><br>|  | &nbsp;&nbsp;4820000 | &nbsp;&nbsp;&nbsp;&nbsp; 4759670 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software-1.06%** | **Software-1.06%** | **Software-1.06%** |
| Gen Digital, Inc., 6.75%, 09/30/2027<sup>(b)</sup><br>| $&nbsp;&nbsp;8714000 | &nbsp;&nbsp;$8788557 |
| **Specialized REITs-1.17%** | **Specialized REITs-1.17%** | **Specialized REITs-1.17%** |
| Iron Mountain, Inc., 4.88%, 09/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;9685000 | &nbsp;&nbsp;&nbsp;&nbsp; 9687168 |
| **Specialty Retail-1.99%** | **Specialty Retail-1.99%** | **Specialty Retail-1.99%** |
| Lithia Motors, Inc., 4.63%, 12/15/2027<sup>(b)</sup><br>| &nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3804208 |
| Wand NewCo 3, Inc., 7.63%, 01/30/2032<sup>(b)</sup><br>| 12105000 | &nbsp;&nbsp;&nbsp;&nbsp; 12637810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16442018 |
| **Textiles, Apparel & Luxury Goods-1.20%** | **Textiles, Apparel & Luxury Goods-1.20%** | **Textiles, Apparel & Luxury Goods-1.20%** |
| Champ Acquisition Corp., 8.38%, 12/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;4845000 | &nbsp;&nbsp;&nbsp;&nbsp; 5164406 |
| VF Corp., 2.80%, 04/23/2027<sup>(c)</sup><br>| &nbsp;&nbsp;4845000 | &nbsp;&nbsp;&nbsp;&nbsp; 4728730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9893136 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $756,374,145) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $756,374,145) | &nbsp;&nbsp;758256122 |
|  | **Shares** |  |
| **Money Market Funds-6.76%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(d)(e)</sup><br>(Cost $55,853,735)<br>| 55853735 | &nbsp;&nbsp;&nbsp;&nbsp; 55853735 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.47%<br>(Cost $812,227,880) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.47%<br>(Cost $812,227,880) | &nbsp;&nbsp;814109857 |
| **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-11.97%** | **Money Market Funds-11.97%** | **Money Market Funds-11.97%** |
| Invesco Private Government Fund, 3.64%<sup>(d)(e)(f)</sup><br>| 27407763 | &nbsp;&nbsp;&nbsp;&nbsp; 27407763 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup><br>| 71560595 | &nbsp;&nbsp;&nbsp;&nbsp; 71582063 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $98,989,826) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $98,989,826) | &nbsp;&nbsp;&nbsp;&nbsp;98989826 |
| TOTAL INVESTMENTS IN SECURITIES-110.44%<br>(Cost $911,217,706) | TOTAL INVESTMENTS IN SECURITIES-110.44%<br>(Cost $911,217,706) | &nbsp;&nbsp;913099683 |
| OTHER ASSETS LESS LIABILITIES-(10.44)% | OTHER ASSETS LESS LIABILITIES-(10.44)% | &nbsp;&nbsp;&nbsp;(86332492) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $826767191 |

---

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

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

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

------

#### 85

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)—(continued)
February 28, 2026

(Unaudited)

---

| | |
|:---|:---|
| 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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <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 resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2026 was $570,125,536, which represented 68.96% of the Fund's Net Assets. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$38465155 | &nbsp;&nbsp;&nbsp;$199661690 | &nbsp;&nbsp;&nbsp;$(182273110) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$55853735 | &nbsp;&nbsp;&nbsp;$430401 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28838314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76442564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77873115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27407763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588,212\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74984082 | &nbsp;&nbsp;&nbsp;&nbsp;164057990 | &nbsp;&nbsp;&nbsp;&nbsp;(167458998) | &nbsp;&nbsp;&nbsp;&nbsp;(5708) | &nbsp;&nbsp;&nbsp;&nbsp;4697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71582063 | &nbsp;&nbsp;&nbsp;&nbsp;1,588,563\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$142287551 | &nbsp;&nbsp;&nbsp;$440162244 | &nbsp;&nbsp;&nbsp;$(427605223) | &nbsp;&nbsp;&nbsp;$(5708) | &nbsp;&nbsp;&nbsp;$4697 | &nbsp;&nbsp;&nbsp;$154843561 | &nbsp;&nbsp;&nbsp;$2607176 |

---

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

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

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 86

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-97.83%** | **U.S. Dollar Denominated Bonds & Notes-97.83%** | **U.S. Dollar Denominated Bonds & Notes-97.83%** |
| **Aerospace & Defense-0.89%** | **Aerospace & Defense-0.89%** | **Aerospace & Defense-0.89%** |
| Bombardier, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 02/15/2028<sup>(b)</sup><br>| $&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24995 |
| &nbsp;&nbsp;&nbsp;6.75%, 06/15/2033<sup>(b)</sup><br>| 3610000 | &nbsp;&nbsp;&nbsp;&nbsp; 3808525 |
| BWX Technologies, Inc., 4.13%, 06/30/2028<sup>(b)</sup><br>| 1929000 | &nbsp;&nbsp;&nbsp;&nbsp; 1912017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745537 |
| **Automobile Components-4.92%** | **Automobile Components-4.92%** | **Automobile Components-4.92%** |
| American Axle & Manufacturing, Inc., 6.88%, 07/01/2028<sup>(c)</sup><br>| 1202000 | &nbsp;&nbsp;&nbsp;&nbsp; 1203977 |
| ANGI Group LLC, 3.88%, 08/15/2028<sup>(b)(c)</sup><br>| 2407000 | &nbsp;&nbsp;&nbsp;&nbsp; 2162303 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 04/01/2028<sup>(b)(c)</sup><br>| 2407000 | &nbsp;&nbsp;&nbsp;&nbsp; 2353514 |
| Clarios Global L.P./Clarios US Finance Co., 6.75%, 05/15/2028<sup>(b)</sup><br>| 3429000 | &nbsp;&nbsp;&nbsp;&nbsp; 3509832 |
| Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/2028<sup>(b)</sup><br>| 2407000 | &nbsp;&nbsp;&nbsp;&nbsp; 2384820 |
| Tenneco, Inc., 8.00%, 11/17/2028<sup>(b)</sup><br>| 9143000 | &nbsp;&nbsp;&nbsp;&nbsp; 9149811 |
| United Rentals (North America), Inc., 4.88%, 01/15/2028<sup>(c)</sup><br>| 8038000 | &nbsp;&nbsp;&nbsp;&nbsp; 8038510 |
| ZF North America Capital, Inc. (Germany), 6.88%, 04/14/2028<sup>(b)(c)</sup><br>| 2890000 | &nbsp;&nbsp;&nbsp;&nbsp; 2989037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31791804 |
| **Automobiles-0.45%** | **Automobiles-0.45%** | **Automobiles-0.45%** |
| PM General Purchaser LLC, 9.50%, 10/01/2028<sup>(b)</sup><br>| 3130000 | &nbsp;&nbsp;&nbsp;&nbsp; 2931120 |
| **Biotechnology-1.59%** | **Biotechnology-1.59%** | **Biotechnology-1.59%** |
| Emergent BioSolutions, Inc., 3.88%, 08/15/2028<sup>(b)</sup><br>| 2121000 | &nbsp;&nbsp;&nbsp;&nbsp; 1856286 |
| Genmab A/S (Denmark), 7.25%, 12/15/2033<sup>(b)(c)</sup><br>| 4810000 | &nbsp;&nbsp;&nbsp;&nbsp; 5106830 |
| Grifols S.A. (Spain), 4.75%, 10/15/2028<sup>(b)(c)</sup><br>| 3394000 | &nbsp;&nbsp;&nbsp;&nbsp; 3353865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10316981 |
| **Building Products-1.18%** | **Building Products-1.18%** | **Building Products-1.18%** |
| Adams Homes, Inc., 9.25%, 10/15/2028<sup>(b)</sup><br>| 1921000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000785 |
| New Enterprise Stone & Lime Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 07/15/2028<sup>(b)</sup><br>| 2819000 | &nbsp;&nbsp;&nbsp;&nbsp; 2829817 |
| &nbsp;&nbsp;&nbsp;9.75%, 07/15/2028<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;603000 | &nbsp;&nbsp;&nbsp;&nbsp; 610613 |
| Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028<br>| 2166000 | &nbsp;&nbsp;&nbsp;&nbsp; 2161197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7602412 |
| **Capital Markets-0.71%** | **Capital Markets-0.71%** | **Capital Markets-0.71%** |
| Coinbase Global, Inc., 3.38%, 10/01/2028<sup>(b)</sup><br>| 4815000 | &nbsp;&nbsp;&nbsp;&nbsp; 4596329 |
| **Chemicals-5.34%** | **Chemicals-5.34%** | **Chemicals-5.34%** |
| Celanese US Holdings LLC, 6.85%, 11/15/2028<sup>(c)</sup><br>| 3590000 | &nbsp;&nbsp;&nbsp;&nbsp; 3780977 |
| Chemours Co. (The), 5.75%, 11/15/2028<sup>(b)</sup><br>| 3765000 | &nbsp;&nbsp;&nbsp;&nbsp; 3790015 |
| CVR Partners L.P./CVR Nitrogen Finance Corp., 6.13%, 06/15/2028<sup>(b)</sup><br>| 2646000 | &nbsp;&nbsp;&nbsp;&nbsp; 2642663 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals-(continued)** | **Chemicals-(continued)** | **Chemicals-(continued)** | **Chemicals-(continued)** |
| Element Solutions, Inc., 3.88%, 09/01/2028<sup>(b)(c)</sup><br>| $| 3853000 | &nbsp;&nbsp;$3790538 |
| HB Fuller Co., 4.25%, 10/15/2028<sup>(c)</sup><br>|  | 1441000 | &nbsp;&nbsp;&nbsp;&nbsp; 1417636 |
| Herens Holdco S.a.r.l. (Luxembourg), 4.75%, 05/15/2028<sup>(b)</sup><br>|  | 1685000 | &nbsp;&nbsp;&nbsp;&nbsp; 1483695 |
| Ingevity Corp., 3.88%, 11/01/2028<sup>(b)</sup><br>|  | 2647000 | &nbsp;&nbsp;&nbsp;&nbsp; 2588770 |
| LSB Industries, Inc., 6.25%, 10/15/2028<sup>(b)</sup><br>|  | 2112000 | &nbsp;&nbsp;&nbsp;&nbsp; 2124670 |
| Minerals Technologies, Inc., 5.00%, 07/01/2028<sup>(b)</sup><br>|  | 1921000 | &nbsp;&nbsp;&nbsp;&nbsp; 1920510 |
| Olympus Water US Holding Corp., 4.25%, 10/01/2028<sup>(b)(c)</sup><br>|  | 3926000 | &nbsp;&nbsp;&nbsp;&nbsp; 3820174 |
| SCIH Salt Holdings, Inc., 4.88%, 05/01/2028<sup>(b)</sup><br>|  | 5290000 | &nbsp;&nbsp;&nbsp;&nbsp; 5273688 |
| Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/2028<sup>(b)</sup><br>|  | 1927000 | &nbsp;&nbsp;&nbsp;&nbsp; 1909177 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34542513 |
| **Commercial Services & Supplies-2.83%** | **Commercial Services & Supplies-2.83%** | **Commercial Services & Supplies-2.83%** | **Commercial Services & Supplies-2.83%** |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 06/01/2028<sup>(b)</sup><br>|  | 3724000 | &nbsp;&nbsp;&nbsp;&nbsp; 3691004 |
| &nbsp;&nbsp;&nbsp;4.63%, 06/01/2028<sup>(b)(c)</sup><br>|  | 5898000 | &nbsp;&nbsp;&nbsp;&nbsp; 5857704 |
| Garda World Security Corp. (Canada), 7.75%, 02/15/2028<sup>(b)</sup><br>|  | 1811000 | &nbsp;&nbsp;&nbsp;&nbsp; 1855813 |
| GFL Environmental, Inc., 4.00%, 08/01/2028<sup>(b)</sup><br>|  | 3605000 | &nbsp;&nbsp;&nbsp;&nbsp; 3551481 |
| Madison IAQ LLC, 4.13%, 06/30/2028<sup>(b)</sup><br>|  | 3365000 | &nbsp;&nbsp;&nbsp;&nbsp; 3323596 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18279598 |
| **Communications Equipment-0.29%** | **Communications Equipment-0.29%** | **Communications Equipment-0.29%** | **Communications Equipment-0.29%** |
| Viasat, Inc., 6.50%, 07/15/2028<sup>(b)</sup><br>|  | 1927000 | &nbsp;&nbsp;&nbsp;&nbsp; 1903975 |
| **Construction & Engineering-0.62%** | **Construction & Engineering-0.62%** | **Construction & Engineering-0.62%** | **Construction & Engineering-0.62%** |
| Fluor Corp., 4.25%, 09/15/2028<sup>(c)</sup><br>|  | 2438000 | &nbsp;&nbsp;&nbsp;&nbsp; 2421683 |
| Railworks Holdings L.P./Railworks Rally, Inc., 8.25%, 11/15/2028<sup>(b)</sup><br>|  | 1563000 | &nbsp;&nbsp;&nbsp;&nbsp; 1584461 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006144 |
| **Construction Materials-0.77%** | **Construction Materials-0.77%** | **Construction Materials-0.77%** | **Construction Materials-0.77%** |
| Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028<sup>(b)(c)</sup><br>|  | 3417000 | &nbsp;&nbsp;&nbsp;&nbsp; 2583359 |
| Williams Scotsman, Inc., 4.63%, 08/15/2028<sup>(b)</sup><br>|  | 2407000 | &nbsp;&nbsp;&nbsp;&nbsp; 2399440 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4982799 |
| **Consumer Finance-2.88%** | **Consumer Finance-2.88%** | **Consumer Finance-2.88%** | **Consumer Finance-2.88%** |
| Credit Acceptance Corp., 9.25%, 12/15/2028<sup>(b)</sup><br>|  | 2892000 | &nbsp;&nbsp;&nbsp;&nbsp; 3025330 |
| Enova International, Inc., 11.25%, 12/15/2028<sup>(b)</sup><br>|  | 1927000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036752 |
| EZCORP, Inc., 7.38%, 04/01/2032<sup>(b)(c)</sup><br>|  | 1440000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545751 |
| FirstCash, Inc., 4.63%, 09/01/2028<sup>(b)</sup><br>|  | 2407000 | &nbsp;&nbsp;&nbsp;&nbsp; 2379437 |
| goeasy Ltd. (Canada), 9.25%, 12/01/2028<sup>(b)(c)</sup><br>|  | 2646000 | &nbsp;&nbsp;&nbsp;&nbsp; 2620099 |
| Navient Corp., 4.88%, 03/15/2028<br>|  | 2407000 | &nbsp;&nbsp;&nbsp;&nbsp; 2301246 |

---

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

------

#### 87

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** |
| OneMain Finance Corp., 3.88%, 09/15/2028<br>| $| 2892000 | &nbsp;&nbsp;$2800090 |
| PRA Group, Inc., 8.38%, 02/01/2028<sup>(b)</sup><br>|  | 1914000 | &nbsp;&nbsp;&nbsp;&nbsp; 1930087 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18638792 |
| **Consumer Staples Distribution & Retail-2.36%** | **Consumer Staples Distribution & Retail-2.36%** | **Consumer Staples Distribution & Retail-2.36%** | **Consumer Staples Distribution & Retail-2.36%** |
| Albertson's Cos., Inc./Safeway, Inc./New Albertson's L.P./Albertson's LLC, 6.50%, 02/15/2028<sup>(b)</sup><br>|  | 3610000 | &nbsp;&nbsp;&nbsp;&nbsp; 3676911 |
| Aramark Services, Inc., 5.00%, 02/01/2028<sup>(b)(c)</sup><br>|  | 5539000 | &nbsp;&nbsp;&nbsp;&nbsp; 5543952 |
| C&S Group Enterprises LLC, 5.00%, 12/15/2028<sup>(b)</sup><br>|  | 1927000 | &nbsp;&nbsp;&nbsp;&nbsp; 1823590 |
| United Natural Foods, Inc., 6.75%, 10/15/2028<sup>(b)</sup><br>|  | 1739000 | &nbsp;&nbsp;&nbsp;&nbsp; 1743759 |
| US Foods, Inc., 6.88%, 09/15/2028<sup>(b)</sup><br>|  | 2407000 | &nbsp;&nbsp;&nbsp;&nbsp; 2484727 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15272939 |
| **Containers & Packaging-2.84%** | **Containers & Packaging-2.84%** | **Containers & Packaging-2.84%** | **Containers & Packaging-2.84%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028<sup>(b)</sup><br>|  | 2891000 | &nbsp;&nbsp;&nbsp;&nbsp; 2798806 |
| Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028<sup>(b)</sup><br>|  | 2147000 | &nbsp;&nbsp;&nbsp;&nbsp; 2145416 |
| Graphic Packaging International LLC, 3.50%, 03/15/2028<sup>(b)</sup><br>|  | 2167000 | &nbsp;&nbsp;&nbsp;&nbsp; 2108313 |
| Iris Holding, Inc., 10.00%, 12/15/2028<sup>(b)</sup><br>|  | 1927000 | &nbsp;&nbsp;&nbsp;&nbsp; 1764891 |
| Sealed Air Corp., 6.13%, 02/01/2028<sup>(b)</sup><br>|  | 3733000 | &nbsp;&nbsp;&nbsp;&nbsp; 3786916 |
| Silgan Holdings, Inc., 4.13%, 02/01/2028<br>|  | 2742000 | &nbsp;&nbsp;&nbsp;&nbsp; 2727187 |
| Trident TPI Holdings, Inc., 12.75%, 12/31/2028<sup>(b)</sup><br>|  | 2982000 | &nbsp;&nbsp;&nbsp;&nbsp; 3062949 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18394478 |
| **Diversified Consumer Services-0.29%** | **Diversified Consumer Services-0.29%** | **Diversified Consumer Services-0.29%** | **Diversified Consumer Services-0.29%** |
| Covista, Inc., 5.50%, 03/01/2028<sup>(b)</sup><br>|  | 1845000 | &nbsp;&nbsp;&nbsp;&nbsp; 1845000 |
| **Diversified REITs-0.42%** | **Diversified REITs-0.42%** | **Diversified REITs-0.42%** | **Diversified REITs-0.42%** |
| Uniti Group L.P./Uniti Group Finance 2019, Inc./CSL Capital LLC, 4.75%, 04/15/2028<sup>(b)</sup><br>|  | 2743000 | &nbsp;&nbsp;&nbsp;&nbsp; 2738481 |
| **Diversified Telecommunication Services-0.77%** | **Diversified Telecommunication Services-0.77%** | **Diversified Telecommunication Services-0.77%** | **Diversified Telecommunication Services-0.77%** |
| Iliad Holding S.A.S. (France), 7.00%, 10/15/2028<sup>(b)</sup><br>|  | 4108000 | &nbsp;&nbsp;&nbsp;&nbsp; 4165089 |
| Level 3 Financing, Inc., 4.25%, 07/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;860000 | &nbsp;&nbsp;&nbsp;&nbsp; 833369 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998458 |
| **Electric Utilities-0.47%** | **Electric Utilities-0.47%** | **Electric Utilities-0.47%** | **Electric Utilities-0.47%** |
| Pattern Energy Operations L.P./Pattern Energy Operations, Inc., 4.50%, 08/15/2028<sup>(b)</sup><br>|  | 3076000 | &nbsp;&nbsp;&nbsp;&nbsp; 3042132 |
| **Electrical Equipment-1.10%** | **Electrical Equipment-1.10%** | **Electrical Equipment-1.10%** | **Electrical Equipment-1.10%** |
| Nissan Motor Acceptance Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.05%, 09/15/2028<sup>(b)</sup><br>|  | 3370000 | &nbsp;&nbsp;&nbsp;&nbsp; 3504078 |
| &nbsp;&nbsp;&nbsp;5.63%, 09/29/2028<sup>(b)(c)</sup><br>|  | 3610000 | &nbsp;&nbsp;&nbsp;&nbsp; 3635112 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7139190 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electronic Equipment, Instruments & Components-0.79%** | **Electronic Equipment, Instruments & Components-0.79%** | **Electronic Equipment, Instruments & Components-0.79%** |
| ION Platform Finance US, Inc./ION Platform Finance S.a.r.l. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 05/01/2028<sup>(b)(c)</sup><br>| $1670000 | &nbsp;&nbsp;&nbsp;&nbsp;$1547058 |
| &nbsp;&nbsp;&nbsp;5.00%, 05/01/2028<sup>(b)(c)</sup><br>| 1674000 | &nbsp;&nbsp;&nbsp;&nbsp; 1552240 |
| &nbsp;&nbsp;&nbsp;5.75%, 05/15/2028<sup>(b)(c)</sup><br>| 2160000 | &nbsp;&nbsp;&nbsp;&nbsp; 2025979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125277 |
| **Energy Equipment & Services-1.73%** | **Energy Equipment & Services-1.73%** | **Energy Equipment & Services-1.73%** |
| Archrock Partners L.P./Archrock Partners Finance Corp., 6.25%, 04/01/2028<sup>(b)</sup><br>| 3654000 | &nbsp;&nbsp;&nbsp;&nbsp; 3658714 |
| Bristow Group, Inc., 6.88%, 03/01/2028<sup>(b)(c)</sup><br>| 1597000 | &nbsp;&nbsp;&nbsp;&nbsp; 1597000 |
| Harvest Midstream I L.P., 7.50%, 09/01/2028<sup>(b)</sup><br>| 3774000 | &nbsp;&nbsp;&nbsp;&nbsp; 3818529 |
| Oceaneering International, Inc., 6.00%, 02/01/2028<br>| &nbsp;&nbsp;&nbsp;941000 | &nbsp;&nbsp;&nbsp;&nbsp; 958037 |
| Transocean Aquila Ltd., 8.00%, 09/30/2028<sup>(b)</sup><br>| 1112292 | &nbsp;&nbsp;&nbsp;&nbsp; 1145380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11177660 |
| **Entertainment-0.94%** | **Entertainment-0.94%** | **Entertainment-0.94%** |
| Cinemark USA, Inc., 5.25%, 07/15/2028<sup>(b)(c)</sup><br>| 3682000 | &nbsp;&nbsp;&nbsp;&nbsp; 3685664 |
| Live Nation Entertainment, Inc., 3.75%, 01/15/2028<sup>(b)</sup><br>| 2407000 | &nbsp;&nbsp;&nbsp;&nbsp; 2370793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6056457 |
| **Financial Services-1.80%** | **Financial Services-1.80%** | **Financial Services-1.80%** |
| Burford Capital Global Finance LLC, 6.25%, 04/15/2028<sup>(b)(c)</sup><br>| 1922000 | &nbsp;&nbsp;&nbsp;&nbsp; 1912693 |
| GGAM Finance Ltd. (Ireland), 8.00%, 06/15/2028<sup>(b)(c)</sup><br>| 2892000 | &nbsp;&nbsp;&nbsp;&nbsp; 3042679 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028<sup>(b)</sup><br>| 4780000 | &nbsp;&nbsp;&nbsp;&nbsp; 4548535 |
| LD Holdings Group LLC, 6.13%, 04/01/2028<sup>(b)</sup><br>| 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2138223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11642130 |
| **Food Products-1.27%** | **Food Products-1.27%** | **Food Products-1.27%** |
| B&G Foods, Inc., 8.00%, 09/15/2028<sup>(b)(c)</sup><br>| 3843000 | &nbsp;&nbsp;&nbsp;&nbsp; 3732825 |
| Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/2028<sup>(b)</sup><br>| 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2040602 |
| Lamb Weston Holdings, Inc., 4.88%, 05/15/2028<sup>(b)(c)</sup><br>| 2407000 | &nbsp;&nbsp;&nbsp;&nbsp; 2409510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8182937 |
| **Gas Utilities-0.37%** | **Gas Utilities-0.37%** | **Gas Utilities-0.37%** |
| AmeriGas Partners L.P./AmeriGas Finance Corp., 9.38%, 06/01/2028<sup>(b)</sup><br>| 2328000 | &nbsp;&nbsp;&nbsp;&nbsp; 2407513 |
| **Health Care Equipment & Supplies-1.73%** | **Health Care Equipment & Supplies-1.73%** | **Health Care Equipment & Supplies-1.73%** |
| Bausch & Lomb Corp., 8.38%, 10/01/2028<sup>(b)</sup><br>| 6740000 | &nbsp;&nbsp;&nbsp;&nbsp; 6992750 |
| Hologic, Inc., 4.63%, 02/01/2028<sup>(b)</sup><br>| 1817000 | &nbsp;&nbsp;&nbsp;&nbsp; 1816440 |
| Teleflex, Inc., 4.25%, 06/01/2028<sup>(b)</sup><br>| 2407000 | &nbsp;&nbsp;&nbsp;&nbsp; 2372279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11181469 |
| **Health Care Providers & Services-4.05%** | **Health Care Providers & Services-4.05%** | **Health Care Providers & Services-4.05%** |
| Acadia Healthcare Co., Inc., 5.50%, 07/01/2028<sup>(b)(c)</sup><br>| 2167000 | &nbsp;&nbsp;&nbsp;&nbsp; 2158473 |
| Avantor Funding, Inc., 4.63%, 07/15/2028<sup>(b)(c)</sup><br>| 7461000 | &nbsp;&nbsp;&nbsp;&nbsp; 7397537 |

---

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

------

#### 88

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** |
| Cano Health LLC, 6.25%, 10/01/2028<sup>(b)(d)(e)(f)</sup><br>| $| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;$425 |
| LifePoint Health, Inc., 8.38%, 02/15/2032<sup>(b)</sup><br>|  | 3372000 | &nbsp;&nbsp;&nbsp;&nbsp; 3653114 |
| Molina Healthcare, Inc., 4.38%, 06/15/2028<sup>(b)</sup><br>|  | 3853000 | &nbsp;&nbsp;&nbsp;&nbsp; 3789044 |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 06/15/2028<br>|  | 2883000 | &nbsp;&nbsp;&nbsp;&nbsp; 2880637 |
| &nbsp;&nbsp;&nbsp;6.13%, 10/01/2028<br>|  | 6313000 | &nbsp;&nbsp;&nbsp;&nbsp; 6331263 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26210493 |
| **Health Care REITs-1.56%** | **Health Care REITs-1.56%** | **Health Care REITs-1.56%** | **Health Care REITs-1.56%** |
| Diversified Healthcare Trust, 4.75%, 02/15/2028<br>|  | 2407000 | &nbsp;&nbsp;&nbsp;&nbsp; 2355420 |
| MPT Operating Partnership L.P./MPT Finance Corp., 8.50%, 02/15/2032<sup>(b)</sup><br>|  | 7220000 | &nbsp;&nbsp;&nbsp;&nbsp; 7732641 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10088061 |
| **Hotel & Resort REITs-0.85%** | **Hotel & Resort REITs-0.85%** | **Hotel & Resort REITs-0.85%** | **Hotel & Resort REITs-0.85%** |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/2028<sup>(b)</sup><br>|  | 3490000 | &nbsp;&nbsp;&nbsp;&nbsp; 3492009 |
| RHP Hotel Properties L.P./RHP Finance Corp., 7.25%, 07/15/2028<sup>(b)</sup><br>|  | 1922000 | &nbsp;&nbsp;&nbsp;&nbsp; 1975016 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5467025 |
| **Hotels, Restaurants & Leisure-3.26%** | **Hotels, Restaurants & Leisure-3.26%** | **Hotels, Restaurants & Leisure-3.26%** | **Hotels, Restaurants & Leisure-3.26%** |
| 1011778 BC ULC/New Red Finance, Inc. (Canada), 4.38%, 01/15/2028<sup>(b)(c)</sup><br>|  | 3607000 | &nbsp;&nbsp;&nbsp;&nbsp; 3593643 |
| Churchill Downs, Inc., 4.75%, 01/15/2028<sup>(b)(c)</sup><br>|  | 3365000 | &nbsp;&nbsp;&nbsp;&nbsp; 3356452 |
| Full House Resorts, Inc., 8.25%, 02/15/2028<sup>(b)(c)</sup><br>|  | 1975000 | &nbsp;&nbsp;&nbsp;&nbsp; 1718250 |
| Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028<sup>(c)</sup><br>|  | 1684000 | &nbsp;&nbsp;&nbsp;&nbsp; 1668237 |
| MGM Resorts International, 4.75%, 10/15/2028<sup>(c)</sup><br>|  | 3607000 | &nbsp;&nbsp;&nbsp;&nbsp; 3611011 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 6.50%, 10/01/2028<sup>(c)</sup><br>|  | 1448000 | &nbsp;&nbsp;&nbsp;&nbsp; 1450205 |
| Station Casinos LLC, 4.50%, 02/15/2028<sup>(b)(c)</sup><br>|  | 3323000 | &nbsp;&nbsp;&nbsp;&nbsp; 3311315 |
| Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028<sup>(b)(c)</sup><br>|  | 2404000 | &nbsp;&nbsp;&nbsp;&nbsp; 2388611 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21097724 |
| **Household Durables-2.08%** | **Household Durables-2.08%** | **Household Durables-2.08%** | **Household Durables-2.08%** |
| Dream Finders Homes, Inc., 8.25%, 08/15/2028<sup>(b)</sup><br>|  | 1442000 | &nbsp;&nbsp;&nbsp;&nbsp; 1490725 |
| LGI Homes, Inc., 8.75%, 12/15/2028<sup>(b)(c)</sup><br>|  | 1921000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005499 |
| M/I Homes, Inc., 4.95%, 02/01/2028<br>|  | 1915000 | &nbsp;&nbsp;&nbsp;&nbsp; 1911532 |
| Newell Brands, Inc., 8.50%, 06/01/2028<sup>(b)</sup><br>|  | 6014000 | &nbsp;&nbsp;&nbsp;&nbsp; 6333592 |
| Tri Pointe Homes, Inc., 5.70%, 06/15/2028<br>|  | 1689000 | &nbsp;&nbsp;&nbsp;&nbsp; 1716504 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13457852 |
| **Household Products-0.99%** | **Household Products-0.99%** | **Household Products-0.99%** | **Household Products-0.99%** |
| Central Garden & Pet Co., 5.13%, 02/01/2028<br>|  | 1678000 | &nbsp;&nbsp;&nbsp;&nbsp; 1681365 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Household Products-(continued)** | **Household Products-(continued)** | **Household Products-(continued)** | **Household Products-(continued)** |
| Energizer Holdings, Inc., 4.75%, 06/15/2028<sup>(b)</sup><br>| $| &nbsp;&nbsp;2808000 | &nbsp;&nbsp;$2783331 |
| Prestige Brands, Inc., 5.13%, 01/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1929000 | &nbsp;&nbsp;&nbsp;&nbsp; 1929066 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393762 |
| **Independent Power and Renewable Electricity Producers-1.38%** | **Independent Power and Renewable Electricity Producers-1.38%** | **Independent Power and Renewable Electricity Producers-1.38%** | **Independent Power and Renewable Electricity Producers-1.38%** |
| Atlantica Sustainable Infrastructure Ltd. (Spain), 4.13%, 06/15/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;1516000 | &nbsp;&nbsp;&nbsp;&nbsp; 1484295 |
| Clearway Energy Operating LLC, 4.75%, 03/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4094000 | &nbsp;&nbsp;&nbsp;&nbsp; 4082600 |
| TerraForm Power Operating LLC, 5.00%, 01/31/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;3365000 | &nbsp;&nbsp;&nbsp;&nbsp; 3376276 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8943171 |
| **Insurance-0.94%** | **Insurance-0.94%** | **Insurance-0.94%** | **Insurance-0.94%** |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 04/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6020000 | &nbsp;&nbsp;&nbsp;&nbsp; 6092770 |
| **Interactive Media & Services-1.40%** | **Interactive Media & Services-1.40%** | **Interactive Media & Services-1.40%** | **Interactive Media & Services-1.40%** |
| Cars.com, Inc., 6.38%, 11/01/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;1924000 | &nbsp;&nbsp;&nbsp;&nbsp; 1885083 |
| Match Group Holdings II LLC, 4.63%, 06/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;2407000 | &nbsp;&nbsp;&nbsp;&nbsp; 2379621 |
| Nexstar Media, Inc., 4.75%, 11/01/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;4815000 | &nbsp;&nbsp;&nbsp;&nbsp; 4794276 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9058980 |
| **IT Services-2.68%** | **IT Services-2.68%** | **IT Services-2.68%** | **IT Services-2.68%** |
| Ahead DB Holdings LLC, 6.63%, 05/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1927000 | &nbsp;&nbsp;&nbsp;&nbsp; 1865857 |
| Arches Buyer, Inc., 4.25%, 06/01/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;4574000 | &nbsp;&nbsp;&nbsp;&nbsp; 4433721 |
| ASGN, Inc., 4.63%, 05/15/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;2647000 | &nbsp;&nbsp;&nbsp;&nbsp; 2568727 |
| Cablevision Lightpath LLC, 5.63%, 09/15/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;1776000 | &nbsp;&nbsp;&nbsp;&nbsp; 1775798 |
| EquipmentShare.com, Inc., 9.00%, 05/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4960000 | &nbsp;&nbsp;&nbsp;&nbsp; 5201418 |
| Virtusa Corp., 7.13%, 12/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1688000 | &nbsp;&nbsp;&nbsp;&nbsp; 1480223 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17325744 |
| **Machinery-1.68%** | **Machinery-1.68%** | **Machinery-1.68%** | **Machinery-1.68%** |
| ATS Corp. (Canada), 4.13%, 12/15/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;1688000 | &nbsp;&nbsp;&nbsp;&nbsp; 1655295 |
| Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;2408000 | &nbsp;&nbsp;&nbsp;&nbsp; 2543985 |
| Titan International, Inc., 7.00%, 04/30/2028<sup>(c)</sup><br>|  | &nbsp;&nbsp;1920000 | &nbsp;&nbsp;&nbsp;&nbsp; 1929037 |
| Trinity Industries, Inc., 7.75%, 07/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;2886000 | &nbsp;&nbsp;&nbsp;&nbsp; 2971013 |
| Wabash National Corp., 4.50%, 10/15/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;1921000 | &nbsp;&nbsp;&nbsp;&nbsp; 1771967 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10871297 |
| **Media-12.18%** | **Media-12.18%** | **Media-12.18%** | **Media-12.18%** |
| Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;2699000 | &nbsp;&nbsp;&nbsp;&nbsp; 2223639 |
| AMC Networks, Inc., 10.50%, 07/15/2032<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;1820000 | &nbsp;&nbsp;&nbsp;&nbsp; 1865909 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/2028<sup>(b)</sup><br>|  | 12037000 | &nbsp;&nbsp;&nbsp;&nbsp; 12018390 |

---

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

------

#### 89

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media-(continued)** | **Media-(continued)** | **Media-(continued)** | **Media-(continued)** |
| Clear Channel Outdoor Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75%, 04/15/2028<sup>(b)</sup><br>| $| &nbsp;&nbsp;4525000 | &nbsp;&nbsp;&nbsp;&nbsp;$4563580 |
| &nbsp;&nbsp;&nbsp;7.50%, 03/15/2033<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;4330000 | &nbsp;&nbsp;&nbsp;&nbsp; 4676751 |
| Discovery Communications LLC, 3.95%, 03/20/2028<br>|  | &nbsp;&nbsp;6012000 | &nbsp;&nbsp;&nbsp;&nbsp; 5979595 |
| DISH DBS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.38%, 07/01/2028<br>|  | &nbsp;&nbsp;4318000 | &nbsp;&nbsp;&nbsp;&nbsp; 4170319 |
| &nbsp;&nbsp;&nbsp;5.75%, 12/01/2028<sup>(b)</sup><br>|  | 11423000 | &nbsp;&nbsp;&nbsp;&nbsp; 11087970 |
| GCI LLC, 4.75%, 10/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;2892000 | &nbsp;&nbsp;&nbsp;&nbsp; 2844051 |
| iHeartCommunications, Inc., 4.75%, 01/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1333000 | &nbsp;&nbsp;&nbsp;&nbsp; 1193582 |
| Lamar Media Corp., 3.75%, 02/15/2028<br>|  | &nbsp;&nbsp;2869000 | &nbsp;&nbsp;&nbsp;&nbsp; 2822914 |
| McGraw-Hill Education, Inc., 5.75%, 08/01/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;3986000 | &nbsp;&nbsp;&nbsp;&nbsp; 3983247 |
| Sirius XM Radio LLC, 4.00%, 07/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;9629000 | &nbsp;&nbsp;&nbsp;&nbsp; 9406364 |
| TEGNA, Inc., 4.63%, 03/15/2028<sup>(c)</sup><br>|  | &nbsp;&nbsp;4815000 | &nbsp;&nbsp;&nbsp;&nbsp; 4805215 |
| Univision Communications, Inc., 8.00%, 08/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6935000 | &nbsp;&nbsp;&nbsp;&nbsp; 7128195 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78769721 |
| **Metals & Mining-0.55%** | **Metals & Mining-0.55%** | **Metals & Mining-0.55%** | **Metals & Mining-0.55%** |
| Constellium SE, 5.63%, 06/15/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;1484000 | &nbsp;&nbsp;&nbsp;&nbsp; 1488437 |
| New Gold, Inc. (Canada), 6.88%, 04/01/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;1930000 | &nbsp;&nbsp;&nbsp;&nbsp; 2058243 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546680 |
| **Mortgage REITs-0.66%** | **Mortgage REITs-0.66%** | **Mortgage REITs-0.66%** | **Mortgage REITs-0.66%** |
| Arbor Realty SR, Inc., 8.50%, 12/15/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;1930000 | &nbsp;&nbsp;&nbsp;&nbsp; 1879288 |
| Starwood Property Trust, Inc., 5.25%, 10/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;2410000 | &nbsp;&nbsp;&nbsp;&nbsp; 2422732 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4302020 |
| **Oil, Gas & Consumable Fuels-7.22%** | **Oil, Gas & Consumable Fuels-7.22%** | **Oil, Gas & Consumable Fuels-7.22%** | **Oil, Gas & Consumable Fuels-7.22%** |
| Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.75%, 07/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1533000 | &nbsp;&nbsp;&nbsp;&nbsp; 1600751 |
| Conuma Resources Ltd. (Canada), 13.13%, 05/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1082000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076590 |
| CQP Holdco L.P./BIP-V Chinook Holdco LLC, 7.50%, 12/15/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;2358000 | &nbsp;&nbsp;&nbsp;&nbsp; 2545308 |
| CVR Energy, Inc., 5.75%, 02/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;891000 | &nbsp;&nbsp;&nbsp;&nbsp; 889996 |
| Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;1887000 | &nbsp;&nbsp;&nbsp;&nbsp; 1897445 |
| Global Marine, Inc., 7.00%, 06/01/2028<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;988000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004786 |
| Kinetik Holdings L.P., 6.63%, 12/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4955000 | &nbsp;&nbsp;&nbsp;&nbsp; 5110810 |
| Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1886000 | &nbsp;&nbsp;&nbsp;&nbsp; 1967211 |
| Matador Resources Co., 6.88%, 04/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;2357000 | &nbsp;&nbsp;&nbsp;&nbsp; 2406450 |
| Rockies Express Pipeline LLC, 6.75%, 03/15/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;2355000 | &nbsp;&nbsp;&nbsp;&nbsp; 2490881 |
| SM Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.38%, 07/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;6369000 | &nbsp;&nbsp;&nbsp;&nbsp; 6585763 |
| &nbsp;&nbsp;&nbsp;6.50%, 07/15/2028<br>|  | &nbsp;&nbsp;1891000 | &nbsp;&nbsp;&nbsp;&nbsp; 1902915 |
| &nbsp;&nbsp;&nbsp;9.63%, 06/15/2033<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;3540000 | &nbsp;&nbsp;&nbsp;&nbsp; 3916801 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Sunoco L.P./Sunoco Finance Corp., 7.00%, 09/15/2028<sup>(b)</sup><br>| $| &nbsp;&nbsp;2357000 | &nbsp;&nbsp;$2422961 |
| Venture Global LNG, Inc., 8.13%, 06/01/2028<sup>(b)(c)</sup><br>|  | 10609000 | &nbsp;&nbsp;&nbsp;&nbsp; 10891358 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46710026 |
| **Paper & Forest Products-0.77%** | **Paper & Forest Products-0.77%** | **Paper & Forest Products-0.77%** | **Paper & Forest Products-0.77%** |
| Ahlstrom Holding 3 Oy (Finland), 4.88%, 02/04/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1466000 | &nbsp;&nbsp;&nbsp;&nbsp; 1459637 |
| Clearwater Paper Corp., 4.75%, 08/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1328000 | &nbsp;&nbsp;&nbsp;&nbsp; 1189171 |
| Domtar Corp., 6.75%, 10/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;3090000 | &nbsp;&nbsp;&nbsp;&nbsp; 2350888 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999696 |
| **Passenger Airlines-0.88%** | **Passenger Airlines-0.88%** | **Passenger Airlines-0.88%** | **Passenger Airlines-0.88%** |
| American Airlines, Inc., 7.25%, 02/15/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;3606000 | &nbsp;&nbsp;&nbsp;&nbsp; 3677216 |
| Avianca Midco 2 PLC (Colombia), 9.00%, 12/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1998665 | &nbsp;&nbsp;&nbsp;&nbsp; 2023649 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700865 |
| **Personal Care Products-0.56%** | **Personal Care Products-0.56%** | **Personal Care Products-0.56%** | **Personal Care Products-0.56%** |
| Edgewell Personal Care Co., 5.50%, 06/01/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;3605000 | &nbsp;&nbsp;&nbsp;&nbsp; 3606824 |
| **Pharmaceuticals-3.99%** | **Pharmaceuticals-3.99%** | **Pharmaceuticals-3.99%** | **Pharmaceuticals-3.99%** |
| AdaptHealth LLC, 6.13%, 08/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1564000 | &nbsp;&nbsp;&nbsp;&nbsp; 1574387 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;2890000 | &nbsp;&nbsp;&nbsp;&nbsp; 3041953 |
| Bausch Health Cos., Inc. (Canada) |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 06/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;3622000 | &nbsp;&nbsp;&nbsp;&nbsp; 3374128 |
| &nbsp;&nbsp;&nbsp;11.00%, 09/30/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;4007000 | &nbsp;&nbsp;&nbsp;&nbsp; 4193546 |
| Elanco Animal Health, Inc., 6.40%, 08/28/2028<sup>(c)</sup><br>|  | &nbsp;&nbsp;3526000 | &nbsp;&nbsp;&nbsp;&nbsp; 3674452 |
| Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028<sup>(b)</sup><br>|  | 10105000 | &nbsp;&nbsp;&nbsp;&nbsp; 9925894 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25784360 |
| **Professional Services-1.65%** | **Professional Services-1.65%** | **Professional Services-1.65%** | **Professional Services-1.65%** |
| Clarivate Science Holdings Corp., 3.88%, 07/01/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;4438000 | &nbsp;&nbsp;&nbsp;&nbsp; 4154605 |
| CoreLogic, Inc., 4.50%, 05/01/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;3606000 | &nbsp;&nbsp;&nbsp;&nbsp; 3375927 |
| KBR, Inc., 4.75%, 09/30/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1208000 | &nbsp;&nbsp;&nbsp;&nbsp; 1196875 |
| Science Applications International Corp., 4.88%, 04/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1927000 | &nbsp;&nbsp;&nbsp;&nbsp; 1920258 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10647665 |
| **Real Estate Management & Development-0.67%** | **Real Estate Management & Development-0.67%** | **Real Estate Management & Development-0.67%** | **Real Estate Management & Development-0.67%** |
| Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;2968000 | &nbsp;&nbsp;&nbsp;&nbsp; 2978483 |
| Forestar Group, Inc., 5.00%, 03/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;1366000 | &nbsp;&nbsp;&nbsp;&nbsp; 1372383 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350866 |
| **Semiconductors & Semiconductor Equipment-0.81%** | **Semiconductors & Semiconductor Equipment-0.81%** | **Semiconductors & Semiconductor Equipment-0.81%** | **Semiconductors & Semiconductor Equipment-0.81%** |
| Entegris, Inc., 4.38%, 04/15/2028<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;1922000 | &nbsp;&nbsp;&nbsp;&nbsp; 1912785 |
| ON Semiconductor Corp., 3.88%, 09/01/2028<sup>(b)</sup><br>|  | &nbsp;&nbsp;3365000 | &nbsp;&nbsp;&nbsp;&nbsp; 3297191 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5209976 |

---

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

------

#### 90

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software-2.55%** | **Software-2.55%** | **Software-2.55%** |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028<sup>(b)</sup><br>| $1677000 | &nbsp;&nbsp;$1672439 |
| Fair Isaac Corp., 4.00%, 06/15/2028<sup>(b)(c)</sup><br>| 4327000 | &nbsp;&nbsp;&nbsp;&nbsp; 4240181 |
| GoTo Group, Inc., 5.50%, 05/01/2028<sup>(b)</sup><br>| 1737000 | &nbsp;&nbsp;&nbsp;&nbsp; 1389600 |
| NCR Voyix Corp., 5.00%, 10/01/2028<sup>(b)</sup><br>| 3130000 | &nbsp;&nbsp;&nbsp;&nbsp; 3078464 |
| PTC, Inc., 4.00%, 02/15/2028<sup>(b)</sup><br>| 2408000 | &nbsp;&nbsp;&nbsp;&nbsp; 2364159 |
| Rocket Software, Inc., 9.00%, 11/28/2028<sup>(b)(c)</sup><br>| 3853000 | &nbsp;&nbsp;&nbsp;&nbsp; 3760429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16505272 |
| **Specialized REITs-0.99%** | **Specialized REITs-0.99%** | **Specialized REITs-0.99%** |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 03/15/2028<sup>(b)</sup><br>| 3968000 | &nbsp;&nbsp;&nbsp;&nbsp; 3972878 |
| &nbsp;&nbsp;&nbsp;5.00%, 07/15/2028<sup>(b)(c)</sup><br>| 2407000 | &nbsp;&nbsp;&nbsp;&nbsp; 2406553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379431 |
| **Specialty Retail-2.08%** | **Specialty Retail-2.08%** | **Specialty Retail-2.08%** |
| Asbury Automotive Group, Inc., 4.50%, 03/01/2028<br>| 1946000 | &nbsp;&nbsp;&nbsp;&nbsp; 1940391 |
| Bath & Body Works, Inc., 5.25%, 02/01/2028<sup>(c)</sup><br>| 2139000 | &nbsp;&nbsp;&nbsp;&nbsp; 2151560 |
| Group 1 Automotive, Inc., 4.00%, 08/15/2028<sup>(b)</sup><br>| 3610000 | &nbsp;&nbsp;&nbsp;&nbsp; 3545042 |
| Ken Garff Automotive LLC, 4.88%, 09/15/2028<sup>(b)</sup><br>| 1927000 | &nbsp;&nbsp;&nbsp;&nbsp; 1918620 |
| Michaels Cos., Inc. (The), 5.25%, 05/01/2028<sup>(b)(c)</sup><br>| 3880000 | &nbsp;&nbsp;&nbsp;&nbsp; 3881896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13437509 |
| **Tobacco-0.24%** | **Tobacco-0.24%** | **Tobacco-0.24%** |
| Turning Point Brands, Inc., 7.63%, 03/15/2032<sup>(b)</sup><br>| 1440000 | &nbsp;&nbsp;&nbsp;&nbsp; 1547797 |
| **Trading Companies & Distributors-1.61%** | **Trading Companies & Distributors-1.61%** | **Trading Companies & Distributors-1.61%** |
| FTAI Aviation Investors LLC, 5.50%, 05/01/2028<sup>(b)</sup><br>| 4815000 | &nbsp;&nbsp;&nbsp;&nbsp; 4823380 |
| Herc Holdings, Inc., 7.25%, 06/15/2033<sup>(b)(c)</sup><br>| 5290000 | &nbsp;&nbsp;&nbsp;&nbsp; 5595323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10418703 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Wireless Telecommunication Services-0.20%** | **Wireless Telecommunication Services-0.20%** | **Wireless Telecommunication Services-0.20%** |
| Getty Images, Inc., 14.00%, 03/01/2028<sup>(b)(c)</sup><br>| $&nbsp;&nbsp;&nbsp;&nbsp;1420000 | &nbsp;&nbsp;$1318825 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $627,263,390) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $627,263,390) | &nbsp;&nbsp;&nbsp;&nbsp;632785240 |
|  | **Shares** |  |
| **Money Market Funds-2.52%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(g)(h)</sup><br>(Cost $16,303,116)<br>| &nbsp;&nbsp;16303116 | &nbsp;&nbsp;&nbsp;&nbsp; 16303116 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.35%<br>(Cost $643,566,506) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.35%<br>(Cost $643,566,506) | &nbsp;&nbsp;&nbsp;&nbsp;649088356 |
| **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-21.73%** | **Money Market Funds-21.73%** | **Money Market Funds-21.73%** |
| Invesco Private Government Fund, 3.64%<sup>(g)(h)(i)</sup><br>| &nbsp;&nbsp;38423041 | &nbsp;&nbsp;&nbsp;&nbsp; 38423041 |
| Invesco Private Prime Fund, 3.81%<sup>(g)(h)(i)</sup><br>| 102070229 | &nbsp;&nbsp;&nbsp;&nbsp; 102100850 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $140,523,891) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $140,523,891) | &nbsp;&nbsp;&nbsp;&nbsp;140523891 |
| TOTAL INVESTMENTS IN SECURITIES-122.08%<br>(Cost $784,090,397) | TOTAL INVESTMENTS IN SECURITIES-122.08%<br>(Cost $784,090,397) | &nbsp;&nbsp;&nbsp;&nbsp;789612247 |
| OTHER ASSETS LESS LIABILITIES-(22.08)% | OTHER ASSETS LESS LIABILITIES-(22.08)% | &nbsp;&nbsp;&nbsp;(142834857) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $646777390 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <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 resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2026 was $550,987,342, which represented 85.19% of the Fund's Net Assets. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 February 28, 2026 represented less than 1% of the Fund's Net Assets. |
| <sup>(f)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 5. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

------

#### 91

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$12584704 | &nbsp;&nbsp;&nbsp;$114685045 | &nbsp;&nbsp;&nbsp;$(110966633) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$16303116 | &nbsp;&nbsp;&nbsp;$155921 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;18953069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82046140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62576168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38423041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580,386\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;49343748 | &nbsp;&nbsp;&nbsp;&nbsp;190477075 | &nbsp;&nbsp;&nbsp;&nbsp;(137719201) | &nbsp;&nbsp;&nbsp;&nbsp;(3235) | &nbsp;&nbsp;&nbsp;&nbsp;2463 | &nbsp;&nbsp;&nbsp;&nbsp;102100850 | &nbsp;&nbsp;&nbsp;&nbsp;1,574,898\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$80881521 | &nbsp;&nbsp;&nbsp;$387208260 | &nbsp;&nbsp;&nbsp;$(311262002) | &nbsp;&nbsp;&nbsp;$(3235) | &nbsp;&nbsp;&nbsp;$2463 | &nbsp;&nbsp;&nbsp;$156827007 | &nbsp;&nbsp;&nbsp;$2311205 |

---

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

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

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

<sup>(h)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 92

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-97.91%** | **U.S. Dollar Denominated Bonds & Notes-97.91%** | **U.S. Dollar Denominated Bonds & Notes-97.91%** |
| **Aerospace & Defense-3.54%** | **Aerospace & Defense-3.54%** | **Aerospace & Defense-3.54%** |
| AAR Escrow Issuer LLC, 6.75%, 03/15/2029<sup>(b)</sup><br>| $1361000 | &nbsp;&nbsp;$1403910 |
| BWX Technologies, Inc., 4.13%, 04/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp; 762245 |
| Neptune Bidco US, Inc., 9.29%, 04/15/2029<sup>(b)</sup><br>| 5073800 | &nbsp;&nbsp;&nbsp;&nbsp; 5088159 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 01/15/2029<br>| 2333000 | &nbsp;&nbsp;&nbsp;&nbsp; 2327496 |
| &nbsp;&nbsp;&nbsp;6.38%, 03/01/2029<sup>(b)</sup><br>| 5347000 | &nbsp;&nbsp;&nbsp;&nbsp; 5499020 |
| &nbsp;&nbsp;&nbsp;4.88%, 05/01/2029<br>| 1453000 | &nbsp;&nbsp;&nbsp;&nbsp; 1451371 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16532201 |
| **Automobile Components-2.07%** | **Automobile Components-2.07%** | **Automobile Components-2.07%** |
| American Axle & Manufacturing, Inc., 5.00%, 10/01/2029<br>| 1167000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141025 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/2029<sup>(b)(c)</sup><br>| 1169000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119865 |
| Belron UK Finance PLC (United Kingdom), 5.75%, 10/15/2029<sup>(b)</sup><br>| 2170000 | &nbsp;&nbsp;&nbsp;&nbsp; 2219415 |
| Champions Financing, Inc., 8.75%, 02/15/2029<sup>(b)(c)</sup><br>| 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113009 |
| Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/2029<br>| 1644000 | &nbsp;&nbsp;&nbsp;&nbsp; 1612699 |
| NESCO Holdings II, Inc., 5.50%, 04/15/2029<sup>(b)</sup><br>| 1786000 | &nbsp;&nbsp;&nbsp;&nbsp; 1778154 |
| Patrick Industries, Inc., 4.75%, 05/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;683000 | &nbsp;&nbsp;&nbsp;&nbsp; 681737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9665904 |
| **Automobiles-0.65%** | **Automobiles-0.65%** | **Automobiles-0.65%** |
| Allison Transmission, Inc., 5.88%, 06/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 978727 |
| Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029<sup>(b)</sup><br>| 1242000 | &nbsp;&nbsp;&nbsp;&nbsp; 1123035 |
| Thor Industries, Inc., 4.00%, 10/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 928900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030662 |
| **Banks-0.56%** | **Banks-0.56%** | **Banks-0.56%** |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/2029<sup>(b)</sup><br>| 1457000 | &nbsp;&nbsp;&nbsp;&nbsp; 1412875 |
| Trident Energy Finance PLC (United Kingdom), 12.50%, 11/30/2029<sup>(b)</sup><br>| 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1198269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611144 |
| **Beverages-0.60%** | **Beverages-0.60%** | **Beverages-0.60%** |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25%, 04/01/2029<sup>(b)</sup><br>| 1384000 | &nbsp;&nbsp;&nbsp;&nbsp; 1387239 |
| &nbsp;&nbsp;&nbsp;4.38%, 04/30/2029<sup>(b)</sup><br>| 1446000 | &nbsp;&nbsp;&nbsp;&nbsp; 1418745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805984 |
| **Broadline Retail-0.93%** | **Broadline Retail-0.93%** | **Broadline Retail-0.93%** |
| Rakuten Group, Inc. (Japan), 9.75%, 04/15/2029<sup>(b)</sup><br>| 3905000 | &nbsp;&nbsp;&nbsp;&nbsp; 4334791 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Building Products-0.48%** | **Building Products-0.48%** | **Building Products-0.48%** |
| Cornerstone Building Brands, Inc., 9.50%, 08/15/2029<sup>(b)</sup><br>| $&nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;$710397 |
| Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 04/01/2029<br>| &nbsp;&nbsp;&nbsp;584000 | &nbsp;&nbsp;&nbsp;&nbsp; 578745 |
| Specialty Building Products Holdings LLC/SBP Finance Corp., 7.75%, 10/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;987000 | &nbsp;&nbsp;&nbsp;&nbsp; 952858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242000 |
| **Capital Markets-1.24%** | **Capital Markets-1.24%** | **Capital Markets-1.24%** |
| Aretec Group, Inc., 7.50%, 04/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;782000 | &nbsp;&nbsp;&nbsp;&nbsp; 776227 |
| Armor Holdco, Inc., 8.50%, 11/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;677000 | &nbsp;&nbsp;&nbsp;&nbsp; 677019 |
| Icahn Enterprises L.P./Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;9.75%, 01/15/2029<sup>(c)</sup><br>| 1351000 | &nbsp;&nbsp;&nbsp;&nbsp; 1336367 |
| &nbsp;&nbsp;&nbsp;4.38%, 02/01/2029<br>| 1277000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089414 |
| &nbsp;&nbsp;&nbsp;10.00%, 11/15/2029<sup>(b)</sup><br>| 1946000 | &nbsp;&nbsp;&nbsp;&nbsp; 1923990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5803017 |
| **Chemicals-3.86%** | **Chemicals-3.86%** | **Chemicals-3.86%** |
| Axalta Coating Systems LLC, 3.38%, 02/15/2029<sup>(b)</sup><br>| 1356000 | &nbsp;&nbsp;&nbsp;&nbsp; 1308972 |
| Celanese US Holdings LLC, 7.33%, 07/15/2029<br>| 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 1544365 |
| Chemours Co. (The), 4.63%, 11/15/2029<sup>(b)(c)</sup><br>| 1208000 | &nbsp;&nbsp;&nbsp;&nbsp; 1145287 |
| FMC Corp., 3.45%, 10/01/2029<br>| &nbsp;&nbsp;&nbsp;954000 | &nbsp;&nbsp;&nbsp;&nbsp; 842820 |
| INEOS Finance PLC (Luxembourg), 7.50%, 04/15/2029<sup>(b)(c)</sup><br>| 1407000 | &nbsp;&nbsp;&nbsp;&nbsp; 1257406 |
| INEOS Quattro Finance 2 PLC (United Kingdom), 9.63%, 03/15/2029<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp; 668108 |
| Innophos Holdings, Inc., 11.50%, 06/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;894000 | &nbsp;&nbsp;&nbsp;&nbsp; 805753 |
| Mativ Holdings, Inc., 8.00%, 10/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp; 768790 |
| Methanex Corp. (Canada), 5.25%, 12/15/2029<br>| 1356000 | &nbsp;&nbsp;&nbsp;&nbsp; 1368310 |
| NOVA Chemicals Corp. (Canada), 4.25%, 05/15/2029<sup>(b)</sup><br>| 1099000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079216 |
| Olympus Water US Holding Corp., 6.25%, 10/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;776000 | &nbsp;&nbsp;&nbsp;&nbsp; 759251 |
| Rain Carbon, Inc., 12.25%, 09/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;862000 | &nbsp;&nbsp;&nbsp;&nbsp; 919009 |
| SCIH Salt Holdings, Inc., 6.63%, 05/01/2029<sup>(b)</sup><br>| 1356000 | &nbsp;&nbsp;&nbsp;&nbsp; 1353708 |
| Scotts Miracle-Gro Co. (The), 4.50%, 10/15/2029<br>| &nbsp;&nbsp;&nbsp;801000 | &nbsp;&nbsp;&nbsp;&nbsp; 792927 |
| SK Invictus Intermediate II S.a.r.l., 5.00%, 10/30/2029<sup>(b)</sup><br>| 1308000 | &nbsp;&nbsp;&nbsp;&nbsp; 1288230 |
| WR Grace Holdings LLC, 5.63%, 08/15/2029<sup>(b)</sup><br>| 2235000 | &nbsp;&nbsp;&nbsp;&nbsp; 2142933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18045085 |
| **Commercial Services & Supplies-5.84%** | **Commercial Services & Supplies-5.84%** | **Commercial Services & Supplies-5.84%** |
| ACCO Brands Corp., 4.25%, 03/15/2029<sup>(b)(c)</sup><br>| 1118000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029386 |
| ADT Security Corp. (The), 4.13%, 08/01/2029<sup>(b)</sup><br>| 1943000 | &nbsp;&nbsp;&nbsp;&nbsp; 1897340 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/2029<sup>(b)</sup><br>| 1869000 | &nbsp;&nbsp;&nbsp;&nbsp; 1850879 |

---

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

------

#### 93

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** | **Commercial Services & Supplies-(continued)** |
| APi Group DE, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.13%, 07/15/2029<sup>(b)</sup><br>| $| &nbsp;&nbsp;&nbsp;654000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$636055 |
| &nbsp;&nbsp;&nbsp;4.75%, 10/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;543000 | &nbsp;&nbsp;&nbsp;&nbsp; 536842 |
| Brink's Co. (The), 6.50%, 06/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;777000 | &nbsp;&nbsp;&nbsp;&nbsp; 800756 |
| Clean Harbors, Inc., 5.13%, 07/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;588000 | &nbsp;&nbsp;&nbsp;&nbsp; 588280 |
| CoreCivic, Inc., 8.25%, 04/15/2029<br>|  | &nbsp;&nbsp;&nbsp;968000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007268 |
| CPI CG, Inc., 10.00% CPI, 07/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp; 550714 |
| Dcli Bidco LLC, 7.75%, 11/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001866 |
| Deluxe Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp; 929307 |
| &nbsp;&nbsp;&nbsp;8.13%, 09/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;872000 | &nbsp;&nbsp;&nbsp;&nbsp; 915751 |
| First Student Bidco, Inc./First Transit Parent, Inc., 4.00%, 07/31/2029<sup>(b)</sup><br>|  | 1194000 | &nbsp;&nbsp;&nbsp;&nbsp; 1157957 |
| Garda World Security Corp. (Canada), 6.00%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp; 953707 |
| GEO Group, Inc. (The), 8.63%, 04/15/2029<br>|  | 1261000 | &nbsp;&nbsp;&nbsp;&nbsp; 1314985 |
| GFL Environmental, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 06/15/2029<sup>(b)</sup><br>|  | 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 1451771 |
| &nbsp;&nbsp;&nbsp;4.38%, 08/15/2029<sup>(b)</sup><br>|  | 1071000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052851 |
| Madison IAQ LLC, 5.88%, 06/30/2029<sup>(b)</sup><br>|  | 2012000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008791 |
| Pitney Bowes, Inc., 7.25%, 03/15/2029<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;637000 | &nbsp;&nbsp;&nbsp;&nbsp; 636857 |
| R.R. Donnelley & Sons Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.50%, 08/01/2029<sup>(b)</sup><br>|  | 2045000 | &nbsp;&nbsp;&nbsp;&nbsp; 2109211 |
| &nbsp;&nbsp;&nbsp;10.88%, 08/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp; 912059 |
| Reworld Holding Corp., 4.88%, 12/01/2029<sup>(b)</sup><br>|  | 1490000 | &nbsp;&nbsp;&nbsp;&nbsp; 1437177 |
| Sabre Financial Borrower LLC, 11.13%, 06/15/2029<sup>(b)</sup><br>|  | 1710000 | &nbsp;&nbsp;&nbsp;&nbsp; 1649399 |
| Sabre GLBL, Inc., 10.75%, 11/15/2029<sup>(b)</sup><br>|  | 1192000 | &nbsp;&nbsp;&nbsp;&nbsp; 870346 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27299555 |
| **Communications Equipment-0.16%** | **Communications Equipment-0.16%** | **Communications Equipment-0.16%** | **Communications Equipment-0.16%** |
| Viavi Solutions, Inc., 3.75%, 10/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;776000 | &nbsp;&nbsp;&nbsp;&nbsp; 738005 |
| **Construction & Engineering-0.96%** | **Construction & Engineering-0.96%** | **Construction & Engineering-0.96%** | **Construction & Engineering-0.96%** |
| Arcosa, Inc., 4.38%, 04/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp; 766918 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (Canada), 5.00%, 06/15/2029<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;682000 | &nbsp;&nbsp;&nbsp;&nbsp; 661218 |
| Dycom Industries, Inc., 4.50%, 04/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 952952 |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;633000 | &nbsp;&nbsp;&nbsp;&nbsp; 631771 |
| Tutor Perini Corp., 11.88%, 04/30/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;748000 | &nbsp;&nbsp;&nbsp;&nbsp; 820887 |
| VM Consolidated, Inc., 5.50%, 04/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;677000 | &nbsp;&nbsp;&nbsp;&nbsp; 665165 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4498911 |
| **Construction Materials-0.38%** | **Construction Materials-0.38%** | **Construction Materials-0.38%** | **Construction Materials-0.38%** |
| Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp; 780642 |
| Williams Scotsman, Inc., 6.63%, 06/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 999600 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780242 |
| **Consumer Finance-1.93%** | **Consumer Finance-1.93%** | **Consumer Finance-1.93%** | **Consumer Finance-1.93%** |
| Enova International, Inc., 9.13%, 08/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016534 |
| goeasy Ltd. (Canada), 7.63%, 07/01/2029<sup>(b)</sup><br>|  | 1167000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094974 |
| Navient Corp., 5.50%, 03/15/2029<sup>(c)</sup><br>|  | 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 1364786 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** | **Consumer Finance-(continued)** |
| OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63%, 05/15/2029<br>| $| 1754000 | &nbsp;&nbsp;&nbsp;&nbsp;$1792809 |
| &nbsp;&nbsp;&nbsp;5.38%, 11/15/2029<br>|  | 1440000 | &nbsp;&nbsp;&nbsp;&nbsp; 1424634 |
| Paysafe Finance PLC/Paysafe Holdings US Corp., 4.00%, 06/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;658000 | &nbsp;&nbsp;&nbsp;&nbsp; 553887 |
| PRA Group, Inc., 5.00%, 10/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;662000 | &nbsp;&nbsp;&nbsp;&nbsp; 611600 |
| PROG Holdings, Inc., 6.00%, 11/15/2029<sup>(b)</sup><br>|  | 1167000 | &nbsp;&nbsp;&nbsp;&nbsp; 1146759 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9005983 |
| **Consumer Staples Distribution & Retail-2.25%** | **Consumer Staples Distribution & Retail-2.25%** | **Consumer Staples Distribution & Retail-2.25%** | **Consumer Staples Distribution & Retail-2.25%** |
| Albertson's Cos., Inc./Safeway, Inc./New Albertson's L.P./Albertson's LLC, 3.50%, 03/15/2029<sup>(b)</sup><br>|  | 2626000 | &nbsp;&nbsp;&nbsp;&nbsp; 2533794 |
| American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp; 753864 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/2029<sup>(b)</sup><br>|  | 1863000 | &nbsp;&nbsp;&nbsp;&nbsp; 1957154 |
| Performance Food Group, Inc., 4.25%, 08/01/2029<sup>(b)</sup><br>|  | 1944000 | &nbsp;&nbsp;&nbsp;&nbsp; 1908863 |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc., 4.63%, 03/01/2029<sup>(b)</sup><br>|  | 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1594141 |
| US Foods, Inc., 4.75%, 02/15/2029<sup>(b)</sup><br>|  | 1754000 | &nbsp;&nbsp;&nbsp;&nbsp; 1748305 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10496121 |
| **Containers & Packaging-1.64%** | **Containers & Packaging-1.64%** | **Containers & Packaging-1.64%** | **Containers & Packaging-1.64%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/2029<sup>(b)</sup><br>|  | 2038000 | &nbsp;&nbsp;&nbsp;&nbsp; 1946883 |
| Ball Corp., 6.00%, 06/15/2029<br>|  | 1945000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007800 |
| Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp; 988825 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;817000 | &nbsp;&nbsp;&nbsp;&nbsp; 486115 |
| Graphic Packaging International LLC, 3.50%, 03/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;678000 | &nbsp;&nbsp;&nbsp;&nbsp; 649723 |
| Sealed Air Corp., 5.00%, 04/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp; 832168 |
| TriMas Corp., 4.13%, 04/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp; 751535 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7663049 |
| **Distributors-0.34%** | **Distributors-0.34%** | **Distributors-0.34%** | **Distributors-0.34%** |
| Gates Corp., 6.88%, 07/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004507 |
| Resideo Funding, Inc., 4.00%, 09/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp; 565898 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570405 |
| **Diversified Consumer Services-0.60%** | **Diversified Consumer Services-0.60%** | **Diversified Consumer Services-0.60%** | **Diversified Consumer Services-0.60%** |
| Carriage Services, Inc., 4.25%, 05/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp; 749726 |
| Service Corp. International, 5.13%, 06/01/2029<br>|  | 1461000 | &nbsp;&nbsp;&nbsp;&nbsp; 1466584 |
| Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;587000 | &nbsp;&nbsp;&nbsp;&nbsp; 567705 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784015 |
| **Diversified REITs-0.45%** | **Diversified REITs-0.45%** | **Diversified REITs-0.45%** | **Diversified REITs-0.45%** |
| Uniti Group L.P./Uniti Group Finance 2019, Inc./CSL Capital LLC, 6.50%, 02/15/2029<sup>(b)</sup><br>|  | 2154000 | &nbsp;&nbsp;&nbsp;&nbsp; 2096838 |

---

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

------

#### 94

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Diversified Telecommunication Services-1.64%** | **Diversified Telecommunication Services-1.64%** | **Diversified Telecommunication Services-1.64%** |
| Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 9.00%, 09/15/2029<sup>(b)</sup><br>| $3840000 | &nbsp;&nbsp;$4079704 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 03/01/2029<sup>(b)</sup><br>| 1554000 | &nbsp;&nbsp;&nbsp;&nbsp; 1455228 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.63%, 01/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;568000 | &nbsp;&nbsp;&nbsp;&nbsp; 535340 |
| &nbsp;&nbsp;&nbsp;3.75%, 07/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;676000 | &nbsp;&nbsp;&nbsp;&nbsp; 629146 |
| Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 01/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;&nbsp;&nbsp; 531603 |
| &nbsp;&nbsp;&nbsp;5.38%, 06/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;446000 | &nbsp;&nbsp;&nbsp;&nbsp; 428564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7659585 |
| **Electric Utilities-1.99%** | **Electric Utilities-1.99%** | **Electric Utilities-1.99%** |
| DPL LLC, 4.35%, 04/15/2029<br>| &nbsp;&nbsp;&nbsp;776000 | &nbsp;&nbsp;&nbsp;&nbsp; 764931 |
| Leeward Renewable Energy Operations LLC, 4.25%, 07/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp; 688646 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.38%, 02/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp; 941213 |
| &nbsp;&nbsp;&nbsp;5.25%, 06/15/2029<sup>(b)</sup><br>| 1421000 | &nbsp;&nbsp;&nbsp;&nbsp; 1426910 |
| &nbsp;&nbsp;&nbsp;5.75%, 07/15/2029<sup>(b)</sup><br>| 1551000 | &nbsp;&nbsp;&nbsp;&nbsp; 1554618 |
| Vistra Operations Co. LLC, 4.38%, 05/01/2029<sup>(b)</sup><br>| 2428000 | &nbsp;&nbsp;&nbsp;&nbsp; 2403269 |
| XPLR Infrastructure Operating Partners L.P., 7.25%, 01/15/2029<sup>(b)</sup><br>| 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9295704 |
| **Electrical Equipment-0.39%** | **Electrical Equipment-0.39%** | **Electrical Equipment-0.39%** |
| WESCO Distribution, Inc., 6.38%, 03/15/2029<sup>(b)</sup><br>| 1752000 | &nbsp;&nbsp;&nbsp;&nbsp; 1803297 |
| **Electronic Equipment, Instruments & Components-2.20%** | **Electronic Equipment, Instruments & Components-2.20%** | **Electronic Equipment, Instruments & Components-2.20%** |
| Coherent Corp., 5.00%, 12/15/2029<sup>(b)</sup><br>| 1920000 | &nbsp;&nbsp;&nbsp;&nbsp; 1922772 |
| Imola Merger Corp., 4.75%, 05/15/2029<sup>(b)</sup><br>| 3888000 | &nbsp;&nbsp;&nbsp;&nbsp; 3824938 |
| ION Platform Finance US, Inc./ION Platform Finance S.a.r.l. |  |  |
| &nbsp;&nbsp;&nbsp;8.75%, 05/01/2029<sup>(b)</sup><br>| 1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1257261 |
| &nbsp;&nbsp;&nbsp;9.50%, 05/30/2029<sup>(b)</sup><br>| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1410556 |
| &nbsp;&nbsp;&nbsp;9.00%, 08/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp; 902218 |
| TTM Technologies, Inc., 4.00%, 03/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp; 948011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10265756 |
| **Energy Equipment & Services-1.09%** | **Energy Equipment & Services-1.09%** | **Energy Equipment & Services-1.09%** |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp;&nbsp; 609898 |
| Precision Drilling Corp. (Canada), 6.88%, 01/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp; 790226 |
| Summit Midstream Holdings LLC, 8.63%, 10/31/2029<sup>(b)</sup><br>| 1602000 | &nbsp;&nbsp;&nbsp;&nbsp; 1677767 |
| USA Compression Partners L.P./USA Compression Finance Corp., 7.13%, 03/15/2029<sup>(b)</sup><br>| 1944000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5087600 |
| **Entertainment-0.68%** | **Entertainment-0.68%** | **Entertainment-0.68%** |
| AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;698000 | &nbsp;&nbsp;&nbsp;&nbsp; 506759 |
| Banijay Entertainment S.A.S. (France), 8.13%, 05/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp; 805942 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment-(continued)** | **Entertainment-(continued)** | **Entertainment-(continued)** | **Entertainment-(continued)** |
| Jacobs Entertainment, Inc., 6.75%, 02/15/2029<sup>(b)</sup><br>| $| &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;$960086 |
| Playtika Holding Corp., 4.25%, 03/15/2029<sup>(b)(c)</sup><br>|  | 1167000 | &nbsp;&nbsp;&nbsp;&nbsp; 911761 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3184548 |
| **Financial Services-3.94%** | **Financial Services-3.94%** | **Financial Services-3.94%** | **Financial Services-3.94%** |
| CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/2029<sup>(b)</sup><br>|  | 1505000 | &nbsp;&nbsp;&nbsp;&nbsp; 1237212 |
| Cobra AcquisitionCo LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 11/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 649362 |
| &nbsp;&nbsp;&nbsp;12.25%, 11/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;463000 | &nbsp;&nbsp;&nbsp;&nbsp; 468209 |
| Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029<sup>(b)(c)</sup><br>|  | 2000590 | &nbsp;&nbsp;&nbsp;&nbsp; 1874502 |
| Freedom Mortgage Holdings LLC, 9.25%, 02/01/2029<sup>(b)</sup><br>|  | 2191000 | &nbsp;&nbsp;&nbsp;&nbsp; 2290044 |
| GGAM Finance Ltd. (Ireland), 6.88%, 04/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp; 800246 |
| Hightower Holding LLC, 6.75%, 04/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;579000 | &nbsp;&nbsp;&nbsp;&nbsp; 576844 |
| Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029<sup>(b)</sup><br>|  | 1144000 | &nbsp;&nbsp;&nbsp;&nbsp; 1117177 |
| Jefferson Capital Holdings LLC, 9.50%, 02/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;598000 | &nbsp;&nbsp;&nbsp;&nbsp; 631757 |
| PennyMac Financial Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 02/15/2029<sup>(b)</sup><br>|  | 1261000 | &nbsp;&nbsp;&nbsp;&nbsp; 1213215 |
| &nbsp;&nbsp;&nbsp;7.88%, 12/15/2029<sup>(b)</sup><br>|  | 1461000 | &nbsp;&nbsp;&nbsp;&nbsp; 1535144 |
| PHH Escrow Issuer LLC/PHH Corp., 9.88%, 11/01/2029<sup>(b)</sup><br>|  | 1357000 | &nbsp;&nbsp;&nbsp;&nbsp; 1363641 |
| Planet Financial Group LLC, 10.50%, 12/15/2029<sup>(b)</sup><br>|  | 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125912 |
| Provident Funding Associates L.P./PFG Finance Corp., 9.75%, 09/15/2029<sup>(b)</sup><br>|  | 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060487 |
| Superior Plus L.P./Superior General Partner, Inc. (Canada), 4.50%, 03/15/2029<sup>(b)</sup><br>|  | 1166000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133662 |
| United Wholesale Mortgage LLC, 5.50%, 04/15/2029<sup>(b)</sup><br>|  | 1356000 | &nbsp;&nbsp;&nbsp;&nbsp; 1330938 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18408352 |
| **Gas Utilities-0.33%** | **Gas Utilities-0.33%** | **Gas Utilities-0.33%** | **Gas Utilities-0.33%** |
| Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029<sup>(b)</sup><br>|  | 1599000 | &nbsp;&nbsp;&nbsp;&nbsp; 1546891 |
| **Ground Transportation-0.80%** | **Ground Transportation-0.80%** | **Ground Transportation-0.80%** | **Ground Transportation-0.80%** |
| Carriage Purchaser, Inc., 7.88%, 10/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;579000 | &nbsp;&nbsp;&nbsp;&nbsp; 565214 |
| Hertz Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;12.63%, 07/15/2029<sup>(b)(c)</sup><br>|  | 2382000 | &nbsp;&nbsp;&nbsp;&nbsp; 2198156 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/01/2029<sup>(b)(c)</sup><br>|  | 1903000 | &nbsp;&nbsp;&nbsp;&nbsp; 989726 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753096 |
| **Health Care Equipment & Supplies-0.33%** | **Health Care Equipment & Supplies-0.33%** | **Health Care Equipment & Supplies-0.33%** | **Health Care Equipment & Supplies-0.33%** |
| Hologic, Inc., 3.25%, 02/15/2029<sup>(b)</sup><br>|  | 1559000 | &nbsp;&nbsp;&nbsp;&nbsp; 1551832 |
| **Health Care Providers & Services-2.78%** | **Health Care Providers & Services-2.78%** | **Health Care Providers & Services-2.78%** | **Health Care Providers & Services-2.78%** |
| Acadia Healthcare Co., Inc., 5.00%, 04/15/2029<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp; 901864 |
| AHP Health Partners, Inc., 5.75%, 07/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;586000 | &nbsp;&nbsp;&nbsp;&nbsp; 574670 |
| Avantor Funding, Inc., 3.88%, 11/01/2029<sup>(b)</sup><br>|  | 1554000 | &nbsp;&nbsp;&nbsp;&nbsp; 1484831 |

---

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

------

#### 95

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** |
| Community Health Systems, Inc., 6.00%, 01/15/2029<sup>(b)</sup><br>| $| 1252000 | &nbsp;&nbsp;$1248238 |
| HealthEquity, Inc., 4.50%, 10/01/2029<sup>(b)</sup><br>|  | 1168000 | &nbsp;&nbsp;&nbsp;&nbsp; 1139113 |
| LifePoint Health, Inc., 5.38%, 01/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;972000 | &nbsp;&nbsp;&nbsp;&nbsp; 950710 |
| Option Care Health, Inc., 4.38%, 10/31/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;956000 | &nbsp;&nbsp;&nbsp;&nbsp; 934112 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/2029<sup>(b)</sup><br>|  | 2920000 | &nbsp;&nbsp;&nbsp;&nbsp; 3052313 |
| Tenet Healthcare Corp., 4.25%, 06/01/2029<br>|  | 2720000 | &nbsp;&nbsp;&nbsp;&nbsp; 2684046 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12969897 |
| **Health Care Technology-0.42%** | **Health Care Technology-0.42%** | **Health Care Technology-0.42%** | **Health Care Technology-0.42%** |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/2029<sup>(b)</sup><br>|  | 1943000 | &nbsp;&nbsp;&nbsp;&nbsp; 1946035 |
| **Hotel & Resort REITs-1.42%** | **Hotel & Resort REITs-1.42%** | **Hotel & Resort REITs-1.42%** | **Hotel & Resort REITs-1.42%** |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/2029<sup>(b)</sup><br>|  | 1458000 | &nbsp;&nbsp;&nbsp;&nbsp; 1433253 |
| Pebblebrook Hotel L.P./PEB Finance Corp., 6.38%, 10/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;773000 | &nbsp;&nbsp;&nbsp;&nbsp; 788735 |
| RHP Hotel Properties L.P./RHP Finance Corp., 4.50%, 02/15/2029<sup>(b)</sup><br>|  | 1168000 | &nbsp;&nbsp;&nbsp;&nbsp; 1152645 |
| RLJ Lodging Trust L.P., 4.00%, 09/15/2029<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 925835 |
| Service Properties Trust, 8.38%, 06/15/2029<br>|  | 1313000 | &nbsp;&nbsp;&nbsp;&nbsp; 1378977 |
| XHR L.P., 4.88%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp;&nbsp; 962475 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6641920 |
| **Hotels, Restaurants & Leisure-4.73%** | **Hotels, Restaurants & Leisure-4.73%** | **Hotels, Restaurants & Leisure-4.73%** | **Hotels, Restaurants & Leisure-4.73%** |
| Bloomin' Brands, Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;584000 | &nbsp;&nbsp;&nbsp;&nbsp; 516987 |
| Boyne USA, Inc., 4.75%, 05/15/2029<sup>(b)</sup><br>|  | 1344000 | &nbsp;&nbsp;&nbsp;&nbsp; 1335122 |
| Caesars Entertainment, Inc., 4.63%, 10/15/2029<sup>(b)(c)</sup><br>|  | 2332000 | &nbsp;&nbsp;&nbsp;&nbsp; 2283056 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/2029<sup>(b)</sup><br>|  | 1943000 | &nbsp;&nbsp;&nbsp;&nbsp; 1896456 |
| Great Canadian Gaming Corp. (Canada), 8.75%, 11/15/2029<sup>(b)</sup><br>|  | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068038 |
| Hilton Domestic Operating Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 04/01/2029<sup>(b)</sup><br>|  | 1072000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098114 |
| &nbsp;&nbsp;&nbsp;3.75%, 05/01/2029<sup>(b)</sup><br>|  | 1554000 | &nbsp;&nbsp;&nbsp;&nbsp; 1513899 |
| Hilton Grand Vacations Borrower LLC, 5.00%, 06/01/2029<sup>(b)</sup><br>|  | 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1611544 |
| Light & Wonder International, Inc., 7.25%, 11/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001521 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;999000 | &nbsp;&nbsp;&nbsp;&nbsp; 743721 |
| Marriott Ownership Resorts, Inc., 4.50%, 06/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp; 942613 |
| MGM Resorts International, 6.13%, 09/15/2029<br>|  | 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1696725 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/2029<sup>(b)</sup><br>|  | 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1405937 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| Papa John's International, Inc., 3.88%, 09/15/2029<sup>(b)</sup><br>| $| &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;$739997 |
| PENN Entertainment, Inc., 4.13%, 07/01/2029<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;757000 | &nbsp;&nbsp;&nbsp;&nbsp; 714973 |
| SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029<sup>(b)</sup><br>|  | 1412000 | &nbsp;&nbsp;&nbsp;&nbsp; 1370811 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 5.25%, 07/15/2029<br>|  | &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp; 939431 |
| Travel + Leisure Co., 4.50%, 12/01/2029<sup>(b)</sup><br>|  | 1264000 | &nbsp;&nbsp;&nbsp;&nbsp; 1239041 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22117986 |
| **Household Durables-1.59%** | **Household Durables-1.59%** | **Household Durables-1.59%** | **Household Durables-1.59%** |
| Century Communities, Inc., 3.88%, 08/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp; 925590 |
| LGI Homes, Inc., 4.00%, 07/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;588000 | &nbsp;&nbsp;&nbsp;&nbsp; 546774 |
| New Home Co., Inc. (The), 9.25%, 10/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;731000 | &nbsp;&nbsp;&nbsp;&nbsp; 770777 |
| Newell Brands, Inc., 6.63%, 09/15/2029<br>|  | &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 982876 |
| Sensata Technologies B.V., 4.00%, 04/15/2029<sup>(b)</sup><br>|  | 1274000 | &nbsp;&nbsp;&nbsp;&nbsp; 1247935 |
| Wayfair LLC, 7.25%, 10/31/2029<sup>(b)</sup><br>|  | 1554000 | &nbsp;&nbsp;&nbsp;&nbsp; 1606979 |
| Whirlpool Corp., 4.75%, 02/26/2029<br>|  | 1363000 | &nbsp;&nbsp;&nbsp;&nbsp; 1344355 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7425286 |
| **Household Products-0.32%** | **Household Products-0.32%** | **Household Products-0.32%** | **Household Products-0.32%** |
| Energizer Holdings, Inc., 4.38%, 03/31/2029<sup>(b)</sup><br>|  | 1535000 | &nbsp;&nbsp;&nbsp;&nbsp; 1492372 |
| **Insurance-2.55%** | **Insurance-2.55%** | **Insurance-2.55%** | **Insurance-2.55%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.25%, 02/01/2029<sup>(b)</sup><br>|  | 1801000 | &nbsp;&nbsp;&nbsp;&nbsp; 1802884 |
| &nbsp;&nbsp;&nbsp;4.25%, 02/15/2029<sup>(b)</sup><br>|  | 1335000 | &nbsp;&nbsp;&nbsp;&nbsp; 1271207 |
| &nbsp;&nbsp;&nbsp;8.50%, 06/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 965543 |
| &nbsp;&nbsp;&nbsp;6.00%, 08/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;957000 | &nbsp;&nbsp;&nbsp;&nbsp; 893986 |
| Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp., 8.63%, 06/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;757000 | &nbsp;&nbsp;&nbsp;&nbsp; 799794 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;843000 | &nbsp;&nbsp;&nbsp;&nbsp; 823194 |
| AmWINS Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38%, 02/15/2029<sup>(b)</sup><br>|  | 1431000 | &nbsp;&nbsp;&nbsp;&nbsp; 1457099 |
| &nbsp;&nbsp;&nbsp;4.88%, 06/30/2029<sup>(b)</sup><br>|  | 1534000 | &nbsp;&nbsp;&nbsp;&nbsp; 1494655 |
| BroadStreet Partners, Inc., 5.88%, 04/15/2029<sup>(b)</sup><br>|  | 1413000 | &nbsp;&nbsp;&nbsp;&nbsp; 1369659 |
| HUB International Ltd., 5.63%, 12/01/2029<sup>(b)</sup><br>|  | 1071000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055215 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11933236 |
| **Interactive Media & Services-0.71%** | **Interactive Media & Services-0.71%** | **Interactive Media & Services-0.71%** | **Interactive Media & Services-0.71%** |
| Discovery Global Holdings, Inc., 4.05%, 03/15/2029<br>|  | 2636000 | &nbsp;&nbsp;&nbsp;&nbsp; 2609956 |
| Match Group Holdings II LLC, 5.63%, 02/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;682000 | &nbsp;&nbsp;&nbsp;&nbsp; 681387 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291343 |
| **IT Services-0.96%** | **IT Services-0.96%** | **IT Services-0.96%** | **IT Services-0.96%** |
| Acuris Finance US, Inc./Acuris Finance S.a.r.l., 9.00%, 08/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7231 |

---

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

------

#### 96

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **IT Services-(continued)** | **IT Services-(continued)** | **IT Services-(continued)** | **IT Services-(continued)** |
| Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029<sup>(b)</sup><br>| $| &nbsp;&nbsp;1008000 | &nbsp;&nbsp;$698194 |
| Newfold Digital Holdings Group, Inc., 11.75%, 04/30/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp; 560000 |
| Twilio, Inc., 3.63%, 03/15/2029<sup>(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 931216 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;1166000 | &nbsp;&nbsp;&nbsp;&nbsp; 1197497 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1088003 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4482141 |
| **Leisure Products-0.13%** | **Leisure Products-0.13%** | **Leisure Products-0.13%** | **Leisure Products-0.13%** |
| Universal Entertainment Corp. (Japan), 9.88%, 08/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;623000 | &nbsp;&nbsp;&nbsp;&nbsp; 612860 |
| **Machinery-0.94%** | **Machinery-0.94%** | **Machinery-0.94%** | **Machinery-0.94%** |
| ESAB Corp., 6.25%, 04/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;1359000 | &nbsp;&nbsp;&nbsp;&nbsp; 1394753 |
| Mueller Water Products, Inc., 4.00%, 06/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;873000 | &nbsp;&nbsp;&nbsp;&nbsp; 848761 |
| Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 954198 |
| Terex Corp., 5.00%, 05/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;1167000 | &nbsp;&nbsp;&nbsp;&nbsp; 1168810 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366522 |
| **Media-10.08%** | **Media-10.08%** | **Media-10.08%** | **Media-10.08%** |
| Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;3035000 | &nbsp;&nbsp;&nbsp;&nbsp; 2105492 |
| AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.25%, 01/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1770471 |
| &nbsp;&nbsp;&nbsp;4.25%, 02/15/2029<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;517000 | &nbsp;&nbsp;&nbsp;&nbsp; 457384 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.38%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;2911000 | &nbsp;&nbsp;&nbsp;&nbsp; 2906040 |
| &nbsp;&nbsp;&nbsp;6.38%, 09/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;2920000 | &nbsp;&nbsp;&nbsp;&nbsp; 2960742 |
| Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;2038000 | &nbsp;&nbsp;&nbsp;&nbsp; 2053713 |
| CMG Media Corp., 8.88%, 06/18/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 980251 |
| Discovery Communications LLC, 4.13%, 05/15/2029<br>|  | &nbsp;&nbsp;1284000 | &nbsp;&nbsp;&nbsp;&nbsp; 1267186 |
| DISH DBS Corp., 5.13%, 06/01/2029<br>|  | &nbsp;&nbsp;2850000 | &nbsp;&nbsp;&nbsp;&nbsp; 2547824 |
| EchoStar Corp., 10.75%, 11/30/2029<br>|  | 10462000 | &nbsp;&nbsp;&nbsp;&nbsp; 11429986 |
| Gray Media, Inc., 10.50%, 07/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;2184000 | &nbsp;&nbsp;&nbsp;&nbsp; 2342593 |
| iHeartCommunications, Inc., 9.13%, 05/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;1394000 | &nbsp;&nbsp;&nbsp;&nbsp; 1239865 |
| Lamar Media Corp., 4.88%, 01/15/2029<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;777000 | &nbsp;&nbsp;&nbsp;&nbsp; 776971 |
| McGraw-Hill Education, Inc., 8.00%, 08/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;1219000 | &nbsp;&nbsp;&nbsp;&nbsp; 1211251 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 949536 |
| Scripps Escrow II, Inc., 3.88%, 01/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;1014000 | &nbsp;&nbsp;&nbsp;&nbsp; 957254 |
| Sirius XM Radio LLC, 5.50%, 07/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;2428000 | &nbsp;&nbsp;&nbsp;&nbsp; 2432153 |
| Stagwell Global LLC, 5.63%, 08/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;2134000 | &nbsp;&nbsp;&nbsp;&nbsp; 1969054 |
| TEGNA, Inc., 5.00%, 09/15/2029<br>|  | &nbsp;&nbsp;2134000 | &nbsp;&nbsp;&nbsp;&nbsp; 2133420 |
| Univision Communications, Inc., 4.50%, 05/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;1999000 | &nbsp;&nbsp;&nbsp;&nbsp; 1897939 |
| Virgin Media Secured Finance PLC (United Kingdom), 5.50%, 05/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;2769000 | &nbsp;&nbsp;&nbsp;&nbsp; 2690332 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47079457 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Metals & Mining-1.79%** | **Metals & Mining-1.79%** | **Metals & Mining-1.79%** |
| ATI, Inc., 4.88%, 10/01/2029<br>| $&nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;$634655 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/2029<sup>(b)</sup><br>| 1088000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094693 |
| Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 03/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;713000 | &nbsp;&nbsp;&nbsp;&nbsp; 698322 |
| &nbsp;&nbsp;&nbsp;6.88%, 11/01/2029<sup>(b)</sup><br>| 1754000 | &nbsp;&nbsp;&nbsp;&nbsp; 1808032 |
| Coeur Mining, Inc., 5.13%, 02/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp; 569331 |
| Constellium SE, 3.75%, 04/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp; 946402 |
| Hudbay Minerals, Inc. (Canada), 6.13%, 04/01/2029<sup>(b)</sup><br>| 1052000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061116 |
| SunCoke Energy, Inc., 4.88%, 06/30/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp; 892275 |
| TMS International Corp., 6.25%, 04/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;662000 | &nbsp;&nbsp;&nbsp;&nbsp; 652139 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8356965 |
| **Mortgage REITs-0.99%** | **Mortgage REITs-0.99%** | **Mortgage REITs-0.99%** |
| Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp; 965895 |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;872000 | &nbsp;&nbsp;&nbsp;&nbsp; 930161 |
| Rithm Capital Corp., 8.00%, 04/01/2029<sup>(b)</sup><br>| 1507000 | &nbsp;&nbsp;&nbsp;&nbsp; 1517706 |
| Starwood Property Trust, Inc., 7.25%, 04/01/2029<sup>(b)</sup><br>| 1164000 | &nbsp;&nbsp;&nbsp;&nbsp; 1221159 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4634921 |
| **Office REITs-0.42%** | **Office REITs-0.42%** | **Office REITs-0.42%** |
| Brandywine Operating Partnership L.P., 8.88%, 04/12/2029<br>| 1065000 | &nbsp;&nbsp;&nbsp;&nbsp; 1132258 |
| Hudson Pacific Properties L.P., 4.65%, 04/01/2029<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;949000 | &nbsp;&nbsp;&nbsp;&nbsp; 845412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977670 |
| **Oil, Gas & Consumable Fuels-9.98%** | **Oil, Gas & Consumable Fuels-9.98%** | **Oil, Gas & Consumable Fuels-9.98%** |
| Aethon United BR L.P./Aethon United Finance Corp., 7.50%, 10/01/2029<sup>(b)</sup><br>| 1943000 | &nbsp;&nbsp;&nbsp;&nbsp; 2044934 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 970441 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 07/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010014 |
| Buckeye Partners L.P., 6.88%, 07/01/2029<sup>(b)</sup><br>| 1166000 | &nbsp;&nbsp;&nbsp;&nbsp; 1210514 |
| California Resources Corp., 8.25%, 06/15/2029<sup>(b)</sup><br>| 1754000 | &nbsp;&nbsp;&nbsp;&nbsp; 1842435 |
| CITGO Petroleum Corp., 8.38%, 01/15/2029<sup>(b)</sup><br>| 2134000 | &nbsp;&nbsp;&nbsp;&nbsp; 2217992 |
| Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 03/01/2029<sup>(b)</sup><br>| 2329000 | &nbsp;&nbsp;&nbsp;&nbsp; 2321743 |
| &nbsp;&nbsp;&nbsp;6.75%, 03/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;777000 | &nbsp;&nbsp;&nbsp;&nbsp; 776088 |
| Crescent Energy Finance LLC, 7.75%, 07/31/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;566000 | &nbsp;&nbsp;&nbsp;&nbsp; 569187 |
| Delek Logistics Partners L.P./Delek Logistics Finance Corp., 8.63%, 03/15/2029<sup>(b)</sup><br>| 2039000 | &nbsp;&nbsp;&nbsp;&nbsp; 2129992 |
| Genesis Energy L.P./Genesis Energy Finance Corp., 8.25%, 01/15/2029<br>| 1146000 | &nbsp;&nbsp;&nbsp;&nbsp; 1196900 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/2029<sup>(b)</sup><br>| 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1306384 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., 5.75%, 02/01/2029<sup>(b)</sup><br>| 1166000 | &nbsp;&nbsp;&nbsp;&nbsp; 1171720 |

---

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

------

#### 97

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Ithaca Energy (North Sea) PLC (United Kingdom), 8.13%, 10/15/2029<sup>(b)</sup><br>| $| 1431000 | &nbsp;&nbsp;$1507328 |
| ITT Holdings LLC, 6.50%, 08/01/2029<sup>(b)</sup><br>|  | 2375000 | &nbsp;&nbsp;&nbsp;&nbsp; 2309074 |
| Kodiak Gas Services LLC, 7.25%, 02/15/2029<sup>(b)</sup><br>|  | 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 1514846 |
| Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 981031 |
| Murphy Oil USA, Inc., 4.75%, 09/15/2029<br>|  | &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 958568 |
| NGL Energy Operating LLC/NGL Energy Finance Corp., 8.13%, 02/15/2029<sup>(b)</sup><br>|  | 1754000 | &nbsp;&nbsp;&nbsp;&nbsp; 1820236 |
| Prairie Acquiror L.P., 9.00%, 08/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;774000 | &nbsp;&nbsp;&nbsp;&nbsp; 810935 |
| SM Energy Co., 6.75%, 08/01/2029<sup>(b)</sup><br>|  | 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 1493766 |
| Sunoco L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 05/01/2029<sup>(b)</sup><br>|  | 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 1514890 |
| &nbsp;&nbsp;&nbsp;4.50%, 10/01/2029<sup>(b)</sup><br>|  | 1534000 | &nbsp;&nbsp;&nbsp;&nbsp; 1507881 |
| Sunoco L.P./Sunoco Finance Corp., 4.50%, 05/15/2029<sup>(c)</sup><br>|  | 1555000 | &nbsp;&nbsp;&nbsp;&nbsp; 1532938 |
| Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.38%, 02/15/2029<sup>(b)</sup><br>|  | 1555000 | &nbsp;&nbsp;&nbsp;&nbsp; 1612846 |
| Talos Production, Inc., 9.00%, 02/01/2029<sup>(b)</sup><br>|  | 1194000 | &nbsp;&nbsp;&nbsp;&nbsp; 1244264 |
| Teine Energy Ltd. (Canada), 6.88%, 04/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp; 776931 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029<sup>(b)</sup><br>|  | 1356000 | &nbsp;&nbsp;&nbsp;&nbsp; 1342419 |
| Venture Global LNG, Inc., 9.50%, 02/01/2029<sup>(b)</sup><br>|  | 5831000 | &nbsp;&nbsp;&nbsp;&nbsp; 6257380 |
| W&T Offshore, Inc., 10.75%, 02/01/2029<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;678000 | &nbsp;&nbsp;&nbsp;&nbsp; 677788 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46631465 |
| **Paper & Forest Products-0.19%** | **Paper & Forest Products-0.19%** | **Paper & Forest Products-0.19%** | **Paper & Forest Products-0.19%** |
| Magnera Corp., 4.75%, 11/15/2029<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp; 907601 |
| **Passenger Airlines-0.66%** | **Passenger Airlines-0.66%** | **Passenger Airlines-0.66%** | **Passenger Airlines-0.66%** |
| OneSky Flight LLC, 8.88%, 12/15/2029<sup>(b)</sup><br>|  | 1072000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141695 |
| United Airlines Holdings, Inc., 4.88%, 03/01/2029<br>|  | 1940000 | &nbsp;&nbsp;&nbsp;&nbsp; 1958844 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100539 |
| **Personal Care Products-0.20%** | **Personal Care Products-0.20%** | **Personal Care Products-0.20%** | **Personal Care Products-0.20%** |
| Edgewell Personal Care Co., 4.13%, 04/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp; 942539 |
| **Pharmaceuticals-0.76%** | **Pharmaceuticals-0.76%** | **Pharmaceuticals-0.76%** | **Pharmaceuticals-0.76%** |
| AdaptHealth LLC, 4.63%, 08/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;968000 | &nbsp;&nbsp;&nbsp;&nbsp; 929575 |
| HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029<sup>(b)(c)</sup><br>|  | 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1121845 |
| Kedrion S.p.A. (Italy), 6.50%, 09/01/2029<sup>(b)</sup><br>|  | 1533000 | &nbsp;&nbsp;&nbsp;&nbsp; 1493088 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544508 |
| **Professional Services-0.64%** | **Professional Services-0.64%** | **Professional Services-0.64%** | **Professional Services-0.64%** |
| AMN Healthcare, Inc., 4.00%, 04/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp; 652936 |
| Clarivate Science Holdings Corp., 4.88%, 07/01/2029<sup>(b)</sup><br>|  | 1788000 | &nbsp;&nbsp;&nbsp;&nbsp; 1468679 |
| TriNet Group, Inc., 3.50%, 03/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp; 876719 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998334 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Real Estate Management & Development-0.99%** | **Real Estate Management & Development-0.99%** | **Real Estate Management & Development-0.99%** |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/2029<sup>(b)</sup><br>| $1086000 | &nbsp;&nbsp;$1071384 |
| Howard Hughes Corp. (The), 4.13%, 02/01/2029<sup>(b)</sup><br>| 1261000 | &nbsp;&nbsp;&nbsp;&nbsp; 1221878 |
| Hunt Cos., Inc., 5.25%, 04/15/2029<sup>(b)</sup><br>| 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183466 |
| Kennedy-Wilson, Inc., 4.75%, 03/01/2029<br>| 1167000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4627462 |
| **Residential REITs-0.14%** | **Residential REITs-0.14%** | **Residential REITs-0.14%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 08/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;681000 | &nbsp;&nbsp;&nbsp;&nbsp; 666094 |
| **Semiconductors & Semiconductor Equipment-0.64%** | **Semiconductors & Semiconductor Equipment-0.64%** | **Semiconductors & Semiconductor Equipment-0.64%** |
| ams-OSRAM AG (Austria), 12.25%, 03/30/2029<sup>(b)</sup><br>| 1410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1505626 |
| Entegris, Inc., 3.63%, 05/01/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;777000 | &nbsp;&nbsp;&nbsp;&nbsp; 746543 |
| Synaptics, Inc., 4.00%, 06/15/2029<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp;&nbsp; 751272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003441 |
| **Software-4.98%** | **Software-4.98%** | **Software-4.98%** |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/2029<sup>(b)</sup><br>| 1466000 | &nbsp;&nbsp;&nbsp;&nbsp; 937494 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/2029<sup>(b)</sup><br>| 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 923875 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 03/31/2029<sup>(b)</sup><br>| 7775000 | &nbsp;&nbsp;&nbsp;&nbsp; 7631528 |
| &nbsp;&nbsp;&nbsp;9.00%, 09/30/2029<sup>(b)</sup><br>| 7458000 | &nbsp;&nbsp;&nbsp;&nbsp; 7311407 |
| Dye & Durham Ltd. (Canada), 8.63%, 04/15/2029<sup>(b)</sup><br>| 1056000 | &nbsp;&nbsp;&nbsp;&nbsp; 880977 |
| Elastic N.V., 4.13%, 07/15/2029<sup>(b)</sup><br>| 1118000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057352 |
| Ellucian Holdings, Inc., 6.50%, 12/01/2029<sup>(b)</sup><br>| 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1341957 |
| NCR Voyix Corp., 5.13%, 04/15/2029<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;781000 | &nbsp;&nbsp;&nbsp;&nbsp; 766995 |
| Open Text Corp. (Canada), 3.88%, 12/01/2029<sup>(b)</sup><br>| 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1486603 |
| Rocket Software, Inc., 6.50%, 02/15/2029<sup>(b)</sup><br>| 1119000 | &nbsp;&nbsp;&nbsp;&nbsp; 937972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23276160 |
| **Specialized REITs-0.84%** | **Specialized REITs-0.84%** | **Specialized REITs-0.84%** |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 02/15/2029<sup>(b)</sup><br>| 1944000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996261 |
| &nbsp;&nbsp;&nbsp;4.88%, 09/15/2029<sup>(b)</sup><br>| 1944000 | &nbsp;&nbsp;&nbsp;&nbsp; 1927963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3924224 |
| **Specialty Retail-4.81%** | **Specialty Retail-4.81%** | **Specialty Retail-4.81%** |
| Arko Corp., 5.13%, 11/15/2029<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;843000 | &nbsp;&nbsp;&nbsp;&nbsp; 752741 |
| Asbury Automotive Group, Inc., 4.63%, 11/15/2029<sup>(b)</sup><br>| 1554000 | &nbsp;&nbsp;&nbsp;&nbsp; 1530671 |
| At Home Group, Inc., 0.00%, 07/15/2029<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| Gap, Inc. (The), 3.63%, 10/01/2029<sup>(b)</sup><br>| 1460000 | &nbsp;&nbsp;&nbsp;&nbsp; 1390082 |
| Global Auto Holdings Ltd./AAG FH UK Ltd. (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;8.38%, 01/15/2029<sup>(b)</sup><br>| 1024000 | &nbsp;&nbsp;&nbsp;&nbsp; 981023 |
| &nbsp;&nbsp;&nbsp;11.50%, 08/15/2029<sup>(b)</sup><br>| 1051000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077181 |
| LBM Acquisition LLC, 6.25%, 01/15/2029<sup>(b)</sup><br>| 1384000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056577 |
| LCM Investments Holdings II LLC, 4.88%, 05/01/2029<sup>(b)</sup><br>| 1944000 | &nbsp;&nbsp;&nbsp;&nbsp; 1920494 |
| Lithia Motors, Inc., 3.88%, 06/01/2029<sup>(b)</sup><br>| 1554000 | &nbsp;&nbsp;&nbsp;&nbsp; 1503026 |
| Michaels Cos., Inc. (The), 7.88%, 05/01/2029<sup>(b)</sup><br>| 1819000 | &nbsp;&nbsp;&nbsp;&nbsp; 1828406 |

---

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

------

#### 98

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** |
| Penske Automotive Group, Inc., 3.75%, 06/15/2029<sup>(c)</sup><br>| $| &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;$935858 |
| Sonic Automotive, Inc., 4.63%, 11/15/2029<sup>(b)</sup><br>|  | 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1243934 |
| Staples, Inc., 10.75%, 09/01/2029<sup>(b)</sup><br>|  | 4807000 | &nbsp;&nbsp;&nbsp;&nbsp; 4414817 |
| Upbound Group, Inc., 6.38%, 02/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;872000 | &nbsp;&nbsp;&nbsp;&nbsp; 863945 |
| Velocity Vehicle Group LLC, 8.00%, 06/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 917833 |
| Victoria's Secret & Co., 4.63%, 07/15/2029<sup>(b)</sup><br>|  | 1167000 | &nbsp;&nbsp;&nbsp;&nbsp; 1140834 |
| Victra Holdings LLC/Victra Finance Corp., 8.75%, 09/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;873000 | &nbsp;&nbsp;&nbsp;&nbsp; 918146 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22475789 |
| **Technology Hardware, Storage & Peripherals-0.20%** | **Technology Hardware, Storage & Peripherals-0.20%** | **Technology Hardware, Storage & Peripherals-0.20%** | **Technology Hardware, Storage & Peripherals-0.20%** |
| Empire Communities Corp. (Canada), 9.75%, 05/01/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;920000 | &nbsp;&nbsp;&nbsp;&nbsp; 951251 |
| **Textiles, Apparel & Luxury Goods-0.52%** | **Textiles, Apparel & Luxury Goods-0.52%** | **Textiles, Apparel & Luxury Goods-0.52%** | **Textiles, Apparel & Luxury Goods-0.52%** |
| Crocs, Inc., 4.25%, 03/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp; 667948 |
| Kontoor Brands, Inc., 4.13%, 11/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;777000 | &nbsp;&nbsp;&nbsp;&nbsp; 743159 |
| Wolverine World Wide, Inc., 4.00%, 08/15/2029<sup>(b)(c)</sup><br>|  | 1071000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012893 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424000 |
| **Trading Companies & Distributors-0.66%** | **Trading Companies & Distributors-0.66%** | **Trading Companies & Distributors-0.66%** | **Trading Companies & Distributors-0.66%** |
| Alta Equipment Group, Inc., 9.00%, 06/01/2029<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp; 913900 |
| BlueLinx Holdings, Inc., 6.00%, 11/15/2029<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;569000 | &nbsp;&nbsp;&nbsp;&nbsp; 561635 |
| Herc Holdings, Inc., 6.63%, 06/15/2029<sup>(b)</sup><br>|  | 1554000 | &nbsp;&nbsp;&nbsp;&nbsp; 1605248 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080783 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $456,849,589) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $456,849,589) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $456,849,589) | &nbsp;&nbsp;457443374 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Money Market Funds-1.77%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(e)(f)</sup><br>(Cost $8,260,450)<br>| &nbsp;&nbsp;8260450 | &nbsp;&nbsp;$8260450 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.68%<br>(Cost $465,110,039) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.68%<br>(Cost $465,110,039) | &nbsp;&nbsp;465703824 |
| **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-5.28%** | **Money Market Funds-5.28%** | **Money Market Funds-5.28%** |
| Invesco Private Government Fund, 3.64%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp;6867518 | &nbsp;&nbsp;&nbsp;&nbsp; 6867518 |
| Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup><br>| 17819202 | &nbsp;&nbsp;&nbsp;&nbsp; 17824548 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $24,692,066) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $24,692,066) | &nbsp;&nbsp;&nbsp;&nbsp;24692066 |
| TOTAL INVESTMENTS IN SECURITIES-104.96%<br>(Cost $489,802,105) | TOTAL INVESTMENTS IN SECURITIES-104.96%<br>(Cost $489,802,105) | &nbsp;&nbsp;490395890 |
| OTHER ASSETS LESS LIABILITIES-(4.96)% | OTHER ASSETS LESS LIABILITIES-(4.96)% | &nbsp;&nbsp;&nbsp;(23170479) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $467225411 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <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 resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2026 was $390,687,297, which represented 83.62% of the Fund's Net Assets. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 5. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

------

#### 99

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$3104479 | &nbsp;&nbsp;&nbsp;$54557957 | &nbsp;&nbsp;&nbsp;$(49401986) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$8260450 | &nbsp;&nbsp;&nbsp;$65816 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6046254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24034813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23213549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6867518 | &nbsp;&nbsp;&nbsp;&nbsp;108,086\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;15740268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48151099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46066576) | &nbsp;&nbsp;&nbsp;&nbsp;(853) | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;17824548 | &nbsp;&nbsp;&nbsp;&nbsp;293,517\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$24891001 | &nbsp;&nbsp;&nbsp;$126743869 | &nbsp;&nbsp;&nbsp;$(118682111) | &nbsp;&nbsp;&nbsp;$(853) | &nbsp;&nbsp;&nbsp;$610 | &nbsp;&nbsp;&nbsp;$32952516 | &nbsp;&nbsp;&nbsp;$467419 |

---

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

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

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

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 100

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-97.76%** | **U.S. Dollar Denominated Bonds & Notes-97.76%** | **U.S. Dollar Denominated Bonds & Notes-97.76%** |
| **Aerospace & Defense-1.39%** | **Aerospace & Defense-1.39%** | **Aerospace & Defense-1.39%** |
| Axon Enterprise, Inc., 6.13%, 03/15/2030<sup>(b)</sup><br>| $1380000 | &nbsp;&nbsp;$1425714 |
| TransDigm, Inc., 6.88%, 12/15/2030<sup>(b)</sup><br>| 2010000 | &nbsp;&nbsp;&nbsp;&nbsp; 2093109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518823 |
| **Air Freight & Logistics-0.84%** | **Air Freight & Logistics-0.84%** | **Air Freight & Logistics-0.84%** |
| Rand Parent LLC, 8.50%, 02/15/2030<sup>(b)</sup><br>| 1173000 | &nbsp;&nbsp;&nbsp;&nbsp; 1224601 |
| Star Leasing Co. LLC, 7.63%, 02/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp;&nbsp; 918595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143196 |
| **Automobile Components-2.14%** | **Automobile Components-2.14%** | **Automobile Components-2.14%** |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.25%, 01/15/2030<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp; 979278 |
| Clarios Global L.P./Clarios US Finance Co., 6.75%, 02/15/2030<sup>(b)</sup><br>| 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1446185 |
| Dana, Inc., 4.25%, 09/01/2030<br>| &nbsp;&nbsp;&nbsp;352000 | &nbsp;&nbsp;&nbsp;&nbsp; 338205 |
| Goodyear Tire & Rubber Co. (The), 6.63%, 07/15/2030<br>| &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 705459 |
| ZF North America Capital, Inc. (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;7.13%, 04/14/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp; 855053 |
| &nbsp;&nbsp;&nbsp;6.75%, 04/23/2030<sup>(b)</sup><br>| 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1116968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5441148 |
| **Automobiles-0.57%** | **Automobiles-0.57%** | **Automobiles-0.57%** |
| Nissan Motor Co. Ltd. (Japan), 7.50%, 07/17/2030<sup>(b)</sup><br>| 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1456830 |
| **Banks-0.61%** | **Banks-0.61%** | **Banks-0.61%** |
| Veritiv Operating Co., 10.50%, 11/30/2030<sup>(b)</sup><br>| 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1553269 |
| **Building Products-1.18%** | **Building Products-1.18%** | **Building Products-1.18%** |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;691000 | &nbsp;&nbsp;&nbsp;&nbsp; 705641 |
| MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/2030<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;691000 | &nbsp;&nbsp;&nbsp;&nbsp; 648120 |
| Park River Holdings, Inc., 8.75%, 12/31/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp;&nbsp; 714164 |
| White Cap Supply Holdings LLC, 7.38%, 11/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;904000 | &nbsp;&nbsp;&nbsp;&nbsp; 918660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2986585 |
| **Capital Markets-0.36%** | **Capital Markets-0.36%** | **Capital Markets-0.36%** |
| Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 9.00%, 06/15/2030<br>| &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp; 923477 |
| **Chemicals-2.24%** | **Chemicals-2.24%** | **Chemicals-2.24%** |
| Avient Corp., 7.13%, 08/01/2030<sup>(b)</sup><br>| 1003000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034319 |
| Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 04/15/2030<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp; 994593 |
| &nbsp;&nbsp;&nbsp;7.05%, 11/15/2030<br>| 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1472445 |
| Maxam Prill S.a.r.l. (Luxembourg), 7.75%, 07/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;675000 | &nbsp;&nbsp;&nbsp;&nbsp; 707856 |
| NOVA Chemicals Corp. (Canada), 9.00%, 02/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;904000 | &nbsp;&nbsp;&nbsp;&nbsp; 961501 |
| Tronox, Inc., 9.13%, 09/30/2030<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp; 520848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691562 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services & Supplies-1.70%** | **Commercial Services & Supplies-1.70%** | **Commercial Services & Supplies-1.70%** |
| Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.88%, 06/15/2030<sup>(b)</sup><br>| $1450000 | &nbsp;&nbsp;$1510113 |
| Sabre GLBL, Inc., 11.13%, 07/15/2030<sup>(b)</sup><br>| 1830000 | &nbsp;&nbsp;&nbsp;&nbsp; 1329037 |
| Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp; 793575 |
| VT Topco, Inc., 8.50%, 08/15/2030<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;688000 | &nbsp;&nbsp;&nbsp;&nbsp; 684062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316787 |
| **Communications Equipment-0.21%** | **Communications Equipment-0.21%** | **Communications Equipment-0.21%** |
| Ciena Corp., 4.00%, 01/31/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;&nbsp;&nbsp; 539437 |
| **Construction & Engineering-0.73%** | **Construction & Engineering-0.73%** | **Construction & Engineering-0.73%** |
| Brand Industrial Services, Inc., 10.38%, 08/01/2030<sup>(b)</sup><br>| 1985000 | &nbsp;&nbsp;&nbsp;&nbsp; 1856214 |
| **Construction Materials-0.55%** | **Construction Materials-0.55%** | **Construction Materials-0.55%** |
| CP Atlas Buyer, Inc., 9.75%, 07/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;689000 | &nbsp;&nbsp;&nbsp;&nbsp; 690340 |
| Williams Scotsman, Inc., 6.63%, 04/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 716756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407096 |
| **Consumer Finance-3.70%** | **Consumer Finance-3.70%** | **Consumer Finance-3.70%** |
| Atlanticus Holdings Corp., 9.75%, 09/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 500199 |
| Credit Acceptance Corp., 6.63%, 03/15/2030<sup>(b)(c)</sup><br>| &nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp;&nbsp; 657796 |
| FirstCash, Inc., 5.63%, 01/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;761000 | &nbsp;&nbsp;&nbsp;&nbsp; 757726 |
| goeasy Ltd. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;6.88%, 05/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;&nbsp;&nbsp; 490886 |
| &nbsp;&nbsp;&nbsp;7.38%, 10/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 488002 |
| LFS Topco LLC, 8.75%, 07/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;538000 | &nbsp;&nbsp;&nbsp;&nbsp; 520961 |
| Navient Corp., 9.38%, 07/25/2030<br>| &nbsp;&nbsp;&nbsp;692000 | &nbsp;&nbsp;&nbsp;&nbsp; 701464 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.88%, 03/15/2030<br>| &nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009974 |
| &nbsp;&nbsp;&nbsp;6.13%, 05/15/2030<br>| 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043784 |
| &nbsp;&nbsp;&nbsp;4.00%, 09/15/2030<sup>(c)</sup><br>| 1169000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080127 |
| PRA Group, Inc., 8.88%, 01/31/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;758000 | &nbsp;&nbsp;&nbsp;&nbsp; 772212 |
| RFNA L.P., 7.88%, 02/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp; 677500 |
| SLM Corp., 6.50%, 01/31/2030<br>| &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 701221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9401852 |
| **Consumer Staples Distribution & Retail-0.27%** | **Consumer Staples Distribution & Retail-0.27%** | **Consumer Staples Distribution & Retail-0.27%** |
| US Foods, Inc., 4.63%, 06/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;691000 | &nbsp;&nbsp;&nbsp;&nbsp; 684713 |
| **Containers & Packaging-6.04%** | **Containers & Packaging-6.04%** | **Containers & Packaging-6.04%** |
| Ardagh Group S.A., 9.50%, 12/01/2030<sup>(b)</sup><br>| 2120000 | &nbsp;&nbsp;&nbsp;&nbsp; 2297502 |
| Ball Corp., 2.88%, 08/15/2030<br>| 1798000 | &nbsp;&nbsp;&nbsp;&nbsp; 1673383 |
| Cascades, Inc./Cascades USA, Inc. (Canada), 6.75%, 07/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp; 544154 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88%, 01/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;696000 | &nbsp;&nbsp;&nbsp;&nbsp; 707540 |
| &nbsp;&nbsp;&nbsp;8.75%, 04/15/2030<sup>(b)</sup><br>| 1541000 | &nbsp;&nbsp;&nbsp;&nbsp; 1535509 |
| Crown Americas LLC, 5.25%, 04/01/2030<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 706616 |
| Graphic Packaging International LLC, 3.75%, 02/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;543000 | &nbsp;&nbsp;&nbsp;&nbsp; 514106 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.88%, 04/15/2030<sup>(b)</sup><br>| 3583000 | &nbsp;&nbsp;&nbsp;&nbsp; 3669977 |
| &nbsp;&nbsp;&nbsp;9.25%, 04/15/2030<sup>(b)</sup><br>| 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1775283 |

---

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

------

#### 101

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Containers & Packaging-(continued)** | **Containers & Packaging-(continued)** | **Containers & Packaging-(continued)** | **Containers & Packaging-(continued)** |
| OI European Group B.V., 4.75%, 02/15/2030<sup>(b)</sup><br>| $| &nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;$537947 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC (Canada), 9.50%, 05/15/2030<sup>(b)</sup><br>|  | 1440000 | &nbsp;&nbsp;&nbsp;&nbsp; 1367743 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15329760 |
| **Diversified Consumer Services-0.43%** | **Diversified Consumer Services-0.43%** | **Diversified Consumer Services-0.43%** | **Diversified Consumer Services-0.43%** |
| Service Corp. International, 3.38%, 08/15/2030<br>|  | 1173000 | &nbsp;&nbsp;&nbsp;&nbsp; 1103187 |
| **Diversified REITs-0.36%** | **Diversified REITs-0.36%** | **Diversified REITs-0.36%** | **Diversified REITs-0.36%** |
| Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp; 917601 |
| **Diversified Telecommunication Services-5.31%** | **Diversified Telecommunication Services-5.31%** | **Diversified Telecommunication Services-5.31%** | **Diversified Telecommunication Services-5.31%** |
| Altice France S.A. (France), 6.88%, 10/15/2030<sup>(b)</sup><br>|  | 1159839 | &nbsp;&nbsp;&nbsp;&nbsp; 1125702 |
| APLD ComputeCo LLC, 9.25%, 12/15/2030<sup>(b)</sup><br>|  | 3254000 | &nbsp;&nbsp;&nbsp;&nbsp; 3417943 |
| Cipher Compute LLC, 7.13%, 11/15/2030<sup>(b)</sup><br>|  | 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2504626 |
| Flash Compute LLC, 7.25%, 12/31/2030<sup>(b)</sup><br>|  | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1844764 |
| WULF Compute LLC, 7.75%, 10/15/2030<sup>(b)</sup><br>|  | 4343000 | &nbsp;&nbsp;&nbsp;&nbsp; 4602598 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13495633 |
| **Electric Utilities-0.29%** | **Electric Utilities-0.29%** | **Electric Utilities-0.29%** | **Electric Utilities-0.29%** |
| ContourGlobal Power Holdings S.A. (United Kingdom), 6.75%, 02/28/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp; 732187 |
| **Electrical Equipment-0.68%** | **Electrical Equipment-0.68%** | **Electrical Equipment-0.68%** | **Electrical Equipment-0.68%** |
| Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/2030<sup>(b)</sup><br>|  | 1730000 | &nbsp;&nbsp;&nbsp;&nbsp; 1735026 |
| **Electronic Equipment, Instruments & Components-1.57%** | **Electronic Equipment, Instruments & Components-1.57%** | **Electronic Equipment, Instruments & Components-1.57%** | **Electronic Equipment, Instruments & Components-1.57%** |
| EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030<sup>(b)</sup><br>|  | 3841000 | &nbsp;&nbsp;&nbsp;&nbsp; 3980217 |
| **Energy Equipment & Services-3.50%** | **Energy Equipment & Services-3.50%** | **Energy Equipment & Services-3.50%** | **Energy Equipment & Services-3.50%** |
| Nabors Industries, Inc., 9.13%, 01/31/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;899000 | &nbsp;&nbsp;&nbsp;&nbsp; 945928 |
| Noble Finance II LLC, 8.00%, 04/15/2030<sup>(b)</sup><br>|  | 1940000 | &nbsp;&nbsp;&nbsp;&nbsp; 2020267 |
| SESI L.L.C., 7.88%, 09/30/2030<sup>(b)</sup><br>|  | 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093210 |
| TGS ASA (Norway), 8.50%, 01/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp; 805734 |
| Tidewater, Inc., 9.13%, 07/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp; 974283 |
| Transocean International Ltd., 8.75%, 02/15/2030<sup>(b)</sup><br>|  | 1222900 | &nbsp;&nbsp;&nbsp;&nbsp; 1280206 |
| Viridien (France), 10.00%, 10/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 600845 |
| WBI Operating LLC, 6.25%, 10/15/2030<sup>(b)</sup><br>|  | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1162498 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8882971 |
| **Financial Services-3.69%** | **Financial Services-3.69%** | **Financial Services-3.69%** | **Financial Services-3.69%** |
| Burford Capital Global Finance LLC, 6.88%, 04/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 485587 |
| CrossCountry Intermediate HoldCo LLC, 6.50%, 10/01/2030<sup>(b)</sup><br>|  | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1246602 |
| GGAM Finance Ltd. (Ireland), 5.88%, 03/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp; 565168 |
| Hightower Holding LLC, 9.13%, 01/31/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;553000 | &nbsp;&nbsp;&nbsp;&nbsp; 574727 |
| Jefferson Capital Holdings LLC, 8.25%, 05/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp; 712955 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| PennyMac Financial Services, Inc., 7.13%, 11/15/2030<sup>(b)</sup><br>| $| &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;$925865 |
| Phoenix Aviation Capital Ltd. (Ireland), 9.25%, 07/15/2030<sup>(b)</sup><br>|  | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090438 |
| Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030<sup>(b)</sup><br>|  | 1107000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004177 |
| Stonebriar ABF Issuer LLC, 8.13%, 12/15/2030<sup>(b)</sup><br>|  | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094183 |
| TrueNoord Capital DAC (Ireland), 8.75%, 03/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;553000 | &nbsp;&nbsp;&nbsp;&nbsp; 584540 |
| UWM Holdings LLC, 6.63%, 02/01/2030<sup>(b)</sup><br>|  | 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097561 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9381803 |
| **Food Products-1.07%** | **Food Products-1.07%** | **Food Products-1.07%** | **Food Products-1.07%** |
| Darling Ingredients, Inc., 6.00%, 06/15/2030<sup>(b)</sup><br>|  | 1381000 | &nbsp;&nbsp;&nbsp;&nbsp; 1399588 |
| Lamb Weston Holdings, Inc., 4.13%, 01/31/2030<sup>(b)</sup><br>|  | 1346000 | &nbsp;&nbsp;&nbsp;&nbsp; 1305972 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705560 |
| **Gas Utilities-0.32%** | **Gas Utilities-0.32%** | **Gas Utilities-0.32%** | **Gas Utilities-0.32%** |
| AmeriGas Partners L.P./AmeriGas Finance Corp., 9.50%, 06/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp; 813946 |
| **Ground Transportation-0.31%** | **Ground Transportation-0.31%** | **Ground Transportation-0.31%** | **Ground Transportation-0.31%** |
| Beacon Mobility Corp., 7.25%, 08/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;761000 | &nbsp;&nbsp;&nbsp;&nbsp; 797635 |
| **Health Care Equipment & Supplies-0.36%** | **Health Care Equipment & Supplies-0.36%** | **Health Care Equipment & Supplies-0.36%** | **Health Care Equipment & Supplies-0.36%** |
| Embecta Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 02/15/2030<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;691000 | &nbsp;&nbsp;&nbsp;&nbsp; 649995 |
| &nbsp;&nbsp;&nbsp;6.75%, 02/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;273000 | &nbsp;&nbsp;&nbsp;&nbsp; 265035 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915030 |
| **Health Care Providers & Services-6.27%** | **Health Care Providers & Services-6.27%** | **Health Care Providers & Services-6.27%** | **Health Care Providers & Services-6.27%** |
| Accendra Health, Inc., 6.63%, 04/01/2030<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;630000 | &nbsp;&nbsp;&nbsp;&nbsp; 303678 |
| Community Health Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13%, 04/01/2030<sup>(b)</sup><br>|  | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1504739 |
| &nbsp;&nbsp;&nbsp;5.25%, 05/15/2030<sup>(b)</sup><br>|  | 2122000 | &nbsp;&nbsp;&nbsp;&nbsp; 2040456 |
| DaVita, Inc., 4.63%, 06/01/2030<sup>(b)</sup><br>|  | 3803000 | &nbsp;&nbsp;&nbsp;&nbsp; 3725349 |
| Molina Healthcare, Inc., 3.88%, 11/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;904000 | &nbsp;&nbsp;&nbsp;&nbsp; 824111 |
| MPH Acquisition Holdings LLC, 5.75%, 12/31/2030<sup>(b)(c)</sup><br>|  | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 778098 |
| Pediatrix Medical Group, Inc., 5.38%, 02/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;553000 | &nbsp;&nbsp;&nbsp;&nbsp; 549852 |
| Star Parent, Inc., 9.00%, 10/01/2030<sup>(b)</sup><br>|  | 1388000 | &nbsp;&nbsp;&nbsp;&nbsp; 1410506 |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.38%, 01/15/2030<br>|  | 2007700 | &nbsp;&nbsp;&nbsp;&nbsp; 1972331 |
| &nbsp;&nbsp;&nbsp;6.13%, 06/15/2030<br>|  | 2763000 | &nbsp;&nbsp;&nbsp;&nbsp; 2821559 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15930679 |
| **Health Care REITs-0.90%** | **Health Care REITs-0.90%** | **Health Care REITs-0.90%** | **Health Care REITs-0.90%** |
| Diversified Healthcare Trust, 7.25%, 10/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;510000 | &nbsp;&nbsp;&nbsp;&nbsp; 530979 |
| National Mentor Holdings, Inc., 10.50%, 12/15/2030<sup>(b)</sup><br>|  | 1760000 | &nbsp;&nbsp;&nbsp;&nbsp; 1755069 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286048 |

---

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

------

#### 102

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Health Care Technology-1.20%** | **Health Care Technology-1.20%** | **Health Care Technology-1.20%** |
| athenahealth Group, Inc., 6.50%, 02/15/2030<sup>(b)</sup><br>| $3250000 | &nbsp;&nbsp;$3058932 |
| **Hotel & Resort REITs-0.54%** | **Hotel & Resort REITs-0.54%** | **Hotel & Resort REITs-0.54%** |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp; 787449 |
| XHR L.P., 6.63%, 05/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 571005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358454 |
| **Hotels, Restaurants & Leisure-5.77%** | **Hotels, Restaurants & Leisure-5.77%** | **Hotels, Restaurants & Leisure-5.77%** |
| 1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030<sup>(b)</sup><br>| 4009000 | &nbsp;&nbsp;&nbsp;&nbsp; 3852416 |
| Caesars Entertainment, Inc., 7.00%, 02/15/2030<sup>(b)</sup><br>| 2717000 | &nbsp;&nbsp;&nbsp;&nbsp; 2786974 |
| Churchill Downs, Inc., 5.75%, 04/01/2030<sup>(b)</sup><br>| 1660000 | &nbsp;&nbsp;&nbsp;&nbsp; 1674190 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/2030<sup>(b)</sup><br>| 1586000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497207 |
| Lindblad Expeditions LLC, 7.00%, 09/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp; 976041 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 04/15/2030<sup>(b)</sup><br>| 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084494 |
| Rivers Enterprise Borrower LLC, 6.25%, 10/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp; 853579 |
| TKC Holdings, Inc., 8.50%, 08/15/2030<sup>(b)</sup><br>| 1189000 | &nbsp;&nbsp;&nbsp;&nbsp; 1217696 |
| Vail Resorts, Inc., 5.63%, 07/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;692000 | &nbsp;&nbsp;&nbsp;&nbsp; 704570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14647167 |
| **Household Durables-2.86%** | **Household Durables-2.86%** | **Household Durables-2.86%** |
| Dream Finders Homes, Inc., 6.88%, 09/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 429777 |
| FXI Holdings, Inc., 11.00%, 11/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp; 260582 |
| KB Home, 7.25%, 07/15/2030<br>| &nbsp;&nbsp;&nbsp;482000 | &nbsp;&nbsp;&nbsp;&nbsp; 493874 |
| M/I Homes, Inc., 3.95%, 02/15/2030<br>| &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp; 395355 |
| Mattamy Group Corp. (Canada), 4.63%, 03/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp; 815901 |
| New Home Co., Inc. (The), 8.50%, 11/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 573412 |
| Newell Brands, Inc., 6.38%, 05/15/2030<sup>(c)</sup><br>| 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044027 |
| Sensata Technologies B.V., 5.88%, 09/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 699250 |
| Taylor Morrison Communities, Inc., 5.13%, 08/01/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;689000 | &nbsp;&nbsp;&nbsp;&nbsp; 695566 |
| Wayfair LLC, 7.75%, 09/15/2030<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020736 |
| Whirlpool Corp., 6.13%, 06/15/2030<br>| &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 834356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7262836 |
| **Household Products-0.26%** | **Household Products-0.26%** | **Household Products-0.26%** |
| Central Garden & Pet Co., 4.13%, 10/15/2030<br>| &nbsp;&nbsp;&nbsp;691000 | &nbsp;&nbsp;&nbsp;&nbsp; 667348 |
| **Independent Power and Renewable Electricity Producers-1.14%** | **Independent Power and Renewable Electricity Producers-1.14%** | **Independent Power and Renewable Electricity Producers-1.14%** |
| VoltaGrid LLC, 7.38%, 11/01/2030<sup>(b)</sup><br>| 2770000 | &nbsp;&nbsp;&nbsp;&nbsp; 2893711 |
| **Insurance-3.07%** | **Insurance-3.07%** | **Insurance-3.07%** |
| Acrisure LLC/Acrisure Finance, Inc., 7.50%, 11/06/2030<sup>(b)</sup><br>| 1506000 | &nbsp;&nbsp;&nbsp;&nbsp; 1533493 |
| HUB International Ltd., 7.25%, 06/15/2030<sup>(b)</sup><br>| 4531000 | &nbsp;&nbsp;&nbsp;&nbsp; 4676125 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** |
| Jones Deslauriers Insurance Management, Inc. (Canada), 8.50%, 03/15/2030<sup>(b)</sup><br>| $| 1000000 | &nbsp;&nbsp;$1038304 |
| Nassau Cos. of New York (The), 7.88%, 07/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;594000 | &nbsp;&nbsp;&nbsp;&nbsp; 553517 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7801439 |
| **Interactive Media & Services-0.42%** | **Interactive Media & Services-0.42%** | **Interactive Media & Services-0.42%** | **Interactive Media & Services-0.42%** |
| Ziff Davis, Inc., 4.63%, 10/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp; 575751 |
| ZipRecruiter, Inc., 5.00%, 01/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;762000 | &nbsp;&nbsp;&nbsp;&nbsp; 487035 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062786 |
| **IT Services-1.07%** | **IT Services-1.07%** | **IT Services-1.07%** | **IT Services-1.07%** |
| CoreWeave, Inc., 9.25%, 06/01/2030<sup>(b)(c)</sup><br>|  | 2772000 | &nbsp;&nbsp;&nbsp;&nbsp; 2717918 |
| **Life Sciences Tools & Services-0.54%** | **Life Sciences Tools & Services-0.54%** | **Life Sciences Tools & Services-0.54%** | **Life Sciences Tools & Services-0.54%** |
| Fortrea Holdings, Inc., 7.50%, 07/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;681000 | &nbsp;&nbsp;&nbsp;&nbsp; 650359 |
| IQVIA, Inc., 6.50%, 05/15/2030<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp; 715150 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365509 |
| **Machinery-0.83%** | **Machinery-0.83%** | **Machinery-0.83%** | **Machinery-0.83%** |
| New Flyer Holdings, Inc. (Canada), 9.25%, 07/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 896554 |
| Park-Ohio Industries, Inc., 8.50%, 08/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp;&nbsp; 498743 |
| SPX FLOW, Inc., 8.75%, 04/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;691000 | &nbsp;&nbsp;&nbsp;&nbsp; 708118 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103415 |
| **Marine Transportation-0.18%** | **Marine Transportation-0.18%** | **Marine Transportation-0.18%** | **Marine Transportation-0.18%** |
| NCL Corp. Ltd., 6.25%, 03/01/2030<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp; 445623 |
| **Media-5.87%** | **Media-5.87%** | **Media-5.87%** | **Media-5.87%** |
| Cable One, Inc., 4.00%, 11/15/2030<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;809000 | &nbsp;&nbsp;&nbsp;&nbsp; 560732 |
| Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/2030<sup>(b)</sup><br>|  | 1199000 | &nbsp;&nbsp;&nbsp;&nbsp; 1264224 |
| Directv Financing LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.88%, 02/01/2030<sup>(b)</sup><br>|  | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042182 |
| &nbsp;&nbsp;&nbsp;8.88%, 02/01/2030<sup>(b)</sup><br>|  | 2210000 | &nbsp;&nbsp;&nbsp;&nbsp; 2213521 |
| Discovery Communications LLC, 3.63%, 05/15/2030<br>|  | 1268000 | &nbsp;&nbsp;&nbsp;&nbsp; 1231545 |
| E.W. Scripps Co. (The), 9.88%, 08/15/2030<sup>(b)</sup><br>|  | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045265 |
| iHeartCommunications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.88%, 05/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp;&nbsp; 690790 |
| &nbsp;&nbsp;&nbsp;7.75%, 08/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;913000 | &nbsp;&nbsp;&nbsp;&nbsp; 726919 |
| Lamar Media Corp., 4.00%, 02/15/2030<br>|  | &nbsp;&nbsp;&nbsp;757000 | &nbsp;&nbsp;&nbsp;&nbsp; 733763 |
| Sirius XM Radio LLC, 4.13%, 07/01/2030<sup>(b)</sup><br>|  | 2072000 | &nbsp;&nbsp;&nbsp;&nbsp; 1954446 |
| Univision Communications, Inc., 7.38%, 06/30/2030<sup>(b)</sup><br>|  | 1219000 | &nbsp;&nbsp;&nbsp;&nbsp; 1220029 |
| Virgin Media Finance PLC (United Kingdom), 5.00%, 07/15/2030<sup>(b)</sup><br>|  | 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073622 |
| Virgin Media Secured Finance PLC (United Kingdom), 4.50%, 08/15/2030<sup>(b)</sup><br>|  | 1270000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158720 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14915758 |
| **Metals & Mining-2.50%** | **Metals & Mining-2.50%** | **Metals & Mining-2.50%** | **Metals & Mining-2.50%** |
| Arsenal AIC Parent LLC, 8.00%, 10/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020517 |
| ATI, Inc., 7.25%, 08/15/2030<br>|  | &nbsp;&nbsp;&nbsp;593000 | &nbsp;&nbsp;&nbsp;&nbsp; 621569 |
| Cleveland-Cliffs, Inc., 6.75%, 04/15/2030<sup>(b)</sup><br>|  | 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051648 |
| Commercial Metals Co., 4.13%, 01/15/2030<br>|  | &nbsp;&nbsp;&nbsp;416000 | &nbsp;&nbsp;&nbsp;&nbsp; 406918 |

---

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

------

#### 103

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Metals & Mining-(continued)** | **Metals & Mining-(continued)** | **Metals & Mining-(continued)** | **Metals & Mining-(continued)** |
| Compass Minerals International, Inc., 8.00%, 07/01/2030<sup>(b)</sup><br>| $| &nbsp;&nbsp;&nbsp;898000 | &nbsp;&nbsp;$948113 |
| JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp; 486476 |
| Novelis Corp., 6.88%, 01/30/2030<sup>(b)</sup><br>|  | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1074131 |
| Taseko Mines Ltd. (Canada), 8.25%, 05/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 731320 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6340692 |
| **Mortgage REITs-1.53%** | **Mortgage REITs-1.53%** | **Mortgage REITs-1.53%** | **Mortgage REITs-1.53%** |
| Arbor Realty SR, Inc., 7.88%, 07/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 636447 |
| Ellington Financial Operating Partnership LLC, 7.38%, 09/30/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 556157 |
| Rithm Capital Corp., 8.00%, 07/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;688000 | &nbsp;&nbsp;&nbsp;&nbsp; 691732 |
| Starwood Property Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 04/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;549000 | &nbsp;&nbsp;&nbsp;&nbsp; 563770 |
| &nbsp;&nbsp;&nbsp;6.50%, 07/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 718024 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 719476 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3885606 |
| **Oil, Gas & Consumable Fuels-9.33%** | **Oil, Gas & Consumable Fuels-9.33%** | **Oil, Gas & Consumable Fuels-9.33%** | **Oil, Gas & Consumable Fuels-9.33%** |
| BKV Upstream Midstream LLC, 7.50%, 10/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 703267 |
| Buckeye Partners L.P., 6.75%, 02/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;694000 | &nbsp;&nbsp;&nbsp;&nbsp; 724920 |
| Caturus Energy LLC, 8.50%, 02/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp; 726669 |
| Chord Energy Corp., 6.00%, 10/01/2030<sup>(b)</sup><br>|  | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062849 |
| CNX Midstream Partners L.P., 4.75%, 04/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp; 541624 |
| Comstock Resources, Inc., 5.88%, 01/15/2030<sup>(b)</sup><br>|  | 1336000 | &nbsp;&nbsp;&nbsp;&nbsp; 1288504 |
| DBR Land Holdings LLC, 6.25%, 12/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 712077 |
| Excelerate Energy L.P., 8.00%, 05/15/2030<sup>(b)</sup><br>|  | 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1177156 |
| Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030<br>|  | &nbsp;&nbsp;&nbsp;691000 | &nbsp;&nbsp;&nbsp;&nbsp; 725310 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 04/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;691000 | &nbsp;&nbsp;&nbsp;&nbsp; 682730 |
| Kinetik Holdings L.P., 5.88%, 06/15/2030<sup>(b)</sup><br>|  | 1381000 | &nbsp;&nbsp;&nbsp;&nbsp; 1400203 |
| NuStar Logistics L.P., 6.38%, 10/01/2030<br>|  | &nbsp;&nbsp;&nbsp;828000 | &nbsp;&nbsp;&nbsp;&nbsp; 872308 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.88%, 03/15/2030<sup>(b)(c)</sup><br>|  | 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1178786 |
| &nbsp;&nbsp;&nbsp;7.88%, 09/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;687000 | &nbsp;&nbsp;&nbsp;&nbsp; 689841 |
| Range Resources Corp., 4.75%, 02/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;694000 | &nbsp;&nbsp;&nbsp;&nbsp; 687468 |
| SM Energy Co., 8.63%, 11/01/2030<sup>(b)</sup><br>|  | 1383000 | &nbsp;&nbsp;&nbsp;&nbsp; 1464608 |
| Sunoco L.P., 4.63%, 05/01/2030<sup>(b)</sup><br>|  | 1107000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083663 |
| Sunoco L.P./Sunoco Finance Corp., 4.50%, 04/30/2030<br>|  | 1107000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084115 |
| Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 12/31/2030<sup>(b)</sup><br>|  | 1003000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017123 |
| TransMontaigne Partners LLC, 8.50%, 06/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;696000 | &nbsp;&nbsp;&nbsp;&nbsp; 727761 |
| Venture Global LNG, Inc., 7.00%, 01/15/2030<sup>(b)(c)</sup><br>|  | 2080000 | &nbsp;&nbsp;&nbsp;&nbsp; 2111167 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Venture Global Plaquemines LNG LLC, 6.13%, 12/15/2030<sup>(b)</sup><br>| $| 2420000 | &nbsp;&nbsp;$2515089 |
| Vermilion Energy, Inc. (Canada), 6.88%, 05/01/2030<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;519000 | &nbsp;&nbsp;&nbsp;&nbsp; 526666 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23703904 |
| **Passenger Airlines-0.84%** | **Passenger Airlines-0.84%** | **Passenger Airlines-0.84%** | **Passenger Airlines-0.84%** |
| Avianca Midco 2 PLC (Colombia), 9.63%, 02/14/2030<sup>(b)(c)</sup><br>|  | 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1395063 |
| CHC Group LLC, 11.75%, 09/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp; 750322 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145385 |
| **Pharmaceuticals-1.04%** | **Pharmaceuticals-1.04%** | **Pharmaceuticals-1.04%** | **Pharmaceuticals-1.04%** |
| AdaptHealth LLC, 5.13%, 03/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;828000 | &nbsp;&nbsp;&nbsp;&nbsp; 798501 |
| Bausch Health Cos., Inc. (Canada), 14.00%, 10/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp; 474419 |
| Harrow, Inc., 8.63%, 09/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;349000 | &nbsp;&nbsp;&nbsp;&nbsp; 367118 |
| Perrigo Finance Unlimited Co., 5.15%, 06/15/2030<br>|  | 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002295 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642333 |
| **Real Estate Management & Development-1.16%** | **Real Estate Management & Development-1.16%** | **Real Estate Management & Development-1.16%** | **Real Estate Management & Development-1.16%** |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., 7.00%, 04/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;882000 | &nbsp;&nbsp;&nbsp;&nbsp; 892239 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 5.25%, 04/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;626000 | &nbsp;&nbsp;&nbsp;&nbsp; 592605 |
| Five Point Operating Co., L.P., 8.00%, 10/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp; 642497 |
| Kennedy-Wilson, Inc., 4.75%, 02/01/2030<br>|  | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 805681 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933022 |
| **Residential REITs-0.21%** | **Residential REITs-0.21%** | **Residential REITs-0.21%** | **Residential REITs-0.21%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;557000 | &nbsp;&nbsp;&nbsp;&nbsp; 532505 |
| **Semiconductors & Semiconductor Equipment-1.12%** | **Semiconductors & Semiconductor Equipment-1.12%** | **Semiconductors & Semiconductor Equipment-1.12%** | **Semiconductors & Semiconductor Equipment-1.12%** |
| Entegris, Inc., 5.95%, 06/15/2030<sup>(b)</sup><br>|  | 1241000 | &nbsp;&nbsp;&nbsp;&nbsp; 1266676 |
| Kioxia Holdings Corp. (Japan), 6.25%, 07/24/2030<sup>(b)</sup><br>|  | 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; 1579590 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846266 |
| **Software-1.79%** | **Software-1.79%** | **Software-1.79%** | **Software-1.79%** |
| Capstone Borrower, Inc., 8.00%, 06/15/2030<sup>(b)</sup><br>|  | 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 996875 |
| Gen Digital, Inc., 7.13%, 09/30/2030<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;813000 | &nbsp;&nbsp;&nbsp;&nbsp; 826398 |
| McAfee Corp., 7.38%, 02/15/2030<sup>(b)</sup><br>|  | 2718000 | &nbsp;&nbsp;&nbsp;&nbsp; 2227114 |
| Pagaya US Holding Co. LLC, 8.88%, 08/01/2030<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp; 493329 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4543716 |
| **Specialized REITs-0.71%** | **Specialized REITs-0.71%** | **Specialized REITs-0.71%** | **Specialized REITs-0.71%** |
| Iron Mountain, Inc., 5.25%, 07/15/2030<sup>(b)</sup><br>|  | 1798000 | &nbsp;&nbsp;&nbsp;&nbsp; 1790339 |
| **Specialty Retail-2.66%** | **Specialty Retail-2.66%** | **Specialty Retail-2.66%** | **Specialty Retail-2.66%** |
| Advance Auto Parts, Inc., 7.00%, 08/01/2030<sup>(b)</sup><br>|  | 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1385869 |
| Albion Financing 1 S.a.r.l /Aggreko Holdings, Inc. (Luxembourg), 7.00%, 05/21/2030<sup>(b)</sup><br>|  | 1938000 | &nbsp;&nbsp;&nbsp;&nbsp; 2030749 |
| Asbury Automotive Group, Inc., 4.75%, 03/01/2030<br>|  | &nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp;&nbsp;&nbsp; 605650 |
| Bath & Body Works, Inc., 6.63%, 10/01/2030<sup>(b)</sup><br>|  | 1169000 | &nbsp;&nbsp;&nbsp;&nbsp; 1198333 |

---

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

------

#### 104

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** |
| Group 1 Automotive, Inc., 6.38%, 01/15/2030<sup>(b)</sup><br>| $| &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;$707672 |
| Lithia Motors, Inc., 5.50%, 10/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 835756 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764029 |
| **Technology Hardware, Storage & Peripherals-0.70%** | **Technology Hardware, Storage & Peripherals-0.70%** | **Technology Hardware, Storage & Peripherals-0.70%** | **Technology Hardware, Storage & Peripherals-0.70%** |
| Diebold Nixdorf, Inc., 7.75%, 03/31/2030<sup>(b)</sup><br>|  | 1319000 | &nbsp;&nbsp;&nbsp;&nbsp; 1394473 |
| Xerox Corp., 10.25%, 10/15/2030<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp; 387875 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782348 |
| **Textiles, Apparel & Luxury Goods-0.60%** | **Textiles, Apparel & Luxury Goods-0.60%** | **Textiles, Apparel & Luxury Goods-0.60%** | **Textiles, Apparel & Luxury Goods-0.60%** |
| Under Armour, Inc., 7.25%, 07/15/2030<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 569438 |
| VF Corp., 2.95%, 04/23/2030<br>|  | 1041000 | &nbsp;&nbsp;&nbsp;&nbsp; 956547 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525985 |
| **Trading Companies & Distributors-1.45%** | **Trading Companies & Distributors-1.45%** | **Trading Companies & Distributors-1.45%** | **Trading Companies & Distributors-1.45%** |
| Boise Cascade Co., 4.88%, 07/01/2030<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;&nbsp;&nbsp; 558146 |
| FTAI Aviation Investors LLC, 7.88%, 12/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;692000 | &nbsp;&nbsp;&nbsp;&nbsp; 732678 |
| Herc Holdings, Inc., 7.00%, 06/15/2030<sup>(b)</sup><br>|  | 2280000 | &nbsp;&nbsp;&nbsp;&nbsp; 2390676 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681500 |
| **Wireless Telecommunication Services-0.78%** | **Wireless Telecommunication Services-0.78%** | **Wireless Telecommunication Services-0.78%** | **Wireless Telecommunication Services-0.78%** |
| Getty Images, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.25%, 02/21/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp; 664330 |
| &nbsp;&nbsp;&nbsp;10.50%, 11/15/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;870000 | &nbsp;&nbsp;&nbsp;&nbsp; 770805 |
| Ontario Gaming GTA L.P./OTG Co-Issuer, Inc. (Canada), 8.00%, 08/01/2030<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;558000 | &nbsp;&nbsp;&nbsp;&nbsp; 539760 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974895 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $247,142,910) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $247,142,910) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $247,142,910) | &nbsp;&nbsp;248321693 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | &nbsp;&nbsp;**Value** |
| **Money Market Funds-0.38%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(d)(e)</sup><br>(Cost $964,541)<br>| &nbsp;&nbsp;&nbsp;&nbsp;964541 | &nbsp;&nbsp;$964541 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.14%<br>(Cost $248,107,451) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.14%<br>(Cost $248,107,451) | &nbsp;&nbsp;249286234 |
| **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-6.77%** | **Money Market Funds-6.77%** | **Money Market Funds-6.77%** |
| Invesco Private Government Fund, 3.64%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp;4790981 | &nbsp;&nbsp;&nbsp;&nbsp; 4790981 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup><br>| 12410654 | &nbsp;&nbsp;&nbsp;&nbsp; 12414377 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $17,205,358) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $17,205,358) | &nbsp;&nbsp;&nbsp;&nbsp;17205358 |
| TOTAL INVESTMENTS IN SECURITIES-104.91%<br>(Cost $265,312,809) | TOTAL INVESTMENTS IN SECURITIES-104.91%<br>(Cost $265,312,809) | &nbsp;&nbsp;266491592 |
| OTHER ASSETS LESS LIABILITIES-(4.91)% | OTHER ASSETS LESS LIABILITIES-(4.91)% | &nbsp;&nbsp;&nbsp;(12472915) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $254018677 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <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 resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2026 was $218,593,207, which represented 86.05% of the Fund's Net Assets. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$615775 | &nbsp;&nbsp;&nbsp;$20580522 | &nbsp;&nbsp;&nbsp;$(20231756) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$964541 | &nbsp;&nbsp;&nbsp;$25208 |

---

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

------

#### 105

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;$3153934 | &nbsp;&nbsp;&nbsp;$26094694 | &nbsp;&nbsp;&nbsp;$(24457647) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$4790981 | &nbsp;&nbsp;&nbsp;$81,924\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8210793 | &nbsp;&nbsp;&nbsp;&nbsp;51374112 | &nbsp;&nbsp;&nbsp;&nbsp;(47170373) | &nbsp;&nbsp;&nbsp;&nbsp;(517) | &nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;12414377 | &nbsp;&nbsp;&nbsp;&nbsp;221,873\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$11980502 | &nbsp;&nbsp;&nbsp;$98049328 | &nbsp;&nbsp;&nbsp;$(91859776) | &nbsp;&nbsp;&nbsp;$(517) | &nbsp;&nbsp;&nbsp;$362 | &nbsp;&nbsp;&nbsp;$18169899 | &nbsp;&nbsp;&nbsp;$329005 |

---

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

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

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 106

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-97.68%** | **U.S. Dollar Denominated Bonds & Notes-97.68%** | **U.S. Dollar Denominated Bonds & Notes-97.68%** |
| **Aerospace & Defense-1.54%** | **Aerospace & Defense-1.54%** | **Aerospace & Defense-1.54%** |
| Neptune Bidco US, Inc., 10.38%, 05/15/2031<sup>(b)</sup><br>| $670000 | &nbsp;&nbsp;$676796 |
| TransDigm, Inc., 7.13%, 12/01/2031<sup>(b)</sup><br>| 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 587631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264427 |
| **Air Freight & Logistics-0.51%** | **Air Freight & Logistics-0.51%** | **Air Freight & Logistics-0.51%** |
| Clue Opco LLC, 9.50%, 10/15/2031<sup>(b)</sup><br>| 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 414610 |
| **Automobile Components-3.05%** | **Automobile Components-3.05%** | **Automobile Components-3.05%** |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.00%, 02/15/2031<sup>(b)</sup><br>| 279000 | &nbsp;&nbsp;&nbsp;&nbsp; 276760 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.25%, 04/30/2031<br>| 301000 | &nbsp;&nbsp;&nbsp;&nbsp; 288799 |
| &nbsp;&nbsp;&nbsp;5.25%, 07/15/2031<br>| 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 324613 |
| Kronos Acquisition Holdings, Inc. (Canada), 8.25%, 06/30/2031<sup>(b)</sup><br>| 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 150425 |
| United Rentals (North America), Inc., 3.88%, 02/15/2031<br>| 608000 | &nbsp;&nbsp;&nbsp;&nbsp; 586163 |
| ZF North America Capital, Inc. (Germany), 7.50%, 03/24/2031<sup>(b)</sup><br>| 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 876519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503279 |
| **Automobiles-0.65%** | **Automobiles-0.65%** | **Automobiles-0.65%** |
| Allison Transmission, Inc., 3.75%, 01/30/2031<sup>(b)</sup><br>| 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 533029 |
| **Broadline Retail-0.25%** | **Broadline Retail-0.25%** | **Broadline Retail-0.25%** |
| Kohl's Corp., 5.13%, 05/01/2031<br>| 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 203256 |
| **Building Products-0.87%** | **Building Products-0.87%** | **Building Products-0.87%** |
| K. Hovnanian Enterprises, Inc., 8.00%, 04/01/2031<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257316 |
| Park River Holdings, Inc., 8.00%, 03/15/2031<sup>(b)</sup><br>| 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 453248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710564 |
| **Capital Markets-0.44%** | **Capital Markets-0.44%** | **Capital Markets-0.44%** |
| Coinbase Global, Inc., 3.63%, 10/01/2031<sup>(b)</sup><br>| 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 363118 |
| **Chemicals-3.69%** | **Chemicals-3.69%** | **Chemicals-3.69%** |
| Ashland, Inc., 3.38%, 09/01/2031<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 230532 |
| Avient Corp., 6.25%, 11/01/2031<sup>(b)</sup><br>| 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 377145 |
| Axalta Coating Systems Dutch Holding B B.V., 7.25%, 02/15/2031<sup>(b)</sup><br>| 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 299968 |
| Celanese US Holdings LLC, 7.00%, 02/15/2031<br>| 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 329784 |
| Cerdia Finanz GmbH (Germany), 9.38%, 10/03/2031<sup>(b)</sup><br>| 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 522750 |
| Olympus Water US Holding Corp., 7.25%, 06/15/2031<sup>(b)</sup><br>| 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 465890 |
| Scotts Miracle-Gro Co. (The), 4.00%, 04/01/2031<br>| 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 251173 |
| Suburban Propane Partners L.P./Suburban Energy Finance Corp., 5.00%, 06/01/2031<sup>(b)</sup><br>| 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 351750 |
| W. R. Grace Holdings LLC, 7.38%, 03/01/2031<sup>(b)</sup><br>| 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 200321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029313 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services & Supplies-4.02%** | **Commercial Services & Supplies-4.02%** | **Commercial Services & Supplies-4.02%** |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031<sup>(b)</sup><br>| $1307000 | &nbsp;&nbsp;$1381595 |
| Clean Harbors, Inc., 6.38%, 02/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp; 282570 |
| Garda World Security Corp. (Canada), 6.50%, 01/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp; 370051 |
| GFL Environmental, Inc., 6.75%, 01/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 588056 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp; 674506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296778 |
| **Communications Equipment-0.47%** | **Communications Equipment-0.47%** | **Communications Equipment-0.47%** |
| Viasat, Inc., 7.50%, 05/30/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp; 385237 |
| **Construction & Engineering-0.74%** | **Construction & Engineering-0.74%** | **Construction & Engineering-0.74%** |
| Artera Services LLC, 8.50%, 02/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp;&nbsp; 279452 |
| Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 331320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610772 |
| **Construction Materials-1.43%** | **Construction Materials-1.43%** | **Construction Materials-1.43%** |
| Knife River Corp., 7.75%, 05/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp; 250381 |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;616000 | &nbsp;&nbsp;&nbsp;&nbsp; 654814 |
| Williams Scotsman, Inc., 7.38%, 10/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp; 267132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172327 |
| **Consumer Finance-2.00%** | **Consumer Finance-2.00%** | **Consumer Finance-2.00%** |
| Bread Financial Holdings, Inc., 6.75%, 05/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;267000 | &nbsp;&nbsp;&nbsp;&nbsp; 272363 |
| Encore Capital Group, Inc., 6.63%, 04/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp; 284511 |
| goeasy Ltd. (Canada), 6.88%, 02/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 215813 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.50%, 05/15/2031<br>| &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 433950 |
| &nbsp;&nbsp;&nbsp;7.13%, 11/15/2031<br>| &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 429687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636324 |
| **Consumer Staples Distribution & Retail-1.25%** | **Consumer Staples Distribution & Retail-1.25%** | **Consumer Staples Distribution & Retail-1.25%** |
| Albertson's Cos., Inc./Safeway, Inc./New Albertson's L.P./Albertson's LLC, 5.50%, 03/31/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp; 393112 |
| Fiesta Purchaser, Inc., 7.88%, 03/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp; 288629 |
| Ingles Markets, Inc., 4.00%, 06/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp; 184918 |
| Safeway, Inc., 7.25%, 02/01/2031<br>| &nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp; 157992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024651 |
| **Containers & Packaging-2.23%** | **Containers & Packaging-2.23%** | **Containers & Packaging-2.23%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.25%, 01/30/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp; 358405 |
| Ball Corp., 3.13%, 09/15/2031<br>| &nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp; 427396 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 411144 |

---

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

------

#### 107

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Containers & Packaging-(continued)** | **Containers & Packaging-(continued)** | **Containers & Packaging-(continued)** | **Containers & Packaging-(continued)** |
| Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031<sup>(b)</sup><br>| $| &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;$384675 |
| Sealed Air Corp., 7.25%, 02/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp; 249462 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831082 |
| **Distributors-0.20%** | **Distributors-0.20%** | **Distributors-0.20%** | **Distributors-0.20%** |
| Vamos Europe S.A. (Brazil), 9.20%, 01/26/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp; 162180 |
| **Diversified Consumer Services-0.53%** | **Diversified Consumer Services-0.53%** | **Diversified Consumer Services-0.53%** | **Diversified Consumer Services-0.53%** |
| Service Corp. International, 4.00%, 05/15/2031<br>|  | &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp; 435239 |
| **Diversified Telecommunication Services-1.81%** | **Diversified Telecommunication Services-1.81%** | **Diversified Telecommunication Services-1.81%** | **Diversified Telecommunication Services-1.81%** |
| Altice France S.A. (France), 6.50%, 10/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;208153 | &nbsp;&nbsp;&nbsp;&nbsp; 201171 |
| Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/2031<sup>(b)</sup><br>|  | 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1285386 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486557 |
| **Electric Utilities-1.77%** | **Electric Utilities-1.77%** | **Electric Utilities-1.77%** | **Electric Utilities-1.77%** |
| NRG Energy, Inc., 3.63%, 02/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp; 519418 |
| Sotera Health Holdings LLC, 7.38%, 06/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 442457 |
| XPLR Infrastructure Operating Partners L.P., 8.38%, 01/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp;&nbsp; 492607 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454482 |
| **Electronic Equipment, Instruments & Components-0.82%** | **Electronic Equipment, Instruments & Components-0.82%** | **Electronic Equipment, Instruments & Components-0.82%** | **Electronic Equipment, Instruments & Components-0.82%** |
| EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.75%, 07/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp; 276577 |
| Sensata Technologies, Inc., 3.75%, 02/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 396250 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672827 |
| **Energy Equipment & Services-0.68%** | **Energy Equipment & Services-0.68%** | **Energy Equipment & Services-0.68%** | **Energy Equipment & Services-0.68%** |
| Enerflex, Inc. (Canada), 6.88%, 01/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp; 238480 |
| Nabors Industries, Inc., 8.88%, 08/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp; 316140 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554620 |
| **Entertainment-1.13%** | **Entertainment-1.13%** | **Entertainment-1.13%** | **Entertainment-1.13%** |
| Light and Wonder International, Inc., 7.50%, 09/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp; 324365 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, 02/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 605038 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929403 |
| **Financial Services-3.62%** | **Financial Services-3.62%** | **Financial Services-3.62%** | **Financial Services-3.62%** |
| Burford Capital Global Finance LLC, 9.25%, 07/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;384000 | &nbsp;&nbsp;&nbsp;&nbsp; 390593 |
| Focus Financial Partners LLC, 6.75%, 09/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 557493 |
| Freedom Mortgage Holdings LLC, 6.88%, 05/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp; 424709 |
| Jane Street Group/JSG Finance, Inc., 7.13%, 04/30/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp; 785963 |
| PennyMac Financial Services, Inc., 5.75%, 09/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp; 272086 |
| UWM Holdings LLC, 6.25%, 03/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 541446 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972290 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Food Products-1.25%** | **Food Products-1.25%** | **Food Products-1.25%** |
| Post Holdings, Inc., 4.50%, 09/15/2031<sup>(b)</sup><br>| $545000 | &nbsp;&nbsp;$521777 |
| Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031<sup>(b)</sup><br>| 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 507399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029176 |
| **Gas Utilities-0.44%** | **Gas Utilities-0.44%** | **Gas Utilities-0.44%** |
| Ferrellgas L.P./Ferrellgas Finance Corp., 9.25%, 01/15/2031<sup>(b)</sup><br>| 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 363371 |
| **Ground Transportation-0.32%** | **Ground Transportation-0.32%** | **Ground Transportation-0.32%** |
| XPO, Inc., 7.13%, 06/01/2031<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 260342 |
| **Health Care Equipment & Supplies-0.41%** | **Health Care Equipment & Supplies-0.41%** | **Health Care Equipment & Supplies-0.41%** |
| HAH Group Holding Co. LLC, 9.75%, 10/01/2031<sup>(b)</sup><br>| 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 336230 |
| **Health Care Providers & Services-3.66%** | **Health Care Providers & Services-3.66%** | **Health Care Providers & Services-3.66%** |
| Community Health Systems, Inc., 4.75%, 02/15/2031<sup>(b)</sup><br>| 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 541789 |
| DaVita, Inc., 3.75%, 02/15/2031<sup>(b)</sup><br>| 835000 | &nbsp;&nbsp;&nbsp;&nbsp; 780811 |
| Encompass Health Corp., 4.63%, 04/01/2031<br>| 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 221078 |
| Molina Healthcare, Inc., 6.50%, 02/15/2031<sup>(b)</sup><br>| 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 477111 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 05/15/2031<br>| 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 759948 |
| &nbsp;&nbsp;&nbsp;6.88%, 11/15/2031<br>| 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 218854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999591 |
| **Health Care REITs-0.99%** | **Health Care REITs-0.99%** | **Health Care REITs-0.99%** |
| Diversified Healthcare Trust, 4.38%, 03/01/2031<br>| 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 248943 |
| MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031<br>| 734900 | &nbsp;&nbsp;&nbsp;&nbsp; 562676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811619 |
| **Hotel & Resort REITs-0.72%** | **Hotel & Resort REITs-0.72%** | **Hotel & Resort REITs-0.72%** |
| Service Properties Trust, 8.63%, 11/15/2031<sup>(b)</sup><br>| 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 589478 |
| **Hotels, Restaurants & Leisure-5.50%** | **Hotels, Restaurants & Leisure-5.50%** | **Hotels, Restaurants & Leisure-5.50%** |
| Boyd Gaming Corp., 4.75%, 06/15/2031<sup>(b)</sup><br>| 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 489479 |
| Churchill Downs, Inc., 6.75%, 05/01/2031<sup>(b)</sup><br>| 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 340347 |
| Hilton Domestic Operating Co., Inc., 4.00%, 05/01/2031<sup>(b)</sup><br>| 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 591068 |
| Hilton Grand Vacations Borrower LLC, 4.88%, 07/01/2031<sup>(b)</sup><br>| 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 258994 |
| Life Time, Inc., 6.00%, 11/15/2031<sup>(b)</sup><br>| 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 283563 |
| Merlin Entertainments Group U.S. Holdings, Inc. (United Kingdom), 7.38%, 02/15/2031<sup>(b)</sup><br>| 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 231208 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 11.88%, 04/15/2031<sup>(b)</sup><br>| 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 413721 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 09/01/2031<sup>(b)</sup><br>| 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 255500 |
| Six Flags Entertainment Corp., 7.25%, 05/15/2031<sup>(b)</sup><br>| 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 427359 |
| Station Casinos LLC, 4.63%, 12/01/2031<sup>(b)</sup><br>| 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 265548 |
| TKC Holdings, Inc., 12.00%, 02/15/2031<sup>(b)</sup><br>| 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 399722 |
| Yum! Brands, Inc., 3.63%, 03/15/2031<br>| 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 550838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4507347 |

---

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

------

#### 108

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Household Durables-0.95%** | **Household Durables-0.95%** | **Household Durables-0.95%** |
| Beazer Homes USA, Inc., 7.50%, 03/15/2031<sup>(b)</sup><br>| $&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;$149368 |
| KB Home, 4.00%, 06/15/2031<br>| &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp; 210408 |
| Somnigroup International, Inc., 3.88%, 10/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp; 417996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777772 |
| **Household Products-0.64%** | **Household Products-0.64%** | **Household Products-0.64%** |
| Central Garden & Pet Co., 4.13%, 04/30/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp; 214896 |
| Prestige Brands, Inc., 3.75%, 04/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp; 308831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523727 |
| **Independent Power and Renewable Electricity Producers-0.60%** | **Independent Power and Renewable Electricity Producers-0.60%** | **Independent Power and Renewable Electricity Producers-0.60%** |
| Clearway Energy Operating LLC, 3.75%, 02/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp; 488204 |
| **Insurance-5.50%** | **Insurance-5.50%** | **Insurance-5.50%** |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 01/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp; 825264 |
| &nbsp;&nbsp;&nbsp;6.50%, 10/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp; 563774 |
| Ardonagh Finco Ltd. (United Kingdom), 7.75%, 02/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp; 850402 |
| Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (United Kingdom), 7.25%, 02/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp; 573093 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/2031<sup>(b)</sup><br>| 1665000 | &nbsp;&nbsp;&nbsp;&nbsp; 1695088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4507621 |
| **Interactive Media & Services-0.30%** | **Interactive Media & Services-0.30%** | **Interactive Media & Services-0.30%** |
| Match Group Holdings II LLC, 3.63%, 10/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp; 249728 |
| **IT Services-2.11%** | **IT Services-2.11%** | **IT Services-2.11%** |
| CoreWeave, Inc., 9.00%, 02/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp; 937133 |
| Star Holding LLC, 8.75%, 08/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp; 196679 |
| Twilio, Inc., 3.88%, 03/15/2031<br>| &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp; 268997 |
| Unisys Corp., 10.63%, 01/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp; 329560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732369 |
| **Machinery-0.80%** | **Machinery-0.80%** | **Machinery-0.80%** |
| J.B. Poindexter & Co., Inc., 8.75%, 12/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp; 476841 |
| Manitowoc Co., Inc. (The), 9.25%, 10/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp;&nbsp; 179564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656405 |
| **Marine Transportation-1.72%** | **Marine Transportation-1.72%** | **Marine Transportation-1.72%** |
| NCL Corp. Ltd., 5.88%, 01/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp; 677377 |
| Stena International S.A. (Sweden) |  |  |
| &nbsp;&nbsp;&nbsp;7.25%, 01/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;486000 | &nbsp;&nbsp;&nbsp;&nbsp; 501321 |
| &nbsp;&nbsp;&nbsp;7.63%, 02/15/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp; 234589 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413287 |
| **Media-10.27%** | **Media-10.27%** | **Media-10.27%** |
| Block Communications, Inc., 10.25%, 03/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 230049 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 02/01/2031<sup>(b)</sup><br>| 1615000 | &nbsp;&nbsp;&nbsp;&nbsp; 1506498 |
| &nbsp;&nbsp;&nbsp;7.38%, 03/01/2031<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp; 614277 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media-(continued)** | **Media-(continued)** | **Media-(continued)** | **Media-(continued)** |
| Clear Channel Outdoor Holdings, Inc., 7.13%, 02/15/2031<sup>(b)</sup><br>| $| &nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;$655666 |
| CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.38%, 02/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp; 268657 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;665000 | &nbsp;&nbsp;&nbsp;&nbsp; 399679 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc., 10.00%, 02/15/2031<sup>(b)</sup><br>|  | 1120000 | &nbsp;&nbsp;&nbsp;&nbsp; 1146351 |
| Lamar Media Corp., 3.63%, 01/15/2031<br>|  | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp; 293751 |
| McGraw-Hill Education, Inc., 7.38%, 09/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp;&nbsp; 352820 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., 7.38%, 02/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 262995 |
| Sirius XM Radio LLC, 3.88%, 09/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp; 766359 |
| Sunrise FinCo I B.V. (Netherlands), 4.88%, 07/15/2031, (Acquired 09/18/2023 - 02/06/2026; Cost $644,427)<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp; 658318 |
| Univision Communications, Inc., 8.50%, 07/31/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp;&nbsp;&nbsp; 711893 |
| Versant Media Group, Inc., 7.25%, 01/30/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp; 552976 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8420289 |
| **Metals & Mining-2.07%** | **Metals & Mining-2.07%** | **Metals & Mining-2.07%** | **Metals & Mining-2.07%** |
| ATI, Inc., 5.13%, 10/01/2031<br>|  | &nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp;&nbsp; 196080 |
| Cleveland-Cliffs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.88%, 03/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp; 170918 |
| &nbsp;&nbsp;&nbsp;7.50%, 09/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp; 480482 |
| Commercial Metals Co., 3.88%, 02/15/2031<br>|  | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp; 162375 |
| Kaiser Aluminum Corp., 4.50%, 06/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp; 299865 |
| Novelis Corp., 3.88%, 08/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 384266 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693986 |
| **Mortgage REITs-0.38%** | **Mortgage REITs-0.38%** | **Mortgage REITs-0.38%** | **Mortgage REITs-0.38%** |
| Starwood Property Trust, Inc., 5.75%, 01/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp;&nbsp; 313627 |
| **Office REITs-0.20%** | **Office REITs-0.20%** | **Office REITs-0.20%** | **Office REITs-0.20%** |
| Brandywine Operating Partnership L.P., 6.13%, 01/15/2031<br>|  | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp; 161420 |
| **Oil, Gas & Consumable Fuels-7.56%** | **Oil, Gas & Consumable Fuels-7.56%** | **Oil, Gas & Consumable Fuels-7.56%** | **Oil, Gas & Consumable Fuels-7.56%** |
| Calumet Specialty Products Partners L.P./. Calumet Finance Corp., 9.75%, 02/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp; 245189 |
| CNX Resources Corp., 7.38%, 01/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp; 285377 |
| CQP Holdco L.P./BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp; 783453 |
| CVR Energy, Inc., 7.50%, 02/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149579 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., 6.00%, 02/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;329000 | &nbsp;&nbsp;&nbsp;&nbsp; 320685 |
| Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp;&nbsp; 409259 |
| Murphy Oil USA, Inc., 3.75%, 02/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp; 249523 |
| Northern Oil and Gas, Inc., 8.75%, 06/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp; 276677 |
| SM Energy Co., 8.75%, 07/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;749000 | &nbsp;&nbsp;&nbsp;&nbsp; 786824 |
| Sunoco L.P., 5.63%, 03/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp; 544896 |
| Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 6.00%, 09/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp; 263605 |
| Talos Production, Inc., 9.38%, 02/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp; 356664 |

---

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

------

#### 109

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Venture Global LNG, Inc., 8.38%, 06/01/2031<sup>(b)</sup><br>| $| 1215000 | &nbsp;&nbsp;$1245032 |
| VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, 06/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp; 287019 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6203782 |
| **Paper & Forest Products-0.51%** | **Paper & Forest Products-0.51%** | **Paper & Forest Products-0.51%** | **Paper & Forest Products-0.51%** |
| Magnera Corp., 7.25%, 11/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp; 421328 |
| **Passenger Airlines-2.52%** | **Passenger Airlines-2.52%** | **Passenger Airlines-2.52%** | **Passenger Airlines-2.52%** |
| Avianca Midco 2 PLC (Colombia), 9.50%, 01/28/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 425250 |
| JetBlue Airways Corp./JetBlue Loyalty L.P., 9.88%, 09/20/2031<sup>(b)</sup><br>|  | 1115000 | &nbsp;&nbsp;&nbsp;&nbsp; 1134123 |
| United Airlines Holdings, Inc., 5.38%, 03/01/2031<br>|  | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 510405 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069778 |
| **Pharmaceuticals-1.70%** | **Pharmaceuticals-1.70%** | **Pharmaceuticals-1.70%** | **Pharmaceuticals-1.70%** |
| Endo Finance Holdings L.P., 8.50%, 04/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;563000 | &nbsp;&nbsp;&nbsp;&nbsp; 598710 |
| Organon & Co./Organon Foreign Debt Co-Issuer B.V., 5.13%, 04/30/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp; 796094 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394804 |
| **Professional Services-0.55%** | **Professional Services-0.55%** | **Professional Services-0.55%** | **Professional Services-0.55%** |
| AMN Healthcare, Inc., 6.50%, 01/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp; 231106 |
| TriNet Group, Inc., 7.13%, 08/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp; 218554 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449660 |
| **Real Estate Management & Development-1.15%** | **Real Estate Management & Development-1.15%** | **Real Estate Management & Development-1.15%** | **Real Estate Management & Development-1.15%** |
| Howard Hughes Corp. (The), 4.38%, 02/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;368000 | &nbsp;&nbsp;&nbsp;&nbsp; 350276 |
| Kennedy-Wilson, Inc., 5.00%, 03/01/2031<br>|  | &nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp; 310416 |
| Velocity Commercial Capital LLC, 9.38%, 02/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp;&nbsp; 284078 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944770 |
| **Software-3.42%** | **Software-3.42%** | **Software-3.42%** | **Software-3.42%** |
| Black Pearl Compute LLC, 6.13%, 02/15/2031<sup>(b)</sup><br>|  | 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1137419 |
| Open Text Holdings, Inc. (Canada), 4.13%, 12/01/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp;&nbsp; 319100 |
| UKG, Inc., 6.88%, 02/01/2031<sup>(b)</sup><br>|  | 1390000 | &nbsp;&nbsp;&nbsp;&nbsp; 1349480 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805999 |
| **Specialized REITs-0.70%** | **Specialized REITs-0.70%** | **Specialized REITs-0.70%** | **Specialized REITs-0.70%** |
| Iron Mountain, Inc., 4.50%, 02/15/2031<sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp;&nbsp; 574333 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Specialty Retail-3.84%** | **Specialty Retail-3.84%** | **Specialty Retail-3.84%** |
| Gap, Inc. (The), 3.88%, 10/01/2031<sup>(b)</sup><br>| $420000 | &nbsp;&nbsp;$391146 |
| LBM Acquisition LLC, 9.50%, 06/15/2031<sup>(b)</sup><br>| 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 499663 |
| LCM Investments Holdings II LLC, 8.25%, 08/01/2031<sup>(b)</sup><br>| 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 494290 |
| Lithia Motors, Inc., 4.38%, 01/15/2031<sup>(b)</sup><br>| 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 298328 |
| Men's Wearhouse LLC (The), 9.00%, 02/01/2031<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257558 |
| Petco Health & Wellness Co., Inc., 8.25%, 02/01/2031<sup>(b)</sup><br>| 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 322519 |
| Sonic Automotive, Inc., 4.88%, 11/15/2031<sup>(b)</sup><br>| 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 275504 |
| Valvoline, Inc., 3.63%, 06/15/2031<sup>(b)</sup><br>| 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 278879 |
| William Carter Co. (The), 7.38%, 02/15/2031<sup>(b)</sup><br>| 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 329978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147865 |
| **Textiles, Apparel & Luxury Goods-0.22%** | **Textiles, Apparel & Luxury Goods-0.22%** | **Textiles, Apparel & Luxury Goods-0.22%** |
| Crocs, Inc., 4.13%, 08/15/2031<sup>(b)</sup><br>| 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 182581 |
| **Trading Companies & Distributors-0.92%** | **Trading Companies & Distributors-0.92%** | **Trading Companies & Distributors-0.92%** |
| FTAI Aviation Investors LLC, 7.00%, 05/01/2031<sup>(b)</sup><br>| 397000 | &nbsp;&nbsp;&nbsp;&nbsp; 417166 |
| Herc Holdings, Inc., 5.75%, 03/15/2031<sup>(b)</sup><br>| 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 334706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751872 |
| **Water Utilities-0.39%** | **Water Utilities-0.39%** | **Water Utilities-0.39%** |
| S&S Holdings LLC, 8.38%, 10/01/2031<sup>(b)</sup><br>| 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 318928 |
| **Wireless Telecommunication Services-1.67%** | **Wireless Telecommunication Services-1.67%** | **Wireless Telecommunication Services-1.67%** |
| VMED O2 UK Financing I PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 01/31/2031<sup>(b)</sup><br>| 761000 | &nbsp;&nbsp;&nbsp;&nbsp; 671598 |
| &nbsp;&nbsp;&nbsp;4.75%, 07/15/2031<sup>(b)</sup><br>| 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 699695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371293 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $79,617,743) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $79,617,743) | &nbsp;&nbsp;80118947 |
|  | **Shares** |  |
| **Money Market Funds-0.75%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(d)(e)</sup><br>(Cost $612,841)<br>| 612841 | &nbsp;&nbsp;&nbsp;&nbsp; 612841 |
| TOTAL INVESTMENTS IN SECURITIES-98.43%<br>(Cost $80,230,584) | TOTAL INVESTMENTS IN SECURITIES-98.43%<br>(Cost $80,230,584) | &nbsp;&nbsp;80731788 |
| OTHER ASSETS LESS LIABILITIES-1.57% | OTHER ASSETS LESS LIABILITIES-1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1290151 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $82021939 |

---

Investment Abbreviations: <br> CVR -Contingent Value Rights <br> REIT -Real Estate Investment Trust

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

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

------

#### 110

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)—(continued)
February 28, 2026

(Unaudited)

---

| | |
|:---|:---|
| 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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <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 resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2026 was $71,574,706, which represented 87.26% of the Fund's Net Assets. |
| <sup>(c)</sup> | Restricted security. The value of this security at February 28, 2026 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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$11009 | &nbsp;&nbsp;&nbsp;$5260383 | &nbsp;&nbsp;&nbsp;$(4658551) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$612841 | &nbsp;&nbsp;&nbsp;$7446 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

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

------

#### 111

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.11%** | **U.S. Dollar Denominated Bonds & Notes-98.11%** | **U.S. Dollar Denominated Bonds & Notes-98.11%** |
| **Aerospace & Defense-2.45%** | **Aerospace & Defense-2.45%** | **Aerospace & Defense-2.45%** |
| Efesto Bidco S.p.A. Efesto US LLC (Italy), Series XR, 7.50%, 02/15/2032<sup>(b)</sup><br>| $190000 | &nbsp;&nbsp;$194725 |
| Goat Holdco LLC, 6.75%, 02/01/2032<sup>(b)</sup><br>| 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 175807 |
| TransDigm, Inc., 6.63%, 03/01/2032<sup>(b)</sup><br>| 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 508248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878780 |
| **Automobile Components-3.39%** | **Automobile Components-3.39%** | **Automobile Components-3.39%** |
| American Axle & Manufacturing, Inc., 6.38%, 10/15/2032<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 193493 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.38%, 06/15/2032<sup>(b)(c)</sup><br>| 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 137758 |
| Clarios Global L.P./Clarios US Finance Co., 6.75%, 09/15/2032<sup>(b)</sup><br>| 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 280422 |
| Dana, Inc., 4.50%, 02/15/2032<br>| &nbsp;&nbsp;54000 | &nbsp;&nbsp;&nbsp;&nbsp; 51461 |
| Patrick Industries, Inc., 6.38%, 11/01/2032<sup>(b)</sup><br>| 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 118201 |
| Phinia, Inc., 6.63%, 10/15/2032<sup>(b)</sup><br>| 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 109103 |
| United Rentals (North America), Inc., 3.75%, 01/15/2032<br>| 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 165381 |
| ZF North America Capital, Inc. (Germany), 6.88%, 04/23/2032<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 160609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216428 |
| **Automobiles-0.48%** | **Automobiles-0.48%** | **Automobiles-0.48%** |
| Nissan Motor Co. Ltd. (Japan), 7.75%, 07/17/2032<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 171242 |
| **Banks-0.28%** | **Banks-0.28%** | **Banks-0.28%** |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032<sup>(b)(c)</sup><br>| 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101948 |
| **Biotechnology-1.01%** | **Biotechnology-1.01%** | **Biotechnology-1.01%** |
| Genmab A/S (Denmark), 6.25%, 12/15/2032<sup>(b)</sup><br>| 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 363473 |
| **Building Products-2.50%** | **Building Products-2.50%** | **Building Products-2.50%** |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 02/01/2032<sup>(b)</sup><br>| 301000 | &nbsp;&nbsp;&nbsp;&nbsp; 287363 |
| &nbsp;&nbsp;&nbsp;6.38%, 06/15/2032<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 164547 |
| JELD-WEN Holding, Inc., 7.00%, 09/01/2032<sup>(b)(c)</sup><br>| &nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 46008 |
| MasterBrand, Inc., 7.00%, 07/15/2032<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 161159 |
| Standard Building Solutions, Inc., 6.50%, 08/15/2032<sup>(b)</sup><br>| 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 237088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896165 |
| **Capital Markets-0.39%** | **Capital Markets-0.39%** | **Capital Markets-0.39%** |
| Methanex US Operations, Inc., 6.25%, 03/15/2032<sup>(b)</sup><br>| 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 139811 |
| **Chemicals-2.11%** | **Chemicals-2.11%** | **Chemicals-2.11%** |
| Celanese US Holdings LLC, 7.38%, 07/15/2032<br>| 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 242676 |
| Olympus Water US Holding Corp., 6.75%, 08/01/2032<sup>(b)</sup><br>| 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 256172 |
| Scotts Miracle-Gro Co. (The), 4.38%, 02/01/2032<br>| &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 85870 |
| W. R. Grace Holdings LLC, 6.63%, 08/15/2032<sup>(b)</sup><br>| 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 172115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756833 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services & Supplies-2.69%** | **Commercial Services & Supplies-2.69%** | **Commercial Services & Supplies-2.69%** |
| ADT Security Corp. (The), 4.88%, 07/15/2032<sup>(b)</sup><br>| $165000 | &nbsp;&nbsp;$160442 |
| Brink's Co. (The), 6.75%, 06/15/2032<sup>(b)</sup><br>| &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 93221 |
| Cimpress PLC (Ireland), 7.38%, 09/15/2032<sup>(b)</sup><br>| 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 120874 |
| Garda World Security Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;8.25%, 08/01/2032<sup>(b)</sup><br>| 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 133004 |
| &nbsp;&nbsp;&nbsp;8.38%, 11/15/2032<sup>(b)</sup><br>| 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 235790 |
| Kingpin Intermediate Holdings LLC, 7.25%, 10/15/2032<sup>(b)(c)</sup><br>| 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 102376 |
| Wrangler Holdco Corp. (Canada), 6.63%, 04/01/2032<sup>(b)</sup><br>| 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 120049 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965756 |
| **Construction & Engineering-0.40%** | **Construction & Engineering-0.40%** | **Construction & Engineering-0.40%** |
| Arcosa, Inc., 6.88%, 08/15/2032<sup>(b)</sup><br>| 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 141726 |
| **Construction Materials-2.55%** | **Construction Materials-2.55%** | **Construction Materials-2.55%** |
| Quikrete Holdings, Inc., 6.38%, 03/01/2032<sup>(b)</sup><br>| 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 915154 |
| **Consumer Finance-1.54%** | **Consumer Finance-1.54%** | **Consumer Finance-1.54%** |
| FirstCash, Inc., 6.88%, 03/01/2032<sup>(b)</sup><br>| 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 115724 |
| Navient Corp., 7.88%, 06/15/2032<sup>(c)</sup><br>| 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 111775 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 03/15/2032<br>| 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 141262 |
| &nbsp;&nbsp;&nbsp;7.13%, 09/15/2032<br>| 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 184303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553064 |
| **Consumer Staples Distribution & Retail-2.15%** | **Consumer Staples Distribution & Retail-2.15%** | **Consumer Staples Distribution & Retail-2.15%** |
| Albertsons Cos., Inc., 5.63%, 03/31/2032<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200909 |
| BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc., 9.50%, 07/01/2032<sup>(b)(c)</sup><br>| 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 101407 |
| Fiesta Purchaser, Inc., 9.63%, 09/15/2032<sup>(b)</sup><br>| 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 107015 |
| Performance Food Group, Inc., 6.13%, 09/15/2032<sup>(b)</sup><br>| 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 236382 |
| US Foods, Inc., 7.25%, 01/15/2032<sup>(b)</sup><br>| 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 125826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771539 |
| **Containers & Packaging-1.64%** | **Containers & Packaging-1.64%** | **Containers & Packaging-1.64%** |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032<sup>(b)</sup><br>| 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 322667 |
| Graphic Packaging International LLC, 6.38%, 07/15/2032<sup>(b)(c)</sup><br>| 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 111566 |
| Owens-Brockway Glass Container, Inc., 7.38%, 06/01/2032<sup>(b)(c)</sup><br>| &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60718 |
| Sealed Air Corp., 6.50%, 07/15/2032<sup>(b)</sup><br>| &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 92767 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587718 |
| **Distributors-0.39%** | **Distributors-0.39%** | **Distributors-0.39%** |
| Resideo Funding, Inc., 6.50%, 07/15/2032<sup>(b)</sup><br>| 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 137993 |
| **Diversified Consumer Services-0.51%** | **Diversified Consumer Services-0.51%** | **Diversified Consumer Services-0.51%** |
| Service Corp. International, 5.75%, 10/15/2032<br>| 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 183737 |
| **Diversified REITs-1.13%** | **Diversified REITs-1.13%** | **Diversified REITs-1.13%** |
| Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032<sup>(b)</sup><br>| 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 169479 |
| Uniti Group L.P./Uniti Group Finance 2019, Inc./CSL Capital LLC, 8.63%, 06/15/2032<sup>(b)</sup><br>| 231000 | &nbsp;&nbsp;&nbsp;&nbsp; 234478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403957 |

---

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

------

#### 112

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Diversified Telecommunication Services-2.59%** | **Diversified Telecommunication Services-2.59%** | **Diversified Telecommunication Services-2.59%** |
| Altice France S.A. (France) |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 04/15/2032<sup>(b)</sup><br>| $426511 | &nbsp;&nbsp;&nbsp;&nbsp;$408879 |
| &nbsp;&nbsp;&nbsp;6.88%, 07/15/2032<sup>(b)</sup><br>| 337126 | &nbsp;&nbsp;&nbsp;&nbsp; 324035 |
| Iliad Holding S.A.S. (France), 7.00%, 04/15/2032<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 195284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928198 |
| **Electric Utilities-1.56%** | **Electric Utilities-1.56%** | **Electric Utilities-1.56%** |
| Alpha Generation LLC, 6.75%, 10/15/2032<sup>(b)</sup><br>| 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 241516 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC (United Kingdom), 6.38%, 02/15/2032<sup>(b)</sup><br>| 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 224484 |
| NRG Energy, Inc., 3.88%, 02/15/2032<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559691 |
| **Electrical Equipment-0.75%** | **Electrical Equipment-0.75%** | **Electrical Equipment-0.75%** |
| EnerSys, 6.63%, 01/15/2032<sup>(b)</sup><br>| &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 72291 |
| WESCO Distribution, Inc., 6.63%, 03/15/2032<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 197889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270180 |
| **Electronic Equipment, Instruments & Components-1.79%** | **Electronic Equipment, Instruments & Components-1.79%** | **Electronic Equipment, Instruments & Components-1.79%** |
| Insight Enterprises, Inc., 6.63%, 05/15/2032<sup>(b)</sup><br>| 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115401 |
| ION Platform Finance US, Inc., 7.88%, 09/30/2032<sup>(b)</sup><br>| 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 281074 |
| Sensata Technologies, Inc., 6.63%, 07/15/2032<sup>(b)</sup><br>| 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 125730 |
| Zebra Technologies Corp., 6.50%, 06/01/2032<sup>(b)</sup><br>| 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 117962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640167 |
| **Energy Equipment & Services-1.24%** | **Energy Equipment & Services-1.24%** | **Energy Equipment & Services-1.24%** |
| Archrock Partners L.P./Archrock Partners Finance Corp., 6.63%, 09/01/2032<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 156204 |
| Harvest Midstream I L.P., 7.50%, 05/15/2032<sup>(b)</sup><br>| 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 124635 |
| Nabors Industries, Inc., 7.63%, 11/15/2032<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 164934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445773 |
| **Entertainment-0.33%** | **Entertainment-0.33%** | **Entertainment-0.33%** |
| Cinemark USA, Inc., 7.00%, 08/01/2032<sup>(b)(c)</sup><br>| 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 119874 |
| **Financial Services-4.65%** | **Financial Services-4.65%** | **Financial Services-4.65%** |
| Compass Group Diversified Holdings LLC, 5.00%, 01/15/2032<sup>(b)(c)</sup><br>| &nbsp;&nbsp;71468 | &nbsp;&nbsp;&nbsp;&nbsp; 63494 |
| CrossCountry Intermediate HoldCo LLC, 6.75%, 12/01/2032<sup>(b)</sup><br>| 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 138668 |
| Freedom Mortgage Holdings LLC, 8.38%, 04/01/2032<sup>(b)</sup><br>| 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151251 |
| Jane Street Group/JSG Finance, Inc., 6.13%, 11/01/2032<sup>(b)</sup><br>| 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 372492 |
| Osaic Holdings, Inc., 6.75%, 08/01/2032<sup>(b)</sup><br>| 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 232269 |
| PennyMac Financial Services, Inc., 6.88%, 05/15/2032<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 191341 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032<sup>(b)</sup><br>| 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 372258 |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/2032<sup>(b)</sup><br>| 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 145391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667164 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Food Products-1.47%** | **Food Products-1.47%** | **Food Products-1.47%** |
| Froneri Lux Finco S.a.r.l. (United Kingdom), 6.00%, 08/01/2032<sup>(b)</sup><br>| $130000 | &nbsp;&nbsp;$130815 |
| Lamb Weston Holdings, Inc., 4.38%, 01/31/2032<sup>(b)</sup><br>| 166000 | &nbsp;&nbsp;&nbsp;&nbsp; 159052 |
| Post Holdings, Inc., 6.25%, 02/15/2032<sup>(b)</sup><br>| 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 236888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526755 |
| **Ground Transportation-1.11%** | **Ground Transportation-1.11%** | **Ground Transportation-1.11%** |
| Genesee & Wyoming, Inc., 6.25%, 04/15/2032<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 165118 |
| Watco Cos LLC/Watco Finance Corp., 7.13%, 08/01/2032<sup>(b)</sup><br>| 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 231629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396747 |
| **Health Care Equipment & Supplies-1.05%** | **Health Care Equipment & Supplies-1.05%** | **Health Care Equipment & Supplies-1.05%** |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/2032<sup>(b)</sup><br>| 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 161428 |
| Radiology Partners, Inc., 8.50%, 07/15/2032<sup>(b)</sup><br>| 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 216496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377924 |
| **Health Care Providers & Services-5.31%** | **Health Care Providers & Services-5.31%** | **Health Care Providers & Services-5.31%** |
| Community Health Systems, Inc., 10.88%, 01/15/2032<sup>(b)</sup><br>| 397000 | &nbsp;&nbsp;&nbsp;&nbsp; 430735 |
| Concentra Health Services, Inc., 6.88%, 07/15/2032<sup>(b)</sup><br>| 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 151582 |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(b)</sup><br>| 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 239134 |
| LifePoint Health, Inc., 10.00%, 06/01/2032<sup>(b)</sup><br>| 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 187966 |
| Molina Healthcare, Inc., 3.88%, 05/15/2032<sup>(b)</sup><br>| 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 154703 |
| Select Medical Corp., 6.25%, 12/01/2032<sup>(b)(c)</sup><br>| 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 126920 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/2032<sup>(b)</sup><br>| 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 280010 |
| Tenet Healthcare Corp., 5.50%, 11/15/2032<sup>(b)</sup><br>| 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 334317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905367 |
| **Health Care Technology-0.35%** | **Health Care Technology-0.35%** | **Health Care Technology-0.35%** |
| Cogent Communications Group LLC/Cogent Finance, Inc., 6.50%, 07/01/2032<sup>(b)(c)</sup><br>| 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 124204 |
| **Hotel & Resort REITs-0.99%** | **Hotel & Resort REITs-0.99%** | **Hotel & Resort REITs-0.99%** |
| RHP Hotel Properties L.P./RHP Finance Corp., 6.50%, 04/01/2032<sup>(b)</sup><br>| 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 238142 |
| Service Properties Trust, 8.88%, 06/15/2032<sup>(c)</sup><br>| 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353667 |
| **Hotels, Restaurants & Leisure-7.30%** | **Hotels, Restaurants & Leisure-7.30%** | **Hotels, Restaurants & Leisure-7.30%** |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 02/15/2032<sup>(b)(c)</sup><br>| 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 345749 |
| &nbsp;&nbsp;&nbsp;6.00%, 10/15/2032<sup>(b)(c)</sup><br>| 252000 | &nbsp;&nbsp;&nbsp;&nbsp; 246548 |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.63%, 02/15/2032<sup>(b)</sup><br>| 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 307713 |
| &nbsp;&nbsp;&nbsp;6.13%, 04/01/2032<sup>(b)</sup><br>| 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 108625 |
| Hilton Grand Vacations Borrower LLC, 6.63%, 01/15/2032<sup>(b)</sup><br>| 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 199086 |
| MGM Resorts International, 6.50%, 04/15/2032<sup>(c)</sup><br>| 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 174594 |
| Motion Finco S.a.r.l. (United Kingdom), 8.38%, 02/15/2032<sup>(b)</sup><br>| &nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp; 74235 |

---

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

------

#### 113

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC, 8.63%, 01/15/2032<sup>(b)</sup><br>| $| 230000 | &nbsp;&nbsp;$233040 |
| Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co., 6.63%, 05/01/2032<sup>(b)</sup><br>|  | 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 193284 |
| Station Casinos LLC, 6.63%, 03/15/2032<sup>(b)</sup><br>|  | 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 115763 |
| Vail Resorts, Inc., 6.50%, 05/15/2032<sup>(b)</sup><br>|  | 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 139894 |
| Yum! Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63%, 01/31/2032<br>|  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 245953 |
| &nbsp;&nbsp;&nbsp;5.38%, 04/01/2032<br>|  | 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 233958 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618442 |
| **Household Durables-1.63%** | **Household Durables-1.63%** | **Household Durables-1.63%** | **Household Durables-1.63%** |
| LGI Homes, Inc., 7.00%, 11/15/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 88336 |
| Newell Brands, Inc., 6.63%, 05/15/2032<sup>(c)</sup><br>|  | 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115065 |
| Taylor Morrison Communities, Inc., 5.75%, 11/15/2032<sup>(b)</sup><br>|  | 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 124090 |
| TopBuild Corp., 4.13%, 02/15/2032<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95147 |
| Wayfair LLC, 6.75%, 11/15/2032<sup>(b)</sup><br>|  | 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 163194 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585832 |
| **Independent Power and Renewable Electricity Producers-0.21%** | **Independent Power and Renewable Electricity Producers-0.21%** | **Independent Power and Renewable Electricity Producers-0.21%** | **Independent Power and Renewable Electricity Producers-0.21%** |
| Clearway Energy Operating LLC, 3.75%, 01/15/2032<sup>(b)</sup><br>|  | &nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp; 74450 |
| **Insurance-5.47%** | **Insurance-5.47%** | **Insurance-5.47%** | **Insurance-5.47%** |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/2032<sup>(b)</sup><br>|  | 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 117786 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.38%, 10/01/2032<sup>(b)</sup><br>|  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 148504 |
| Ardonagh Group Finance Ltd. (United Kingdom), 8.88%, 02/15/2032<sup>(b)</sup><br>|  | 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 355634 |
| Asurion LLC and Asurion Co-Issuer, Inc., 8.00%, 12/31/2032<sup>(b)</sup><br>|  | 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 788376 |
| Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC (United Kingdom), 8.13%, 02/15/2032<sup>(b)</sup><br>|  | 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 110203 |
| HUB International Ltd., 7.38%, 01/31/2032<sup>(b)</sup><br>|  | 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 443026 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963529 |
| **Interactive Media & Services-1.68%** | **Interactive Media & Services-1.68%** | **Interactive Media & Services-1.68%** | **Interactive Media & Services-1.68%** |
| Discovery Global Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.28%, 03/15/2032<br>|  | &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 50042 |
| &nbsp;&nbsp;&nbsp;4.28%, 03/15/2032<sup>(c)</sup><br>|  | 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 552000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602042 |
| **Life Sciences Tools & Services-1.26%** | **Life Sciences Tools & Services-1.26%** | **Life Sciences Tools & Services-1.26%** | **Life Sciences Tools & Services-1.26%** |
| IQVIA, Inc., 6.25%, 06/01/2032<sup>(b)</sup><br>|  | 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 453167 |
| **Machinery-0.75%** | **Machinery-0.75%** | **Machinery-0.75%** | **Machinery-0.75%** |
| Terex Corp., 6.25%, 10/15/2032<sup>(b)</sup><br>|  | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 180354 |
| Wilsonart LLC, 11.00%, 08/15/2032<sup>(b)</sup><br>|  | 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 90164 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270518 |
| **Marine Transportation-1.49%** | **Marine Transportation-1.49%** | **Marine Transportation-1.49%** | **Marine Transportation-1.49%** |
| Danaos Corp. (Greece), 6.88%, 10/15/2032<sup>(b)</sup><br>|  | 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 123857 |
| NCL Corp. Ltd., 6.75%, 02/01/2032<sup>(b)</sup><br>|  | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 412208 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536065 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media-5.74%** | **Media-5.74%** | **Media-5.74%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.75%, 02/01/2032<sup>(b)</sup><br>| $275000 | &nbsp;&nbsp;&nbsp;&nbsp;$255930 |
| &nbsp;&nbsp;&nbsp;4.50%, 05/01/2032<br>| 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 595299 |
| Dotdash Meredith, Inc., 7.63%, 06/15/2032<sup>(b)</sup><br>| &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 83322 |
| Gray Media, Inc., 9.63%, 07/15/2032<sup>(b)</sup><br>| 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 270342 |
| Midcontinent Communications, 8.00%, 08/15/2032<sup>(b)(c)</sup><br>| 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 146116 |
| Sinclair Television Group, Inc., 4.38%, 12/31/2032<sup>(b)</sup><br>| &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 48322 |
| Univision Communications, Inc., 9.38%, 08/01/2032<sup>(b)(c)</sup><br>| 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 349470 |
| VZ Secured Financing B.V. (Netherlands), 5.00%, 01/15/2032<sup>(b)</sup><br>| 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 311398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060199 |
| **Metals & Mining-1.60%** | **Metals & Mining-1.60%** | **Metals & Mining-1.60%** |
| Century Aluminum Co., 6.88%, 08/01/2032<sup>(b)</sup><br>| &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 93205 |
| Cleveland-Cliffs, Inc., 7.00%, 03/15/2032<sup>(b)(c)</sup><br>| 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 330485 |
| Commercial Metals Co., 4.38%, 03/15/2032<sup>(c)</sup><br>| &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 67109 |
| Constellium SE, 6.38%, 08/15/2032<sup>(b)</sup><br>| &nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp; 83337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574136 |
| **Oil, Gas & Consumable Fuels-8.62%** | **Oil, Gas & Consumable Fuels-8.62%** | **Oil, Gas & Consumable Fuels-8.62%** |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, 10/15/2032<sup>(b)</sup><br>| 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 140346 |
| CNX Resources Corp., 7.25%, 03/01/2032<sup>(b)</sup><br>| 131000 | &nbsp;&nbsp;&nbsp;&nbsp; 137450 |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.63%, 04/01/2032<sup>(b)</sup><br>| 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 253023 |
| &nbsp;&nbsp;&nbsp;7.88%, 04/15/2032<sup>(b)</sup><br>| 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 234447 |
| Genesis Energy L.P./Genesis Energy Finance Corp., 7.88%, 05/15/2032<sup>(c)</sup><br>| 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 167590 |
| Global Partners L.P./GLP Finance Corp., 8.25%, 01/15/2032<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105882 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., 6.25%, 04/15/2032<sup>(b)</sup><br>| 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 116847 |
| Howard Midstream Energy Partners LLC, 7.38%, 07/15/2032<sup>(b)</sup><br>| 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 142560 |
| Long Ridge Energy LLC, 8.75%, 02/15/2032<sup>(b)</sup><br>| 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 139607 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032<sup>(b)</sup><br>| &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 94134 |
| Matador Resources Co., 6.50%, 04/15/2032<sup>(b)</sup><br>| 204000 | &nbsp;&nbsp;&nbsp;&nbsp; 208446 |
| Murphy Oil Corp., 6.00%, 10/01/2032<sup>(c)</sup><br>| 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 135314 |
| NGL Energy Operating LLC/NGL Energy Finance Corp., 8.38%, 02/15/2032<sup>(b)</sup><br>| 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 309625 |
| Northriver Midstream Finance L.P. (Canada), 6.75%, 07/15/2032<sup>(b)</sup><br>| 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 144050 |
| SM Energy Co., 7.00%, 08/01/2032<sup>(b)(c)</sup><br>| 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 178340 |
| Sunoco LP, 6.63%, 08/15/2032<sup>(b)</sup><br>| 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 113916 |
| Venture Global LNG, Inc., 9.88%, 02/01/2032<sup>(b)(c)</sup><br>| 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 471777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093354 |
| **Personal Care Products-1.14%** | **Personal Care Products-1.14%** | **Personal Care Products-1.14%** |
| Opal Bidco SAS (France), 6.50%, 03/31/2032<sup>(b)</sup><br>| 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 267968 |
| Sally Holdings LLC/Sally Capital, Inc., 6.75%, 03/01/2032<br>| 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 140239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408207 |

---

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

------

#### 114

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals-5.03%** | **Pharmaceuticals-5.03%** | **Pharmaceuticals-5.03%** |
| 1261229 BC Ltd., 10.00%, 04/15/2032<sup>(b)</sup><br>| $1260000 | &nbsp;&nbsp;$1304109 |
| Global Medical Response, Inc., 7.38%, 10/01/2032<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp; 240932 |
| Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp; 103950 |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/2032<br>| &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp; 156714 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805705 |
| **Professional Services-0.67%** | **Professional Services-0.67%** | **Professional Services-0.67%** |
| Amentum Holdings, Inc., 7.25%, 08/01/2032<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp; 241149 |
| **Real Estate Management & Development-0.28%** | **Real Estate Management & Development-0.28%** | **Real Estate Management & Development-0.28%** |
| Howard Hughes Corp. (The), 5.88%, 03/01/2032<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100009 |
| **Software-1.64%** | **Software-1.64%** | **Software-1.64%** |
| Cloud Software Group, Inc., 8.25%, 06/30/2032<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp; 410694 |
| SS&C Technologies, Inc., 6.50%, 06/01/2032<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp; 178524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589218 |
| **Specialized REITs-0.38%** | **Specialized REITs-0.38%** | **Specialized REITs-0.38%** |
| Iron Mountain, Inc., 5.63%, 07/15/2032<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp; 134789 |
| **Specialty Retail-1.88%** | **Specialty Retail-1.88%** | **Specialty Retail-1.88%** |
| Asbury Automotive Group, Inc., 5.00%, 02/15/2032<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp;&nbsp; 136233 |
| Global Auto Holdings Ltd./AAG FH UK Ltd. (United Kingdom), 8.75%, 01/15/2032<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp; 111207 |
| PetSmart LLC/PetSmart Finance Corp., 7.50%, 09/15/2032<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp; 425305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672745 |
| **Trading Companies & Distributors-1.97%** | **Trading Companies & Distributors-1.97%** | **Trading Companies & Distributors-1.97%** |
| FTAI Aviation Investors LLC, 7.00%, 06/15/2032<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp; 189109 |
| QXO Building Products, Inc., 6.75%, 04/30/2032<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp; 518303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707412 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Wireless Telecommunication Services-0.57%** | **Wireless Telecommunication Services-0.57%** | **Wireless Telecommunication Services-0.57%** |
| VMED O2 UK Financing I PLC (United Kingdom), 7.75%, 04/15/2032<sup>(b)</sup><br>| $&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;$205251 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $34,901,163) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $34,901,163) | &nbsp;&nbsp;35197254 |
|  | **Shares** |  |
| **Money Market Funds-0.20%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(d)(e)</sup><br>(Cost $71,717)<br>| &nbsp;&nbsp;&nbsp;&nbsp;71717 | &nbsp;&nbsp;&nbsp;&nbsp; 71717 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.31%<br>(Cost $34,972,880) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.31%<br>(Cost $34,972,880) | &nbsp;&nbsp;35268971 |
| **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-9.07%** | **Money Market Funds-9.07%** | **Money Market Funds-9.07%** |
| Invesco Private Government Fund, 3.64%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp;&nbsp;907259 | &nbsp;&nbsp;&nbsp;&nbsp; 907259 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup><br>| 2347504 | &nbsp;&nbsp;&nbsp;&nbsp; 2348208 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $3,255,467) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $3,255,467) | &nbsp;&nbsp;&nbsp;&nbsp;3255467 |
| TOTAL INVESTMENTS IN SECURITIES-107.38%<br>(Cost $38,228,347) | TOTAL INVESTMENTS IN SECURITIES-107.38%<br>(Cost $38,228,347) | &nbsp;&nbsp;38524438 |
| OTHER ASSETS LESS LIABILITIES-(7.38)% | OTHER ASSETS LESS LIABILITIES-(7.38)% | &nbsp;&nbsp;&nbsp;(2648959) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $35875479 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <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 resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2026 was $31,281,387, which represented 87.19% of the Fund's Net Assets. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

------

#### 115

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$22445 | &nbsp;&nbsp;&nbsp;$3182869 | &nbsp;&nbsp;&nbsp;$(3133597) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$71717 | &nbsp;&nbsp;&nbsp;$2282 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3190756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907259 | &nbsp;&nbsp;&nbsp;&nbsp;10,903\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;1816939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6422618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5891306) | &nbsp;&nbsp;&nbsp;&nbsp;(72) | &nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;2348208 | &nbsp;&nbsp;&nbsp;&nbsp;29,519\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$2537947 | &nbsp;&nbsp;&nbsp;$13004939 | &nbsp;&nbsp;&nbsp;$(12215659) | &nbsp;&nbsp;&nbsp;$(72) | &nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;$3327184 | &nbsp;&nbsp;&nbsp;$42704 |

---

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

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

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 116

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)
February 28, 2026

(Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.01%** | **U.S. Dollar Denominated Bonds & Notes-98.01%** | **U.S. Dollar Denominated Bonds & Notes-98.01%** |
| **Aerospace & Defense-5.97%** | **Aerospace & Defense-5.97%** | **Aerospace & Defense-5.97%** |
| Axon Enterprise, Inc., 6.25%, 03/15/2033<sup>(b)</sup><br>| $&nbsp;&nbsp;60000 | &nbsp;&nbsp;$62236 |
| Neptune Bidco US, Inc., 9.50%, 02/15/2033<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98004 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 01/15/2033<sup>(b)</sup><br>| 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 112028 |
| &nbsp;&nbsp;&nbsp;6.38%, 05/31/2033<sup>(b)</sup><br>| 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 183863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456131 |
| **Automobile Components-3.15%** | **Automobile Components-3.15%** | **Automobile Components-3.15%** |
| American Axle & Manufacturing, Inc., 7.75%, 10/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 91531 |
| Goodyear Tire & Rubber Co. (The), 5.63%, 04/30/2033<br>| &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 38099 |
| United Rentals (North America), Inc., 5.38%, 11/15/2033<sup>(b)</sup><br>| 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240604 |
| **Automobiles-0.54%** | **Automobiles-0.54%** | **Automobiles-0.54%** |
| Allison Transmission, Inc., 5.88%, 12/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40871 |
| **Building Products-1.61%** | **Building Products-1.61%** | **Building Products-1.61%** |
| K. Hovnanian Enterprises, Inc., 8.38%, 10/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41054 |
| Standard Building Solutions, Inc., 6.25%, 08/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122603 |
| **Chemicals-5.15%** | **Chemicals-5.15%** | **Chemicals-5.15%** |
| Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75%, 04/15/2033<sup>(c)</sup><br>| &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71818 |
| &nbsp;&nbsp;&nbsp;7.20%, 11/15/2033<br>| &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 75256 |
| Chemours Co. (The), 8.00%, 01/15/2033<sup>(b)(c)</sup><br>| &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45806 |
| Olympus Water US Holding Corp., 7.25%, 02/15/2033<sup>(b)</sup><br>| 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 129524 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/2033<sup>(b)</sup><br>| &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393204 |
| **Commercial Services & Supplies-2.15%** | **Commercial Services & Supplies-2.15%** | **Commercial Services & Supplies-2.15%** |
| ADT Security Corp. (The), 5.88%, 10/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71182 |
| Clean Harbors, Inc., 5.75%, 10/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51310 |
| Waste Pro USA, Inc., 7.00%, 02/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164222 |
| **Construction & Engineering-1.20%** | **Construction & Engineering-1.20%** | **Construction & Engineering-1.20%** |
| AECOM, 6.00%, 08/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 92021 |
| **Construction Materials-2.18%** | **Construction Materials-2.18%** | **Construction Materials-2.18%** |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52388 |
| Quikrete Holdings, Inc., 6.75%, 03/01/2033<sup>(b)</sup><br>| 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 114416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166804 |
| **Consumer Finance-2.17%** | **Consumer Finance-2.17%** | **Consumer Finance-2.17%** |
| Navient Corp., 5.63%, 08/01/2033<br>| &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 37015 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50%, 03/15/2033<br>| &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59511 |
| &nbsp;&nbsp;&nbsp;6.75%, 09/15/2033<br>| &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 69563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166089 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Consumer Staples Distribution & Retail-0.94%** | **Consumer Staples Distribution & Retail-0.94%** | **Consumer Staples Distribution & Retail-0.94%** |
| Albertson's Cos., Inc./Safeway, Inc./New Albertson's L.P./Albertson's LLC, 6.25%, 03/15/2033<sup>(b)</sup><br>| $&nbsp;&nbsp;35000 | &nbsp;&nbsp;$36123 |
| US Foods, Inc., 5.75%, 04/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71858 |
| **Containers & Packaging-1.75%** | **Containers & Packaging-1.75%** | **Containers & Packaging-1.75%** |
| Ball Corp., 5.50%, 09/15/2033<br>| &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51493 |
| Crown Americas LLC, 5.88%, 06/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61681 |
| Sealed Air Corp., 6.88%, 07/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133864 |
| **Diversified Consumer Services-0.39%** | **Diversified Consumer Services-0.39%** | **Diversified Consumer Services-0.39%** |
| Graham Holdings Co., 5.63%, 12/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30075 |
| **Diversified Telecommunication Services-4.95%** | **Diversified Telecommunication Services-4.95%** | **Diversified Telecommunication Services-4.95%** |
| Altice France Lux 3/Altice Holdings 1 (Luxembourg), 10.00%, 01/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 65864 |
| FiberCop S.p.A. (Italy), Series 2033, 6.38%, 11/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25429 |
| Level 3 Financing, Inc., 6.88%, 06/30/2033<sup>(b)</sup><br>| 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 145105 |
| Telecom Italia Capital S.A. (Italy), 6.38%, 11/15/2033<br>| &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37200 |
| Uniti Services LLC, 7.50%, 10/15/2033<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377714 |
| **Electric Utilities-2.17%** | **Electric Utilities-2.17%** | **Electric Utilities-2.17%** |
| Hawaiian Electric Co., Inc., 6.00%, 10/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40790 |
| NRG Energy, Inc., 6.00%, 02/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61483 |
| XPLR Infrastructure Operating Partners L.P., 8.63%, 03/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 63541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165814 |
| **Electrical Equipment-0.75%** | **Electrical Equipment-0.75%** | **Electrical Equipment-0.75%** |
| WESCO Distribution, Inc., 6.38%, 03/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57381 |
| **Energy Equipment & Services-2.43%** | **Energy Equipment & Services-2.43%** | **Energy Equipment & Services-2.43%** |
| USA Compression Partners L.P./USA Compression Finance Corp., 6.25%, 10/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50877 |
| WBI Operating LLC, 6.50%, 10/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40673 |
| Weatherford International Ltd., 6.75%, 10/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 94141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185691 |
| **Entertainment-1.66%** | **Entertainment-1.66%** | **Entertainment-1.66%** |
| Light and Wonder International, Inc., 6.25%, 10/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70346 |
| Wynn Resorts Capital Corp., 6.25%, 03/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126545 |
| **Financial Services-6.07%** | **Financial Services-6.07%** | **Financial Services-6.07%** |
| Adient Global Holdings Ltd., 7.50%, 02/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57765 |
| Burford Capital Global Finance LLC, 7.50%, 07/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 37463 |
| Freedom Mortgage Holdings LLC, 7.88%, 04/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39465 |
| Jane Street Group/JSG Finance, Inc., 6.75%, 05/01/2033<sup>(b)</sup><br>| 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 148907 |
| Osaic Holdings, Inc., 8.00%, 08/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49864 |

---

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

------

#### 117

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)—(continued)
February 28, 2026

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| PennyMac Financial Services, Inc., 6.88%, 02/15/2033<sup>(b)</sup><br>| 60000 | &nbsp;&nbsp;$60116 |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033<sup>(b)</sup><br>| 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29681 |
| WEX, Inc., 6.50%, 03/15/2033<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40233 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463494 |
| **Food Products-1.87%** | **Food Products-1.87%** | **Food Products-1.87%** |
| Industrial F&B Investments III, Inc., 7.75%, 02/11/2033<sup>(b)</sup><br>| 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61627 |
| Post Holdings, Inc., 6.38%, 03/01/2033<sup>(b)(c)</sup><br>| 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143121 |
| **Health Care Equipment & Supplies-0.27%** | **Health Care Equipment & Supplies-0.27%** | **Health Care Equipment & Supplies-0.27%** |
| Insulet Corp., 6.50%, 04/01/2033<sup>(b)</sup><br>| 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20813 |
| **Health Care Providers & Services-3.59%** | **Health Care Providers & Services-3.59%** | **Health Care Providers & Services-3.59%** |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/2033<sup>(b)(c)</sup><br>| 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41344 |
| DaVita, Inc., 6.75%, 07/15/2033<sup>(b)</sup><br>| 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 72730 |
| Molina Healthcare, Inc., 6.25%, 01/15/2033<sup>(b)</sup><br>| 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59069 |
| Team Services Holding, Inc., 9.00%, 02/15/2033<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48948 |
| Tenet Healthcare Corp., 6.00%, 11/15/2033<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273793 |
| **Hotel & Resort REITs-0.68%** | **Hotel & Resort REITs-0.68%** | **Hotel & Resort REITs-0.68%** |
| RHP Hotel Properties L.P./RHP Finance Corp., 6.50%, 06/15/2033<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51969 |
| **Hotels, Restaurants & Leisure-4.11%** | **Hotels, Restaurants & Leisure-4.11%** | **Hotels, Restaurants & Leisure-4.11%** |
| Acushnet Co., 5.63%, 12/01/2033<sup>(b)</sup><br>| 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30608 |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.88%, 03/15/2033<sup>(b)</sup><br>| 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 76221 |
| &nbsp;&nbsp;&nbsp;5.75%, 09/15/2033<sup>(b)</sup><br>| 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71694 |
| Marriott Ownership Resorts, Inc., 6.50%, 10/01/2033<sup>(b)</sup><br>| 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48514 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/2033<sup>(b)</sup><br>| 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46212 |
| Travel + Leisure Co., 6.13%, 09/01/2033<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313936 |
| **Household Durables-1.44%** | **Household Durables-1.44%** | **Household Durables-1.44%** |
| Century Communities, Inc., 6.63%, 09/15/2033<sup>(b)</sup><br>| 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30507 |
| Mattamy Group Corp. (Canada), 6.00%, 12/15/2033<sup>(b)</sup><br>| 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39403 |
| Whirlpool Corp., 6.50%, 06/15/2033<br>| 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109857 |
| **Household Products-0.38%** | **Household Products-0.38%** | **Household Products-0.38%** |
| Energizer Holdings, Inc., 6.00%, 09/15/2033<sup>(b)(c)</sup><br>| 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29326 |
| **Industrial Conglomerates-0.48%** | **Industrial Conglomerates-0.48%** | **Industrial Conglomerates-0.48%** |
| Amsted Industries, Inc., 6.38%, 03/15/2033<sup>(b)</sup><br>| 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36494 |
| **Insurance-0.75%** | **Insurance-0.75%** | **Insurance-0.75%** |
| Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., 7.50%, 07/15/2033<sup>(b)</sup><br>| 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29421 |
| Jones Deslauriers Insurance Management, Inc. (Canada), 6.88%, 10/01/2033<sup>(b)</sup><br>| 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57001 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Interactive Media & Services-1.96%** | **Interactive Media & Services-1.96%** | **Interactive Media & Services-1.96%** |
| Match Group Holdings II LLC, 6.13%, 09/15/2033<sup>(b)</sup><br>| $&nbsp;&nbsp;50000 | &nbsp;&nbsp;$49893 |
| Snap, Inc., 6.88%, 03/01/2033<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149557 |
| **IT Services-0.49%** | **IT Services-0.49%** | **IT Services-0.49%** |
| EquipmentShare.com, Inc., 8.00%, 03/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37222 |
| **Machinery-2.13%** | **Machinery-2.13%** | **Machinery-2.13%** |
| Columbus McKinnon Corp., 7.13%, 02/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61725 |
| CompoSecure Holdings L.L.C., 5.63%, 02/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 69695 |
| Enpro, Inc., 6.13%, 06/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162457 |
| **Marine Transportation-2.53%** | **Marine Transportation-2.53%** | **Marine Transportation-2.53%** |
| NCL Corp. Ltd., 6.25%, 09/15/2033<sup>(b)(c)</sup><br>| &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70698 |
| Viking Cruises Ltd., 5.88%, 10/15/2033<sup>(b)</sup><br>| 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 122489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193187 |
| **Media-7.15%** | **Media-7.15%** | **Media-7.15%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.00%, 02/01/2033<sup>(b)</sup><br>| 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 122784 |
| &nbsp;&nbsp;&nbsp;4.50%, 06/01/2033<sup>(b)</sup><br>| 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 116203 |
| Gray Media, Inc., 7.25%, 08/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51666 |
| Lamar Media Corp., 5.38%, 11/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30095 |
| Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.13%, 02/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp; 98990 |
| &nbsp;&nbsp;&nbsp;9.75%, 02/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 27812 |
| VZ Secured Financing B.V. (Netherlands), 7.50%, 01/15/2033<sup>(b)</sup><br>| 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545908 |
| **Metals & Mining-3.21%** | **Metals & Mining-3.21%** | **Metals & Mining-3.21%** |
| Capstone Copper Corp. (Canada), 6.75%, 03/31/2033<sup>(b)</sup><br>| &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46537 |
| Cleveland-Cliffs, Inc., 7.38%, 05/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66759 |
| Commercial Metals Co., 5.75%, 11/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71462 |
| Novelis Corp., 6.38%, 08/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245454 |
| **Oil, Gas & Consumable Fuels-9.18%** | **Oil, Gas & Consumable Fuels-9.18%** | **Oil, Gas & Consumable Fuels-9.18%** |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, 07/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41534 |
| Chord Energy Corp., 6.75%, 03/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51965 |
| Crescent Energy Finance LLC, 7.38%, 01/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79533 |
| Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.38%, 06/30/2033<sup>(b)</sup><br>| &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51746 |
| Genesis Energy L.P./Genesis Energy Finance Corp., 8.00%, 05/15/2033<br>| &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47606 |
| Global Partners L.P./GLP Finance Corp., 7.13%, 07/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31097 |
| Hilcorp Energy I L.P./Hilcorp Finance Co., 8.38%, 11/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47514 |
| Kodiak Gas Services LLC, 6.50%, 10/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61904 |
| Matador Resources Co., 6.25%, 04/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50923 |
| Northern Oil and Gas, Inc., 7.88%, 10/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40919 |
| Sunoco L.P., 6.25%, 07/01/2033<sup>(b)</sup><br>| &nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77285 |

---

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

------

#### 118

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Venture Global Plaquemines LNG LLC, 7.50%, 05/01/2033<sup>(b)</sup><br>| $| &nbsp;&nbsp;85000 | &nbsp;&nbsp;$94334 |
| Vermilion Energy, Inc. (Canada), 7.25%, 02/15/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24468 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700828 |
| **Professional Services-1.34%** | **Professional Services-1.34%** | **Professional Services-1.34%** | **Professional Services-1.34%** |
| CACI International, Inc., 6.38%, 06/15/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 72120 |
| Science Applications International Corp., 5.88%, 11/01/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29835 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101955 |
| **Real Estate Management & Development-0.34%** | **Real Estate Management & Development-0.34%** | **Real Estate Management & Development-0.34%** | **Real Estate Management & Development-0.34%** |
| Forestar Group, Inc., 6.50%, 03/15/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25615 |
| **Residential REITs-0.53%** | **Residential REITs-0.53%** | **Residential REITs-0.53%** | **Residential REITs-0.53%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co., 6.88%, 08/01/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40409 |
| **Semiconductors & Semiconductor Equipment-2.59%** | **Semiconductors & Semiconductor Equipment-2.59%** | **Semiconductors & Semiconductor Equipment-2.59%** | **Semiconductors & Semiconductor Equipment-2.59%** |
| Amkor Technology, Inc., 5.88%, 10/01/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40868 |
| Kioxia Holdings Corp. (Japan), 6.63%, 07/24/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 94928 |
| Qnity Electronics, Inc., 6.25%, 08/15/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62373 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198169 |
| **Software-3.23%** | **Software-3.23%** | **Software-3.23%** | **Software-3.23%** |
| Cloud Software Group, Inc., 6.63%, 08/15/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp; 75542 |
| Fair Isaac Corp., 6.00%, 05/15/2033<sup>(b)</sup><br>|  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101161 |
| Gen Digital, Inc., 6.25%, 04/01/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 69704 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246407 |
| **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><br>|  | &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 92023 |
| **Specialty Retail-1.99%** | **Specialty Retail-1.99%** | **Specialty Retail-1.99%** | **Specialty Retail-1.99%** |
| Advance Auto Parts, Inc., 7.38%, 08/01/2033<sup>(b)(c)</sup><br>|  | &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71785 |
| Bath & Body Works, Inc., 6.95%, 03/01/2033<br>|  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20011 |
| PetSmart LLC/PetSmart Finance Corp., 10.00%, 09/15/2033<sup>(b)</sup><br>|  | &nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60231 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152027 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Trading Companies & Distributors-0.47%** | **Trading Companies & Distributors-0.47%** | **Trading Companies & Distributors-0.47%** |
| FTAI Aviation Investors LLC, 5.88%, 04/15/2033<sup>(b)</sup><br>| $&nbsp;&nbsp;35000 | &nbsp;&nbsp;$35525 |
| **Wireless Telecommunication Services-0.87%** | **Wireless Telecommunication Services-0.87%** | **Wireless Telecommunication Services-0.87%** |
| VMED O2 UK Financing I PLC (United Kingdom), 6.75%, 01/15/2033<sup>(b)</sup><br>| &nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 66409 |
| &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $7,417,614) | &nbsp;&nbsp;&nbsp;Total U.S. Dollar Denominated Bonds & Notes<br>(Cost $7,417,614) | &nbsp;&nbsp;7484447 |
|  | **Shares** |  |
| **Money Market Funds-0.24%** |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(d)(e)</sup><br>(Cost $18,663)<br>| &nbsp;&nbsp;18663 | &nbsp;&nbsp;&nbsp;&nbsp; 18663 |
| TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.25%<br>(Cost $7,436,277) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-98.25%<br>(Cost $7,436,277) | &nbsp;&nbsp;7503110 |
| **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-4.85%** | **Money Market Funds-4.85%** | **Money Market Funds-4.85%** |
| Invesco Private Government Fund, 3.64%<sup>(d)(e)(f)</sup><br>| 103264 | &nbsp;&nbsp;&nbsp;&nbsp; 103264 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup><br>| 266790 | &nbsp;&nbsp;&nbsp;&nbsp; 266870 |
| &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $370,134) | &nbsp;&nbsp;&nbsp;Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $370,134) | &nbsp;&nbsp;&nbsp;&nbsp;370134 |
| TOTAL INVESTMENTS IN SECURITIES-103.10%<br>(Cost $7,806,411) | TOTAL INVESTMENTS IN SECURITIES-103.10%<br>(Cost $7,806,411) | &nbsp;&nbsp;7873244 |
| OTHER ASSETS LESS LIABILITIES-(3.10)% | OTHER ASSETS LESS LIABILITIES-(3.10)% | &nbsp;&nbsp;&nbsp;&nbsp;(236498) |
| NET ASSETS-100.00% | NET ASSETS-100.00% | $7636746 |

---

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

&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 the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. |
| <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 resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2026 was $6,936,928, which represented 90.84% of the Fund's Net Assets. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended February 28, 2026. |

---

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

------

#### 119

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Value<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;&nbsp;**Change in<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;&nbsp;**Value<br> February 28, 2026** | &nbsp;&nbsp;&nbsp;**Dividend Income** |
| &nbsp;&nbsp;**Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;$7688 | &nbsp;&nbsp;&nbsp;$895456 | &nbsp;&nbsp;&nbsp;$(884481) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$18663 | &nbsp;&nbsp;&nbsp;$757 |
| &nbsp;&nbsp;**Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Invesco Private Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(549837) | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;103264 | &nbsp;&nbsp;&nbsp;&nbsp;1,366\* |
| &nbsp;&nbsp;Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp;&nbsp;105324 | &nbsp;&nbsp;&nbsp;&nbsp;1328753 | &nbsp;&nbsp;&nbsp;&nbsp;(1167204) | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;266870 | &nbsp;&nbsp;&nbsp;&nbsp;3,709\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$153256 | &nbsp;&nbsp;&nbsp;$2837066 | &nbsp;&nbsp;&nbsp;$(2601522) | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$(3) | &nbsp;&nbsp;&nbsp;$388797 | &nbsp;&nbsp;&nbsp;$5832 |

---

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

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

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J.

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

------

#### 120

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)
February 28, 2026

(Unaudited)

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Municipal Obligations-96.62%** |  |  |  |  |
| **Alabama-0.48%** |  |  |  |  |
| Alabama (State of) Economic Settlement Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/15/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$15039 |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5071 |
| Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2017 B, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20284 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 366581 |
| Auburn University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85479 |
| Homewood (City of), AL, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30469 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81219 |
| Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority (Infirmary Health System, Inc.), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25023 |
| Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority (Infirmary Health System, Inc.), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 140025 |
| Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50569 |
| Tuscaloosa (City of), AL Board of Education, Series 2016, Revenue Wts.<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80910 |
| UAB Medicine Finance Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85944 |
| UAB Medicine Finance Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 161707 |
| UAB Medicine Finance Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10041 |
| UAB Medicine Finance Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130447 |
| UAB Medicine Finance Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125825 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414633 |
| **Alaska-0.10%** |  |  |  |  |
| North Slope (Borough of), AK, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/30/2026 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 296750 |
| **Arizona-1.15%** |  |  |  |  |
| Arizona (State of), Series 2019 A, Ref. COP<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 416797 |
| Arizona (State of) Department of Transportation, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15146 |
| Arizona (State of) Department of Transportation, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35326 |
| Arizona (State of) Department of Transportation, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504544 |
| Arizona (State of) Department of Transportation, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20177 |
| Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100912 |
| Arizona (State of) Transportation Board (Garvee), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131264 |
| Glendale (City of), AZ Industrial Development Authority (Sun Health Services), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35182 |
| Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30271 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25239 |
| Mesa (City of), AZ, Series 2014, Ref. RB<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35006 |
| Mesa (City of), AZ, Series 2014, Ref. RB<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25004 |
| Mesa (City of), AZ, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120506 |
| Mesa (City of), AZ, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 577320 |
| Mesa (City of), AZ, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5029 |
| Phoenix (City of), AZ, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 181719 |
| Phoenix Civic Improvement Corp., Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15140 |
| Phoenix Civic Improvement Corp., Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131182 |
| Phoenix Civic Improvement Corp., Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95806 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 116056 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30299 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10098 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50488 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70678 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35326 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111000 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25221 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100782 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35264 |
| Phoenix Civic Improvement Corp., Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85846 |

---

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

------

#### 121

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Arizona-(continued)** |  |  |  |  |
| Pima (County of), AZ, Series 2016, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5046 |
| Pinal County Electric District No. 3, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10015 |
| University of Arizona Board of Regents (Green Bonds), Series 2016 B, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200530 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388219 |
| **California-19.57%** |  |  |  |  |
| Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40457 |
| Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106506 |
| Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20446 |
| Alameda (County of), CA Joint Powers Authority (Juvenile Justice), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25206 |
| Bay Area Toll Authority, Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5013 |
| Bay Area Toll Authority, Series 2024 S-11, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 260682 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130341 |
| Beverly Hills Unified School District (Election of 2008), Series 2017, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25072 |
| California (State of), Series 2013, Ref. GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20012 |
| California (State of), Series 2015 C, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100036 |
| California (State of), Series 2015 C, Ref. GO Bonds<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30011 |
| California (State of), Series 2015, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25009 |
| California (State of), Series 2015, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250090 |
| California (State of), Series 2015, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35012 |
| California (State of), Series 2015, Ref. GO Bonds<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75037 |
| California (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45559 |
| California (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 334934 |
| California (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5075 |
| California (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 121800 |
| California (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25374 |
| California (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80606 |
| California (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105756 |
| California (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 181296 |
| California (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80446 |
| California (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2045 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 181051 |
| California (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2046 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 160824 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5050 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15224 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60255 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50444 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 284201 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35436 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 710466 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 213140 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202960 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30444 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 448370 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 228274 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 166188 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 436172 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 182583 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55370 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90605 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 141967 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 779713 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45274 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65395 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65888 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 157116 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105585 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110613 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 233026 |

---

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

------

#### 122

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$50658 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 115538 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202551 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40510 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35144 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101186 |
| California (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5100 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 450524 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 177172 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65807 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 321285 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15037 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50623 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151868 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5034 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10123 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35221 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5061 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130780 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86016 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45252 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 156814 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110557 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 505685 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 221023 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35383 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75293 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151599 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5050 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50160 |
| California (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 783439 |
| California (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp; 2019779 |
| California (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 300631 |
| California (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40022 |
| California (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25045 |
| California (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 600429 |
| California (State of), Series 2018, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 315758 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 501195 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25060 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 254363 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15299 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30402 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15108 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20141 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10067 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10117 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 541908 |
| California (State of), Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122394 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20048 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136354 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10150 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 253738 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 178054 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96420 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 192358 |
| California (State of), Subseries 2018, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136965 |
| California (State of), Subseries 2018, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120864 |

---

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

------

#### 123

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Subseries 2018, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2033 | $&nbsp;&nbsp;120 | &nbsp;&nbsp;$120807 |
| California (State of) (Bid Group C), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131619 |
| California (State of) (Bid Group C), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65801 |
| California (State of) (Bid Group C), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 283277 |
| California (State of) (Bid Group C), Series 2018, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91117 |
| California (State of) (Green Bonds), Series 2014, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10004 |
| California (State of) Department of Water Resources, Series 2016 AW, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30708 |
| California (State of) Department of Water Resources, Series 2016 AW, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102436 |
| California (State of) Department of Water Resources, Series 2016 AW, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 148250 |
| California (State of) Department of Water Resources, Series 2016 AW, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 148217 |
| California (State of) Department of Water Resources, Series 2017 AX, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56340 |
| California (State of) Department of Water Resources, Series 2019 BA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107557 |
| California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20472 |
| California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92073 |
| California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35790 |
| California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95940 |
| California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131179 |
| California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112679 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97314 |
| California (State of) Educational Facilities Authority (Pepperdine University), Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20049 |
| California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60022 |
| California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 554988 |
| California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30366 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2015, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45087 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55716 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5064 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96190 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60782 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131661 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60751 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 190710 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 288327 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 516611 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 716104 |
| California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at Stanford), Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2055 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150584 |
| California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105372 |
| California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100282 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25542 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50155 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100951 |

---

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

------

#### 124

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Infrastructure & Economic Development Bank, Series 2016 A, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;$80974 |
| California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 252555 |
| California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.13% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96010 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5012 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 115289 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 160390 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85206 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95229 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60144 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56089 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5099 |
| California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2016, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101792 |
| California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50375 |
| California (State of) Public Works Board, Series 2015 F, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35136 |
| California (State of) Public Works Board, Series 2015 H, RB<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35008 |
| California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25500 |
| California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71425 |
| California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 222056 |
| California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56042 |
| California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71261 |
| California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60529 |
| California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95804 |
| California (State of) Public Works Board (Various Capital), Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40315 |
| California (State of) Public Works Board (Various Capital), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40371 |
| California (State of) Public Works Board (Various Capital), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5049 |
| California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5087 |
| California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71226 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25500 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp; 1280755 |
| California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71050 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 511272 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40600 |
| California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 225096 |
| California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;4.38% | &nbsp;&nbsp;03/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 405004 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60244 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30077 |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center), Series 2014, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10013 |
| California (State of) Statewide Communities Development Authority (Redlands Community Hospital), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100641 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 145749 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110568 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65332 |

---

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

------

#### 125

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | $&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;$105535 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40202 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105516 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125595 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5023 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65117 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20032 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55224 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110139 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10011 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 431409 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 265617 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30651 |
| California State University, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51085 |
| Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20179 |
| Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85760 |
| Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55717 |
| Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20261 |
| Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55717 |
| Campbell Union High School District (Election of 2016), Series 2018 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65848 |
| Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75426 |
| Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 246312 |
| Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125617 |
| Chabot-Las Positas Community College District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100375 |
| Chabot-Las Positas Community College District (Election of 2016), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35471 |
| Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60148 |
| Coachella Valley Unified School District (Election of 2005), Series 2016 F, GO Bonds, (INS - BAM)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2046 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175872 |
| Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| Corona-Norco Unified School District, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50199 |
| East Bay Municipal Utility District, Series 2014 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 141138 |
| East County Advanced Water Purification Joint Powers Authority, Series 2024, RB<br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90123 |
| East County Advanced Water Purification Joint Powers Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45333 |
| East Side Union High School District (Election of 2016), Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35464 |
| Eastern Municipal Water District, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 628904 |
| Eastern Municipal Water District Financing Authority, Series 2015 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25009 |
| Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25251 |
| Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50220 |
| Eastern Municipal Water District Financing Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55217 |
| El Dorado Irrigation District, Series 2016 C, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| Fremont Union High School District, Series 2015, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10009 |
| Fresno Unified School District, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80093 |
| Hayward Unified School District, Series 2017, GO Bonds, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45030 |
| Hayward Unified School District, Series 2017, GO Bonds, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50126 |
| Imperial Irrigation District, Series 2016 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25428 |
| Imperial Irrigation District, Series 2016 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80713 |
| Imperial Irrigation District, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45207 |
| Imperial Irrigation District, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250911 |
| Imperial Irrigation District, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25079 |
| Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 225645 |
| Irvine Ranch Water District, Series 2016, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30240 |
| Long Beach (City of), CA, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60345 |
| Los Angeles (City of), CA, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75566 |
| Los Angeles (City of), CA, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5038 |
| Los Angeles (City of), CA, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30227 |
| Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120752 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10063 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10096 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15102 |

---

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

------

#### 126

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;$247340 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 266804 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5022 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 575445 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35334 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 135919 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201519 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90669 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60441 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007170 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35245 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10068 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15092 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25204 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50548 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50548 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 539376 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 235079 |
| Los Angeles (County of), CA Redevelopment Refunding Authority, Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15002 |
| Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital) (Green Bonds), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130270 |
| Los Angeles (Port of), LA, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131614 |
| Los Angeles Community College District, Series 2015 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20146 |
| Los Angeles Community College District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60173 |
| Los Angeles Community College District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60135 |
| Los Angeles Community College District, Series 2022 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 278379 |
| Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50179 |
| Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5061 |
| Los Angeles Community College District (Election of 2022), Series 2023 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30369 |
| Los Angeles Community College District (Election of 2022), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 415038 |
| Los Angeles Unified School District, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 260644 |
| Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126378 |
| Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 449372 |
| Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 237348 |
| Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 455382 |
| Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 566174 |
| Los Angeles Unified School District, Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10110 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 399355 |
| Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10110 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50551 |
| Los Rios Community College District, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76019 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 409438 |
| Metropolitan Water District of Southern California, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90986 |
| Metropolitan Water District of Southern California, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 158023 |
| Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110956 |
| Monterey Peninsula Unified School District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45070 |
| Mountain View Whisman School District (Election of 2012), Series 2016 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 176868 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66323 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96727 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 427579 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 249356 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101705 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101625 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95699 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150936 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100501 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65255 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45606 |

---

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

------

#### 127

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2037 | $&nbsp;&nbsp;250 | &nbsp;&nbsp;$250754 |
| Oakland Unified School District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5060 |
| Oakland Unified School District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65781 |
| Oakland Unified School District/Alameda County, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 192398 |
| Palomar Health, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 19026 |
| Palomar Health, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 109017 |
| Pasadena (City of), CA, Series 2015 A, Ref. COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15007 |
| Pasadena Unified School District (Election of 2008), Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20080 |
| Peralta Community College District, Series 2025 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25316 |
| Pittsburg Successor Agency Redevelopment Agency, Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 212969 |
| Pittsburg Successor Agency Redevelopment Agency, Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30420 |
| Pittsburg Unified School District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25062 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10040 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 402369 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40233 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 181020 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 879763 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50161 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55083 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 220919 |
| Riverside Community College District (Election of 2024), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25331 |
| Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District No.2), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151570 |
| Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District No.2), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131136 |
| Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91339 |
| Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152231 |
| Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 157306 |
| San Bernardino (County of), CA (Arrowhead), Series 2019 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101769 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2015, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120185 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60373 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30185 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 165969 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30171 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10055 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100532 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100505 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10048 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151987 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 891130 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101186 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80885 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70745 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131233 |
| San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 255645 |
| San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 180456 |
| San Diego Community College District, Series 2016, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95111 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 166475 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 121073 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55492 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 197543 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111434 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5065 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 146891 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131788 |
| San Diego Community College District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101320 |
| San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50529 |
| San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110748 |

---

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

------

#### 128

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| San Diego Unified School District, Series 2016 R-5, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;$479793 |
| San Diego Unified School District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50061 |
| San Diego Unified School District (Election of 1998), Series 2005 C-2, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45571 |
| San Diego Unified School District (Election of 1998), Series 2005 E-2, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30381 |
| San Diego Unified School District (Election of 1998), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20212 |
| San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20184 |
| San Francisco (City & County of), CA, Series 2024 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151382 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5024 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40194 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2016 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100215 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40194 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35733 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 321189 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 437352 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35083 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35733 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81677 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107200 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 B, RB<sup>(a)</sup><br>| &nbsp;&nbsp;1.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 248751 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10183 |
| San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Mission Bay South Redevelopment), Series 2016 C, Ref. RB, (INS - NATL)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151075 |
| San Francisco Community College District (Election of 2020), Series 2024 B, GO Bonds, (INS - BAM)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100898 |
| San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200148 |
| San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111365 |
| San Jose Unified School District (Election of 2012), Series 2019 N, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80563 |
| San Jose Unified School District (Election of 2016), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50662 |
| San Juan Unified School District, Series 2019 N, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95731 |
| Santa Clara (County of), CA (Election of 2008), Series 2013 B, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70017 |
| Santa Clara (County of), CA Water District (Green Bonds), Series 2022 B, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 311441 |
| Santa Clara Unified School District, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70064 |
| Santa Clara Valley Transportation Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100773 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20050 |
| Santa Clara Valley Water District, Series 2023, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75266 |
| Santa Clara Valley Water District, Series 2024 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120620 |
| Silicon Valley Clean Water (WIFIA WWTP), Series 2021 B, RN<br>| &nbsp;&nbsp;0.50% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| Sonoma (County of), CA Junior College District (Election of 2014), Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5042 |
| Sweetwater Union High School District (Election of 2006), Series 2016 B, GO Bonds, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 79334 |
| Tahoe-Truckee Unified School District, Series 2016 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30280 |
| University of California, Series 2016 AR, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5027 |
| University of California, Series 2016 AR, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130672 |
| University of California, Series 2016 AR, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 270427 |
| University of California, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10032 |
| University of California, Series 2017 AY, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 206255 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80490 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10061 |
| University of California, Series 2024 BX, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006124 |
| University of California, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80490 |
| University of California, Series 2025 BZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10061 |
| University of California (Limited), Series 2016 K, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120495 |
| University of California (Limited), Series 2016 K, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70164 |
| Ventura County Community College District, Series 2015, Ref. GO Bonds<br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 285089 |

---

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

------

#### 129

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Victor Valley Community College District, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$20017 |
| Victor Valley Union High School District (Election of 2008), Series 2009 A, GO Bonds, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 456115 |
| Washington Township Health Care District, Series 2015 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10004 |
| West Hollywood (City of), CA Public Financing Authority (Park Phase II), Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 114178 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57837073 |
| **Colorado-2.49%** |  |  |  |  |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 240104 |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86814 |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 265412 |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 358970 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5115 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71615 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112548 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102308 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 230140 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 192387 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86861 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15320 |
| Adams 12 Five Star Schools, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5113 |
| Adams County School District No. 1 (Mapleton Public Schools), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101540 |
| Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107280 |
| Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70811 |
| Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 156795 |
| Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30347 |
| Aurora (City of), CO (Green Bonds), Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45521 |
| Colorado (State of), Series 2018 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25563 |
| Colorado (State of), Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 562395 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75790 |
| Colorado (State of) Health Facilities Authority (Parkview Medical Center Obligation), Series 2016, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20279 |
| Colorado (State of) Health Facilities Authority (Vail Valley Medical Center), Series 2015, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2035 | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 395706 |
| Colorado (State of) Higher Education, Series 2014 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66145 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 362925 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5064 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25327 |
| Colorado Springs (City of), CO, Series 2018 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127561 |
| Commerce (City of), CO, Series 2016, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55625 |
| Denver (City & County of), CO, Series 2012 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85081 |
| Denver (City & County of), CO, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127381 |
| Denver (City & County of), CO, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91669 |
| Denver (City & County of), CO, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60326 |
| Denver (City & County of), CO, Series 2018 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25196 |
| Denver (City & County of), CO, Series 2018 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 386870 |
| Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45568 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15296 |
| Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP<br>| &nbsp;&nbsp;5.38% | &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 216032 |
| Denver City & County School District No. 1, Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97077 |
| Denver City & County School District No. 1, Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35771 |
| Denver City & County School District No. 1, Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86878 |
| Denver City & County School District No. 1, Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107296 |
| Denver City & County School District No. 1, Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 587316 |
| Denver City & County School District No. 1, Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15295 |
| Denver City & County School District No. 1, Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25470 |
| Denver City & County School District No. 1, Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55927 |
| Denver City & County School District No. 1, Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91456 |
| Denver City & County School District No. 1, Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86232 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30656 |

---

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

------

#### 130

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Colorado-(continued)** |  |  |  |  |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$40930 |
| E-470 Public Highway Authority, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25356 |
| Eagle County School District No. Re50J, Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10197 |
| Eagle County School District No. Re50J, Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122255 |
| El Paso (County of), CO School District No. 20, Series 2017, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95501 |
| El Paso County School District No. 49 Falcon, Series 2017 B, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55712 |
| Jefferson County School District R-1, Series 2012, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40908 |
| St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2016 C, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50735 |
| St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2016 C, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56234 |
| St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2016 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127737 |
| St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 296696 |
| University of Colorado, Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55389 |
| Weld County School District No. RE-4, Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101518 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7359342 |
| **Connecticut-1.77%** |  |  |  |  |
| Connecticut (State of), Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5007 |
| Connecticut (State of), Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45012 |
| Connecticut (State of), Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45010 |
| Connecticut (State of), Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15008 |
| Connecticut (State of), Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15006 |
| Connecticut (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5029 |
| Connecticut (State of), Series 2016 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 198521 |
| Connecticut (State of), Series 2016 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 320380 |
| Connecticut (State of), Series 2016 E, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 115184 |
| Connecticut (State of), Series 2016 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15240 |
| Connecticut (State of), Series 2016 E, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40247 |
| Connecticut (State of), Series 2016 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55918 |
| Connecticut (State of), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 203374 |
| Connecticut (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 211740 |
| Connecticut (State of), Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30506 |
| Connecticut (State of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 213283 |
| Connecticut (State of), Series 2018 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66016 |
| Connecticut (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75258 |
| Connecticut (State of), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15071 |
| Connecticut (State of), Series 2022 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 517974 |
| Connecticut (State of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107151 |
| Connecticut (State of), Series 2022 G, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76537 |
| Connecticut (State of), Series 2024 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 500039 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25545 |
| Connecticut (State of) (Green Bonds), Series 2016 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 203360 |
| Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 316481 |
| Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10107 |
| Connecticut (State of) (Green Bonds), Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 182601 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 157131 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 582789 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35469 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75992 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40516 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40203 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB, (INS - BAM)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76021 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 116597 |
| Connecticut (State of) (Transportation Infrastructure), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10047 |

---

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

------

#### 131

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;$85812 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20191 |
| Connecticut (State of) (Transportation Infrastructure), Series 2023 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10096 |
| Connecticut (State of) Health & Educational Facilities Authority, Series 2015 L, Ref. RB<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35011 |
| Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5022 |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 186644 |
| Metropolitan District (The), Series 2016 C, GO Bonds, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85724 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5218870 |
| **Delaware-0.14%** |  |  |  |  |
| Delaware (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10048 |
| Delaware (State of) Transportation Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 297857 |
| Delaware (State of) Transportation Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100213 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408118 |
| **District of Columbia-1.21%** |  |  |  |  |
| District of Columbia, Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25170 |
| District of Columbia, Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20087 |
| District of Columbia, Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35238 |
| District of Columbia, Series 2016 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 142883 |
| District of Columbia, Series 2016 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 655288 |
| District of Columbia, Series 2016 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15171 |
| District of Columbia, Series 2016 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5036 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 442882 |
| District of Columbia, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 381370 |
| District of Columbia, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 183057 |
| District of Columbia, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91968 |
| District of Columbia, Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15108 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25302 |
| District of Columbia, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102187 |
| District of Columbia (Children's Hospital Obligated Group), Series 2015, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25019 |
| District of Columbia (Friendship Public Charter School, Inc.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5006 |
| District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 155344 |
| District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55121 |
| District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65114 |
| District of Columbia Water & Sewer Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5008 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25423 |
| Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2009, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;6.50% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 614791 |
| Washington Convention & Sports Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101564 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201864 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60630 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126313 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581944 |
| **Florida-4.83%** |  |  |  |  |
| Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2014, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 240063 |
| Broward (County of), FL School District, Series 2016 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5038 |
| Broward (County of), FL School District, Series 2016 A, Ref. COP<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 155186 |
| Broward (County of), FL School District, Series 2017 C, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 514361 |
| Central Florida Expressway Authority, Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40378 |
| Central Florida Expressway Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35155 |
| Central Florida Expressway Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65163 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 503090 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 251545 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 328072 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65614 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25214 |

---

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

------

#### 132

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Florida-(continued)** |  |  |  |  |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | $&nbsp;&nbsp;135 | &nbsp;&nbsp;$136191 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65298 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75331 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120369 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5010 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50091 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10018 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10014 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 378444 |
| Duval County (County of), FL School Board, Series 2016, Ref. COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50149 |
| Duval County Public Schools, Series 2022 A, COP, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25230 |
| Florida (State of), Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20190 |
| Florida (State of), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 181701 |
| Florida (State of), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45425 |
| Florida (State of), Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 216516 |
| Florida (State of), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20141 |
| Florida (State of) (Capital Outlay), Series 2015 E, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5001 |
| Florida (State of) (Capital Outlay), Series 2015 E, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60017 |
| Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100945 |
| Florida (State of) Department of Environmental Protection (FL Forever), Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105992 |
| Florida (State of) Department of Management Services, Series 2018 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 142634 |
| Florida (State of) Department of Transportation, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40385 |
| Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106612 |
| Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152370 |
| Florida (State of) Municipal Power Agency (All-Requirements Power Supply), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91382 |
| Florida Keys Aqueduct Authority, Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;3.75% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250096 |
| Halifax Hospital Medical Center, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 502026 |
| Jacksonville (City of), FL, Series 2015, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 340106 |
| JEA Electric System, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45694 |
| JEA Water & Sewer System, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 147429 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2015 D, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50103 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2015 D, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 135287 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2015 D, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20042 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2015 D, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30061 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2016 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130539 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2016 C, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100199 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2016 C, Ref. COP<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 145040 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2016, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30034 |
| Miami Beach (City of), FL, Series 2015, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55046 |
| Miami-Dade (County of), FL, Series 2015 B, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60022 |
| Miami-Dade (County of), FL, Series 2015 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25056 |
| Miami-Dade (County of), FL, Series 2015, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 502482 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80682 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 115945 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90737 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55449 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136101 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 141109 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60457 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 115838 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20139 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202010 |
| Miami-Dade (County of), FL, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111743 |
| Miami-Dade (County of), FL, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55859 |
| Miami-Dade (County of), FL, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65997 |
| Miami-Dade (County of), FL, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 517317 |
| Miami-Dade (County of), FL, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 409894 |
| Miami-Dade (County of), FL, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 155446 |

---

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

------

#### 133

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Florida-(continued)** |  |  |  |  |
| Miami-Dade (County of), FL, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2040 | $&nbsp;&nbsp;275 | &nbsp;&nbsp;$275941 |
| Miami-Dade (County of), FL Expressway Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125957 |
| Miami-Dade (County of), FL Expressway Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 206371 |
| Orange (County of), FL Convention Center, Series 2016 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60281 |
| Orange (County of), FL Convention Center, Series 2016, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40240 |
| Orange (County of), FL Convention Center, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 193017 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15202 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 187384 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 273273 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65733 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45468 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20178 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60942 |
| Orange (County of), FL School Board, Series 2016 C, Ref. COP<sup>(a)(b)</sup><br>| &nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35177 |
| Orange (County of), FL School Board, Series 2016 C, Ref. COP<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 536247 |
| Orange (County of), FL School Board, Series 2016 C, Ref. COP<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45530 |
| Orange (County of), FL School Board, Series 2017, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70773 |
| Orlando (City of), FL Utilities Commission, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25409 |
| Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91246 |
| Palm Beach County School District, Series 2017 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45525 |
| Palm Beach County School District, Series 2025 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101166 |
| Port St. Lucie (City of), FL, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 212848 |
| Port St. Lucie (City of), FL, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45286 |
| Port St. Lucie (City of), FL, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 603713 |
| Port St. Lucie (City of), FL, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5029 |
| Port St. Lucie (City of), FL, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5026 |
| Reedy Creek Improvement District, Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201062 |
| South Broward Hospital District, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 455800 |
| South Florida Water Management District, Series 2016, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10021 |
| South Florida Water Management District, Series 2016, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50100 |
| South Florida Water Management District, Series 2016, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 255581 |
| South Florida Water Management District, Series 2016, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40089 |
| South Florida Water Management District, Series 2016, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30056 |
| South Florida Water Management District, Series 2016, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75129 |
| South Florida Water Management District, Series 2016, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10016 |
| South Florida Water Management District, Series 2016, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100151 |
| South Florida Water Management District, Series 2016, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70100 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5059 |
| Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125683 |
| Tampa Bay (City of), FL Water, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25317 |
| Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71115 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14266561 |
| **Georgia-1.41%** |  |  |  |  |
| Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71717 |
| Atlanta (City of), GA, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 217003 |
| Clarke (County of), GA Hospital Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105282 |
| DeKalb (County of), GA, Series 2006 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66186 |
| DeKalb (County of), GA, Series 2006 B, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 422157 |

---

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

------

#### 134

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Georgia-(continued)** |  |  |  |  |
| Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | $&nbsp;&nbsp;110 | &nbsp;&nbsp;$110296 |
| Georgia (State of), Series 2015 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95038 |
| Georgia (State of), Series 2015 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5007 |
| Georgia (State of), Series 2016 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153280 |
| Georgia (State of), Series 2016 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50481 |
| Georgia (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15144 |
| Georgia (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 338222 |
| Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80966 |
| Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201924 |
| Georgia (State of) (Bidding Group 1), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85818 |
| Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30190 |
| Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106010 |
| Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30192 |
| Georgia (State of) Higher Education Facilities Authority (USG Real Estate Foundation I, LLC), Series 2015, RB<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45022 |
| Georgia (State of) Municipal Electric Authority, Series 2016 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25221 |
| Georgia (State of) Municipal Electric Authority (Project One), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 186634 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 186337 |
| Gwinnett County School District, Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101179 |
| Henry County School District, Series 2016, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60476 |
| Henry County School District, Series 2016, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30238 |
| Henry County School District, Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 146709 |
| Main Street Natural Gas, Inc., Series 2007 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 172295 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 176672 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35339 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40380 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131272 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106028 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35343 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2016 B, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70685 |
| Private Colleges & Universities Authority (Emory University), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80305 |
| Private Colleges & Universities Authority (Emory University), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100995 |
| Richmond (County of), GA Board of Education, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25414 |
| Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20063 |
| Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130623 |
| Sandy Springs (City of), GA Public Facilities Authority (City Center), Series 2015, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85407 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177550 |
| **Guam-0.02%** |  |  |  |  |
| Guam (Territory of) Waterworks Authority, Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50090 |
| **Hawaii-1.00%** |  |  |  |  |
| Hawaii (State of), Series 2015 EZ, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65246 |
| Hawaii (State of), Series 2016 FB, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 195296 |
| Hawaii (State of), Series 2016 FB, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 115183 |
| Hawaii (State of), Series 2016 FE, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5085 |
| Hawaii (State of), Series 2016 FE, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 239029 |
| Hawaii (State of), Series 2016 FG, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76286 |
| Hawaii (State of), Series 2016 FG, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66114 |
| Hawaii (State of), Series 2016 FG, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122036 |
| Hawaii (State of), Series 2016 FG, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 193169 |
| Hawaii (State of), Series 2016 FG, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20190 |
| Hawaii (State of), Series 2016 FG, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35298 |
| Hawaii (State of), Series 2016 FG, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15103 |
| Hawaii (State of), Series 2016 FH, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111862 |
| Hawaii (State of), Series 2016 FH, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 228858 |
| Hawaii (State of), Series 2016 FH, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20343 |
| Hawaii (State of), Series 2016 FH, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 434296 |
| Hawaii (State of), Series 2017 FK, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10047 |

---

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

------

#### 135

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Hawaii-(continued)** |  |  |  |  |
| Hawaii (State of), Series 2017 FN, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;$157624 |
| Honolulu (City & County of), HI, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10078 |
| Honolulu (City & County of), HI, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5038 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 598586 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944767 |
| **Idaho-0.12%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association, Series 2015, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 262731 |
| Idaho State Building Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70500 |
| Idaho State Building Authority (School Modernization Facilities), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30215 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363446 |
| **Illinois-4.48%** |  |  |  |  |
| Chicago (City of), IL, Series 1999, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61059 |
| Chicago (City of), IL, Series 1999, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55886 |
| Chicago (City of), IL, Series 1999, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 422278 |
| Chicago (City of), IL, Series 2004, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30538 |
| Chicago (City of), IL, Series 2016 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55037 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1096647 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 265471 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96978 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81635 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66368 |
| Cook (County of), IL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 137461 |
| Cook (County of), IL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40727 |
| Cook (County of), IL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101761 |
| Cook (County of), IL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 350857 |
| Cook (County of), IL, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 690637 |
| Cook (County of), IL, Series 2016 A, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20401 |
| Cook (County of), IL, Series 2018, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131569 |
| Cook (County of), IL, Series 2018, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 364019 |
| Cook (County of), IL, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30547 |
| Du Page & Will Counties Community School District No. 204 Indian Prairie, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 172242 |
| Illinois (State of), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35120 |
| Illinois (State of), Series 2016 C, Ref. RB, (INS - BAM)<sup>(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120483 |
| Illinois (State of), Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10066 |
| Illinois (State of), Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40129 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10064 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76278 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55103 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50838 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65097 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20328 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 140108 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85103 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 211419 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105191 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40086 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 116738 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 570992 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91302 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50071 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 522099 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130206 |

---

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

------

#### 136

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$100113 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 325205 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 217590 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202227 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95344 |
| Illinois (State of), Series 2016, GO Bonds, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;3.75% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45023 |
| Illinois (State of), Series 2016, GO Bonds, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30002 |
| Illinois (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5097 |
| Illinois (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130783 |
| Illinois (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 518842 |
| Illinois (State of), Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 147202 |
| Illinois (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81387 |
| Illinois (State of), Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50759 |
| Illinois (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25129 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 188607 |
| Illinois (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| Illinois (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65561 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25107 |
| Illinois (State of) Educational Facilities Authority, Series 2002, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81594 |
| Illinois (State of) Finance Authority (Art Institute of Chicago), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 160185 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5048 |
| Illinois (State of) Finance Authority (Mercy Health Corp.), Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 307112 |
| Illinois (State of) Finance Authority (Northwest Community Hospital), Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5030 |
| Illinois (State of) Finance Authority (Northwest Community Hospital), Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35325 |
| Illinois (State of) Finance Authority (Northwest Community Hospital), Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15139 |
| Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5049 |
| Illinois (State of) Finance Authority (Northwestern University), Series 2015, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20065 |
| Illinois (State of) Finance Authority (Northwestern University), Series 2015, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15004 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2014 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125058 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2024, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30317 |
| Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75634 |
| Illinois (State of) Toll Highway Authority, Series 2015 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 260467 |
| Illinois (State of) Toll Highway Authority, Series 2015 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10018 |
| Illinois (State of) Toll Highway Authority, Series 2015 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp; 1122791 |
| Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175187 |
| Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 190392 |
| Illinois (State of) Toll Highway Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 295777 |
| Illinois (State of) Toll Highway Authority, Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100678 |
| Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100233 |
| Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90875 |
| Rosemont (Village of), IL, Series 2017 A, GO Bonds, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 336361 |
| Schaumburg (Village of), IL, Series 2013 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50016 |
| Southwestern Illinois Development Authority, Series 2015 A, RB<br>| &nbsp;&nbsp;3.88% | &nbsp;&nbsp;04/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105032 |
| Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2016 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 285080 |
| University of Illinois, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30021 |
| University of Illinois, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105066 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13246471 |
| **Indiana-1.10%** |  |  |  |  |
| Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90771 |
| Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 252086 |

---

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

------

#### 137

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Indiana-(continued)** |  |  |  |  |
| Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | $&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$100808 |
| Carmel (City of), IN Local Public Improvement Bond Bank, Series 2016, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 559424 |
| Indiana (State of) Finance Authority, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40731 |
| Indiana (State of) Finance Authority, Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 165997 |
| Indiana (State of) Finance Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90933 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35570 |
| Indiana (State of) Finance Authority (Deaconess Health System Obligated Group), Series 2016 A, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 176451 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15175 |
| Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit Group), Series 2006, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70320 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55489 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35303 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 262172 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40317 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30225 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 532859 |
| Indiana (State of) Municipal Power Agency, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65441 |
| Indiana University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25173 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 554098 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60402 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259745 |
| **Iowa-0.18%** |  |  |  |  |
| Iowa (State of), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35163 |
| Iowa (State of), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55359 |
| Iowa (State of) Finance Authority (Alcoa, Inc.), Series 2012, RB<br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40014 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80966 |
| Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 207008 |
| Xenia (City of), IA Rural Water District, Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86814 |
| Xenia (City of), IA Rural Water District, Series 2016, Ref. RN<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30640 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535964 |
| **Kansas-0.38%** |  |  |  |  |
| Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 147001 |
| Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25202 |
| Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125953 |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111590 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126806 |
| Sedgwick County Unified School District No. 260 Derby, Series 2018 B, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20326 |
| Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2014 A, Ref. RB<br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10002 |
| Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55521 |
| Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70707 |
| Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55860 |
| Wyandotte County Unified School District No. 500, Series 2016 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 386408 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135376 |
| **Kentucky-0.77%** |  |  |  |  |
| Kentucky (Commonwealth of) Asset Liability Commission (2014 Federal Highway Trust Fund), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 197692 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 463591 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81540 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101888 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35313 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70536 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 247193 |

---

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

------

#### 138

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Kentucky-(continued)** |  |  |  |  |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;$86195 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 390318 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 141903 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 162124 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151918 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15041 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75433 |
| University of Kentucky, Series 2018 A, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45036 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265721 |
| **Louisiana-0.50%** |  |  |  |  |
| Louisiana (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 389635 |
| Louisiana (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65735 |
| Louisiana (State of) (Garvee), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 268843 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20259 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2015, Ref. RB<br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5001 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 160166 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 320256 |
| Louisiana State Citizens Property Insurance Corp., Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 161024 |
| Shreveport (City of), LA, Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50405 |
| Shreveport (City of), LA, Series 2016 B, RB, (INS - BAM)<sup>(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50257 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491581 |
| **Maine-0.02%** |  |  |  |  |
| Maine (State of) Municipal Bond Bank (Transcap), Series 2021 A, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50725 |
| **Maryland-2.00%** |  |  |  |  |
| Maryland (State of), First Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25026 |
| Maryland (State of), Second Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70854 |
| Maryland (State of), Series 2015 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 140033 |
| Maryland (State of), Series 2015 A, GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60018 |
| Maryland (State of), Series 2015 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 257067 |
| Maryland (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70074 |
| Maryland (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80976 |
| Maryland (State of), Series 2017 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 177136 |
| Maryland (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100105 |
| Maryland (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15016 |
| Maryland (State of), Series 2020 C, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50165 |
| Maryland (State of), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| Maryland (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70854 |
| Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106281 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151831 |
| Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 182197 |
| Maryland (State of) Department of Transportation, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35051 |
| Maryland (State of) Department of Transportation, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15218 |
| Maryland (State of) Department of Transportation, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1525478 |
| Maryland (State of) Department of Transportation, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51093 |
| Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61312 |
| Maryland (State of) Department of Transportation, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163107 |
| Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 167803 |
| Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 254223 |
| Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10167 |

---

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

------

#### 139

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Maryland-(continued)** |  |  |  |  |
| Maryland (State of) Health & Higher Educational Facilities Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$75175 |
| Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 617886 |
| Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2016, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 311455 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35336 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40383 |
| Montgomery (County of), MD, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50967 |
| Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 376263 |
| Montgomery (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163096 |
| Montgomery (County of), MD, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25199 |
| Montgomery (County of), MD, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112397 |
| Prince George's (County of), MD, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76173 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70751 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90966 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20032 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5917164 |
| **Massachusetts-3.48%** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 217068 |
| Massachusetts (Commonwealth of), Series 2015 D, GO Bonds<br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50010 |
| Massachusetts (Commonwealth of), Series 2015 E, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50008 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 222116 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 494839 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45444 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55533 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50478 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80566 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 161539 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 292812 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 301372 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201861 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80737 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100848 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136044 |
| Massachusetts (Commonwealth of), Series 2016 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150349 |
| Massachusetts (Commonwealth of), Series 2016 G, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10072 |
| Massachusetts (Commonwealth of), Series 2016 G, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40237 |
| Massachusetts (Commonwealth of), Series 2016 G, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 291430 |
| Massachusetts (Commonwealth of), Series 2016 G, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20065 |
| Massachusetts (Commonwealth of), Series 2016 G, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5034 |
| Massachusetts (Commonwealth of), Series 2016 H, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 143061 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15335 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5111 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25549 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56195 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5104 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 525564 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107067 |
| Massachusetts (Commonwealth of), Series 2016 J, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122251 |
| Massachusetts (Commonwealth of), Series 2016 J, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117060 |
| Massachusetts (Commonwealth of), Series 2016 J, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5011 |
| Massachusetts (Commonwealth of), Series 2016 J, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30515 |
| Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50849 |
| Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25240 |
| Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 280339 |
| Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70673 |
| Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126819 |
| Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200949 |
| Massachusetts (Commonwealth of), Series 2019 E, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5026 |

---

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

------

#### 140

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2019 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$75356 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56068 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25364 |
| Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30157 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 176707 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5053 |
| Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2014, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20236 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25139 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24657 |
| Massachusetts (Commonwealth of) Development Finance Agency (Bentley University), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 758821 |
| Massachusetts (Commonwealth of) Development Finance Agency (Berklee College of Music), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80736 |
| Massachusetts (Commonwealth of) Development Finance Agency (Berklee College of Music), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250930 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2016 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 220720 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016 BB-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5029 |
| Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10082 |
| Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131438 |
| Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20100 |
| Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 515298 |
| Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70670 |
| Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 310679 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25223 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25225 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 262324 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10045 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130144 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201164 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25235 |
| Massachusetts (Commonwealth of) Development Finance Agency (South Shore Hospital), Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 270288 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 156924 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15141 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5062 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5063 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40797 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101933 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10004 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20006 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2016 C, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5062 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5064 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15189 |

---

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

------

#### 141

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | $&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;$283476 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 161986 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5062 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 501144 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5062 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5062 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 146800 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2016 C, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35434 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2023 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10120 |
| University of Massachusetts Building Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5095 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10278554 |
| **Michigan-2.50%** |  |  |  |  |
| Great Lakes Water Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30095 |
| Great Lakes Water Authority, Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20070 |
| Great Lakes Water Authority, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110998 |
| Great Lakes Water Authority, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25224 |
| Great Lakes Water Authority, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 181369 |
| Great Lakes Water Authority, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504594 |
| Great Lakes Water Authority, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30228 |
| Great Lakes Water Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 171550 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111014 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5046 |
| Livonia Public Schools, Series 2016, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45202 |
| Michigan (State of), Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75353 |
| Michigan (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55164 |
| Michigan (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60164 |
| Michigan (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80086 |
| Michigan (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30037 |
| Michigan (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125099 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5102 |
| Michigan (State of) (Garvee), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 210211 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 162718 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 177953 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 137237 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91461 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 507949 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2035 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 137108 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2041 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 303453 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2046 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150953 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/15/2051 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 401799 |
| Michigan (State of) Building Authority (Facilities Program), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76359 |
| Michigan (State of) Finance Authority (Bronson Healthcare Group), Series 2020 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80429 |
| Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 523687 |
| Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 142155 |
| Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 238631 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20364 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71262 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35617 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5086 |

---

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

------

#### 142

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Michigan-(continued)** |  |  |  |  |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;$142332 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106632 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 145535 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 506324 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111136 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016 MI, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 231401 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 260250 |
| Michigan (State of) Hospital Finance Authority (Ascension Senior Credit Group), Series 2010, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81547 |
| Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107162 |
| Port Huron Area School District, Series 2016, GO Bonds, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30014 |
| University of Michigan, Series 2015, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 135303 |
| University of Michigan, Series 2015, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75168 |
| University of Michigan, Series 2015, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55123 |
| University of Michigan, Series 2015, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75168 |
| University of Michigan, Series 2015, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70161 |
| University of Michigan, Series 2015, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5005 |
| University of Michigan, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100228 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7379316 |
| **Minnesota-0.96%** |  |  |  |  |
| Hennepin (County of), MN, Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20319 |
| Metropolitan Council, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25537 |
| Minnesota (State of), Series 2016 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45545 |
| Minnesota (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 533948 |
| Minnesota (State of), Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86449 |
| Minnesota (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70849 |
| Minnesota (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25303 |
| Minnesota (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45657 |
| Minnesota (State of), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| Minnesota (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25303 |
| Minnesota (State of), Series 2023 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50606 |
| Minnesota (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101212 |
| Minnesota (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55667 |
| Minnesota (State of) Public Facilities Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70125 |
| Minnesota (State of) Public Facilities Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5008 |
| Minnesota (State of) Public Facilities Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1252125 |
| Rochester (City of), MN, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5072 |
| Rochester (City of), MN, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100861 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 93085 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2015, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60024 |
| University of Minnesota, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60054 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2832749 |
| **Mississippi-0.39%** |  |  |  |  |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107304 |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51097 |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56207 |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56207 |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20439 |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51097 |
| Mississippi (State of), Series 2016 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35768 |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55928 |
| Mississippi (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 142728 |
| Mississippi (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 158020 |
| Mississippi (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30584 |
| Mississippi (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152922 |

---

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

------

#### 143

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Mississippi-(continued)** |  |  |  |  |
| Mississippi (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$25487 |
| Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201373 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145161 |
| **Missouri-0.85%** |  |  |  |  |
| Curators of the University of Missouri (The), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50951 |
| Hazelwood School District, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75043 |
| Hazelwood School District, Series 2017, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;03/05/2026 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 190028 |
| Hazelwood School District, Series 2017, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;03/05/2026 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130019 |
| Metropolitan St. Louis Sewer District, Series 2016 C, RB<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20044 |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40186 |
| Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55870 |
| Missouri (State of) Environmental Improvement & Energy Resources Authority, Series 2015 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15020 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10061 |
| Missouri (State of) Health & Educational Facilities Authority (St. Anthony's Medical Center), Series 2015 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100016 |
| Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25133 |
| Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75402 |
| Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75397 |
| Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55291 |
| Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25019 |
| Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55095 |
| Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30149 |
| Missouri (State of) Health & Educational Facilities Authority (The Children's Mercy Hospital), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 135121 |
| Missouri (State of) Highway & Transportation Commission, Series 2014 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 306457 |
| Missouri (State of) Highway & Transportation Commission, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 178421 |
| Missouri (State of) Highway & Transportation Commission, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15293 |
| Missouri (State of) Highway & Transportation Commission, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10048 |
| Missouri (State of) Highway & Transportation Commission (State Appropriations Mega), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 276314 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Plum Point), Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;3.75% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 145051 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80156 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110181 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55081 |
| St. Charles (County of), MO Public Water Supply District No. 2, Series 2018, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10004 |
| St. Louis (City of), MO, Series 2007 A,Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136355 |
| St. Louis Land Clearance for Redevelopment Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30142 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517348 |
| **Nebraska-0.08%** |  |  |  |  |
| City of Lincoln NE Electric System Revenue, Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75017 |
| Douglas (County of), NE Hospital Authority No. 2 (Madonna Rehabilitation Hospital), Series 2014, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10002 |
| Douglas (County of), NE Hospital Authority No. 3, Series 2015, Ref. RB<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10004 |
| Lincoln (City of), NE, Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55015 |
| Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85724 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235762 |
| **Nevada-1.18%** |  |  |  |  |
| Clark (County of), NV, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 310779 |

---

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

------

#### 144

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Nevada-(continued)** |  |  |  |  |
| Clark (County of), NV, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;$35685 |
| Clark (County of), NV, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90903 |
| Clark (County of), NV, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25229 |
| Clark (County of), NV, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60472 |
| Clark (County of), NV, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10094 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2015 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50458 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15137 |
| Clark (County of), NV Department of Aviation, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105961 |
| Clark (County of), NV Department of Aviation, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70641 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25229 |
| Clark (County of), NV Water Reclamation District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250928 |
| Clark County School District, Series 2015 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25054 |
| Clark County School District, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85684 |
| Clark County School District, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95765 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 176190 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10068 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 176190 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 297006 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75510 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110748 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 503399 |
| Las Vegas Valley Water District, Series 2019 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85614 |
| Nevada (State of), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105736 |
| Nevada (State of), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80583 |
| Nevada (State of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5011 |
| Nevada (State of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 142353 |
| Truckee Meadows Water Authority, Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80761 |
| Truckee Meadows Water Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 242293 |
| Truckee Meadows Water Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 141305 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490786 |
| **New Hampshire-0.02%** |  |  |  |  |
| New Hampshire (State of) Health and Education Facilities Authority (Elliot Hospital), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30241 |
| New Hampshire Municipal Bond Bank, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15045 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45286 |
| **New Jersey-3.62%** |  |  |  |  |
| Bayonne (City of), NJ, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 141342 |
| Cherry Hill Township School District, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5012 |
| Hudson (County of), NJ Improvement Authority (Hudson County Courhouse), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20057 |
| New Brunswick Parking Authority, Series 2016 B, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15036 |
| New Jersey (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 453342 |
| New Jersey (State of) Economic Development Authority, Series 2004, RB, (INS - NATL)<sup>(c)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35295 |
| New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - AMBAC)<sup>(c)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10163 |
| New Jersey (State of) Economic Development Authority, Series 2014, Ref. RB<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35014 |
| New Jersey (State of) Economic Development Authority, Series 2015 XX, Ref. RB<br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80061 |
| New Jersey (State of) Economic Development Authority, Series 2016 AAA, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 353016 |
| New Jersey (State of) Economic Development Authority, Series 2016 AAA, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 281390 |
| New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112343 |
| New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 477607 |
| New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 261914 |
| New Jersey (State of) Economic Development Authority, Series 2016 BBB, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56491 |
| New Jersey (State of) Economic Development Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 432854 |
| New Jersey (State of) Economic Development Authority, Series 2023 RRR, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 665000 |
| New Jersey (State of) Economic Development Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45356 |
| New Jersey (State of) Educational Facilities Authority, Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10100 |
| New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 146087 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |

---

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

------

#### 145

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2032 | $&nbsp;&nbsp;190 | &nbsp;&nbsp;$190534 |
| New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65521 |
| New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125221 |
| New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 360607 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55031 |
| New Jersey (State of) Health Care Facilities Financing Authority (Princeton HealthCare System), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100618 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75629 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 171433 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70584 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 666390 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 584466 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 282104 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 317290 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN<br>| &nbsp;&nbsp;4.10% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 481983 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 245257 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45346 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 156164 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 579181 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 614334 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 623361 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 171344 |
| Newark (City of), NJ Housing Authority, Series 2016, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60785 |
| Union County Utilities Authority, Series 2011, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15010 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10695673 |
| **New Mexico-0.37%** |  |  |  |  |
| New Mexico (State of) (Capital), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 240000 |
| New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 121008 |
| New Mexico (State of) Finance Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 368066 |
| New Mexico (State of) Finance Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10084 |
| New Mexico (State of) Finance Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20465 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 222116 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30289 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80770 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092798 |
| **New York-13.83%** |  |  |  |  |
| Albany (County of), NY, Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5007 |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20418 |
| Build NYC Resource Corp. (Chapin School), Series 2016, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35418 |
| Build NYC Resource Corp. (Chapin School), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10186 |
| Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20352 |
| Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10137 |
| Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5068 |
| Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 197218 |
| Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2046 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 286652 |
| Metropolitan Transportation Authority, Series 2006 B, RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 536443 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86110 |

---

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

------

#### 146

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5102 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 234785 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112283 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10205 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153022 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30589 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20370 |
| Metropolitan Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81420 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15297 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101507 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25362 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76028 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10042 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 758776 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 132241 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 269555 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 488155 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111793 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10087 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 206602 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10198 |
| Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 375244 |
| Metropolitan Transportation Authority (Green Bonds), Series 2016 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 377319 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 509890 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10203 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 453802 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 239648 |
| Metropolitan Transportation Authority (Green Bonds), Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71385 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81028 |
| Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30572 |
| Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15285 |
| Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1025311 |
| Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 226575 |
| Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 510492 |
| New York & New Jersey (States of) Port Authority, One Hundred Eighty Third Series 2014, RB<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100048 |
| New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 187272 |
| New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25218 |
| New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100574 |
| New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70017 |
| New York & New Jersey (States of) Port Authority, Series 2012, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45015 |
| New York & New Jersey (States of) Port Authority, Series 2014, RB<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5002 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Third Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117567 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20299 |
| New York (City of), NY, Series 2008 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10145 |
| New York (City of), NY, Series 2008 J, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126505 |
| New York (City of), NY, Series 2008 J-10, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 298551 |
| New York (City of), NY, Series 2008 J-9, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35421 |
| New York (City of), NY, Series 2016 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45947 |
| New York (City of), NY, Series 2016 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35731 |
| New York (City of), NY, Series 2016 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30615 |
| New York (City of), NY, Series 2016 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112207 |
| New York (City of), NY, Series 2016 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 519966 |
| New York (City of), NY, Series 2016 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 234339 |
| New York (City of), NY, Series 2016 B-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5017 |
| New York (City of), NY, Series 2016 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 375874 |
| New York (City of), NY, Series 2016 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20306 |
| New York (City of), NY, Series 2016 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 369899 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 375793 |

---

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

------

#### 147

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$100214 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65141 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55120 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25054 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30065 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10021 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175359 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10004 |
| New York (City of), NY, Series 2016 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 172046 |
| New York (City of), NY, Series 2016 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25291 |
| New York (City of), NY, Series 2016 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50584 |
| New York (City of), NY, Series 2016 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5058 |
| New York (City of), NY, Series 2016 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50562 |
| New York (City of), NY, Series 2016 E, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55190 |
| New York (City of), NY, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 166986 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2024075 |
| New York (City of), NY, Series 2017-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151806 |
| New York (City of), NY, Series 2018 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 354213 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 288431 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 166986 |
| New York (City of), NY, Series 2020 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35677 |
| New York (City of), NY, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131565 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126505 |
| New York (City of), NY, Series 2021 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20290 |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 156866 |
| New York (City of), NY, Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15181 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 227708 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96144 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40093 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 638123 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 171980 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 121383 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80312 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35384 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5015 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75674 |
| New York (City of), NY, Subseries 2016 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 504307 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5085 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5012 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 157248 |
| New York (City of), NY Municipal Water Finance Authority, Series 2015 GG, Ref. RB<br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20004 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125682 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016 CC, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5018 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 517271 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 DD, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 408857 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 276211 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 216794 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112530 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 137663 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 427573 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2016 CC-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 483117 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101019 |
| New York (City of), NY Transitional Finance Authority, Series 2002 1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15293 |
| New York (City of), NY Transitional Finance Authority, Series 2016 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35099 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70310 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45102 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5010 |

---

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

------

#### 148

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$20085 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25103 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 165656 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100378 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65080 |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76466 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66271 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 474091 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 555655 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 209008 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20391 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10048 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10048 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15293 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152932 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5098 |
| New York (City of), NY Transitional Finance Authority, Subseries 2015 B-1, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 135052 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 252808 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 662301 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15165 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202080 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1217029 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90331 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105930 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25199 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5035 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25267 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40104 |
| New York (City of), NY Transitional Finance Authority, Subseries 2017 C-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202116 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20212 |
| New York (City of), NY Transitional Finance Authority, Subseries 2020 D-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5098 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30586 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15293 |
| New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 227665 |
| New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 510848 |
| New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016-1E, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111305 |
| New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97013 |
| New York (City of), NY Trust for Cultural Resources (The) (The Museum of Modern Art), Series 2016 1E, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45537 |
| New York (City of), NY Trust for Cultural Resources (The) (The Museum of Modern Art), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15023 |
| New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(c)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5006 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30032 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5047 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50670 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20268 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71043 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45401 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65582 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70622 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 197849 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90770 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60697 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 512051 |

---

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

------

#### 149

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | $&nbsp;&nbsp;355 | &nbsp;&nbsp;$359026 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50666 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 211684 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45488 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 141820 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 181426 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70714 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25312 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25239 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 211896 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35303 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 221689 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 548767 |
| New York (State of) Dormitory Authority, Series 2016 D, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60804 |
| New York (State of) Dormitory Authority, Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10119 |
| New York (State of) Dormitory Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 565596 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20021 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10093 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61012 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15249 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10166 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 172805 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 457347 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45716 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 121826 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126712 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 253343 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70895 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35037 |
| New York (State of) Dormitory Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127109 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25026 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45048 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50053 |
| New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61023 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25426 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40682 |
| New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 A, RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20021 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40042 |
| New York (State of) Dormitory Authority (Bidding Group B), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 461818 |
| New York (State of) Dormitory Authority (Columbia University) (Green Bonds), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 472980 |
| New York (State of) Dormitory Authority (Columbia University) (Green Bonds), Series 2016, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25286 |
| New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25253 |
| New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25100 |
| New York (State of) Dormitory Authority (General Purpose), Series 2016 D, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86139 |
| New York (State of) Dormitory Authority (Group B), Series 2016 A, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 269183 |
| New York (State of) Dormitory Authority (New York University), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90791 |
| New York (State of) Dormitory Authority (New York University), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 751174 |
| New York (State of) Dormitory Authority (New York University), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 156135 |
| New York (State of) Dormitory Authority (New York University), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 155944 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20188 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40175 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71484 |
| New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120898 |
| New York (State of) Utility Debt Securitization Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50376 |
| New York State Environmental Facilities Corp., Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10076 |
| New York State Environmental Facilities Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55464 |
| New York State Environmental Facilities Corp. (2010 Master Financing Program) (Green Bonds), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 216786 |

---

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

------

#### 150

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;$55286 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 226762 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70570 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60487 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35282 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10074 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75632 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5042 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 580627 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 225243 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30032 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20044 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15031 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 135265 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 225424 |
| New York State Urban Development Corp., Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 325586 |
| New York State Urban Development Corp., Series 2016, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10011 |
| New York State Urban Development Corp., Series 2016, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60065 |
| New York State Urban Development Corp., Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5011 |
| New York State Urban Development Corp., Series 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45048 |
| New York State Urban Development Corp., Series 2017, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65070 |
| New York State Urban Development Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95100 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80084 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101999 |
| Suffolk (County of), NY Water Authority, Series 2013, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10005 |
| Suffolk (County of), NY Water Authority, Series 2015, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 220104 |
| Triborough Bridge & Tunnel Authority, Series 2008 B-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86778 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70412 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10046 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20093 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 502318 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55029 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 285748 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 300548 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15314 |
| Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56150 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86778 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Subseries 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81673 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 311335 |
| Westchester (County of), NY, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30513 |
| Westchester (County of), NY, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 147506 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40863035 |
| **North Carolina-1.05%** |  |  |  |  |
| Mecklenburg (County of), NC, Series 2013 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 194169 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76095 |
| North Carolina (State of), Series 2013 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45213 |
| North Carolina (State of), Series 2014 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30213 |
| North Carolina (State of), Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 141004 |

---

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

------

#### 151

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **North Carolina-(continued)** |  |  |  |  |
| North Carolina (State of), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;$85399 |
| North Carolina (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 342439 |
| North Carolina (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 478408 |
| North Carolina (State of), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60282 |
| North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85399 |
| North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65305 |
| North Carolina (State of) (Garvee), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 137293 |
| North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30126 |
| North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 217536 |
| North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55496 |
| North Carolina (State of) Medical Care Commission (Deerfield Episcopal Retirement Community), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151378 |
| North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5033 |
| North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130092 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35236 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5034 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 135932 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10069 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110994 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 267345 |
| North Carolina (State of) Turnpike Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70104 |
| Wake (County of), NC, Series 2010 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 |
| Wake (County of), NC, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10146 |
| Wake (County of), NC Industrial Facilities & Pollution Control Financing Authority (Duke Energy Progress, Inc.), Series 2013, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10004 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090744 |
| **North Dakota-0.17%** |  |  |  |  |
| Cass County Joint Water Resource District, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;3.45% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500197 |
| **Ohio-2.18%** |  |  |  |  |
| Allen (County of), OH, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 222447 |
| Butler (County of), OH (UC Health), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 275399 |
| Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)<sup>(c)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 240536 |
| Columbus (City of), OH, Series 2015, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151018 |
| Columbus (City of), OH, Series 2015, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25165 |
| Columbus (City of), OH, Series 2015, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1020771 |
| Columbus (City of), OH, Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10004 |
| Columbus (City of), OH, Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10003 |
| Columbus (City of), OH, Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75017 |
| Columbus (City of), OH, Series 2016-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136290 |
| Columbus (City of), OH, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 506166 |
| Columbus (City of), OH, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20263 |
| Columbus City School District (Construction and Improvement), Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100680 |
| Columbus City School District (Construction and Improvement), Subseries 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25170 |
| Cuyahoga (County of), OH, Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25492 |
| Cuyahoga (County of), OH (Convention Hotel), Series 2014, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 160089 |
| Hamilton (County of), OH, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51059 |
| Hamilton (County of), OH, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 347385 |
| Hamilton (County of), OH, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117481 |
| Hamilton (County of), OH, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96116 |
| Hamilton (County of), OH, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85950 |
| Miami University, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105769 |
| Ohio (State of), Series 2016 S, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90404 |
| Ohio (State of), Series 2016 S, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75337 |

---

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

------

#### 152

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Ohio-(continued)** |  |  |  |  |
| Ohio (State of), Series 2016 S, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5022 |
| Ohio (State of), Series 2016 S, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15067 |
| Ohio (State of), Series 2017 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 213317 |
| Ohio (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50608 |
| Ohio (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50049 |
| Ohio (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15015 |
| Ohio (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10010 |
| Ohio (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50049 |
| Ohio (State of), Series 2019-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 194282 |
| Ohio (State of), Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 116399 |
| Ohio (State of) (Garvee), Series 2016 1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 181472 |
| Ohio (State of) (Garvee), Series 2016-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75581 |
| Ohio (State of) (Garvee), Series 2016-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85662 |
| Ohio (State of) (Garvee), Series 2018-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2026 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107366 |
| Ohio (State of) (Garvee), Series 2018-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110900 |
| Ohio (State of) (Garvee), Series 2018-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201613 |
| Ohio (State of) Water Development Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40264 |
| Ohio (State of) Water Development Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201277 |
| Ohio (State of) Water Development Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30185 |
| Ohio (State of) Water Development Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50294 |
| Ohio (State of) Water Development Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90643 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10072 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91961 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95679 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81743 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75536 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56199 |
| Ohio State University (The), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51063 |
| University of Cincinnati, Series 2016 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125209 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6456548 |
| **Oklahoma-0.54%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86059 |
| Grand River Dam Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10065 |
| Grand River Dam Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76460 |
| Grand River Dam Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30582 |
| Grand River Dam Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86629 |
| Grand River Dam Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122237 |
| Grand River Dam Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 606148 |
| Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45416 |
| Oklahoma (State of) Turnpike Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15004 |
| Oklahoma County Independent School District No. 89, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;1.25% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 478444 |
| Tulsa (County of), OK Industrial Authority (Jenks Public Schools), Series 2015, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25048 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582092 |
| **Oregon-0.59%** |  |  |  |  |
| Clackamas County School District No. 12 North Clackamas, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35141 |
| Deschutes County Hospital Facilities Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60008 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80651 |
| Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110927 |
| Oregon (State of) (Article XI - Q State), Series 2016 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20097 |
| Oregon (State of) (Article XI - Q State), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40190 |
| Oregon (State of) (Article XI-G OHSU), Series 2016 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100808 |
| Oregon (State of) (Seismic), Series 2016 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30146 |
| Oregon (State of) Department of Transportation, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127552 |

---

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

------

#### 153

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Oregon-(continued)** |  |  |  |  |
| Oregon (State of) Facilities Authority, Series 2014, Ref. RB<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;11/15/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;$230109 |
| Oregon (State of) Facilities Authority (Samaritan Health Services), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15055 |
| Oregon (State of) Tri-County Metropolitan Transportation District, Series 2017 A, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 507101 |
| Oregon Health & Science University, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50396 |
| Oregon Health & Science University, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40289 |
| Oregon Health & Science University, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 161092 |
| Oregon Health & Science University, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50323 |
| Portland Community College District, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25211 |
| University of Oregon, Series 2016 A, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60132 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745228 |
| **Pennsylvania-4.35%** |  |  |  |  |
| Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81479 |
| Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76283 |
| Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25420 |
| Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201856 |
| Allegheny (County of), PA, Series 2016 C-76, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 176410 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55516 |
| Allegheny (County of), PA Port Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| Chester (County of), PA, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65457 |
| Chester (County of), PA, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55386 |
| Delaware (County of), PA Authority (Villanova University), Series 2015, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40017 |
| Delaware County Regional Water Quality Control Authority, Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105373 |
| Erie (City & County of), PA Water Authority, Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81617 |
| Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 140865 |
| Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80949 |
| Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 380944 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30144 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005938 |
| Pennsylvania (Commonwealth of), First Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 182646 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101470 |
| Pennsylvania (Commonwealth of), First Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 243209 |
| Pennsylvania (Commonwealth of), Second series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101585 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 304463 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96398 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80678 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35294 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 665470 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 377843 |
| Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151632 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 178003 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 197607 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System Higher Education), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95526 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55278 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Drexel University), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 370740 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 502841 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20118 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66265 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 315941 |

---

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

------

#### 154

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | $&nbsp;&nbsp;125 | &nbsp;&nbsp;$127330 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2016 A, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 442849 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15256 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35228 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014 A, RB<br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 274168 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2014, RB<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76013 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 158296 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45951 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86793 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 234459 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20407 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 265131 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75671 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 172646 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250968 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60408 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 236598 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 256734 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 407753 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 543671 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85555 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 401268 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 155468 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85473 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55247 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102067 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40597 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76595 |
| Pennsylvania State University (The), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 302299 |
| Pennsylvania State University (The), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20259 |
| Pennsylvania State University (The), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15192 |
| Philadelphia (City of), PA, Fourteenth Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 238645 |
| Philadelphia (City of), PA, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15237 |
| Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75843 |
| Philadelphia (City of), PA, Series 2017, Ref. GO Bonds, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20229 |
| Philadelphia (City of), PA, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 232587 |
| Philadelphia (City of), PA, Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25281 |
| Philadelphia (City of), PA (1998 General Ordinance), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10151 |
| Philadelphia School District (The), Series 2016 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35480 |
| Philadelphia School District (The), Series 2016 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65888 |
| Philadelphia School District (The), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25256 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2017 A, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 146987 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12864595 |
| **Rhode Island-0.44%** |  |  |  |  |
| Rhode Island (State of), Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70816 |
| Rhode Island (State of) Turnpike & Bridge Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 330340 |
| Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50369 |
| Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 246784 |
| Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 216566 |
| Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 266899 |
| Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125870 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307644 |
| **South Carolina-1.03%** |  |  |  |  |
| Beaufort County School District, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 |

---

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

------

#### 155

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **South Carolina-(continued)** |  |  |  |  |
| Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | $&nbsp;&nbsp;290 | &nbsp;&nbsp;$296188 |
| Greenville County School District, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 240050 |
| Horry County School District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| South Carolina (State of) Jobs-Economic Development Authority (Carealliance Health Services), Series 2016 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85212 |
| South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 109996 |
| South Carolina (State of) Public Service Authority, Series 2015 E, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2055 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 230073 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 226476 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 140905 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150951 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 155954 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20120 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 241376 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25135 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95485 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 170819 |
| South Carolina (State of) Public Service Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 215983 |
| South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81311 |
| South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25387 |
| South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81170 |
| South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5001 |
| South Carolina (State of) Public Service Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15313 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 135042 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 213542 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036489 |
| **South Dakota-0.01%** |  |  |  |  |
| Rapid City (City of), SD, Series 2018, RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35463 |
| **Tennessee-0.68%** |  |  |  |  |
| Memphis (City of) & Shelby (County of), TN Economic Development Growth Engine Industrial Development Board (Graceland), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25420 |
| Memphis (City of), TN, Series 2015 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 145338 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100912 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25228 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35321 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45250 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5047 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100541 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 116074 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40210 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85424 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds<br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20177 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 191834 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Lipscomb University), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55062 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131101 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100842 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 211714 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151019 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5023 |
| Tennessee (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65802 |

---

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

------

#### 156

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Tennessee-(continued)** |  |  |  |  |
| Tennessee (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | $&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$101221 |
| Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81516 |
| Tennessee Energy Acquisition Corp., Series 2006 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85986 |
| Tennessee Energy Acquisition Corp., Series 2006 B, RB<br>| &nbsp;&nbsp;5.63% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75941 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002003 |
| **Texas-7.42%** |  |  |  |  |
| Aledo Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 500058 |
| Allen Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50031 |
| Austin (City of), TX, Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5093 |
| Austin (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50958 |
| Austin (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15281 |
| Austin (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152780 |
| Austin (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 162895 |
| Austin (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151150 |
| Austin (City of), TX, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40485 |
| Austin (City of), TX, Series 2021, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10186 |
| Austin (City of), TX, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102013 |
| Austin (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81611 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60715 |
| Bexar (County of), TX, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50023 |
| Bexar (County of), TX, Series 2017, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100787 |
| Bexar (County of), TX, Series 2017, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 221732 |
| Bexar (County of), TX, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 503655 |
| Board of Regents of the University of Texas System, Series 2014 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 116516 |
| Board of Regents of the University of Texas System, Series 2016 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 450868 |
| Board of Regents of the University of Texas System, Series 2016 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35462 |
| Board of Regents of the University of Texas System, Series 2016 J, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 410340 |
| Board of Regents of the University of Texas System, Series 2016 J, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126508 |
| Board of Regents of the University of Texas System, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 141846 |
| Board of Regents of the University of Texas System, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10132 |
| Board of Regents of the University of Texas System (Green Bonds), Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 172242 |
| Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2016 A, Ref. RB, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10027 |
| Collin County Community College District, Series 2018, GO Bonds<br>| &nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40011 |
| Collin County Community College District, Series 2018, GO Bonds<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25006 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 275098 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56038 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71322 |
| Dallas (City of), TX, Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 160553 |
| Dallas (City of), TX, Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35034 |
| Dallas (City of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45682 |
| Dallas (City of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50761 |
| Dallas (City of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10149 |
| Dallas (City of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70943 |
| Dallas (City of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35449 |
| Dallas (City of), TX, Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35113 |
| Dallas (City of), TX Area Rapid Transit, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 132219 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163306 |
| Denton (City of), TX, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 188534 |
| Denton (City of), TX, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 198568 |
| Denton (City of), TX, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30523 |
| Denton (County of), TX, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70701 |
| El Paso (City of), TX, Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100685 |
| El Paso (City of), TX, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70362 |
| El Paso (City of), TX, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 160761 |

---

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

------

#### 157

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| El Paso Independent School District, Series 2017, GO Bonds<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$60747 |
| El Paso Independent School District, Series 2017, GO Bonds<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 177178 |
| Harris (County of) & Houston (City of), TX Sports Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25459 |
| Harris (County of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45577 |
| Harris (County of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10123 |
| Harris (County of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136641 |
| Harris (County of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 308625 |
| Harris (County of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 232681 |
| Harris (County of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136531 |
| Harris (County of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85929 |
| Harris (County of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106086 |
| Harris (County of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60583 |
| Harris (County of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 227052 |
| Harris (County of), TX, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91508 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55921 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35455 |
| Harris (County of), TX, Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15232 |
| Harris (County of), TX Flood Control District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81234 |
| Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 132515 |
| Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106902 |
| Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 254445 |
| Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126626 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2016, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10014 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10057 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20106 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66319 |
| Houston (City of), TX, Series 2014, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 135119 |
| Houston (City of), TX, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120000 |
| Houston (City of), TX, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20044 |
| Houston (City of), TX, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86693 |
| Houston (City of), TX, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 249875 |
| Houston (City of), TX, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 388398 |
| Houston (City of), TX, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66092 |
| Houston (City of), TX, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50797 |
| Houston (City of), TX, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5019 |
| Houston (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30595 |
| Houston (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 188246 |
| Houston (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35225 |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 |
| Houston (City of), TX, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 346774 |
| Houston (City of), TX, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60533 |
| Houston (City of), TX, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| Houston (City of), TX, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| Houston (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 509961 |
| Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20043 |
| Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5005 |
| Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10019 |
| Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20019 |
| Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10008 |

---

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

------

#### 158

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10007 |
| Houston Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20011 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 177300 |
| Judson Independent School District, Series 2016, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 180018 |
| Laredo (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2041 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100021 |
| Leander Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10023 |
| Lewisville Independent School District, Series 2016 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35014 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70913 |
| Lone Star College System, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80972 |
| Lone Star College System, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45047 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 241395 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15086 |
| Matagorda County Navigation District No. 1 (Aep Texas Central Co.), Series 2008, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15010 |
| Medina Valley Independent School District, Series 2016, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75023 |
| Mesquite Independent School District, Series 2017 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5020 |
| Montgomery (County of), TX, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| Montgomery (County of), TX, Series 2016, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| New Hope Cultural Education Facilities Finance Corp. (Cardinal Bay, Inc.), Series 2016, RB<sup>(d)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/31/2049 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 91250 |
| North Harris (County of), TX Regional Water Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 246954 |
| North Texas Municipal Water District, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 253613 |
| Pearland (City of), TX, Series 2021 B, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2026 | &nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 |
| Pearland (City of), TX, Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 220360 |
| Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 310296 |
| Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 156607 |
| Permanent University Fund - University of Texas System, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40382 |
| Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10122 |
| San Antonio (City of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 185957 |
| San Antonio (City of), TX, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35178 |
| San Antonio (City of), TX, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122076 |
| San Antonio (City of), TX, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 157632 |
| San Antonio (City of), TX, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 208184 |
| San Antonio (City of), TX, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15076 |
| San Antonio (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60432 |
| San Antonio (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 323517 |
| San Antonio (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106130 |
| San Antonio (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 140748 |
| San Antonio (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85892 |
| San Antonio (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40194 |
| San Antonio (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105449 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131570 |
| San Jacinto Community College District, Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 300066 |
| Spring Independent School District, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10114 |
| Spring Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50195 |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 206077 |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50263 |

---

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

------

#### 159

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$20105 |
| Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 302237 |
| Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111272 |
| Texas (State of), Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 270623 |
| Texas (State of), Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250422 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20045 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20045 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10023 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 260590 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 140309 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30066 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5010 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 400836 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20039 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10020 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10019 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100169 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25042 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5008 |
| Texas (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5084 |
| Texas (State of), Series 2018 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35590 |
| Texas (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 254217 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70159 |
| Texas (State of) Transportation Commission State Highway Fund, Series 2015, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 360947 |
| Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 147429 |
| Texas (State of) Transportation Commission State Highway Fund, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5071 |
| Texas (State of) Water Development Board, Series 2016, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120886 |
| Texas (State of) Water Development Board, Series 2016, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130818 |
| Texas (State of) Water Development Board, Series 2016, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40226 |
| Texas (State of) Water Development Board, Series 2016, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35144 |
| Texas (State of) Water Development Board, Series 2016, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25080 |
| Texas (State of) Water Development Board, Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10033 |
| Texas (State of) Water Development Board, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95330 |
| Texas (State of) Water Development Board, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 137429 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25300 |
| Texas (State of) Water Development Board, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 177099 |
| Texas A&M University, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25146 |
| Texas A&M University, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100324 |
| Texas A&M University, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70230 |
| Texas A&M University, Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 140817 |
| Texas State University Board of Regents, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 220219 |
| Texas State University Board of Regents, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25025 |
| Texas Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10180 |
| Trinity River Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 505873 |
| University of Houston, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25052 |
| University of Houston, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75120 |
| University of Houston, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40063 |
| University of Houston, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95137 |
| University of Houston, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20027 |
| University of Houston, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20026 |
| University of Houston, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70085 |
| University of Houston, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 400359 |
| University of Houston, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150089 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21934911 |

---

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

------

#### 160

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Utah-0.64%** |  |  |  |  |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5047 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 227127 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 116379 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 290997 |
| Utah (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5047 |
| Utah (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 297798 |
| Utah (State of), Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 247324 |
| Utah (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 116091 |
| Utah (State of) Transit Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 205342 |
| Utah (State of) Transit Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 180110 |
| Utah (State of) Transit Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45189 |
| Utah (State of) Transit Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95421 |
| Utah (State of) Transit Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35154 |
| Utah Municipal Power Agency, Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25113 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892139 |
| **Vermont-0.11%** |  |  |  |  |
| Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center (The)), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10049 |
| Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5020 |
| Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 235822 |
| Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical Center), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80265 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331156 |
| **Virginia-1.31%** |  |  |  |  |
| Arlington (County of), VA, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50662 |
| Chesapeake Bay Bridge & Tunnel District, Series 2016, RB, (INS - AGI)<sup>(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105409 |
| Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100232 |
| Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/13/2026 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 405578 |
| Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75106 |
| Fairfax (County of), VA, Series 2016 A, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/13/2026 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125181 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5056 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111862 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125664 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90475 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20111 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15083 |
| Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 156866 |
| Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40481 |
| Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 419996 |
| Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40481 |
| Hampton Roads Sanitation District, Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15181 |
| Henrico (County of), VA, Series 2016, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75349 |
| Norfolk (City of), VA, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75826 |
| Richmond (City of), VA, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2037 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 250175 |
| Stafford (County of), VA Economic Development Authority (Mary Washington Healthcare Obligated Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25154 |
| Stafford County Economic Development Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25146 |
| Virginia (Commonwealth of), Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75536 |
| Virginia (Commonwealth of) College Building Authority, Series 2015 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25010 |

---

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

------

#### 161

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Virginia-(continued)** |  |  |  |  |
| Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2026 | $&nbsp;&nbsp;135 | &nbsp;&nbsp;$135389 |
| Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101296 |
| Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65830 |
| Virginia (Commonwealth of) Public Building Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 222630 |
| Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80956 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75897 |
| Virginia (Commonwealth of) Public Building Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55657 |
| Virginia (Commonwealth of) Transportation Board, Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 233372 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85496 |
| Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2026 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 225233 |
| Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66006 |
| Virginia Resources Authority Clean Water Revolving Fund, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71177 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874559 |
| **Washington-3.71%** |  |  |  |  |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152457 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 183471 |
| Energy Northwest, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 121162 |
| Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106017 |
| Energy Northwest (Bonneville Power Administration), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201931 |
| Energy Northwest (No. 1), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 348342 |
| Energy Northwest (No. 1), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65630 |
| Energy Northwest (No. 1), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 297857 |
| Energy Northwest (No. 1), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30291 |
| Energy Northwest (No. 3), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20194 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 178787 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2025, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25541 |
| King (County of), WA, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 265067 |
| King (County of), WA, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60015 |
| King (County of), WA, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5048 |
| King (County of), WA, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 121171 |
| King (County of), WA, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130661 |
| King (County of), WA, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20106 |
| King (County of), WA Public Hospital District No. 1 (Valley Medical Center), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15165 |
| King County School District No. 401 Highline, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50067 |
| King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 245285 |
| King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 182289 |
| King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20434 |
| King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122561 |
| King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80051 |
| King County School District No. 401 Highline, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105751 |
| King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56186 |
| King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66431 |

---

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

------

#### 162

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |
| King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | $&nbsp;&nbsp;350 | &nbsp;&nbsp;$357681 |
| King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 567055 |
| King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 155019 |
| King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65234 |
| King County School District No. 411 Issaquah, Series 2016, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20070 |
| King County School District No. 411 Issaquah, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 704364 |
| King County School District No. 411 Issaquah, Series 2022, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 316732 |
| King County School District No. 414 Lake Washington, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20048 |
| North Thurston Public Schools, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 148138 |
| Pierce County School District No. 10 Tacoma, Series 2024, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30629 |
| Seattle (City of), WA, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131246 |
| Seattle (Port of), WA, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10015 |
| Seattle (Port of), WA, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25035 |
| Seattle (Port of), WA, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35049 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30350 |
| University of Washington, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201826 |
| Washington (State of), Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 217612 |
| Washington (State of), Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91093 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60474 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86047 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25308 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 217630 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136640 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 116363 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25289 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111320 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20246 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5059 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75867 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 146628 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30323 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60614 |
| Washington (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40480 |
| Washington (State of), Series 2017-A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60734 |
| Washington (State of), Series 2020 R, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45430 |
| Washington (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35420 |
| Washington (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45430 |
| Washington (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75716 |
| Washington (State of), Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106260 |
| Washington (State of), Series R-2017A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 156859 |
| Washington (State of), Series R-2017A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 425172 |
| Washington (State of), Series R-2017A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35431 |
| Washington (State of), Series R-2017A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80978 |
| Washington (State of), Series R-2017A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 359209 |
| Washington (State of), Series R-2017A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131503 |
| Washington (State of), Series R-2017A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202246 |
| Washington (State of), Series R-2018D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10120 |
| Washington (State of), Series R-2020C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 181719 |
| Washington (State of), Series R-2022D, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 377355 |

---

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

------

#### 163

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |
| Washington (State of), Series R-2024C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$15180 |
| Washington (State of) (Bid Group 1), Series R-2022C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 764773 |
| Washington (State of) Health Care Facilities Authority (Central Washington Health Services Association), Series 2015, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175022 |
| Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55051 |
| Washington (State of) Higher Education Facilities Authority (Whitworth University), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70034 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10973094 |
| **West Virginia-0.03%** |  |  |  |  |
| West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86178 |
| **Wisconsin-1.36%** |  |  |  |  |
| Wisconsin (State of), Series 2016-2, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40183 |
| Wisconsin (State of), Series 2016-2, Ref. GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15069 |
| Wisconsin (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86639 |
| Wisconsin (State of), Series 2017-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 540220 |
| Wisconsin (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25074 |
| Wisconsin (State of), Series 2018 A, GO Bonds<sup>(a)(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 300887 |
| Wisconsin (State of), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 226558 |
| Wisconsin (State of), Series 2019 A, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95452 |
| Wisconsin (State of), Series 2021 1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125589 |
| Wisconsin (State of), Series 2021-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45212 |
| Wisconsin (State of), Series 2024-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5024 |
| Wisconsin (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30141 |
| Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111021 |
| Wisconsin (State of) Department of Transportation, Series 2017 2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40371 |
| Wisconsin (State of) Department of Transportation, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80743 |
| Wisconsin (State of) Health & Educational Facilities Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 216578 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB<sup>(a)(b)</sup><br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25049 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 135284 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50078 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 371153 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125594 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50261 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40208 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65333 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 271358 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70156 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 145626 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Health Credit Group), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20359 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 165670 |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), Series 2013, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200060 |

---

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

------

#### 164

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Wisconsin-(continued)** |  |  |  |  |  |
| Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;$90841 |
| Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. - Central District Development), Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2041 |  | &nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200178 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011969 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-96.62%<br>(Cost $284,842,829) | TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-96.62%<br>(Cost $284,842,829) | TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-96.62%<br>(Cost $284,842,829) | TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-96.62%<br>(Cost $284,842,829) | TOTAL INVESTMENTS IN SECURITIES<sup>(e)</sup>-96.62%<br>(Cost $284,842,829) | &nbsp;&nbsp;&nbsp;&nbsp;285511587 |
| OTHER ASSETS LESS LIABILITIES-3.38% | OTHER ASSETS LESS LIABILITIES-3.38% | OTHER ASSETS LESS LIABILITIES-3.38% | OTHER ASSETS LESS LIABILITIES-3.38% | OTHER ASSETS LESS LIABILITIES-3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9973934 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp;$295485521 |

---

&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 |
| 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;

---

| | |
|:---|:---|
| 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 February 28, 2026 represented less than 1% of the Fund's Net Assets. |
| <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 obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each. |

---

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

------

#### 165

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)
February 28, 2026

(Unaudited)

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Municipal Obligations-98.25%** |  |  |  |  |
| **Alabama-0.45%** |  |  |  |  |
| Alabama (State of), Series 2016 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;$65760 |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10428 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 470925 |
| Alabama Highway Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52119 |
| Birmingham (City of), AL Water Works Board (The), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10033 |
| Birmingham (City of), AL Water Works Board (The), Series 2016 B, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25389 |
| Birmingham (City of), AL Water Works Board (The), Series 2016 B, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76780 |
| Birmingham (City of), AL Water Works Board (The), Series 2016 B, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117730 |
| Jefferson (County of), AL, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10281 |
| Jefferson (County of), AL, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10109 |
| Jefferson (County of), AL, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95926 |
| Jefferson (County of), AL, Series 2017, Ref. Revenue Wts.<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154166 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46804 |
| Tuscaloosa (City of), AL Board of Education, Series 2017, Revenue Wts.<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 284800 |
| Tuscaloosa County Board of Education, Series 2017, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15392 |
| UAB Medicine Finance Authority, Series 2017 B-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5073 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451715 |
| **Alaska-0.23%** |  |  |  |  |
| Alaska (State of) Municipal Bond Bank Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 425188 |
| Alaska (State of) Municipal Bond Bank Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20733 |
| North Slope (Borough of), AK, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/30/2027 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 223029 |
| North Slope (Borough of), AK, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51867 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720817 |
| **Arizona-1.69%** |  |  |  |  |
| Arizona (State of), Series 2019 A, Ref. COP<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125401 |
| Arizona (State of) Department of Transportation, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10095 |
| Arizona (State of) Department of Transportation, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 290816 |
| Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2022 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125019 |
| Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119242 |
| Arizona Water Infrastructure Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114969 |
| Chandler (City of), AZ, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 145408 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 470196 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66485 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51119 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 206400 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81799 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 138115 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127732 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 362529 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127374 |
| Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5182 |

---

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

------

#### 166

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Arizona-(continued)** |  |  |  |  |
| Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$46642 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135022 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36352 |
| Mesa (City of), AZ, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66550 |
| Phoenix (City of), AZ, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15137 |
| Phoenix (City of), AZ, Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31159 |
| Phoenix Civic Improvement Corp., Series 2017 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 217411 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40353 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 191824 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57038 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67387 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25902 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77569 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 370911 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 171025 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 389052 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107569 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20489 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15363 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46041 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112480 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 193934 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50932 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71667 |
| Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127978 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10238 |
| University of Arizona Board of Regents, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 148421 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5412327 |
| **California-17.57%** |  |  |  |  |
| Adelanto Public Utility Authority (Utility System), Series 2017 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 185224 |
| Anaheim (City of), CA Housing & Public Improvements Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 681793 |
| Anaheim (City of), CA Public Financing Authority (Anaheim Public Improvements), Series 2019 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 336166 |
| Anaheim (City of), CA Public Financing Authority (Anaheim Public Improvements), Series 2019, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56977 |
| Antelope Valley Community College District, Series 2017 A, Ref. GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112619 |
| Bay Area Toll Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 259279 |
| Bay Area Toll Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15534 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108565 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119093 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153198 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117358 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 219112 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80127 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25342 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25233 |
| California (State of), Series 2003, GO Bonds, (INS - AMBAC)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 149031 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96408 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5074 |
| California (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 168166 |
| California (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114673 |
| California (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 291353 |
| California (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 199003 |
| California (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83173 |
| California (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154094 |
| California (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36617 |

---

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

------

#### 167

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;$72922 |
| California (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 162837 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 351885 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 252056 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106294 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 276517 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 583327 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114673 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125097 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 367435 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 629944 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67680 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 251566 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89028 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 164367 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 171363 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87188 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36310 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 271280 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 492100 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35738 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88548 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98285 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20801 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81095 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5078 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62288 |
| California (State of), Series 2018, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 631294 |
| California (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 236484 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 485445 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 262131 |
| California (State of), Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 294291 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 373409 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15308 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78828 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73573 |
| California (State of), Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5243 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 261502 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 532007 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 335528 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 800705 |
| California (State of), Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36786 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 346009 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 195949 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 194929 |
| California (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36610 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 162132 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 152036 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41738 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 139227 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41840 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 224344 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114781 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31380 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47297 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154554 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73042 |
| California (State of) (Bid Group C), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 268265 |

---

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

------

#### 168

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Department of Water Resources, Series 2017 AX, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | $&nbsp;&nbsp;135 | &nbsp;&nbsp;$142662 |
| California (State of) Department of Water Resources, Series 2017 AX, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 210316 |
| California (State of) Department of Water Resources, Series 2019 BA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121527 |
| California (State of) Department of Water Resources, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68689 |
| California (State of) Department of Water Resources (Central Valley), Series 2016 AW, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25593 |
| California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100223 |
| California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 221243 |
| California (State of) Department of Water Resources (Central Valley), Series 2017 AX, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110280 |
| California (State of) Department of Water Resources (Central Valley), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5284 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 169081 |
| California (State of) Educational Facilities Authority (Loma Linda University), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 252900 |
| California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 188740 |
| California (State of) Health Facilities Financing Authority (Children's Hospital Los Angeles), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60542 |
| California (State of) Health Facilities Financing Authority (Children's Hospital Los Angeles), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2047 | &nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 616286 |
| California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 387120 |
| California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5098 |
| California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 831122 |
| California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10079 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15788 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 279063 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63152 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 236534 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 152249 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89127 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68058 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115002 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166948 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124992 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83746 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125406 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 245206 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52061 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51946 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5185 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 274424 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202305 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83746 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 146283 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 359983 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 218657 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 233758 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 475418 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15533 |

---

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

------

#### 169

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | $&nbsp;&nbsp;215 | &nbsp;&nbsp;$222235 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10348 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129333 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46538 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 232531 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 395184 |
| California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25356 |
| California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15137 |
| California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2047 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 276063 |
| California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5056 |
| California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase I), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46232 |
| California (State of) Public Works Board, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89043 |
| California (State of) Public Works Board, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61657 |
| California (State of) Public Works Board, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 518808 |
| California (State of) Public Works Board, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46917 |
| California (State of) Public Works Board (Various Capital), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40704 |
| California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 356218 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26251 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5213 |
| California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10525 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31353 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10366 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 171022 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72533 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46577 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 475970 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 165534 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82726 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62020 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77518 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67097 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 123710 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61751 |
| California State University, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 281360 |
| California State University, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121239 |
| Ceres Unified School District, Series 2017, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2051 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 273026 |
| Cerritos Community College District (Election of 2012), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55209 |
| Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100434 |
| Chabot-Las Positas Community College District (Election of 2016), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135985 |
| Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57056 |
| Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57438 |
| Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36551 |
| Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62659 |
| Coast Community College District (Election of 2012), Series 2017 D, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31330 |
| Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10334 |
| Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103094 |
| Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46401 |

---

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

------

#### 170

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Desert Community College District, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | $&nbsp;&nbsp;110 | &nbsp;&nbsp;$114697 |
| Desert Community College District, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10089 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10405 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26004 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 187030 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77838 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77773 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 155422 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93143 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5167 |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26032 |
| East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5093 |
| Eastern Municipal Water District Financing Authority, Series 2017 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 244304 |
| El Monte Union High School District, Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 109515 |
| Etiwanda School District (Election of 2016), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2046 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 182124 |
| Fairfield (City of), CA, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86637 |
| Fontana Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72876 |
| Gilroy Unified School District (Elections of 2008 & 2016), Series 2019, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 14575 |
| Glendale Community College District (Election of 2016), Series 2017 A, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130974 |
| Hacienda La Puente Unified School District (Election of 2016), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118440 |
| Hartnell Community College District (Election of 2002), Series 2009 D, GO Bonds<br>| &nbsp;&nbsp;7.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64071 |
| Hartnell Community College District (Election of 2016), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60261 |
| Hartnell Community College District (Election of 2016), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 97524 |
| Hayward Area Recreation & Park District, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5157 |
| Hayward Unified School District, Series 2022, COP<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152104 |
| Imperial Irrigation District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 236747 |
| Jurupa Unified School District, Series 2017 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80376 |
| Lodi Unified School District (Election of 2016), Series 2017, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20127 |
| Long Beach (City of), CA, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111774 |
| Long Beach Community College District, Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57588 |
| Los Angeles (City of), CA, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62404 |
| Los Angeles (City of), CA, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130065 |
| Los Angeles (City of), CA, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26013 |
| Los Angeles (City of), CA, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 437019 |
| Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103954 |
| Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129899 |
| Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77904 |
| Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2047 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 417322 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114126 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25938 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 510455 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66317 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163111 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 364513 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20357 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45737 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101349 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151877 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30677 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86927 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 229962 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 209420 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 387946 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25507 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30583 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25447 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45897 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 191948 |

---

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

------

#### 171

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | $&nbsp;&nbsp;150 | &nbsp;&nbsp;$155634 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97266 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72629 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 134795 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46690 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41502 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62253 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 234618 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88655 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10423 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20750 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 269285 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 395233 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 192684 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46993 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 224190 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99085 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57325 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31247 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41635 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62430 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31125 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15547 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 150178 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77502 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 134103 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92392 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52214 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 338499 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 176371 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31084 |
| Los Angeles Community College District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 481179 |
| Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 298122 |
| Los Angeles Community College District (Election of 2016), Series 2024 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47072 |
| Los Angeles Community College District (Election of 2022), Series 2023 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 407956 |
| Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 257754 |
| Los Angeles Unified School District, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 307986 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 219244 |
| Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 318426 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93962 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52201 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 365407 |
| Los Angeles Unified School District (Sustainability Bonds), Series 2022 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109622 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135722 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156603 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114842 |
| Los Rios Community College District, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62788 |
| Los Rios Community College District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10465 |
| Marin Community College District (Election of 2016), Series 2019 B, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30622 |
| Metropolitan Water District of Southern California, Series 2011 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94772 |
| Metropolitan Water District of Southern California, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;2.50% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 115388 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 167086 |
| Metropolitan Water District of Southern California, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104429 |
| Metropolitan Water District of Southern California, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5067 |
| Municipal Improvement Corp. of Los Angeles (Real Property), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 224268 |
| Oakland Unified School District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111264 |
| Orange (County of), CA Sanitation District, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87538 |
| Orange (County of), CA Sanitation District, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56555 |

---

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

------

#### 172

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Orange (County of), CA Water District, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$20076 |
| Palomar Community College District (Election of 2006), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 230294 |
| Pittsburg Successor Agency Redevelopment Agency, Series 2016 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30407 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50296 |
| Richmond (City of), CA, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153240 |
| Riverside (County of), CA Public Financing Authority (Desert Communities and Interstate 215 Corridor), Series 2017 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 221883 |
| Riverside (County of), CA Redevelopment Successor Agency, Series 2017 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50312 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41505 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73894 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110843 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94920 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 194984 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100003 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105150 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73506 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68050 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 214274 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15653 |
| Riverside Community College District (Election of 2024), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26133 |
| Roseville (City of), CA, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75604 |
| Roseville Natural Gas Financing Authority, Series 2007, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5115 |
| Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89058 |
| Sacramento (City of), CA Municipal Utility District, Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47148 |
| Sacramento (City of), CA Municipal Utility District, Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15716 |
| Sacramento (City of), CA Municipal Utility District, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47148 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121466 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47530 |
| San Bernardino (City of), CA, Series 2019 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36682 |
| San Bernardino City Unified School District (Election of 2012), Series 2017 D, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40226 |
| San Bernardino Community College District, Series 2017 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122463 |
| San Bernardino Community College District, Series 2019 A, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36115 |
| San Bernardino Community College District (Election of 2018), Series 2019 A, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/16/2027 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 242484 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45275 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40501 |
| San Diego (County of), CA Regional Airport Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 204986 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20725 |
| San Diego Community College District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41882 |
| San Diego Community College District (Election of 2002), Series 2009, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26459 |
| San Diego Unified School District (Election of 1998), Series 2005 E-2, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89356 |
| San Diego Unified School District (Election of 1998), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99066 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62568 |
| San Francisco (City & County of), CA, Series 2022-R1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20833 |
| San Francisco (City & County of), CA, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31249 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41391 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 517367 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67260 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112164 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68526 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68526 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 278961 |

---

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

------

#### 173

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10501 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36805 |
| San Francisco (City of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68081 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10203 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 142670 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 211178 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85365 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55163 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 145196 |
| San Francisco Bay Area Rapid Transit District, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20794 |
| San Francisco Bay Area Rapid Transit District, Series 2019 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65955 |
| San Francisco Bay Area Rapid Transit District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15695 |
| San Francisco Bay Area Rapid Transit District (Election of 2004) (Green Bonds), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 517475 |
| San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5021 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91625 |
| San Francisco Unified School District (Election of 2024, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15576 |
| San Jose (City of), CA, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40752 |
| San Jose (City of), CA, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2047 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 303444 |
| San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 145182 |
| San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 274406 |
| San Jose (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78185 |
| San Jose Unified School District (Election of 2012), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150634 |
| San Jose Unified School District (Election of 2024), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67918 |
| San Juan Unified School District, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47040 |
| Santa Ana College Improvement District #1 Rancho Santiago Community College District (Election of 2012), Series 2017 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10064 |
| Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 349075 |
| Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10407 |
| Santa Clara (County of), CA, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51985 |
| Santa Clara (County of), CA (Election of 2008), Series 2022 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20884 |
| Santa Clara Unified School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66957 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 517031 |
| Santa Monica (City of), CA Public Financing Authority (Green Bonds), Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 19700 |
| Solano County Community College District (Election of 2012), Series 2017 C, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94340 |
| Southern California Public Power Authority (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67494 |
| Turlock (City of), CA Irrigation District, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71118 |
| Turlock (City of), CA Irrigation District, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131287 |
| University of California, Series 2017 AV, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5168 |
| University of California, Series 2017 AV, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128844 |
| University of California, Series 2017 AV, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 435710 |
| University of California, Series 2017 AV, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 591177 |
| University of California, Series 2017 AY, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124355 |
| University of California, Series 2017 AY, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82879 |
| University of California, Series 2017 AY, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 181255 |
| University of California, Series 2017 AY, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88019 |
| University of California, Series 2017 AY, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62113 |
| University of California, Series 2017 AY, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 224173 |
| University of California, Series 2017 AY, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 223845 |
| University of California, Series 2017 AY, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71118 |
| University of California, Series 2017 AY, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30923 |
| University of California, Series 2017 AY, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15439 |
| University of California, Series 2017 M, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5145 |
| University of California, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41297 |
| University of California, Series 2017, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15298 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66590 |

---

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

------

#### 174

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| University of California, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$46633 |
| University of California, Series 2022 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5181 |
| University of California, Series 2023 BM, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10363 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113992 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129536 |
| University of California, Series 2024 BX, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25907 |
| University of California, Series 2025 BZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 186532 |
| University of California (Limited), Series 2017 M, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51775 |
| University of California (Limited), Series 2017 M, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 175997 |
| University of California (Limited), Series 2017 M, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62098 |
| University of California (Limited), Series 2017 M, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72398 |
| University of California (Limited), Series 2017 M, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10333 |
| University of California (Limited), Series 2017 M, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5161 |
| University of California (Limited), Series 2017 M, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15458 |
| University of California (Limited), Series 2017 M, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 481732 |
| University of California (Limited), Series 2017 M, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 355840 |
| University of California (Limited), Series 2017 M, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101405 |
| Vernon (City of), CA, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166145 |
| West Valley-Mission Community College District, Series 2017 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114503 |
| West Valley-Mission Community College District, Series 2017 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46009 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56288621 |
| **Colorado-1.51%** |  |  |  |  |
| Adams & Weld Counties School District No. 27J Brighton, Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 241643 |
| Adams 12 Five Star Schools, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61306 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42067 |
| Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 158597 |
| Board of Governors of Colorado State University System, Series 2017 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60389 |
| Colorado (State of), Series 2017 J, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 143801 |
| Colorado (State of), Series 2017 J, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 240334 |
| Colorado (State of), Series 2018 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42009 |
| Colorado (State of), Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 194291 |
| Colorado (State of), Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 325568 |
| Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 254503 |
| Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 182674 |
| Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2047 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 166570 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41442 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61339 |
| Colorado (State of) Regional Transportation District, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99258 |
| Colorado (State of) Regional Transportation District, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 193369 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 236029 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 281741 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89167 |
| Colorado School of Mines, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25316 |
| Colorado Springs (City of), CO, Series 2017 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102941 |
| Denver (City & County of), CO, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73024 |
| Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41676 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130946 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78503 |
| Denver (City & County of), CO Board of Water Commissioners (The), Series 2017 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/15/2042 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201545 |
| Denver (City & County of), CO Board of Water Commissioners (The) (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2047 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 183004 |
| Denver City & County School District No. 1, Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71475 |
| Denver City & County School District No. 1, Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87875 |

---

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

------

#### 175

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Colorado-(continued)** |  |  |  |  |
| Denver City & County School District No. 1, Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10509 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 163008 |
| E-470 Public Highway Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67784 |
| Metro Water Recovery, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30934 |
| Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111742 |
| Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95929 |
| St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 184136 |
| University of Colorado, Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62129 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4838573 |
| **Connecticut-1.84%** |  |  |  |  |
| Bridgeport (City of), CT, Series 2017 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 353388 |
| Connecticut (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70407 |
| Connecticut (State of), Series 2016 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 183092 |
| Connecticut (State of), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5068 |
| Connecticut (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67124 |
| Connecticut (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 227444 |
| Connecticut (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15441 |
| Connecticut (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25680 |
| Connecticut (State of), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 183016 |
| Connecticut (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119310 |
| Connecticut (State of), Series 2018 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61960 |
| Connecticut (State of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 297739 |
| Connecticut (State of), Series 2018 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135811 |
| Connecticut (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103267 |
| Connecticut (State of), Series 2019 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61671 |
| Connecticut (State of), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124060 |
| Connecticut (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106766 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 144737 |
| Connecticut (State of), Series 2021 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73372 |
| Connecticut (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96597 |
| Connecticut (State of), Series 2022 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 548467 |
| Connecticut (State of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 157393 |
| Connecticut (State of), Series 2022 G, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 215104 |
| Connecticut (State of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135353 |
| Connecticut (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 143554 |
| Connecticut (State of), Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 140215 |
| Connecticut (State of), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83090 |
| Connecticut (State of), Series 2024 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 162639 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21015 |
| Connecticut (State of), Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15635 |
| Connecticut (State of) (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51641 |
| Connecticut (State of) (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56756 |
| Connecticut (State of) (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56715 |
| Connecticut (State of) (Green Bonds), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51662 |
| Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20798 |
| Connecticut (State of) (Green Bonds), Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20583 |
| Connecticut (State of) (Social Bonds), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 230425 |
| Connecticut (State of) (Transportation Infrastructure), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101367 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66570 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5183 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5193 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72704 |
| Connecticut (State of) (Transportation Infrastructure), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10386 |
| Connecticut (State of) Health & Educational Facilities Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 228963 |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 1997 S, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 181831 |
| University of Connecticut, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 302152 |

---

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

------

#### 176

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Connecticut-(continued)** |  |  |  |  |
| University of Connecticut, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;$81955 |
| University of Connecticut, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102374 |
| University of Connecticut, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30704 |
| University of Connecticut, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15362 |
| University of Connecticut, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10227 |
| University of Connecticut, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2037 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102037 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5884003 |
| **Delaware-0.15%** |  |  |  |  |
| Delaware (State of), Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 133173 |
| Delaware (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128360 |
| Delaware (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76830 |
| Delaware (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31026 |
| Delaware (State of) Health Facilities Authority (Bayhealth Medical Center), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10033 |
| Delaware (State of) Transportation Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15140 |
| Delaware (State of) Transportation Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88329 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482891 |
| **District of Columbia-2.54%** |  |  |  |  |
| District of Columbia, Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40272 |
| District of Columbia, Series 2016 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76607 |
| District of Columbia, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93149 |
| District of Columbia, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 155152 |
| District of Columbia, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51682 |
| District of Columbia, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 614526 |
| District of Columbia, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154718 |
| District of Columbia, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154539 |
| District of Columbia, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128693 |
| District of Columbia, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20201 |
| District of Columbia, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 595477 |
| District of Columbia, Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93272 |
| District of Columbia, Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 186299 |
| District of Columbia, Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93091 |
| District of Columbia, Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 139542 |
| District of Columbia, Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72297 |
| District of Columbia, Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122053 |
| District of Columbia, Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20316 |
| District of Columbia, Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76875 |
| District of Columbia, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61653 |
| District of Columbia, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92241 |
| District of Columbia, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102380 |
| District of Columbia, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10221 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 460714 |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82341 |
| District of Columbia, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 151665 |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97779 |
| District of Columbia, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52298 |
| District of Columbia, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115270 |
| District of Columbia, Series 2021 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66741 |
| District of Columbia, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 173370 |
| District of Columbia, Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57000 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46853 |
| District of Columbia, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136595 |
| District of Columbia, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93272 |
| District of Columbia (Georgetown University), Series 2017, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10304 |
| District of Columbia (Georgetown University), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41110 |
| District of Columbia (Georgetown University), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97564 |
| District of Columbia (Georgetown University), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 133367 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67988 |

---

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

------

#### 177

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| Washington Convention & Sports Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5212 |
| Washington Convention & Sports Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20796 |
| Washington Convention & Sports Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98545 |
| Washington Metropolitan Area Transit Authority, Series 2017 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5171 |
| Washington Metropolitan Area Transit Authority, Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51570 |
| Washington Metropolitan Area Transit Authority, Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10306 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41508 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 155289 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 589448 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 206542 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10314 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30917 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 617651 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 616753 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92363 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 427817 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25977 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77930 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8123596 |
| **Florida-3.45%** |  |  |  |  |
| Brevard County School District, Series 2017 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 237817 |
| Brevard County School District, Series 2017 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 232540 |
| Brevard County School District, Series 2024 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 337119 |
| Broward (County of), FL School District, Series 2019 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 243134 |
| Broward (County of), FL School District, Series 2025 A, Ref. COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15549 |
| Central Florida Expressway Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10083 |
| Central Florida Expressway Authority, Series 2017, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 212782 |
| Central Florida Expressway Authority, Series 2017, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 550118 |
| Central Florida Expressway Authority, Series 2017, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114175 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41481 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108901 |
| East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 249774 |
| Escambia (County of), FL, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102447 |
| Escambia (County of), FL, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40570 |
| Florida (State of), Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40366 |
| Florida (State of), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45420 |
| Florida (State of), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129812 |
| Florida (State of), Series 2017 G, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5121 |
| Florida (State of), Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103611 |
| Florida (State of), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 290110 |
| Florida (State of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15542 |
| Florida (State of) (Capital Outlay), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10199 |
| Florida (State of) (Capital Outlay), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 203670 |
| Florida (State of) (Capital Outlay), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10122 |
| Florida (State of) Department of Management Services, Series 2018 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 72243 |
| Florida (State of) Department of Transportation, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 197340 |
| Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2047 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 107129 |
| Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30440 |
| Florida (State of) Municipal Power Agency, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83334 |
| Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 165534 |
| Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107487 |
| Florida Development Finance Corp. (Mater Academy), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25204 |
| Florida Insurance Assistance Interlocal Agency Inc, Series 2023 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5065 |
| Fort Lauderdale (City of), FL, Series 2018, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 156057 |
| Gainesville (City of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10439 |
| Gainesville (City of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26079 |
| Gainesville (City of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114632 |

---

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

------

#### 178

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Florida-(continued)** |  |  |  |  |
| Gainesville (City of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | $&nbsp;&nbsp;155 | &nbsp;&nbsp;$161245 |
| Gainesville (City of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 161086 |
| Gainesville (City of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 217992 |
| Gainesville (City of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98495 |
| Gainesville (City of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51771 |
| Gainesville (City of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 123985 |
| Hillsborough (County of), FL School Board, Series 2020, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36202 |
| JEA Electric System, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20837 |
| JEA Electric System, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 427101 |
| JEA Electric System, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 182040 |
| JEA Electric System, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166239 |
| JEA Electric System, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5185 |
| JEA Electric System, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10123 |
| JEA Electric System, Series 2024-3, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88718 |
| JEA Water & Sewer System, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41800 |
| JEA Water & Sewer System, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114938 |
| JEA Water & Sewer System, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36449 |
| Miami (City of) & Dade (County of), FL Health Facilities Authority (Nicklaus Children's Hospital), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50555 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2016 B, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20226 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2025 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20656 |
| Miami Beach (City of), FL, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 157080 |
| Miami-Dade (County of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 172884 |
| Miami-Dade (County of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101347 |
| Miami-Dade (County of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15182 |
| Miami-Dade (County of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55588 |
| Miami-Dade (County of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 141284 |
| Miami-Dade (County of), FL, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101502 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88894 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26090 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127357 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 162714 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 167478 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35426 |
| Miami-Dade (County of), FL, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5120 |
| Miami-Dade (County of), FL, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62557 |
| Miami-Dade (County of), FL, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20773 |
| Orange (County of), FL Convention Center, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67801 |
| Orange (County of), FL School Board, Series 2016 B, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 313458 |
| Orange (County of), FL School Board, Series 2017, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108965 |
| Orlando (City of), FL Utilities Commission, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 224574 |
| Palm Beach County School District, Series 2017 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 410757 |
| Palm Beach County School District, Series 2025 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51995 |
| Pinellas (County of), FL School Board, Series 2017 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30591 |
| Polk County School District, Series 2020 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153373 |
| Reedy Creek Improvement District, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 204947 |
| South Broward Hospital District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101404 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25944 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 134959 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 145054 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96387 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10325 |

---

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

------

#### 179

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Florida-(continued)** |  |  |  |  |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | $&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$102889 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 224976 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45588 |
| Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 557074 |
| Tampa Bay (City of), FL Water, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125229 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11064655 |
| **Georgia-1.73%** |  |  |  |  |
| Atlanta (City of), GA, Series 2001 A, RB, (INS - NATL)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36363 |
| Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122041 |
| Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10480 |
| Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 178162 |
| Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125761 |
| Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 172922 |
| Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141481 |
| Atlanta (City of), GA, Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57641 |
| Atlanta (City of), GA, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25355 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141504 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 172922 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52401 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110041 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136241 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 188642 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62881 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 146721 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156867 |
| Atlanta (City of), GA, Series 2018, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68121 |
| Atlanta (City of), GA, Series 2018, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99561 |
| Atlanta (City of), GA, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 171219 |
| Cherokee County Board of Education, Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87261 |
| Clark County School District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 297036 |
| Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2017, RAC<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30385 |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55674 |
| Georgia (State of), Series 2016 C-1, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 115809 |
| Georgia (State of), Series 2016 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112400 |
| Georgia (State of), Series 2016 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163892 |
| Georgia (State of), Series 2016 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 138158 |
| Georgia (State of), Series 2016 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 199812 |
| Georgia (State of), Series 2017 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107813 |
| Georgia (State of), Series 2017 A-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92445 |
| Georgia (State of), Series 2017 A-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25671 |
| Georgia (State of), Series 2017 A-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20530 |
| Georgia (State of), Series 2017 A-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66674 |
| Georgia (State of), Series 2017 A-2, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5068 |
| Georgia (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77970 |
| Georgia (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5196 |
| Georgia (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98695 |
| Georgia (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83112 |
| Georgia (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83305 |
| Georgia (State of), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30775 |
| Georgia (State of), Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 162581 |
| Georgia (State of) (Bid Group 1), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20778 |
| Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30193 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88080 |

---

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

------

#### 180

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Georgia-(continued)** |  |  |  |  |
| Gwinnett (County of), GA Development Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$76595 |
| Gwinnett County School District, Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 468465 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2015 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65606 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101431 |
| Richmond (County of), GA Board of Education, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 261252 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5549989 |
| **Hawaii-0.73%** |  |  |  |  |
| Hawaii (State of), Series 2016 FB, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70164 |
| Hawaii (State of), Series 2016 FE, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60925 |
| Hawaii (State of), Series 2016 FG, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91466 |
| Hawaii (State of), Series 2016 FH, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10163 |
| Hawaii (State of), Series 2017 FK, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72377 |
| Hawaii (State of), Series 2017 FK, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62051 |
| Hawaii (State of), Series 2017 FK, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 193796 |
| Hawaii (State of), Series 2017 FK, GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25095 |
| Hawaii (State of), Series 2017 FK, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72237 |
| Hawaii (State of), Series 2017 FK, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46401 |
| Hawaii (State of), Series 2017 FK, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15242 |
| Hawaii (State of), Series 2017 FK, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20293 |
| Hawaii (State of), Series 2017 FN, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62758 |
| Hawaii (State of), Series 2017 FN, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 428715 |
| Hawaii (State of), Series 2017 FN, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 219419 |
| Hawaii (State of), Series 2017 RN, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52298 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87060 |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122909 |
| Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110094 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73062 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 216144 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 190412 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20585 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2323666 |
| **Idaho-0.16%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association, Series 2017 A, Ref. RAC<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 238984 |
| Idaho State Building Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 191726 |
| Idaho State Building Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25909 |
| Idaho State Building Authority (State Office Campus), Series 2017 A, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61591 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518210 |
| **Illinois-5.49%** |  |  |  |  |
| Chicago (City of), IL, Series 2004, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50837 |
| Chicago (City of), IL, Series 2017 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202884 |
| Chicago (City of), IL, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81762 |
| Chicago (City of), IL, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57465 |
| Chicago (City of), IL, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57365 |
| Chicago (City of), IL, Series 2017, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67782 |
| Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 521832 |
| Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46871 |
| Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 639397 |
| Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 446435 |
| Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 155506 |
| Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 144909 |
| Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30979 |
| Chicago (City of), IL, Series 2017-2, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36087 |
| Chicago (City of), IL, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126538 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 147337 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5019 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20446 |

---

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

------

#### 181

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Illinois-(continued)** |  |  |  |  |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$15335 |
| Chicago (City of), IL (O'Hare International Airport), Series 2025 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10223 |
| Chicago (City of), IL Board of Education, Series 2017, RB<br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102222 |
| Chicago (City of), IL Board of Education, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 482460 |
| Chicago (City of), IL Board of Education, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 209972 |
| Chicago (City of), IL Board of Education, Series 2018 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103881 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91781 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52404 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20485 |
| Chicago (City of), IL Park District, Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66462 |
| Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35914 |
| Cook (County of), IL, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 161148 |
| Cook (County of), IL, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 279626 |
| Cook (County of), IL, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36270 |
| Cook (County of), IL, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72410 |
| Cook (County of), IL, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10326 |
| Cook (County of), IL, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92806 |
| Cook (County of), IL, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 218629 |
| Cook (County of), IL, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 171545 |
| Cook (County of), IL, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15606 |
| Cook (County of), IL, Series 2018, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50526 |
| Cook (County of), IL, Series 2018, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100704 |
| Cook (County of), IL, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31319 |
| Cook (County of), IL, Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154107 |
| Cook County Community College District No. 508, Series 2017, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75762 |
| Illinois (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91525 |
| Illinois (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 598935 |
| Illinois (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 271162 |
| Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 263221 |
| Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 364130 |
| Illinois (State of), Series 2016, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101024 |
| Illinois (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26129 |
| Illinois (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.13% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36585 |
| Illinois (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47061 |
| Illinois (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52000 |
| Illinois (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 519118 |
| Illinois (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25869 |
| Illinois (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98097 |
| Illinois (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20603 |
| Illinois (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51286 |
| Illinois (State of), Series 2017 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1593053 |
| Illinois (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 704270 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72916 |
| Illinois (State of), Series 2018 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135320 |
| Illinois (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88657 |
| Illinois (State of), Series 2019 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 555841 |
| Illinois (State of), Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 161367 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97469 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73160 |
| Illinois (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92339 |
| Illinois (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102599 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 179548 |
| Illinois (State of), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10302 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 160372 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 185445 |
| Illinois (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 209881 |
| Illinois (State of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36497 |

---

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

------

#### 182

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;3.75% | &nbsp;&nbsp;02/15/2027 | $&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$202972 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46098 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 148720 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 148701 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5125 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 297056 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61396 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5112 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127534 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 309588 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 143382 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15363 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 148432 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92121 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86999 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92068 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35789 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56283 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25583 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111665 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102332 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71632 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2017, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66516 |
| Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93267 |
| Illinois (State of) Finance Authority (Rosalind Franklin University), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 98884 |
| Illinois (State of) Finance Authority (Southern Illinois Healthcare), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2047 | &nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 481262 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 311791 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31149 |
| Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 279238 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112648 |
| Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 235537 |
| Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 291861 |
| Illinois Municipal Electric Agency, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81937 |
| Kane McHenry Cook & De Kalb Counties Unit School District No. 300, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 243625 |
| Sales Tax Securitization Corp., Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 148260 |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86911 |
| University of Illinois, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103057 |
| Will & Kendall Counties Community Consolidated School District 202 Plainfield, Series 2018 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60858 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17587907 |
| **Indiana-0.45%** |  |  |  |  |
| Indiana (State of) Finance Authority, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 168349 |
| Indiana (State of) Finance Authority, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10398 |
| Indiana (State of) Finance Authority (Baptist Healthcare System Obligated Group), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15120 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 224506 |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 172066 |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15630 |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46706 |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15269 |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 121965 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2016 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80951 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102651 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 277158 |

---

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

------

#### 183

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Indiana-(continued)** |  |  |  |  |
| Indianapolis (City of), IN Department of Public Utilities, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$40633 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 151049 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442451 |
| **Iowa-0.23%** |  |  |  |  |
| Iowa (State of), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70487 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 442560 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88436 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109128 |
| Waterloo (City of), IA, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25125 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735736 |
| **Kansas-0.23%** |  |  |  |  |
| Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46887 |
| Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98983 |
| Butler (County of), KS Unified School District No. 385 (Andover), Series 2017, Ref. GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46887 |
| Johnson (County of), KS Public Building Commission (Courthouse & Medical Examiners), Series 2018 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100816 |
| Kansas (State of) Department of Transportation, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98358 |
| Kansas (State of) Department of Transportation, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36149 |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119995 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62606 |
| Riley County Unified School District No. 383 Manhattan-Ogden, Series 2018 A, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83354 |
| Riley County Unified School District No. 383 Manhattan-Ogden, Series 2018 A, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36468 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730503 |
| **Kentucky-0.67%** |  |  |  |  |
| Boone (County of), KY, Series 2008, Ref. RB<br>| &nbsp;&nbsp;3.70% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50551 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System), Series 2017 B, RB<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 320544 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System), Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 357553 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare System), Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75903 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151426 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20258 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35175 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), Series 2017 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65310 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 112), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 269876 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91920 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 115), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40841 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 225141 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15673 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61847 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104253 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 121067 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77716 |
| Trimble (County of), KY (Louisville Gas & Electric), Series 2017, Ref. RB<br>| &nbsp;&nbsp;3.75% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50349 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135403 |
| **Louisiana-0.78%** |  |  |  |  |
| Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 138041 |
| Lafayette (Parish of), LA School Board, Series 2018, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25745 |
| Louisiana (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 171988 |
| Louisiana (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25245 |

---

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

------

#### 184

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Louisiana-(continued)** |  |  |  |  |
| Louisiana (State of), Series 2017 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | $&nbsp;&nbsp;130 | &nbsp;&nbsp;$135546 |
| Louisiana (State of), Series 2017 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152684 |
| Louisiana (State of), Series 2017 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91421 |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5134 |
| Louisiana (State of), Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5206 |
| Louisiana (State of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25849 |
| Louisiana (State of) (Garvee), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 229590 |
| Louisiana (State of) (Garvee), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114795 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98267 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 149865 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92617 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Louisiana Insurance Guaranty Association Project), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40892 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95733 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Womans Foundation), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25395 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Woman's Hospital Foundation), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 270648 |
| Louisiana (State of) Public Facilities Authority (Franciscan Missionaries of Our Lady Health System), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25176 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 296262 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81000 |
| Louisiana Local Government Environmental Facilities & Community Development Auth, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20630 |
| Shreveport (City of), LA, Series 2017 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 179912 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497641 |
| **Maryland-2.59%** |  |  |  |  |
| Baltimore (City of), MD (Wastewater), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96087 |
| Baltimore (City of), MD (Water), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45589 |
| Baltimore (City of), MD (Water), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 115772 |
| Howard (County of), MD, Series 2017 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46275 |
| Howard (County of), MD, Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25708 |
| Maryland (State of), First Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113376 |
| Maryland (State of), Second Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 208349 |
| Maryland (State of), Second Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 208349 |
| Maryland (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 159757 |
| Maryland (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 145844 |
| Maryland (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 195688 |
| Maryland (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104062 |
| Maryland (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5089 |
| Maryland (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10240 |
| Maryland (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108054 |
| Maryland (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5022 |
| Maryland (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 337054 |
| Maryland (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 309208 |
| Maryland (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36461 |
| Maryland (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52087 |
| Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 520873 |
| Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93757 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 139144 |
| Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 190468 |
| Maryland (State of) Department of Transportation, Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 169746 |
| Maryland (State of) Department of Transportation, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 193036 |

---

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

------

#### 185

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Maryland-(continued)** |  |  |  |  |
| Maryland (State of) Department of Transportation, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | $&nbsp;&nbsp;115 | &nbsp;&nbsp;$119926 |
| Maryland (State of) Department of Transportation, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99026 |
| Maryland (State of) Department of Transportation, Series 2017, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 226419 |
| Maryland (State of) Department of Transportation, Series 2017, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45221 |
| Maryland (State of) Department of Transportation, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104581 |
| Maryland (State of) Department of Transportation, Series 2019, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107605 |
| Maryland (State of) Department of Transportation, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57519 |
| Maryland (State of) Department of Transportation, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 298055 |
| Maryland (State of) Department of Transportation, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73539 |
| Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36769 |
| Maryland (State of) Department of Transportation, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 230599 |
| Maryland (State of) Department of Transportation (Second Issue), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106753 |
| Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 203090 |
| Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2045 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136295 |
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;3.75% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 721387 |
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45245 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129829 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41545 |
| Montgomery (County of), MD, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 157252 |
| Montgomery (County of), MD, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62758 |
| Montgomery (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47176 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136285 |
| Montgomery (County of), MD, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 292783 |
| Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 244676 |
| Montgomery (County of), MD, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31522 |
| Prince George's (County of), MD, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10099 |
| Prince George's (County of), MD, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 115878 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 155963 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 405503 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30260 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40274 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30179 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125674 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8304780 |
| **Massachusetts-2.63%** |  |  |  |  |
| Boston (City of), MA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 205052 |
| Boston (City of), MA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51344 |
| Massachusetts (Commonwealth of), Series 2005, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82159 |
| Massachusetts (Commonwealth of), Series 2015 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 171418 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40346 |
| Massachusetts (Commonwealth of), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50342 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 363614 |
| Massachusetts (Commonwealth of), Series 2016 I, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66394 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56725 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56676 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 571783 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41065 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153130 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2047 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 207757 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2047 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 508407 |
| Massachusetts (Commonwealth of), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 226182 |
| Massachusetts (Commonwealth of), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 157651 |
| Massachusetts (Commonwealth of), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 263388 |

---

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

------

#### 186

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;$94151 |
| Massachusetts (Commonwealth of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10259 |
| Massachusetts (Commonwealth of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20499 |
| Massachusetts (Commonwealth of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10239 |
| Massachusetts (Commonwealth of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 210492 |
| Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 192196 |
| Massachusetts (Commonwealth of), Series 2017 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73397 |
| Massachusetts (Commonwealth of), Series 2017 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115397 |
| Massachusetts (Commonwealth of), Series 2017 E, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40966 |
| Massachusetts (Commonwealth of), Series 2017 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 230673 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36387 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5190 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46641 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5174 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 211991 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5159 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30803 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40975 |
| Massachusetts (Commonwealth of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61459 |
| Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72723 |
| Massachusetts (Commonwealth of), Series 2018 C Ref., GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99155 |
| Massachusetts (Commonwealth of), Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 138284 |
| Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41363 |
| Massachusetts (Commonwealth of), Series 2019 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56874 |
| Massachusetts (Commonwealth of), Series 2019 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 266154 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 330282 |
| Massachusetts (Commonwealth of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114279 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 360090 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67215 |
| Massachusetts (Commonwealth of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15692 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112676 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67215 |
| Massachusetts (Commonwealth of) (Green Bonds), Series 2017 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92396 |
| Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 179245 |
| Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45695 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 306396 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105997 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5127 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 239589 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2020 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15569 |
| Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2016 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80639 |
| Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41942 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5046 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10380 |
| Massachusetts (Commonwealth of) Development Finance Agency (Umass Memorial Health Care Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65725 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55983 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15415 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51212 |

---

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

------

#### 187

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10242 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62713 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31237 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26070 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26053 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5205 |
| University of Massachusetts Building Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 360134 |
| University of Massachusetts Building Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68023 |
| University of Massachusetts Building Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57483 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8420999 |
| **Michigan-1.25%** |  |  |  |  |
| Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93060 |
| Great Lakes Water Authority, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95870 |
| Great Lakes Water Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41476 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72610 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108915 |
| Karegnondi Water Authority (Genesee, Lapeer and Sanilac Counties), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 167608 |
| Macomb (County of), MI Interceptor Drain Drainage District, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 183299 |
| Michigan (State of), Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62030 |
| Michigan (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50149 |
| Michigan (State of), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125914 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36725 |
| Michigan (State of) (Garvee), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 262481 |
| Michigan (State of) Building Authority (Facilities Program), Series 2020 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109926 |
| Michigan (State of) Building Authority (Facilities Program), Series 2025 I, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56791 |
| Michigan (State of) Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20913 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82461 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2008 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88864 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 301740 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 341185 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017 MI, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103263 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 146461 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 259586 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 367952 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25675 |
| Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 220742 |
| Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41846 |
| Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135697 |
| University of Michigan, Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10304 |
| University of Michigan, Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46366 |
| University of Michigan, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 201047 |
| University of Michigan, Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20607 |
| University of Michigan, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128802 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010365 |
| **Minnesota-1.07%** |  |  |  |  |
| Metropolitan Council, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94550 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 225259 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40924 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76690 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56219 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51089 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10143 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46053 |
| Minnesota (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73240 |
| Minnesota (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10452 |

---

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

------

#### 188

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Minnesota-(continued)** |  |  |  |  |
| Minnesota (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$41787 |
| Minnesota (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41752 |
| Minnesota (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 667371 |
| Minnesota (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88520 |
| Minnesota (State of), Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 172637 |
| Minnesota (State of), Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35327 |
| Minnesota (State of), Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15132 |
| Minnesota (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67695 |
| Minnesota (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 307231 |
| Minnesota (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 312438 |
| Minnesota (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104389 |
| Minnesota (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93950 |
| Minnesota (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62488 |
| Minnesota (State of), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77157 |
| Minnesota (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93731 |
| Minnesota (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93731 |
| Minnesota (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5207 |
| Minnesota (State of), Series 2024 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 151012 |
| Minnesota (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41658 |
| Minnesota (State of) Higher Education Facilities Authority (Gustavus Adolphus College), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20022 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154283 |
| University of Minnesota, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62744 |
| University of Minnesota, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20899 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415780 |
| **Mississippi-0.42%** |  |  |  |  |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130726 |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 167406 |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130786 |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115091 |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99397 |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 172423 |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 532671 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348500 |
| **Missouri-0.47%** |  |  |  |  |
| Cape Girardeau (County of), MO Industrial Development Authority (South Eastern Health), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50949 |
| Curators of the University of Missouri (The), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52375 |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 149821 |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 185866 |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 203869 |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20231 |
| Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93865 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 237151 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102922 |
| Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101490 |
| Missouri (State of) Highway & Transportation Commission, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87916 |
| Missouri (State of) Highway & Transportation Commission (State Appropriations Mega), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46544 |
| Springfield (City of), MO, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15568 |
| St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93882 |
| St. Louis (City of), MO, Series 2017 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5047 |
| St. Louis Municipal Finance Corp., Series 2017, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46237 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493733 |
| **Montana-0.01%** |  |  |  |  |
| Montana (State of) Facility Finance Authority, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35444 |

---

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

------

#### 189

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Nebraska-0.18%** |  |  |  |  |
| Gretna (City of), NE, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$15667 |
| Gretna Public Schools, Series 2024, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93955 |
| Omaha (City of), NE (Omaha Convention Center), Series 2004, Ref. GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77558 |
| Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 223572 |
| Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 161020 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571772 |
| **Nevada-0.87%** |  |  |  |  |
| Clark (County of), NV, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61084 |
| Clark (County of), NV, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41459 |
| Clark (County of), NV, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 1025994 |
| Clark (County of), NV, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112006 |
| Clark (County of), NV, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 187724 |
| Clark (County of), NV, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30405 |
| Clark (County of), NV, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55542 |
| Clark (County of), NV, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46696 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2015, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108887 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 197034 |
| Clark (County of), NV Department of Aviation, Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5119 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41481 |
| Clark County School District, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91957 |
| Las Vegas Valley Water District, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15544 |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67355 |
| Nevada (State of), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67363 |
| Nevada (State of), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 191587 |
| Truckee Meadows Water Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46750 |
| Truckee Meadows Water Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 389486 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783473 |
| **New Hampshire-0.01%** |  |  |  |  |
| New Hampshire Municipal Bond Bank, Series 2017 B, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15082 |
| **New Jersey-2.43%** |  |  |  |  |
| Atlantic City (City of), NJ, Series 2017 A, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101964 |
| New Jersey (State of), Series 2016, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15350 |
| New Jersey (State of), Series 2016, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40934 |
| New Jersey (State of), Series 2016, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20467 |
| New Jersey (State of), Series 2016, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10234 |
| New Jersey (State of), Series 2016, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5178 |
| New Jersey (State of), Series 2016, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10356 |
| New Jersey (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31061 |
| New Jersey (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50686 |
| New Jersey (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1079252 |
| New Jersey (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10312 |
| New Jersey (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 226602 |
| New Jersey (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 257289 |
| New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - NATL)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 194057 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 391367 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115078 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101113 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102211 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50352 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25765 |
| New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107664 |
| New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 243929 |
| New Jersey (State of) Economic Development Authority, Series 2017 DDD, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20760 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67233 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 150541 |

---

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

------

#### 190

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$77783 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31079 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118958 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50848 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57102 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25951 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 518554 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77697 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15516 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20662 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10314 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87487 |
| New Jersey (State of) Educational Facilities Authority (Stevenns Institute Technology), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 324088 |
| New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15147 |
| New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 226328 |
| New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46606 |
| New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82939 |
| New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 319941 |
| New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5156 |
| New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5137 |
| New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92362 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Meridian Health Obligated Group), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50926 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2016 A-1, RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 488590 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 162672 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 325345 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108759 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 227875 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98401 |
| New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97505 |
| New Jersey (State of) Turnpike Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107510 |
| New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 343008 |
| New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102390 |
| New Jersey (State of) Turnpike Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40956 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7793347 |
| **New Mexico-0.50%** |  |  |  |  |
| New Mexico (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66902 |
| New Mexico (State of) (Capital), Series 2017 A, GO Bonds<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 169711 |
| New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 275070 |
| New Mexico (State of) Finance Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166080 |
| New Mexico (State of) Finance Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52565 |
| New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80554 |
| New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 231127 |
| New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65179 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88306 |

---

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

------

#### 191

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New Mexico-(continued)** |  |  |  |  |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | $&nbsp;&nbsp;290 | &nbsp;&nbsp;$301281 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119473 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616248 |
| **New York-18.33%** |  |  |  |  |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36786 |
| Brooklyn Arena Local Development Corp. (Barclays Center), Series 2016 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30230 |
| Buffalo & Fort Erie Public Bridge Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 162073 |
| Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81332 |
| Erie County Industrial Development Agency/The, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31033 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15431 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20551 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25688 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 462189 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97530 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 194912 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 148651 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 209985 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 424203 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10233 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81785 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40923 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 981375 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 1012409 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 507255 |
| Long Island (City of), NY Power Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 333670 |
| Long Island (City of), NY Power Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 259238 |
| Long Island (City of), NY Power Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15672 |
| Long Island (City of), NY Power Authority, Series 2023 F, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31344 |
| Metropolitan Transportation Authority, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50868 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20347 |
| Metropolitan Transportation Authority (Green Bonds), Series 2016 A2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15260 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108203 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 349802 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66235 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100963 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 195371 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 293319 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 365031 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 395417 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 385014 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73438 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115064 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81435 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152457 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 187898 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 220086 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40585 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119939 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 162373 |
| Metropolitan Transportation Authority (Green Bonds), Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78568 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 146659 |
| Nassau (County of), NY, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41890 |
| Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52611 |
| Nassau Health Care Corp., Series 2009, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15571 |
| New York & New Jersey (States of) Port Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 203698 |
| New York & New Jersey (States of) Port Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2042 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163649 |
| New York & New Jersey (States of) Port Authority, Two Hundred fifth series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20775 |

---

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

------

#### 192

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$52442 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73373 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125637 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 292800 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98834 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103469 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 305648 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2057 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101541 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2057 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102031 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57456 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Third Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115716 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 150784 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 191452 |
| New York & New Jersey (States of) Port Authority, Two Hundredth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20252 |
| New York & New Jersey (States of) Port Authority, Two Hundredth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/15/2057 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 228037 |
| New York & New Jersey (States of) Port Authority, Two Hundrend Fifth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 293405 |
| New York (City of), NY, Series 2005-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99141 |
| New York (City of), NY, Series 2007 C, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83741 |
| New York (City of), NY, Series 2008 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 193064 |
| New York (City of), NY, Series 2008 J, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5206 |
| New York (City of), NY, Series 2008 J-10, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114529 |
| New York (City of), NY, Series 2008 J-9, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35401 |
| New York (City of), NY, Series 2017 1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52059 |
| New York (City of), NY, Series 2017 1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93451 |
| New York (City of), NY, Series 2017 1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 171263 |
| New York (City of), NY, Series 2017 1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 160778 |
| New York (City of), NY, Series 2017 1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67365 |
| New York (City of), NY, Series 2017 1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46588 |
| New York (City of), NY, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 281117 |
| New York (City of), NY, Series 2017 B-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 230139 |
| New York (City of), NY, Series 2017 B-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57493 |
| New York (City of), NY, Series 2017 B-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 140973 |
| New York (City of), NY, Series 2017 B-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 401574 |
| New York (City of), NY, Series 2017 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119184 |
| New York (City of), NY, Series 2017 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 398331 |
| New York (City of), NY, Series 2017 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 387418 |
| New York (City of), NY, Series 2017 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 232202 |
| New York (City of), NY, Series 2017 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36054 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31235 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71763 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 261360 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50247 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46853 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 598676 |
| New York (City of), NY, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 312352 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57265 |
| New York (City of), NY, Series 2021 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 463120 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104359 |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 145765 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5206 |
| New York (City of), NY, Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57265 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 484146 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 313893 |
| New York (City of), NY, Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10460 |
| New York (City of), NY, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 239470 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52298 |
| New York (City of), NY, Subseries 2023 F-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 218647 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130449 |

---

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

------

#### 193

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$15319 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 BB-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 426422 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 CC-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5063 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98325 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46717 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 417730 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 581883 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 EE, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25092 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 139972 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103683 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41425 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 520090 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61727 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 BB-2, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25921 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 BB-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31080 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 DD, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 288539 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20347 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037008 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 477024 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25993 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 321699 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68222 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72642 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20991 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103774 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36247 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 543349 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 201634 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 258221 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128990 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 237039 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154387 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 256975 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 261964 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61221 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-E-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1034774 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57079 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 191984 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 393859 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 419155 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86282 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40362 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35646 |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77311 |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 164994 |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51549 |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77305 |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 200701 |
| New York (City of), NY Transitional Finance Authority, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30422 |
| New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81983 |
| New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45012 |
| New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 583618 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 283529 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82358 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118254 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128438 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 363059 |

---

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

------

#### 194

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | $&nbsp;&nbsp;335 | &nbsp;&nbsp;$341943 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30569 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 257830 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30911 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72754 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36394 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 192303 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124623 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 170980 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 196640 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25839 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125862 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153667 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128012 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20467 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56269 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5145 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92028 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 168637 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61276 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 519519 |
| New York (City of), NY Transitional Finance Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72185 |
| New York (City of), NY Transitional Finance Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51503 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51954 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10099 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31180 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83147 |
| New York (City of), NY Transitional Finance Authority, Series 2018-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114882 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 540158 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 314655 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120618 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 666020 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110129 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36201 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 146839 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120618 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36710 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5244 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36710 |
| New York (City of), NY Transitional Finance Authority, Series 2025 S-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57164 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5244 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78664 |
| New York (City of), NY Transitional Finance Authority, Subseries 1998 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 298922 |
| New York (City of), NY Transitional Finance Authority, Subseries 2017 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25935 |
| New York (City of), NY Transitional Finance Authority, Subseries 2017 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41426 |
| New York (City of), NY Transitional Finance Authority, Subseries 2017 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71787 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 150704 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 S-1A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114327 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 183549 |
| New York (City of), NY Trust for Cultural Resources (Museum of Modern Arts (The)), Series 2016, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35407 |
| New York (State of), Series 2018 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66935 |
| New York (State of), Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36133 |
| New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5180 |
| New York (State of) Dormitory Authority, Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35309 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128823 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87600 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72141 |

---

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

------

#### 195

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;$99427 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118367 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30879 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 277767 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 174799 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102758 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30797 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25640 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 230598 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35848 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 204695 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 321859 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 305923 |
| New York (State of) Dormitory Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111969 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 226228 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 231370 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20759 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36319 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83043 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93394 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 389967 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 150337 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 253828 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91949 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30288 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 234783 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61699 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83443 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 177315 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124918 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104040 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 161171 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93478 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98574 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 176174 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113803 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 340835 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10302 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77148 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154017 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15322 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66840 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56490 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 215589 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151904 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 182099 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86937 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 201805 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 142805 |
| New York (State of) Dormitory Authority, Series 2018 1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35895 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81242 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10308 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72141 |
| New York (State of) Dormitory Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 224848 |
| New York (State of) Dormitory Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57401 |
| New York (State of) Dormitory Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20881 |
| New York (State of) Dormitory Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90478 |
| New York (State of) Dormitory Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 260378 |

---

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

------

#### 196

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | $&nbsp;&nbsp;220 | &nbsp;&nbsp;$228880 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 201005 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73262 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73262 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 172690 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5154 |
| New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73262 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51540 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72156 |
| New York (State of) Dormitory Authority, Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36631 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15462 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20616 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10466 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66988 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5157 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 302138 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41534 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163313 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87144 |
| New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 727193 |
| New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105371 |
| New York (State of) Dormitory Authority (New York University), Series 1998 A, RB, (INS - NATL)<sup>(a)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46301 |
| New York (State of) Dormitory Authority (New York University), Series 2015, Ref. RB<br>| &nbsp;&nbsp;2.80% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 240071 |
| New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51860 |
| New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 346949 |
| New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5062 |
| New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5054 |
| New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117371 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57088 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20630 |
| New York (State of) Dormitory Authority (St. John's University), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25972 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42082 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15781 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56356 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5154 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 261288 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51540 |
| New York (State of) Utility Debt Securitization Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26035 |
| New York (State of) Utility Debt Securitization Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20807 |
| New York (State of) Utility Debt Securitization Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15512 |
| New York City Health and Hospitals Corp., Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30818 |
| New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority Projects - 2nd Resolution Bonds), Series 2017 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 158503 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2016, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25202 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46716 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15556 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 238359 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25892 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67267 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 149932 |

---

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

------

#### 197

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;$92967 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81808 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57097 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20763 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62288 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46716 |
| New York State Urban Development Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 205522 |
| New York State Urban Development Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102732 |
| New York State Urban Development Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118093 |
| New York State Urban Development Corp., Series 2017 A-G, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97514 |
| New York State Urban Development Corp., Series 2017 A-G, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 138486 |
| New York State Urban Development Corp., Series 2017 A-G, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40888 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20626 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 161267 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5201 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124681 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93078 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87778 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 206218 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154500 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25662 |
| New York State Urban Development Corp., Series 2017 C-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 316606 |
| New York State Urban Development Corp., Series 2017 C-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 150235 |
| New York State Urban Development Corp., Series 2017 C-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 185168 |
| New York State Urban Development Corp., Series 2017, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 232047 |
| New York State Urban Development Corp., Series 2017, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 144385 |
| New York State Urban Development Corp., Series 2017, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15470 |
| New York State Urban Development Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25686 |
| New York State Urban Development Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20616 |
| New York State Urban Development Corp., Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5154 |
| New York State Urban Development Corp., Series 2022, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115087 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10465 |
| Schenectady County Capital Resource Corp. (Union College), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20117 |
| Suffolk (County of), NY, Series 2017 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82202 |
| Suffolk (County of), NY, Series 2017 D, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118759 |
| Triborough Bridge & Tunnel Authority, Series 2008 B-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126059 |
| Triborough Bridge & Tunnel Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67234 |
| Triborough Bridge & Tunnel Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10239 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77578 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124174 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 268987 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 289618 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 615060 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 227301 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 211667 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 159879 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 556330 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 247130 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 277571 |
| Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84039 |
| Triborough Bridge & Tunnel Authority, Series 2022 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 406504 |

---

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

------

#### 198

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| Triborough Bridge & Tunnel Authority, Series 2022, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$20475 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10507 |
| Triborough Bridge & Tunnel Authority, Subseries 2023 B-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21010 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 515947 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 341113 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68282 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 476358 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120806 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94544 |
| Westchester (County of), NY, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46230 |
| Westchester (County of), NY, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 172584 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58721321 |
| **North Carolina-1.06%** |  |  |  |  |
| Charlotte (City of), NC, Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 519315 |
| Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50532 |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102372 |
| Guilford (County of), NC, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56598 |
| Mecklenburg (County of), NC, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40771 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62633 |
| North Carolina (State of), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 578883 |
| North Carolina (State of), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 547593 |
| North Carolina (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 134743 |
| North Carolina (State of), Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67371 |
| North Carolina (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62189 |
| North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72360 |
| North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 361802 |
| North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 268767 |
| North Carolina (State of) (Garvee), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 123475 |
| North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56841 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2015 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20049 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35321 |
| North Carolina (State of) Turnpike Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30581 |
| Raleigh (City of), NC, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52258 |
| Wake (County of), NC, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77141 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82716 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404311 |
| **Ohio-1.90%** |  |  |  |  |
| Allen (County of), OH, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129702 |
| American Municipal Power, Inc. (Combined Hydroelectric), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 158753 |
| Chillicothe (City of), OH (Adena Health System Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25507 |
| Columbus (City of), OH, Series 2016-3, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113052 |
| Columbus (City of), OH, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20416 |
| Columbus (City of), OH, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30567 |
| Columbus (City of), OH, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10181 |
| Columbus (City of), OH, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 132035 |
| Columbus (City of), OH, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35921 |
| Columbus (City of), OH, Series 2017-1, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30625 |
| Columbus (City of), OH, Series 2017-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94051 |
| Columbus (City of), OH, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 123773 |
| Columbus (City of), OH, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15472 |
| Columbus (City of), OH, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 226918 |
| Columbus (City of), OH, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 198009 |
| Columbus (City of), OH, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36475 |
| Cuyahoga (County of), OH (Convention Hotel), Series 2024, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41727 |
| Franklin (County of), OH (Trinity Health Credit Group), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126898 |
| Hamilton (County of), OH, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83945 |

---

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

------

#### 199

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Ohio-(continued)** |  |  |  |  |
| Hamilton (County of), OH (Trihealth, Inc.), Series 2017 A, RB<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;&nbsp;08/15/2037 | $&nbsp;&nbsp;145 | &nbsp;&nbsp;$146605 |
| Hamilton (County of), OH (Trihealth, Inc.), Series 2017 A, RB<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 196903 |
| Hamilton (County of), OH (Trihealth, Inc.), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10201 |
| Hamilton (County of), OH (Trihealth, Inc.), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72838 |
| Ohio (State of), Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20881 |
| Ohio (State of), Series 2017 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46982 |
| Ohio (State of), Series 2017 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135871 |
| Ohio (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 161449 |
| Ohio (State of), Series 2017 U, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 325806 |
| Ohio (State of), Series 2019 A, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 139552 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46449 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10304 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56610 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10244 |
| Ohio (State of), Series 2019-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 246971 |
| Ohio (State of), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10262 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83908 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153498 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15352 |
| Ohio (State of) (Garvee), Series 2018-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 220698 |
| Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 508415 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2010 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97768 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 133483 |
| Ohio (State of) Water Development Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62181 |
| Ohio (State of) Water Development Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 189100 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 362725 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113919 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41449 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51774 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72413 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113999 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73539 |
| Ohio State University (The), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 233654 |
| Ohio State University (The), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15742 |
| University of Cincinnati, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2045 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 268282 |
| Upper Arlington City School District, Series 2018 A, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15761 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6099615 |
| **Oklahoma-0.69%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80966 |
| Canadian (County of), OK Educational Facilities Authority (Yukon Public Schools), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72619 |
| Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 137751 |
| Edmond Public Works Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 203749 |
| Edmond Public Works Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10116 |
| Grand River Dam Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117196 |
| Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108929 |
| Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 159638 |
| Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175505 |
| Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2047 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 232096 |
| Oklahoma (State of) Turnpike Authority, Series 2017 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163798 |
| Oklahoma (State of) Turnpike Authority, Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81032 |
| Oklahoma (State of) Turnpike Authority, Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46032 |
| Oklahoma (State of) Turnpike Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30374 |
| Oklahoma (State of) Turnpike Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20115 |
| Oklahoma (State of) Turnpike Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10171 |
| Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71662 |

---

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

------

#### 200

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Oklahoma-(continued)** |  |  |  |  |
| Oklahoma County Independent School District No 12 Edmond, Series 2025, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;$35877 |
| Oklahoma County Independent School District No. 89, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111145 |
| Oklahoma County Independent School District No. 89, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163986 |
| Tulsa (City of), OK, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66838 |
| Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109087 |
| Tulsa County Independent School District No. 4 Bixby, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10325 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219007 |
| **Oregon-1.28%** |  |  |  |  |
| Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62109 |
| Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87900 |
| Clackamas County School District No. 12 North Clackamas, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 149274 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62210 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113966 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119042 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103411 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72298 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61861 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72063 |
| Hillsboro School District No. 1J, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46263 |
| Metro, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10360 |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88065 |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108949 |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51868 |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108867 |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, Series 2017 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72063 |
| Multnomah (County of), OR, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88186 |
| Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109004 |
| Oregon (State of), Series 2017 L, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 164036 |
| Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 57908 |
| Oregon (State of) (Article XI-G OHSU), Series 2017 H, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10252 |
| Oregon (State of) (Article XI-Q State), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 714568 |
| Oregon (State of) Department of Transportation, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41351 |
| Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41351 |
| Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62119 |
| Oregon (State of) Department of Transportation, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98355 |
| Oregon (State of) Facilities Authority (Reed College), Series 2017 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51179 |
| Oregon (State of) Lottery, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67065 |
| Oregon (State of) Lottery, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154700 |
| Oregon (State of) Lottery, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10312 |
| Oregon (State of) Tri-County Metropolitan Transportation District, Series 2018 A, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10427 |
| Oregon (State of) Tri-County Metropolitan Transportation District, Series 2018 A, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31280 |
| Oregon Health & Science University, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101574 |
| Portland Community College District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 134771 |
| Washington & Clackamas Counties School District No. 23J Tigar, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46599 |
| Washington & Clackamas Counties School District No. 23J Tigar, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 170693 |

---

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

------

#### 201

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Oregon-(continued)** |  |  |  |  |
| Washington & Clackamas Counties School District No. 23J Tigar, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5166 |
| Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 C, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72542 |
| Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 253042 |
| Washington & Multnomah Counties School District No. 48J Beaverton, Series 2017 D, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 206204 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093253 |
| **Pennsylvania-5.01%** |  |  |  |  |
| Allegheny (County of), PA, Series 2016 C-75, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45798 |
| Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207836 |
| Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109197 |
| Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114310 |
| Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88330 |
| Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103918 |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35858 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129366 |
| Allegheny (County of), PA Port Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154073 |
| Chester (County of), PA, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 178178 |
| Chester (County of), PA, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25746 |
| Chester (County of), PA, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102783 |
| Delaware (County of), PA Authority (Haverford College), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101405 |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82729 |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 211645 |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51588 |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87535 |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25723 |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35396 |
| Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10101 |
| Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163862 |
| Geisinger Authority (Geisinger Health System), Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127884 |
| Geisinger Authority (Geisinger Health System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50876 |
| Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;2.63% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175675 |
| Monroeville Finance Authority, Series 2012, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40976 |
| Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20863 |
| Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25409 |
| Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166009 |
| Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35511 |
| Pennsylvania (Commonwealth of), First Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 132006 |
| Pennsylvania (Commonwealth of), First series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101371 |
| Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 399421 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5145 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 165414 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 331185 |
| Pennsylvania (Commonwealth of), First Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 151299 |
| Pennsylvania (Commonwealth of), First series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114778 |
| Pennsylvania (Commonwealth of), First Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10422 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 192932 |

---

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

------

#### 202

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2027 | $&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$205060 |
| Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 535472 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141184 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67740 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45663 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60755 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 277843 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 141061 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56901 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 142305 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5068 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 141699 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101820 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10148 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 246555 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 340160 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10411 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41558 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 320908 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46661 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94226 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 198708 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83550 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78216 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62373 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88162 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25880 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 149544 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB<br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85063 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009 E, RB<br>| &nbsp;&nbsp;6.38% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58127 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86791 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15099 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46314 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 213685 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 267621 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 236240 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 302570 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 525608 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25874 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67127 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 206691 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82501 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47155 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 298382 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52056 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 448072 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76253 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 142033 |

---

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

------

#### 203

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | $&nbsp;&nbsp;260 | &nbsp;&nbsp;$272208 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 263544 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76038 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 696048 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2017 B-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 367045 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2017 B-2, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126162 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2017 B-2, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 162013 |
| Pennsylvania State University (The), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 217761 |
| Philadelphia (City of), PA, Fifteenth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 250122 |
| Philadelphia (City of), PA, Series 2017 15, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 232838 |
| Philadelphia (City of), PA, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25605 |
| Philadelphia (City of), PA, Series 2017 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 177650 |
| Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10385 |
| Philadelphia (City of), PA, Series 2017 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41205 |
| Philadelphia (City of), PA, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5105 |
| Philadelphia (City of), PA, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104701 |
| Philadelphia (City of), PA, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56350 |
| Philadelphia (City of), PA, Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51923 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118734 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82519 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30109 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41502 |
| Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 193501 |
| Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136542 |
| Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 160761 |
| Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96595 |
| Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (The) (Temple University Health System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76263 |
| Philadelphia School District (The), Series 2007 A, Ref. GO Bonds, (INS - NATL)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10343 |
| Philadelphia School District (The), Series 2016 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55730 |
| Pottsville (City of), PA Hospital Authority (Lehigh Valley), Series 2016 B, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10237 |
| Reading School District, Series 2017, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20357 |
| Scranton School District, Series 2017 E, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5036 |
| West Chester Area School District, Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10348 |
| Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 389549 |
| Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50766 |
| Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118677 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16059718 |
| **Rhode Island-0.10%** |  |  |  |  |
| Rhode Island (State of), Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5198 |
| Rhode Island Commerce Corp. (Garvee), Series 2016 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100720 |
| Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207949 |
| Rhode Island Health & Educational Building Corp. (Brown University), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10094 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323961 |
| **South Carolina-0.56%** |  |  |  |  |
| Beaufort County School District, Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 149126 |
| Columbia (City of), SC, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50211 |
| Greenville County School District, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 467260 |
| Horry County School District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25731 |

---

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

------

#### 204

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **South Carolina-(continued)** |  |  |  |  |
| Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2030 | $&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$204104 |
| Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61207 |
| Lexington County Health Services District, Inc. (Lexmed Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 198580 |
| Piedmont Municipal Power Agency, Series 2021 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101804 |
| South Carolina (State of) Public Service Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47188 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87681 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108161 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46734 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15497 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20570 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2017, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83024 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125497 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792375 |
| **South Dakota-0.04%** |  |  |  |  |
| South Dakota (State of) Health & Educational Facilities Authority (Regional Health), Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45300 |
| South Dakota (State of) Health & Educational Facilities Authority (Regional Health), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71249 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116549 |
| **Tennessee-0.72%** |  |  |  |  |
| Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25391 |
| Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96036 |
| Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60325 |
| Knox (County of), TN Health, Educational & Housing Facility Board (University Health), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131381 |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15325 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90822 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 269565 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117987 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81836 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71584 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25479 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 249142 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122929 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72421 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 487689 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2017, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20424 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2017, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81614 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46539 |
| Tennessee (State of) School Bond Authority, Series 2017 B, Ref. RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130750 |
| Tennessee Energy Acquisition Corp., Series 2006 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 116426 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313665 |
| **Texas-8.37%** |  |  |  |  |
| Alamo Community College District, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 161489 |
| Alamo Community College District, Series 2022, GO Notes<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 236338 |
| Aldine Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25377 |
| Allen Independent School District, Series 2025 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 138746 |

---

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

------

#### 205

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Arlington Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;$71942 |
| Austin (City of), TX, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104860 |
| Austin (City of), TX, Series 2017, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5225 |
| Austin (City of), TX, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62857 |
| Austin (City of), TX, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36214 |
| Austin (City of), TX, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66662 |
| Austin (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99617 |
| Austin (City of), TX, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130392 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 187334 |
| Bexar (County of), TX, Series 2018, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101818 |
| Bexar (County of), TX Hospital District, Series 2018, Ctfs. Of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75602 |
| Board of Regents of the University of Texas System, Series 2016 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 203249 |
| Board of Regents of the University of Texas System, Series 2016 J, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 410186 |
| Board of Regents of the University of Texas System, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 213672 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88596 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 151134 |
| Board of Regents of the University of Texas System, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99019 |
| Board of Regents of the University of Texas System, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15635 |
| Central Texas Regional Mobility Authority, Series 2021 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 256409 |
| Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 292854 |
| Cypress-Fairbanks Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56526 |
| Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 364851 |
| Dallas & Fort Worth (Cities of), TX, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78538 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57594 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141368 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68066 |
| Dallas (City of), TX, Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20169 |
| Dallas (City of), TX, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5120 |
| Dallas (City of), TX, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152531 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113052 |
| Dallas (City of), TX, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25694 |
| Dallas (City of), TX, Series 2024 B, Ctfs. Of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30832 |
| Dallas (City of), TX, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30832 |
| Dallas (City of), TX, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154162 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62864 |
| Dallas (City of), TX Independent School District, Series 2021 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154177 |
| Dallas (City of), TX Independent School District, Series 2025 C, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 277518 |
| Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51273 |
| Dallas College, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 518455 |
| Dallas College, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62123 |
| Del Valle Independent School District, Series 2025 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15560 |
| Denton Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 159871 |
| Denton Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154535 |
| Denton Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15438 |
| Denton Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10120 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 218269 |
| Ector County Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130178 |
| Fort Bend Independent School District, Series 2017 E, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51373 |

---

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

------

#### 206

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | $&nbsp;&nbsp;120 | &nbsp;&nbsp;$124718 |
| Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 150597 |
| Fort Worth (City of), TX, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41162 |
| Fort Worth Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 143885 |
| Frisco Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10101 |
| Frisco Independent School District, Series 2025 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46253 |
| Grapevine-Colleyville Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78129 |
| Harris (County of), TX, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135913 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 276093 |
| Harris (County of), TX, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 218760 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78129 |
| Harris (County of), TX, Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93981 |
| Harris (County of), TX Metropolitan Transit Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 203747 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 225111 |
| Harris County Cultural Education Facilities Finance Corp. (Teco Project), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 213933 |
| Harris County Cultural Education Facilities Finance Corp. (Teco Project), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86488 |
| Harris County Cultural Education Facilities Finance Corp. (Teco Project), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135137 |
| Harris County Flood Control District, Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57424 |
| Houston (City of), TX, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66266 |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113119 |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61665 |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118152 |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 65777 |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45504 |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35351 |
| Houston (City of), TX, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62885 |
| Houston (City of), TX, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 830845 |
| Houston (City of), TX, Series 2017, A Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55370 |
| Houston (City of), TX, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72563 |
| Houston (City of), TX, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41134 |
| Houston (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89087 |
| Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55840 |
| Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41075 |
| Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40509 |
| Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50593 |
| Houston Independent School District, Series 2025 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 215848 |
| Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109165 |
| Katy Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66829 |
| Katy Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 143939 |
| Keller Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25689 |
| Klein Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36396 |
| Lamar Consolidated Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152094 |
| Lewisville Independent School District, Series 2017 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111655 |

---

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

------

#### 207

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | $&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;$187535 |
| Liberty Hill Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2049 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100674 |
| Lone Star College System, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55825 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20672 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15504 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41374 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51681 |
| Midtown Redevelopment Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50846 |
| New Hope Cultural Education Facilities Finance Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5079 |
| New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114116 |
| New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5186 |
| New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25401 |
| New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50654 |
| New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40406 |
| New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60453 |
| New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40483 |
| North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 133715 |
| North East Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5102 |
| North East Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46827 |
| North Texas Municipal Water District, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41738 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126323 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 250363 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 181757 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 183836 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30616 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40790 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 285249 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 132294 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81838 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25418 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 162110 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 599878 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150555 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 494557 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50420 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40296 |
| North Texas Tollway Authority, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 199580 |
| North Texas Tollway Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 250918 |
| Pearland Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30832 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109056 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5139 |
| Plano Independent School District, Series 2025 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118191 |
| Plano Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 195272 |

---

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

------

#### 208

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | $&nbsp;&nbsp;140 | &nbsp;&nbsp;$145745 |
| San Antonio (City of), TX, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 308434 |
| San Antonio (City of), TX, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2047 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 172612 |
| San Antonio (City of), TX, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 238646 |
| San Antonio (City of), TX, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 179607 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 161360 |
| San Antonio (City of), TX, Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5087 |
| San Antonio (City of), TX, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 133482 |
| San Antonio (City of), TX, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5134 |
| San Antonio Education Facilities Corp. (Trinity University), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2047 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 384570 |
| San Antonio Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98977 |
| Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 331251 |
| Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 167945 |
| Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40553 |
| Spring Branch Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 205229 |
| Texas (State of), Series 2016, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60131 |
| Texas (State of), Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 219248 |
| Texas (State of), Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166855 |
| Texas (State of), Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 302046 |
| Texas (State of), Series 2017 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 318068 |
| Texas (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 183124 |
| Texas (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109818 |
| Texas (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109818 |
| Texas (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114964 |
| Texas (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 240379 |
| Texas (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 187927 |
| Texas (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 265592 |
| Texas (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46794 |
| Texas (State of), Series 2018 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 193474 |
| Texas (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 313742 |
| Texas (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109810 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 412578 |
| Texas (State of) Water Development Board, Series 2016, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25437 |
| Texas (State of) Water Development Board, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61954 |
| Texas (State of) Water Development Board, Series 2017 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107578 |
| Texas (State of) Water Development Board, Series 2017 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 173888 |
| Texas (State of) Water Development Board, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2042 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 328287 |
| Texas (State of) Water Development Board, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2047 | &nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp; 832353 |
| Texas (State of) Water Development Board, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104413 |
| Texas (State of) Water Development Board, Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 245055 |
| Texas (State of) Water Development Board, Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25366 |
| Texas (State of) Water Development Board, Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5067 |
| Texas (State of) Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 317471 |
| Texas (State of) Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 245986 |
| Texas (State of) Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5183 |
| Texas (State of) Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55951 |
| Texas (State of) Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25763 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114498 |
| Texas (State of) Water Development Board, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52044 |
| Texas (State of) Water Development Board (State Water Implementation Fund), Series 2017 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101936 |
| Texas A&M University, Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 191466 |
| Texas A&M University, Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124009 |
| Texas A&M University, Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77433 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124194 |
| Texas State University Board of Regents, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72039 |

---

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

------

#### 209

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Texas State University Board of Regents, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | $&nbsp;&nbsp;115 | &nbsp;&nbsp;$118286 |
| Texas State University Board of Regents, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 364837 |
| Texas State University Board of Regents, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128385 |
| Texas State University Board of Regents, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 123495 |
| Texas Water Development Board, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36588 |
| Texas Water Development Board, Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35593 |
| Texas Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25886 |
| Trinity River Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51951 |
| Williamson (County of), TX, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 303101 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26820279 |
| **Utah-0.39%** |  |  |  |  |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67485 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114205 |
| Salt Lake City (City of), UT, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51049 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 286284 |
| Utah (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163809 |
| Utah (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62302 |
| Utah (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31187 |
| Utah (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61395 |
| Utah (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10031 |
| Utah (State of), Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 181713 |
| Utah (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 181713 |
| Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51104 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262277 |
| **Vermont-0.01%** |  |  |  |  |
| University of Vermont and State Agricultural College, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30716 |
| **Virginia-1.95%** |  |  |  |  |
| Fairfax (County of), VA, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5094 |
| Fairfax (County of), VA, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15202 |
| Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 150520 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 144247 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51517 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 139473 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 378562 |
| Richmond (City of), VA, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45095 |
| Richmond (City of), VA, Series 2017 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107506 |
| Richmond (City of), VA, Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87461 |
| University of Virginia, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128357 |
| University of Virginia, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 436304 |
| University of Virginia, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92076 |
| University of Virginia, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45856 |
| University of Virginia, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5104 |
| Virginia (Commonwealth of) College Building Authority, Series 2016 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 116504 |
| Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66729 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61596 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82128 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 C, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 232666 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46197 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 225549 |

---

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

------

#### 210

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Virginia-(continued)** |  |  |  |  |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | $&nbsp;&nbsp;115 | &nbsp;&nbsp;$117821 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 143725 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66729 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5036 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61596 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82128 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87261 |
| Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78077 |
| Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93599 |
| Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30718 |
| Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 639503 |
| Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57257 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 530926 |
| Virginia (Commonwealth of) Public Building Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88488 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 144860 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 188779 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36685 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130932 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78435 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45987 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 157713 |
| Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97846 |
| Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2027 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 522117 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52222 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35722 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10347 |
| Virginia Commonwealth University Health System Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5038 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6253290 |
| **Washington-4.18%** |  |  |  |  |
| Auburn School District No. 408 of King & Pierce Counties, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46115 |
| Auburn School District No. 408 of King & Pierce Counties, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 563313 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83854 |
| Energy Northwest, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207726 |
| Energy Northwest, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 186953 |
| Energy Northwest, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46738 |
| Energy Northwest (Bonneville Power Administration), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136237 |
| Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 176567 |
| Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 253775 |
| Energy Northwest (Columbia Generating Station), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56918 |
| Energy Northwest (No. 1), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98670 |
| Energy Northwest (No. 3), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119442 |
| Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 152279 |
| Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 367261 |
| Franklin County School District No. 1 Pasco, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89087 |

---

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

------

#### 211

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |
| Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;$67165 |
| King (County of), WA, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112440 |
| King (County of), WA, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101381 |
| King (County of), WA, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5081 |
| King (County of), WA, Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47291 |
| King County School District No. 210 Federal Way, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51209 |
| King County School District No. 210 Federal Way, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112459 |
| King County School District No. 210 Federal Way, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51025 |
| King County School District No. 210 Federal Way, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40708 |
| King County School District No. 405 Bellevue, Series 2016, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 173620 |
| King County School District No. 411 Issaquah, Series 2015, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70026 |
| King County School District No. 411 Issaquah, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 131011 |
| King County School District No. 411 Issaquah, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136091 |
| King County School District No. 414 Lake Washington, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46596 |
| King County School District No. 414 Lake Washington, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107069 |
| King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93013 |
| Pierce County School District No. 10 Tacoma, Series 2024, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120611 |
| Pierce County School District No. 3 (Washing State School District Credit Enhancement Program), Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103109 |
| Pierce County School District No. 3 Puyallup, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 144721 |
| Pierce County School District No. 3 Puyallup, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56799 |
| Pierce County School District No. 3 Puyallup, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 190452 |
| Seattle (City of), WA, Series 2017 C, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78145 |
| Seattle (City of), WA, Series 2017 C, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15629 |
| Seattle (City of), WA, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62579 |
| Seattle (City of), WA, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156357 |
| Seattle (City of), WA, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50719 |
| Seattle (City of), WA, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 182144 |
| Seattle (City of), WA, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 191831 |
| Seattle (City of), WA (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 270044 |
| Seattle (Port of), WA, Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60282 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129898 |
| Spokane County School District No. 354, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36431 |
| Spokane County School District No. 81, Series 2017 B, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56569 |
| University of Washington, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15229 |
| Washington (State of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 197240 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 244174 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51895 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103648 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51725 |

---

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

------

#### 212

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | $&nbsp;&nbsp;130 | &nbsp;&nbsp;$134265 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118610 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25753 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10286 |
| Washington (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153783 |
| Washington (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166565 |
| Washington (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 286441 |
| Washington (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 161404 |
| Washington (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 442439 |
| Washington (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 280809 |
| Washington (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 223149 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41064 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61626 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56485 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 164320 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10264 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 123085 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20501 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71697 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40926 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10209 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86711 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81538 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81436 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 162625 |
| Washington (State of), Series 2017 R, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52080 |
| Washington (State of), Series 2017 R, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 155856 |
| Washington (State of), Series 2017 R, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 192222 |
| Washington (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 197201 |
| Washington (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31094 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41064 |
| Washington (State of), Series 2018 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114514 |
| Washington (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114514 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51330 |
| Washington (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41449 |
| Washington (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 143580 |
| Washington (State of), Series 2023 R, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166565 |
| Washington (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88284 |
| Washington (State of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5193 |
| Washington (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46197 |
| Washington (State of), Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26026 |
| Washington (State of), Series 2025B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 275237 |
| Washington (State of), Series R-2017A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35402 |
| Washington (State of), Series R-2018D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 635030 |
| Washington (State of), Series R-2018D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124958 |
| Washington (State of), Series R-2018D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 244408 |
| Washington (State of), Series R-2018D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88101 |
| Washington (State of), Series R-2022D, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 169220 |
| Washington (State of), Series R-2023B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72704 |
| Washington (State of), Series R-2024C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 171770 |
| Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41064 |
| Washington (State of) Health Care Facilities Authority (Seattle Children's Hospital), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136293 |
| Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31047 |
| Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113793 |
| Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154706 |

---

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

------

#### 213

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |  |
| Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$61655 |
| Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61515 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13401414 |
| **West Virginia-0.14%** |  |  |  |  |  |
| West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2027 |  | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 353795 |
| West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88430 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442225 |
| **Wisconsin-1.19%** |  |  |  |  |  |
| Fond Du Lac (County of), WI, Series 2019 A, GO Notes<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;03/01/2029 |  | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150728 |
| Green Bay Area Public School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5152 |
| Madison (City of), WI, Series 2020, Ref. RB<br>| &nbsp;&nbsp;3.75% | &nbsp;&nbsp;10/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51009 |
| Middleton-Cross Plains Area School District, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;03/01/2036 |  | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175663 |
| Wisconsin (State of), Series 2017 2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 |  | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 191265 |
| Wisconsin (State of), Series 2017 3, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 |  | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 170460 |
| Wisconsin (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 |  | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 408376 |
| Wisconsin (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 |  | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 216948 |
| Wisconsin (State of), Series 2017, Ref. GO Bonds<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15490 |
| Wisconsin (State of), Series 2017-3, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2027 |  | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 139571 |
| Wisconsin (State of), Series 2019 A, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 |  | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 284337 |
| Wisconsin (State of), Series 2019 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 |  | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 248149 |
| Wisconsin (State of), Series 2019 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 |  | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 175772 |
| Wisconsin (State of), Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46014 |
| Wisconsin (State of), Series 2021-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87876 |
| Wisconsin (State of), Series 2021-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41353 |
| Wisconsin (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87876 |
| Wisconsin (State of), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10338 |
| Wisconsin (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 |  | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98214 |
| Wisconsin (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2027 |  | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 180921 |
| Wisconsin (State of) Department of Transportation, Series 2017-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 |  | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 176385 |
| Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 |  | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129695 |
| Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15553 |
| Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2027 |  | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166009 |
| Wisconsin (State of) Health & Educational Facilities Authority (Froedtert Health), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76659 |
| Wisconsin (State of) Public Finance Authority (Prime Healthcare Foundation, Inc.), Series 2018 A, RB<br>| &nbsp;&nbsp;5.20% | &nbsp;&nbsp;12/01/2037 |  | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 461759 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3811572 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.25%<br>(Cost $312,713,844) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.25%<br>(Cost $312,713,844) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.25%<br>(Cost $312,713,844) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.25%<br>(Cost $312,713,844) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.25%<br>(Cost $312,713,844) | &nbsp;&nbsp;&nbsp;&nbsp;314763775 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5601184 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp;$320364959 |

---

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

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

------

#### 214

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2027 Municipal Bond ETF (BSMR)—(continued)
February 28, 2026

(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;

---

| | |
|:---|:---|
| 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 obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each. |

---

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

------

#### 215

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)
February 28, 2026

(Unaudited)

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Municipal Obligations-98.84%** |  |  |  |  |
| **Alabama-0.36%** |  |  |  |  |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$42843 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 300585 |
| Auburn University, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51721 |
| Auburn University, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56076 |
| Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5074 |
| Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 307808 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 127621 |
| Jefferson County Board of Education, Series 2018, Revenue Wts.<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101376 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993104 |
| **Alaska-0.10%** |  |  |  |  |
| North Slope (Borough of), AK, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 260787 |
| North Slope (Borough of), AK, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26605 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287392 |
| **Arizona-1.57%** |  |  |  |  |
| Arizona (State of), Series 2019 A, Ref. COP<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5364 |
| Arizona (State of) Department of Transportation, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 159783 |
| Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10273 |
| Arizona (State of) Industrial Development Authority (Social Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31612 |
| Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15901 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78693 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 257099 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 231489 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 167793 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51776 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53120 |
| Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 159360 |
| Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63712 |
| Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 238720 |
| Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68904 |
| Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105846 |
| Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 523047 |
| Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58010 |
| Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68468 |
| Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5076 |
| Mesa (City of), AZ, Series 2014, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30005 |
| Phoenix (City of), AZ Industrial Development Authority (Downtown Phoenix Student Housing, LLC- Arizona State University), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81592 |
| Phoenix Civic Improvement Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57039 |
| Salt River Project Agricultural Improvement & Power District, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35840 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142096 |

---

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

------

#### 216

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Arizona-(continued)** |  |  |  |  |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | $&nbsp;&nbsp;215 | &nbsp;&nbsp;$226325 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52602 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84104 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 351674 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78606 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62776 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 182730 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 442824 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36408 |
| Salt River Project Agricultural Improvement & Power District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119427 |
| Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26314 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4364408 |
| **Arkansas-0.06%** |  |  |  |  |
| Fort Smith (City of), AR, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68517 |
| Fort Smith (City of), AR, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94611 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163128 |
| **California-16.25%** |  |  |  |  |
| Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21722 |
| Bay Area Toll Authority, Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 149531 |
| Bay Area Toll Authority, Series 2024 S-11, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10677 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85412 |
| Brentwood Union School District (Election of 2016), Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 187055 |
| Cabrillo Unified School District (Election of 2018), Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76645 |
| California (State of), Series 2003, GO Bonds, (INS - AMBAC)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26465 |
| California (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26070 |
| California (State of), Series 2017, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52513 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 218989 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78210 |
| California (State of), Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 336085 |
| California (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 210073 |
| California (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 645766 |
| California (State of), Series 2018, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 386065 |
| California (State of), Series 2018, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 144674 |
| California (State of), Series 2018, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 159149 |
| California (State of), Series 2018, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 238132 |
| California (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 269933 |
| California (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 188616 |
| California (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 338905 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 419717 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 610980 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161595 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 278695 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 618435 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 212694 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63425 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15264 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20832 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 561460 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 221345 |
| California (State of), Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 242392 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 209599 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 188527 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 384169 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 292208 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83908 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 345514 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 588205 |

---

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

------

#### 217

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;$37620 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96957 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107487 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 310997 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85990 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 504030 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47751 |
| California (State of) (Bid Group A), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 257324 |
| California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - Orange Coast College), Series 2018, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20193 |
| California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - Orange Coast College), Series 2018, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102332 |
| California (State of) Department of Water Resources, Series 2019 BA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 141704 |
| California (State of) Department of Water Resources (Central Valley), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109003 |
| California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109003 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125354 |
| California (State of) Department of Water Resources (Central Valley), Series 2025 BG, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16350 |
| California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 305510 |
| California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60378 |
| California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95471 |
| California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 159216 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15800 |
| California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26393 |
| California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121471 |
| California (State of) Infrastructure & Economic Development Bank (Bay Area Toll Bridges), Series 2003 A, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 184847 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117498 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 160226 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74761 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106776 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58699 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58625 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10648 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122205 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10849 |
| California (State of) Infrastructure & Economic Development Bank (Segerstrom Center for the Arts), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 336169 |
| California (State of) Infrastructure & Economic Development Bank (The Broad) (Green Bonds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 123472 |
| California (State of) Infrastructure & Economic Development Bank (The J. Paul Getty Trust), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16021 |
| California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 269865 |
| California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 168766 |

---

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

------

#### 218

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10387 |
| California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25543 |
| California (State of) Municipal Finance Authority (Emerson College), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151320 |
| California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 246930 |
| California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure Improvement Program - Phase II), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119998 |
| California (State of) Municipal Finance Authority (Pomona College), Series 2017, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31189 |
| California (State of) Public Finance Authority (Sharp Healthcare), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59212 |
| California (State of) Public Works Board, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21149 |
| California (State of) Public Works Board, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64344 |
| California (State of) Public Works Board (Various Capital), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 146690 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161960 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 235929 |
| California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 275952 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 247220 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48369 |
| California (State of) Statewide Communities Development Authority (Adventist Health System), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10084 |
| California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 348688 |
| California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25993 |
| California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB<br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10073 |
| California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 354918 |
| California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB<br>| &nbsp;&nbsp;4.38% | &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30013 |
| California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 269320 |
| California State University, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 215729 |
| California State University, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 150601 |
| California State University, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 198449 |
| California State University, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10696 |
| California State University, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21312 |
| California State University, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5308 |
| California State University, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 246140 |
| California State University, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154411 |
| Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds<sup>(a)(c)</sup><br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15336 |
| Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds<sup>(a)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 167151 |
| Chaffey Community College District (Election of 2018), Series 2019 A, GO Bonds<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 159986 |
| Contra Costa (County of), CA Transportation Authority, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51581 |
| East Bay Municipal Utility District, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26033 |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5369 |
| East Side Union High School District, Series 2024 A, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26939 |
| El Camino Community College District Fountation (The) (Election of 2012), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 159513 |
| Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5186 |
| Hartnell Community College District, Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 63022 |
| Hayward Unified School District, Series 2019 A, GO Bonds, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124746 |
| Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5386 |
| Los Angeles (City of), CA, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 409908 |
| Los Angeles (City of), CA, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75092 |
| Los Angeles (City of), CA, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 396917 |
| Los Angeles (City of), CA Department of Airports, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69739 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75104 |

---

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

------

#### 219

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Airports, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$16094 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 231043 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 298400 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112655 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51281 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 204573 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5242 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115267 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115169 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104425 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 140757 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36437 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5185 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 222504 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 196272 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 196006 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68640 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 194982 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 209926 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115156 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 302793 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5209 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 480040 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110665 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 152530 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120708 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31406 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 240146 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20834 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 186922 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 196145 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26554 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103889 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37176 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42487 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84973 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26554 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 154014 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1101546 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46929 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133811 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 272545 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85377 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53718 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107707 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96745 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 337823 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63565 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89823 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126568 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 513153 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26626 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 606232 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64624 |

---

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

------

#### 220

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles Community College District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$43192 |
| Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 237554 |
| Los Angeles Community College District (Election of 2016), Series 2024 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53990 |
| Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 178117 |
| Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81931 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161168 |
| Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 236379 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 220263 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 155795 |
| Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 134306 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 263241 |
| Los Angeles Unified School District (Election of 2005), Series 2018 M, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52178 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp; 1095779 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105832 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105712 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 575241 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5268 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115803 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 147263 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 162814 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83857 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52319 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156779 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp; 954860 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15846 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48350 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48350 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118190 |
| Los Rios Community College District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43152 |
| Metropolitan Water District of Southern California, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 194393 |
| Metropolitan Water District of Southern California, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 162702 |
| Metropolitan Water District of Southern California, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 179100 |
| Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103458 |
| Orange (County of), CA Sanitation District, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20594 |
| Oxnard Union High School District, Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82739 |
| Palo Alto Unified School District (Election of 2018), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75516 |
| Pasadena Unified School District (Election of 2020), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64654 |
| Pittsburg Unified School District Financing Authority (Pittsburg Unified School District Bond Program), Series 2019, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25650 |
| Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.13% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75918 |
| Redwood City School District (Election of 2015), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 208833 |
| Riverside (County of), CA Transportation Commission, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142552 |
| Riverside Community College District (Election of 2024), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75499 |
| Roseville Natural Gas Financing Authority, Series 2007, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15702 |
| Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 192507 |
| Sacramento (City of), CA (Convention Center Complex), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51389 |
| Sacramento (City of), CA Municipal Utility District, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 172809 |
| Sacramento (City of), CA Municipal Utility District, Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48603 |
| Sacramento (City of), CA Municipal Utility District, Series 2018 F, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97205 |
| Sacramento (City of), CA Municipal Utility District, Series 2021 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86405 |
| Sacramento (City of), CA Municipal Utility District, Series 2022 J, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48603 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59859 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70742 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124707 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 193243 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78301 |

---

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

------

#### 221

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;$32578 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90877 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 303762 |
| San Diego Unified School District (Election of 1998), Series 2006 G-1, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 232847 |
| San Diego Unified School District (Election of 1998), Series 2006, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81226 |
| San Diego Unified School District (Election of 1998), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43045 |
| San Diego Unified School District (Election of 1998), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96851 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 177560 |
| San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 102087 |
| San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 289713 |
| San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 150863 |
| San Francisco (City & County of), CA, Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26873 |
| San Francisco (City & County of), CA, Series 2024 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32248 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112743 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128411 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37453 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10847 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2017 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100016 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 185656 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 233269 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 130161 |
| San Francisco (County of), CA Transportation Authority, Series 2017, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45873 |
| San Francisco Bay Area Rapid Transit District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16189 |
| San Francisco Bay Area Rapid Transit District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43172 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48667 |
| San Leandro Unified School District (Election of 2020), Series 2020 A, GO Bonds, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55175 |
| San Lorenzo Unified School District, Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 79249 |
| San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2043 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156214 |
| San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2045 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 192339 |
| Santa Clara (County of), CA (Election of 2008), Series 2022 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53940 |
| Santa Clara (County of), CA Financing Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20131 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 101528 |
| Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20844 |
| Southern California Public Power Authority (No.1), Series 2007 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142801 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10622 |
| Southern California Public Power Authority (Windy), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53108 |
| Sweetwater Union High School District, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43044 |
| University of California, Series 2017 AY, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51799 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26101 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83613 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36513 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5319 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42519 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53083 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 291562 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126971 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121405 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68446 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31520 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 500298 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 149173 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2058 | &nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 579829 |

---

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

------

#### 222

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| University of California, Series 2018 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5230 |
| University of California, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31925 |
| University of California, Series 2022 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5321 |
| University of California, Series 2023 BM, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42584 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 484397 |
| University of California, Series 2025 BZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90492 |
| University of California (Limited), Series 2018 O, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36565 |
| University of California (Limited), Series 2018 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 164815 |
| University of California (Limited), Series 2018 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21196 |
| University of California (Limited), Series 2018 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137495 |
| University of California (Limited), Series 2018 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105525 |
| University of California (Limited), Series 2018 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99994 |
| University of California (Limited), Series 2018 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 252054 |
| University of California (Limited), Series 2018 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52409 |
| University of California (Limited), Series 2018 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 296928 |
| University of California (Limited), Series 2018 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 401057 |
| University of California (Limited), Series 2018 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2058 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 316190 |
| Vernon (City of), CA, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104999 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45274719 |
| **Colorado-2.12%** |  |  |  |  |
| Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 387698 |
| Arapahoe County School District No. 6 Littleton, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31986 |
| Arkansas River Power Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72275 |
| Colorado (State of), Series 2018 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 210142 |
| Colorado (State of), Series 2018 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26864 |
| Colorado (State of), Series 2018 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 198390 |
| Colorado (State of), Series 2018 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80149 |
| Colorado (State of), Series 2018 A, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5169 |
| Colorado (State of), Series 2018 A, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 479234 |
| Colorado (State of), Series 2018 A, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10278 |
| Colorado (State of), Series 2018 M, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137181 |
| Colorado (State of), Series 2018 N, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15661 |
| Colorado (State of), Series 2018 N, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 359428 |
| Colorado (State of), Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107765 |
| Colorado (State of), Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48494 |
| Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30487 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36964 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95051 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10494 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129016 |
| Colorado (State of) Regional Transportation District (Green Bonds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 139768 |
| Colorado Springs (City of), CO, Series 2018 A-4, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 230773 |
| Denver (City & County of), CO, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15576 |
| Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 406397 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48368 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42961 |
| Denver (City & County of), CO (Wellington E. Webb Municipal Office Building), Series 2023, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43030 |
| Denver City & County School District No. 1, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47667 |
| Denver City & County School District No. 1, Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62970 |
| Denver City & County School District No. 1, Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10780 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53854 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26445 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31656 |
| E-470 Public Highway Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80028 |
| Fort Collins (City of), CO, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15576 |
| Jefferson County School District R-1, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118480 |

---

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

------

#### 223

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Colorado-(continued)** |  |  |  |  |
| Jefferson County School District R-1, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;$91343 |
| Jefferson County School District R-1, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 144684 |
| Jefferson County School District R-1, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96248 |
| Jefferson County School District R-1, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128034 |
| Jefferson County School District R-1, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10641 |
| Jefferson County School District R-1, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15828 |
| Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 182686 |
| Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51852 |
| Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 181382 |
| Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72163 |
| Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112966 |
| Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100493 |
| Larimer County School District No. R-1 Poudre, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10541 |
| Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102566 |
| Metro Water Recovery, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47655 |
| University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166971 |
| University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88704 |
| University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20871 |
| University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85234 |
| University of Colorado, Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133008 |
| University of Colorado, Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90274 |
| University of Colorado, Series 2017 A-2, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5160 |
| University of Colorado, Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91397 |
| University of Colorado, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32201 |
| Westminster Public Schools, Series 2019, COP, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5122 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5915079 |
| **Connecticut-2.73%** |  |  |  |  |
| Connecticut (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36919 |
| Connecticut (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31585 |
| Connecticut (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78814 |
| Connecticut (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41831 |
| Connecticut (State of), Series 2018 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74235 |
| Connecticut (State of), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 295177 |
| Connecticut (State of), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112460 |
| Connecticut (State of), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 513506 |
| Connecticut (State of), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 154790 |
| Connecticut (State of), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31888 |
| Connecticut (State of), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121922 |
| Connecticut (State of), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36997 |
| Connecticut (State of), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68366 |
| Connecticut (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42606 |
| Connecticut (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42538 |
| Connecticut (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 631023 |
| Connecticut (State of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26804 |
| Connecticut (State of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58778 |
| Connecticut (State of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143975 |
| Connecticut (State of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79842 |
| Connecticut (State of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10593 |
| Connecticut (State of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2037 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105333 |
| Connecticut (State of), Series 2018 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64329 |
| Connecticut (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106050 |
| Connecticut (State of), Series 2019 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 163532 |
| Connecticut (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31627 |
| Connecticut (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125040 |
| Connecticut (State of), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 339756 |
| Connecticut (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 238276 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 191113 |

---

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

------

#### 224

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of), Series 2021 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | $&nbsp;&nbsp;150 | &nbsp;&nbsp;$161351 |
| Connecticut (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98418 |
| Connecticut (State of), Series 2022 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 192986 |
| Connecticut (State of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 258420 |
| Connecticut (State of), Series 2022 G, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 177664 |
| Connecticut (State of), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37324 |
| Connecticut (State of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 101530 |
| Connecticut (State of), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 175956 |
| Connecticut (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 184490 |
| Connecticut (State of), Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31992 |
| Connecticut (State of), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58652 |
| Connecticut (State of), Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74053 |
| Connecticut (State of), Series 2024 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10711 |
| Connecticut (State of), Series 2024 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16151 |
| Connecticut (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 158850 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21560 |
| Connecticut (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5349 |
| Connecticut (State of) (Social Bonds), Series 2021 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122761 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94438 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88540 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 160756 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122481 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5270 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 152675 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 194500 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115562 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 377113 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 146418 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52194 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25971 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21271 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5332 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26660 |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5325 |
| University of Connecticut, Series 2018 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20311 |
| University of Connecticut, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103643 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7606383 |
| **Delaware-0.31%** |  |  |  |  |
| Delaware (State of), Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115884 |
| Delaware (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp; 41180 |
| Delaware (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42139 |
| Delaware (State of) Health Facilities Authority (Beebe Medical Center), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 433103 |
| Delaware (State of) Transportation Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 239939 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872245 |
| **District of Columbia-1.38%** |  |  |  |  |
| District of Columbia, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51762 |
| District of Columbia, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10250 |
| District of Columbia, Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113877 |
| District of Columbia, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 268606 |
| District of Columbia, Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100937 |
| District of Columbia, Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137865 |
| District of Columbia, Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58220 |
| District of Columbia, Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58085 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 166663 |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142789 |
| District of Columbia, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107416 |

---

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

------

#### 225

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$47596 |
| District of Columbia, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 316876 |
| District of Columbia, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75264 |
| District of Columbia, Series 2021 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79163 |
| District of Columbia, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 242734 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31593 |
| District of Columbia, Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26619 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48126 |
| District of Columbia, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 318251 |
| District of Columbia, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37266 |
| District of Columbia (KIPP DC), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25625 |
| District of Columbia (KIPP DC), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10024 |
| District of Columbia Water & Sewer Authority, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82466 |
| District of Columbia Water & Sewer Authority, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 203242 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53642 |
| District of Columbia Water & Sewer Authority (Green Bonds), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127026 |
| Metropolitan Washington Airports Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 237213 |
| Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2010, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;6.50% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53313 |
| Washington Convention & Sports Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 177203 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15550 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 149046 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 255508 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3829816 |
| **Florida-2.27%** |  |  |  |  |
| Brevard County School District, Series 2024 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47840 |
| Broward (County of), FL, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5363 |
| Broward (County of), FL School District, Series 2019 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 233058 |
| Broward (County of), FL School District, Series 2025 A, Ref. COP, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31809 |
| Canaveral Port Authority, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40568 |
| Central Florida Expressway Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20761 |
| Central Florida Expressway Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 188898 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 239674 |
| Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25339 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 340193 |
| Florida (State of), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 202123 |
| Florida (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 22252 |
| Florida (State of), Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp; 114993 |
| Florida (State of), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 186331 |
| Florida (State of) Department of Management Services, Series 2018 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 139662 |
| Florida (State of) Department of Transportation, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 149296 |
| Florida (State of) Department of Transportation, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 111972 |
| Florida (State of) Municipal Power Agency, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45845 |
| Gainesville (City of), FL, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 167084 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51809 |
| Hillsborough (County of), FL School Board (Master Lease Program), Series 2017, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 165925 |
| Hillsborough (County of), FL School Board (Master Lease Program), Series 2018, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 276248 |
| Jacksonville (City of), FL, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53538 |
| JEA Electric System, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135351 |
| JEA Electric System, Third Series 2024 A, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96392 |
| JEA Water & Sewer System, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67930 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141555 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 187798 |
| Miami-Dade (County of), FL, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119015 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2007 B, Ref. RB, (INS - AMBAC)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15863 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2053 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 171553 |

---

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

------

#### 226

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Florida-(continued)** |  |  |  |  |
| Orange (County of), FL Convention Center, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;$74953 |
| Orange (County of), FL School Board, Series 2017 C, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37295 |
| Orlando (City of), FL, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp; 837839 |
| Palm Beach County School District, Series 2017 B, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 186388 |
| Palm Beach County School District, Series 2018 B, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 191714 |
| Pasco (County of), FL School Board, Series 2018 A, COP, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67263 |
| Polk County School District, Series 2020 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115416 |
| Putnam (County of), FL Development Authority (Seminole Electric Cooperative), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 308854 |
| Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20807 |
| Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 257891 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46755 |
| Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 130652 |
| Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152960 |
| Tampa (City of), FL (Green Bonds), Series 2018, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103930 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328755 |
| **Georgia-1.25%** |  |  |  |  |
| Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104052 |
| Atlanta (City of), GA, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67983 |
| Atlanta (City of), GA, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63927 |
| Columbia (County of), GA Public Facilities Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53023 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21457 |
| Douglas (County of), GA School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47683 |
| Forsyth (County of), GA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21146 |
| Georgia (State of), Series 2016 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35819 |
| Georgia (State of), Series 2017 A-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77000 |
| Georgia (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93542 |
| Georgia (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117382 |
| Georgia (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106767 |
| Georgia (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42662 |
| Georgia (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 161263 |
| Georgia (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62128 |
| Georgia (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25830 |
| Georgia (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133388 |
| Georgia (State of), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83557 |
| Georgia (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10671 |
| Georgia (State of), Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56948 |
| Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 304798 |
| Georgia (State of) (Bidding Group 1), Series 2021 A-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117382 |
| Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74697 |
| Georgia (State of) Local Government, Series 1998 A, COP, (INS - NATL)<sup>(b)</sup><br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 469392 |
| Georgia (State of) Municipal Electric Authority, Series 2018 HH, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 219627 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 421442 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 111922 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 127497 |
| Gwinnett County School District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137191 |
| Henry County School District, Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104386 |
| Main Street Natural Gas, Inc., Series 2007 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10622 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485184 |
| **Hawaii-1.03%** |  |  |  |  |
| Hawaii (State of), Series 2017 FK, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31022 |
| Hawaii (State of), Series 2017 FN, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 214423 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 331732 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 205199 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 173435 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35953 |

---

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

------

#### 227

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Hawaii-(continued)** |  |  |  |  |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;$57751 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31455 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20458 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120423 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25068 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 214333 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10438 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30524 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10421 |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15603 |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121108 |
| Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112974 |
| Honolulu (City & County of), HI (Green Bonds), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 161207 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128559 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 160435 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 185027 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 227318 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 243178 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868044 |
| **Idaho-0.19%** |  |  |  |  |
| Idaho (State of) Health Facilities Authority (St. Luke's Health System), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 200735 |
| Idaho State Building Authority, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 111727 |
| Idaho State Building Authority (Schools Modernization), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 212813 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525275 |
| **Illinois-3.90%** |  |  |  |  |
| Champaign (County of), IL Community Unit School District No. 4, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47159 |
| Champaign (County of), IL Community Unit School District No. 4, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83717 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 E, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76896 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 167819 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78665 |
| Chicago (City of), IL Board of Education, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 323036 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64496 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15747 |
| Chicago (City of), IL Park District, Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15739 |
| Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21114 |
| Cook (County of), IL, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80102 |
| Cook (County of), IL, Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 177188 |
| Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166697 |
| Illinois (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 337808 |
| Illinois (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10443 |
| Illinois (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 969286 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43061 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36877 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15768 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78665 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 151700 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 255817 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 260440 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46752 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;4.63% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 137663 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25764 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25695 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101925 |
| Illinois (State of), Series 2018 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 277075 |
| Illinois (State of), Series 2018 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106251 |
| Illinois (State of), Series 2018 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115920 |

---

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

------

#### 228

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of), Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$26642 |
| Illinois (State of), Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 164689 |
| Illinois (State of), Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 222517 |
| Illinois (State of), Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 285279 |
| Illinois (State of), Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 405720 |
| Illinois (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10682 |
| Illinois (State of), Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 586121 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141952 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48134 |
| Illinois (State of), Series 2021 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5147 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36802 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63334 |
| Illinois (State of), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5278 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105939 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73889 |
| Illinois (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99696 |
| Illinois (State of), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21190 |
| Illinois (State of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26755 |
| Illinois (State of) Finance Authority (Clean Water Initiative), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71697 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2018, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 368381 |
| Illinois (State of) Finance Authority (Edward-Elmhurst Healthcare), Series 2018, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 404667 |
| Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25646 |
| Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78604 |
| Illinois (State of) Finance Authority (Northwestern University), Series 2015, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91227 |
| Illinois (State of) Finance Authority (OSF Healthcare System), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 153509 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121326 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112130 |
| Illinois (State of) Regional Transportation Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 304834 |
| Illinois (State of) Toll Highway Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 311659 |
| Illinois (State of) Toll Highway Authority, Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 800270 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73692 |
| Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 289505 |
| Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 163176 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 168439 |
| Sales Tax Securitization Corp., Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57708 |
| Sales Tax Securitization Corp., Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26075 |
| Sales Tax Securitization Corp., Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 183617 |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 236079 |
| Southwestern Illinois Development Authority (Hospital Sisters Services, Inc.), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15723 |
| Springfield (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73504 |
| University of Illinois, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89712 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10866231 |
| **Indiana-0.88%** |  |  |  |  |
| Hammond Multi-School Building Corp., Series 2018, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61974 |
| Indiana (State of) Finance Authority, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 377099 |
| Indiana (State of) Finance Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68045 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 101772 |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15663 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 147717 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 183501 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15711 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21102 |
| Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57805 |
| Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 188742 |
| Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 261844 |

---

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

------

#### 229

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Indiana-(continued)** |  |  |  |  |
| Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | $&nbsp;&nbsp;135 | &nbsp;&nbsp;$141033 |
| Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57315 |
| Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36103 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 224265 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 101055 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63600 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126903 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21094 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15734 |
| Indianapolis Local Public Improvement Bond Bank, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 140024 |
| Indianapolis Local Public Improvement Bond Bank, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10508 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438609 |
| **Iowa-0.17%** |  |  |  |  |
| Iowa (State of) Finance Authority (Green Bonds), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 202918 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 261212 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464130 |
| **Kansas-0.15%** |  |  |  |  |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 283633 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64219 |
| Lawrence (City of), KS ((Lawrence Memorial Hospital), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81281 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429133 |
| **Kentucky-0.61%** |  |  |  |  |
| Kentucky (Commonwealth of), Series 2018, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2038 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124918 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10482 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 208970 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 338529 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42277 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 119), Series 2018, RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 221168 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42919 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48196 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74027 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88106 |
| Kentucky Bond Development Corp. (Centre College), Series 2018, RB<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 140390 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21311 |
| Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 344855 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706148 |
| **Louisiana-0.17%** |  |  |  |  |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63330 |
| Louisiana (State of) (Garvee), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112224 |
| Louisiana (State of) (Garvee), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122552 |
| Louisiana (State of) (Garvee), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95789 |
| Louisiana (State of) (Garvee), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58784 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Bossier City), Series 2018, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5021 |
| New Orleans (Port of), LA Board of Commissioners, Series 2018 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5070 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462770 |
| **Maine-0.12%** |  |  |  |  |
| Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 256479 |
| Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60864 |
| Maine (State of) Turnpike Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20429 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337772 |

---

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

------

#### 230

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Maryland-2.73%** |  |  |  |  |
| Howard (County of), MD, Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | $&nbsp;&nbsp;125 | &nbsp;&nbsp;$132078 |
| Howard (County of), MD, Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15830 |
| Howard (County of), MD, Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41260 |
| Maryland (State of), First Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105859 |
| Maryland (State of), Second Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 208498 |
| Maryland (State of), Second Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96119 |
| Maryland (State of), Second Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 234594 |
| Maryland (State of), Second Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207571 |
| Maryland (State of), Second Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10360 |
| Maryland (State of), Second Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 416996 |
| Maryland (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25755 |
| Maryland (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109315 |
| Maryland (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 317577 |
| Maryland (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21159 |
| Maryland (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 158483 |
| Maryland (State of), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10366 |
| Maryland (State of), Series 2022 D, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 167057 |
| Maryland (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58549 |
| Maryland (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 239517 |
| Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 545303 |
| Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122960 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 386385 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 240575 |
| Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15862 |
| Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21172 |
| Maryland (State of) (Bidding Group 2), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133653 |
| Maryland (State of) Department of Transportation, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156480 |
| Maryland (State of) Department of Transportation, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135922 |
| Maryland (State of) Department of Transportation, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 101995 |
| Maryland (State of) Department of Transportation, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75154 |
| Maryland (State of) Department of Transportation, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 199478 |
| Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59304 |
| Maryland (State of) Stadium Authority, Series 2018, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31359 |
| Maryland (State of) Stadium Authority, Series 2018, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 206823 |
| Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2018 A, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 533726 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53308 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10664 |
| Montgomery (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86119 |
| Montgomery (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16110 |
| Montgomery (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37524 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96884 |
| Montgomery (County of), MD, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141051 |
| Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 131170 |
| Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 155072 |
| Montgomery (County of), MD, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21576 |
| Prince George's (County of), MD, Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10077 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 154855 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106638 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 160775 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10631 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10612 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10301 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112136 |
| Prince George's (County of), MD, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128156 |
| Prince George's (County of), MD, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 176143 |

---

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

------

#### 231

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Maryland-(continued)** |  |  |  |  |
| Prince George's (County of), MD, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$47987 |
| Prince George's (County of), MD, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31948 |
| Prince George's (County of), MD, Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 305708 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50337 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7608876 |
| **Massachusetts-3.49%** |  |  |  |  |
| Lincoln (Town of), MA, Series 2019, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2049 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 147586 |
| Massachusetts (Commonwealth of), Series 2004 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69976 |
| Massachusetts (Commonwealth of), Series 2004 B, Ref. GO Bonds, (INS - AMBAC)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91507 |
| Massachusetts (Commonwealth of), Series 2005, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 132385 |
| Massachusetts (Commonwealth of), Series 2014 C, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25002 |
| Massachusetts (Commonwealth of), Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 427314 |
| Massachusetts (Commonwealth of), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73566 |
| Massachusetts (Commonwealth of), Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21366 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 289187 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10512 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83966 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73325 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36583 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 453780 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 229111 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41497 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5175 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5161 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5147 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76771 |
| Massachusetts (Commonwealth of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 389721 |
| Massachusetts (Commonwealth of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47427 |
| Massachusetts (Commonwealth of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68527 |
| Massachusetts (Commonwealth of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68445 |
| Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 181608 |
| Massachusetts (Commonwealth of), Series 2018 D, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15352 |
| Massachusetts (Commonwealth of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 139181 |
| Massachusetts (Commonwealth of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42375 |
| Massachusetts (Commonwealth of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 258923 |
| Massachusetts (Commonwealth of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 435571 |
| Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58492 |
| Massachusetts (Commonwealth of), Series 2019 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 271190 |
| Massachusetts (Commonwealth of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 380917 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 304461 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 215567 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85847 |
| Massachusetts (Commonwealth of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48289 |
| Massachusetts (Commonwealth of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95013 |
| Massachusetts (Commonwealth of), Series 2022 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 301794 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10533 |
| Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88990 |
| Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25522 |
| Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 256466 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122989 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53757 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 269074 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 223975 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128251 |

---

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

------

#### 232

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;$31006 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2020 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10636 |
| Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2018 J-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 256704 |
| Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2018 J-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 243456 |
| Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 147077 |
| Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5379 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 251694 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10490 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57664 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 298670 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104676 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 146320 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104379 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81324 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35501 |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 1998 I-1, RB<br>| &nbsp;&nbsp;5.20% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95136 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 386373 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 309098 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 163715 |
| Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21073 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5389 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78342 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9731276 |
| **Michigan-0.74%** |  |  |  |  |
| Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122227 |
| Great Lakes Water Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15510 |
| Great Lakes Water Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 148933 |
| Great Lakes Water Authority, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90504 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58561 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63885 |
| Michigan (State of), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 355238 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161472 |
| Michigan (State of) Building Authority (Facilities Program), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37559 |
| Michigan (State of) Building Authority (Facilities Program), Series 2025 I, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10594 |
| Michigan (State of) Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5362 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47530 |
| Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 459928 |
| Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20775 |
| Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 1999, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124652 |
| Michigan (State of) Hospital Finance Authority (Trinity Health Credit Group), Series 2008, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15725 |
| University of Michigan, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77271 |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10659 |

---

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

------

#### 233

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Michigan-(continued)** |  |  |  |  |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$47828 |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105375 |
| Wayne State University, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77811 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057399 |
| **Minnesota-1.21%** |  |  |  |  |
| Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5106 |
| Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2058 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 241937 |
| Hennepin (County of), MN, Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10568 |
| Metropolitan Council, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 188598 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117548 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21011 |
| Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120241 |
| Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 198234 |
| Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88440 |
| Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 223009 |
| Minnesota (State of), Series 2017 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104530 |
| Minnesota (State of), Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20906 |
| Minnesota (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42691 |
| Minnesota (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32029 |
| Minnesota (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63995 |
| Minnesota (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 282213 |
| Minnesota (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 159458 |
| Minnesota (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 270899 |
| Minnesota (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 212006 |
| Minnesota (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42275 |
| Minnesota (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26351 |
| Minnesota (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 441655 |
| Minnesota (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106727 |
| Minnesota (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133408 |
| Minnesota (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42782 |
| Minnesota (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69521 |
| Minnesota (State of), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5283 |
| Minnesota (State of), Series 2023 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10673 |
| Minnesota (State of), Series 2023, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16127 |
| Minnesota (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26682 |
| Minnesota (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42691 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367594 |
| **Mississippi-0.36%** |  |  |  |  |
| Mississippi (State of), Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 386677 |
| Mississippi (State of), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89052 |
| Mississippi (State of), Series 2019, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10080 |
| Mississippi (State of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95826 |
| Mississippi (State of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58410 |
| Mississippi (State of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58238 |
| Mississippi (State of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5056 |
| Mississippi (State of) Development Bank (Desoto County Mississippi Highway Refunding), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 178559 |
| West Rankin Utility Authority, Series 2018, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94714 |
| West Rankin Utility Authority, Series 2018, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15786 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992398 |
| **Missouri-0.40%** |  |  |  |  |
| Curators of the University of Missouri (The), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53716 |

---

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

------

#### 234

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Missouri-(continued)** |  |  |  |  |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;$72297 |
| Missouri (State of) Board of Public Buildings, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88480 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52751 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 154519 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 351002 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31691 |
| Missouri (State of) Highway & Transportation Commission, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138055 |
| Missouri (State of) Highway & Transportation Commission (State Appropriations Mega), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21239 |
| Springfield (City of), MO, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5338 |
| Springfield School District No. R-12, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67395 |
| St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85895 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122378 |
| **Montana-0.47%** |  |  |  |  |
| Forsyth (City of), MT (Countryside Phase 2 South-Facilities), Series 2023, Ref. RB<br>| &nbsp;&nbsp;3.88% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117742 |
| Montana (State of) Facility Finance Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101477 |
| Montana (State of) Facility Finance Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75666 |
| Montana (State of) Facility Finance Authority (Bozeman Deaconess Health Services Obligated Group), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010561 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305446 |
| **Nebraska-0.39%** |  |  |  |  |
| Boys Town (Village of), NE (Boys Town), Series 2017, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 252129 |
| Lincoln (City of), NE, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 144254 |
| Nebraska (State of) Public Power District, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 525528 |
| Omaha (City of), NE Public Power District, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 168788 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090699 |
| **Nevada-1.69%** |  |  |  |  |
| Clark (County of), NV, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 197153 |
| Clark (County of), NV, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129560 |
| Clark (County of), NV, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47853 |
| Clark (County of), NV, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53087 |
| Clark (County of), NV, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121929 |
| Clark (County of), NV, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58202 |
| Clark (County of), NV, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73888 |
| Clark (County of), NV, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115810 |
| Clark (County of), NV, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31520 |
| Clark (County of), NV, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 295811 |
| Clark (County of), NV, Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32318 |
| Clark (County of), NV, Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 166760 |
| Clark (County of), NV, Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80538 |
| Clark (County of), NV, Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 144732 |
| Clark (County of), NV, Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 342401 |
| Clark (County of), NV, Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 144077 |
| Clark (County of), NV, Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97811 |
| Clark (County of), NV, Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107754 |
| Clark (County of), NV, Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25582 |
| Clark (County of), NV, Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81649 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143773 |
| Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 665149 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90524 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 218322 |
| Clark County School District, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40572 |
| Clark County School District, Series 2018 B, GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76714 |
| Clark County School District, Series 2018 B, GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76435 |
| Clark County School District, Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10631 |
| Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 559077 |

---

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

------

#### 235

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Nevada-(continued)** |  |  |  |  |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | $&nbsp;&nbsp;130 | &nbsp;&nbsp;$138417 |
| North Las Vegas (City of), NV, Series 2018, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106190 |
| Truckee Meadows Water Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 197391 |
| Washoe County School District, Series 2018, GO Bonds, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 44151 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715781 |
| **New Hampshire-0.10%** |  |  |  |  |
| New Hampshire (State of) Health and Education Facilities Authority (Dartmouth College), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 180775 |
| New Hampshire (State of) Health and Education Facilities Authority (Partners Healthcare System), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108260 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289035 |
| **New Jersey-3.57%** |  |  |  |  |
| New Jersey (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 820382 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 283685 |
| New Jersey (State of) Economic Development Authority, Series 2018 EEE, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 389274 |
| New Jersey (State of) Economic Development Authority, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 132011 |
| New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15980 |
| New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138070 |
| New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 218947 |
| New Jersey (State of) Economic Development Authority (State House), Series 2017, RB<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10224 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129780 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20765 |
| New Jersey (State of) Educational Facilities Authority (Stevenns Institute Technology), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47757 |
| New Jersey (State of) Health Care Facilities Financing Authority (Hackensack Meridian Health Obligated Group), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103721 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 550708 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-1, RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48366 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-1, RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 305621 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 123191 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 484337 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118088 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72791 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 690405 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 662360 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 293022 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84980 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10585 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40814 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 388275 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 156709 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91864 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 284822 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21419 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15955 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 254130 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 413220 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32423 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48205 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB<br>| &nbsp;&nbsp;3.75% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10174 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 220547 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 215205 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85025 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 127538 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58456 |
| New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105777 |
| New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142071 |

---

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

------

#### 236

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$26208 |
| New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62800 |
| New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78404 |
| New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 168790 |
| New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 305325 |
| New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21018 |
| New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 293890 |
| New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71608 |
| New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26093 |
| New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 218570 |
| New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36333 |
| New Jersey (State of) Turnpike Authority, Series 2020 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103368 |
| New Jersey (State of) Turnpike Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15786 |
| Rutgers The State University of New Jersey, Series 2018 N, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42408 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9938280 |
| **New Mexico-0.39%** |  |  |  |  |
| New Mexico (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42324 |
| New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79904 |
| New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95675 |
| New Mexico (State of) Finance Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 239712 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 218129 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 111724 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 276651 |
| State of New Mexico Severance Tax Permanent Fund, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21281 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085400 |
| **New York-22.89%** |  |  |  |  |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 172974 |
| Build NYC Resource Corp. (The Young Men's and Women's Hebrew Association), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 267349 |
| Erie (County of), NY Industrial Development Agency (The) (City of Buffalo School District), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15897 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71826 |
| Long Island (City of), NY Power Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96013 |
| Long Island (City of), NY Power Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117099 |
| Long Island (City of), NY Power Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 132852 |
| Long Island (City of), NY Power Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68745 |
| Long Island (City of), NY Power Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15830 |
| Long Island (City of), NY Power Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5267 |
| Long Island (City of), NY Power Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 219649 |
| Long Island (City of), NY Power Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 834990 |
| Long Island (City of), NY Power Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5157 |
| Long Island (City of), NY Power Authority, Series 2023 F, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53667 |
| Metropolitan Transportation Authority, Series 2017 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 258417 |
| Metropolitan Transportation Authority, Series 2017 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73760 |
| Metropolitan Transportation Authority, Series 2017 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 210467 |
| Metropolitan Transportation Authority, Series 2017 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 236461 |
| Metropolitan Transportation Authority, Series 2017 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94202 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59131 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47136 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26389 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137200 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94834 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 252076 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36783 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 188873 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 601734 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80846 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 166228 |

---

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

------

#### 237

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 C-1, Ref. RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$26387 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 193520 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89655 |
| Metropolitan Transportation Authority (Green Bonds), Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96760 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 216406 |
| Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21219 |
| Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100712 |
| Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105939 |
| Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68761 |
| Monroe County Industrial Development Corp. (Rochester Schools Modernization), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52846 |
| Nassau (County of), NY, Series 2018 B, GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10345 |
| Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 102813 |
| Nassau Health Care Corp., Series 2009, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5346 |
| New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63994 |
| New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31997 |
| New York & New Jersey (States of) Port Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26490 |
| New York & New Jersey (States of) Port Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21083 |
| New York & New Jersey (States of) Port Authority, Teo Hundred Ninth Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58590 |
| New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42563 |
| New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53090 |
| New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56129 |
| New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 370217 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20969 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Three Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 102726 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64222 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 197200 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69195 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95664 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 212452 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 127287 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 190547 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26351 |
| New York (City of), NY, Series 2005 1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 267704 |
| New York (City of), NY, Series 2012-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15888 |
| New York (City of), NY, Series 2017 1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166142 |
| New York (City of), NY, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 389395 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 236976 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10528 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31557 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52535 |
| New York (City of), NY, Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51061 |
| New York (City of), NY, Series 2017, A Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26329 |
| New York (City of), NY, Series 2018 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5273 |
| New York (City of), NY, Series 2018 E-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10594 |
| New York (City of), NY, Series 2018 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63214 |
| New York (City of), NY, Series 2018 E-1, GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60586 |
| New York (City of), NY, Series 2018 E-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10560 |
| New York (City of), NY, Series 2018 E-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105455 |
| New York (City of), NY, Series 2018 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36599 |
| New York (City of), NY, Series 2018 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52155 |
| New York (City of), NY, Series 2018 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25967 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 176300 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 304519 |
| New York (City of), NY, Series 2020 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 623735 |
| New York (City of), NY, Series 2020 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 544929 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 309861 |
| New York (City of), NY, Series 2021-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96164 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112436 |

---

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

------

#### 238

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | $&nbsp;&nbsp;140 | &nbsp;&nbsp;$149588 |
| New York (City of), NY, Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122876 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48082 |
| New York (City of), NY, Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 144246 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 293834 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37397 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10579 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31776 |
| New York (City of), NY, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26712 |
| New York (City of), NY, Subseries 2008 J-5, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 320546 |
| New York (City of), NY, Subseries 2008 L-6, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 180065 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 577587 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 389746 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117185 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90312 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31798 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137375 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 173863 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120779 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 188865 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10456 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52079 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41504 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 284610 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 358027 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 247103 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115443 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26183 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67903 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104232 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109201 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 309557 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 246393 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69752 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 572888 |
| New York (City of), NY Industrial Development Agency, Series 2021, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36640 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21049 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31948 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 175324 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 194786 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 FF, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 625289 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126555 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2049 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 286639 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2049 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103001 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 375084 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58698 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 522946 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2045 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 335410 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 DD, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 448240 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21345 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2020 AA-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96051 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43241 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117396 |
| New York (City of), NY Transitional Finance Authority, Series 1998 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 204020 |
| New York (City of), NY Transitional Finance Authority, Series 2002-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 150330 |
| New York (City of), NY Transitional Finance Authority, Series 2017 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135152 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83551 |

---

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

------

#### 239

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | $&nbsp;&nbsp;115 | &nbsp;&nbsp;$122642 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 132033 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36926 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 179269 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 595231 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 194506 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68182 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 235690 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 149303 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36591 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78325 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 260649 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42688 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85316 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122642 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 281373 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142974 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84517 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2043 | &nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 559426 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2045 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 246948 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 181922 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133423 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106719 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 164939 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 275357 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10123 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 558664 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 329153 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74535 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 228419 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89620 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42086 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2039 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 196713 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2043 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103597 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69558 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16011 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42688 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138032 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5081 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2037 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 147609 |
| New York (City of), NY Transitional Finance Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26307 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90697 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 391933 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 220126 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90697 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 440253 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 208675 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 209389 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 295292 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5301 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 206741 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42951 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107379 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21476 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59058 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42951 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48320 |
| New York (City of), NY Transitional Finance Authority, Subseries 2012 A-6, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10670 |

---

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

------

#### 240

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | $&nbsp;&nbsp;125 | &nbsp;&nbsp;$132639 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 227646 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58089 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10540 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104863 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 475287 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 243529 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 475166 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95429 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 B-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91343 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-2A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 366315 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 230077 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 256172 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 352174 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 526740 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 534828 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 301092 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2037 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 226686 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 191962 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 514965 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 258137 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-4A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 244748 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-4A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 308788 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 153760 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 180270 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 205194 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 176936 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128855 |
| New York (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21223 |
| New York (State of), Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26557 |
| New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42773 |
| New York (State of) Dormitory Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10359 |
| New York (State of) Dormitory Authority, Series 2018 1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 316383 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 301791 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 344052 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 195771 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 245108 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 180895 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 327140 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 199715 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 178776 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 211695 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110762 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 224666 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 352712 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 399313 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88622 |
| New York (State of) Dormitory Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153631 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 180205 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26861 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80349 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26777 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 305121 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 379704 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 390317 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21272 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121691 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 146975 |

---

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

------

#### 241

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$15894 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121717 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 301531 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95107 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 559298 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47209 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67922 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31324 |
| New York (State of) Dormitory Authority, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52130 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10739 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 354383 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 278759 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 240822 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 283151 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 277329 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15790 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51995 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2048 | &nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 696403 |
| New York (State of) Dormitory Authority, Series 2018, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 243711 |
| New York (State of) Dormitory Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 264798 |
| New York (State of) Dormitory Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 182351 |
| New York (State of) Dormitory Authority, Series 2018-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 167377 |
| New York (State of) Dormitory Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36513 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75282 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16095 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21384 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53280 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42433 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105973 |
| New York (State of) Dormitory Authority, Series 2020, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47593 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 166697 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100644 |
| New York (State of) Dormitory Authority, Series 2021 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47674 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21201 |
| New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16120 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26887 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129056 |
| New York (State of) Dormitory Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 231691 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90050 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 185505 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5297 |
| New York (State of) Dormitory Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26462 |
| New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 A, RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31788 |
| New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 632163 |
| New York (State of) Dormitory Authority (Bidding Group 1), Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 189292 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 301990 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 390999 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94418 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58302 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 260662 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121989 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 453927 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 500934 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 209298 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41762 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 172734 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 193162 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 332879 |

---

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

------

#### 242

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2044 | $&nbsp;&nbsp;120 | &nbsp;&nbsp;$124201 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2045 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103166 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 450154 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36409 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207526 |
| New York (State of) Dormitory Authority (Columbia University), Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 376475 |
| New York (State of) Dormitory Authority (General Purpose), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 249292 |
| New York (State of) Dormitory Authority (New York University), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15574 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26654 |
| New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10669 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 259871 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97452 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57972 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136799 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 147161 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26263 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125869 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62844 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94039 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30131 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21164 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10540 |
| New York (State of) Thruway Authority, Series 2024 Q, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 453238 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37036 |
| New York City Health and Hospitals Corp., Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89796 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51838 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74582 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41420 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2048 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154099 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80060 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117422 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21349 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26687 |
| New York State Urban Development Corp., Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 208146 |
| New York State Urban Development Corp., Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90252 |
| New York State Urban Development Corp., Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137705 |
| New York State Urban Development Corp., Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116369 |
| New York State Urban Development Corp., Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 179365 |
| New York State Urban Development Corp., Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 131221 |
| New York State Urban Development Corp., Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114845 |
| New York State Urban Development Corp., Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62379 |
| New York State Urban Development Corp., Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26725 |
| New York State Urban Development Corp., Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 175673 |
| New York State Urban Development Corp., Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126475 |
| New York State Urban Development Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 211924 |
| New York State Urban Development Corp., Series 2022, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21515 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116490 |
| New York Transportation Development Corp. (Termial 4 John F. Kennedy International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80287 |

---

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

------

#### 243

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| Suffolk (County of), NY, Series 2017 D, Ref. GO Bonds, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$20568 |
| Suffolk (County of), NY Water Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5065 |
| Triborough Bridge & Tunnel Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 226694 |
| Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 609914 |
| Triborough Bridge & Tunnel Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp; 1176458 |
| Triborough Bridge & Tunnel Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 253799 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59396 |
| Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 263058 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75545 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 278592 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 361630 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15539 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 340673 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10258 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32129 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69516 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 202755 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85127 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84967 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 335422 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 350835 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 361538 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63750645 |
| **North Carolina-1.06%** |  |  |  |  |
| Charlotte (City of), NC, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 277570 |
| Charlotte (City of), NC, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 474610 |
| Charlotte (City of), NC, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53316 |
| Charlotte (City of), NC, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79836 |
| Charlotte (City of), NC, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26566 |
| Charlotte (City of), NC, Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58717 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26796 |
| North Carolina (State of), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 185973 |
| North Carolina (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53249 |
| North Carolina (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42616 |
| North Carolina (State of), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90266 |
| North Carolina (State of), Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21299 |
| North Carolina (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85198 |
| North Carolina (State of), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 174354 |
| North Carolina (State of), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47788 |
| North Carolina (State of), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37168 |
| North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 302658 |
| North Carolina (State of) (Garvee), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116236 |
| North Carolina (State of) (Garvee), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95102 |
| North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106089 |
| North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41131 |
| North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71887 |
| North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30707 |
| North Carolina (State of) Turnpike Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56136 |
| Raleigh (City of), NC, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21452 |
| Wake (County of), NC, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 227275 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143453 |
| Wake (County of), NC, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10721 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958169 |
| **North Dakota-0.07%** |  |  |  |  |
| University of North Dakota, Series 2018, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2057 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 197370 |

---

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

------

#### 244

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Ohio-2.18%** |  |  |  |  |
| Allen (County of), OH, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;$84036 |
| Allen (County of), OH, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 131333 |
| Allen (County of), OH, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25336 |
| Allen (County of), OH, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 121248 |
| Allen (County of), OH, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20129 |
| Allen (County of), OH (Mercy Health), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37467 |
| American Municipal Power, Inc. (Combined Hydroelectric), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20991 |
| Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59470 |
| Cleveland (City of), OH, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154719 |
| Columbus (City of), OH, Series 2016 3, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46234 |
| Columbus (City of), OH, Series 2017-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120194 |
| Columbus (City of), OH, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68889 |
| Columbus (City of), OH, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26831 |
| Columbus (City of), OH, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53599 |
| Columbus (City of), OH, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85693 |
| Columbus (City of), OH, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58786 |
| Columbus (City of), OH, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26694 |
| Columbus (City of), OH, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63590 |
| Columbus (City of), OH, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 101680 |
| Columbus (City of), OH, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112384 |
| Columbus (City of), OH, Series 2025-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47693 |
| Franklin (County of), OH, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153549 |
| Miami Valley Career Technology Center, Series 2018, GO Bonds<br>| &nbsp;&nbsp;3.75% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 31471 |
| Northeast Ohio Regional Sewer District, Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35667 |
| Ohio (State of), Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69636 |
| Ohio (State of), Series 2017 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 139272 |
| Ohio (State of), Series 2017 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2028 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 144774 |
| Ohio (State of), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112243 |
| Ohio (State of), Series 2017 U, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 175223 |
| Ohio (State of), Series 2019-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 231755 |
| Ohio (State of), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57957 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126033 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 131136 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104665 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 356149 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84116 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 655106 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117491 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15772 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41062 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 139099 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2018 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92591 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136772 |
| Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 147569 |
| Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 242342 |
| Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115859 |
| Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 162831 |
| Ohio (State of) Water Development Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 174519 |
| Ohio (State of) Water Development Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 202259 |
| Ohio (State of) Water Development Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 237278 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79822 |
| University of Cincinnati, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97690 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078704 |
| **Oklahoma-0.26%** |  |  |  |  |
| Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 186248 |

---

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

------

#### 245

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Oklahoma-(continued)** |  |  |  |  |
| Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | $&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$105627 |
| Oklahoma (State of) Turnpike Authority, Series 2017 D D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 252127 |
| Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5253 |
| Oklahoma County Independent School District No. 89, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41519 |
| Tulsa (County of), OK Industrial Authority (Broken Arrow Public Schools), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133034 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723808 |
| **Oregon-0.89%** |  |  |  |  |
| Benton & Linn (Counties of), OR Consolidated School District No. 509J & 509A Corvallis, Series 2018 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105292 |
| Metro, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5324 |
| Multnomah (County of), OR, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 202511 |
| Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90637 |
| Oregon (State of) (Article XI - Q State), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp; 214604 |
| Oregon (State of) Lottery, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74203 |
| Oregon (State of) Tri-County Metropolitan Transportation District (Garve), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52333 |
| Oregon (State of) Tri-County Metropolitan Transportation District (Garvee), Series 2018 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 239945 |
| Oregon City School District No. 62, Series 2018 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2049 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 377798 |
| Portland (City of), OR, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142708 |
| Portland Community College District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69205 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47900 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26606 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 159541 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95541 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121931 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107929 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89713 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89498 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5254 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15732 |
| University of Oregon, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2048 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 158028 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492233 |
| **Pennsylvania-3.45%** |  |  |  |  |
| Allegheny (County of), PA, Series 2018 C-77, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 140329 |
| Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114433 |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31498 |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99050 |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55363 |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10506 |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 277845 |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated Group Issue), Series 2018, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150697 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47232 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138090 |
| Allegheny (County of), PA Port Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42155 |
| Allegheny (County of), PA Sanitary Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2045 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102729 |
| Delaware Valley Regional Finance Authority, Series 1998 A, RB, (INS - AMBAC)<sup>(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 332358 |
| DuBois (City of), PA Hospital Authority (Penn Highlands Healthcare), Series 2018, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 23421 |
| Erie Sewer Authority, Series 2018 B, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202380 |

---

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

------

#### 246

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Luzerne (County of), PA, Series 2025, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$15960 |
| Monroeville Finance Authority, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57822 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15873 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 166548 |
| Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2018, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 177737 |
| Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 291695 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100481 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 338400 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 403935 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 260121 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10315 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20611 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;3.75% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 418256 |
| Pennsylvania (Commonwealth of), First Series 2018, GO Bonds, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 190280 |
| Pennsylvania (Commonwealth of), First Series 2018-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 596292 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 212173 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26548 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112356 |
| Pennsylvania (Commonwealth of), First Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32065 |
| Pennsylvania (Commonwealth of), First Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51869 |
| Pennsylvania (Commonwealth of), Second Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 307376 |
| Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 362620 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 176934 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16032 |
| Pennsylvania (Commonwealth of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117571 |
| Pennsylvania (Commonwealth of) (Bid Group A), First Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 214012 |
| Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 138671 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of Pennsylvania), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10174 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2003, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42672 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2013 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 194643 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25869 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136070 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 442086 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 584910 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 205622 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42016 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 379190 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15378 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 149820 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53889 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Subseries 2013 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 149502 |
| Philadelphia (City of), PA, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20756 |
| Philadelphia (City of), PA, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117445 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21386 |
| Philadelphia (City of), PA, Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5321 |
| Philadelphia (City of), PA Authority for Industrial Development, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 171072 |
| State College Area School District, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 190801 |
| Washington (County of), PA Peters Township School District, Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36558 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9595819 |
| **South Carolina-0.72%** |  |  |  |  |
| Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 166785 |
| Columbia (City of), SC, Series 2018, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31630 |
| Florence (County of), SC, Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100914 |

---

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

------

#### 247

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **South Carolina-(continued)** |  |  |  |  |
| Florence (County of), SC, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | $&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$106134 |
| Greenville County School District, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64646 |
| Horry County School District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26427 |
| South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153432 |
| South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120796 |
| South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 255807 |
| South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116046 |
| South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 173783 |
| South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57828 |
| South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78263 |
| South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 244537 |
| South Carolina (State of) Jobs-Economic Development Authority (Mcleod Health Obligated Group), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10137 |
| South Carolina (State of) Public Service Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5365 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95890 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 193066 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001486 |
| **Tennessee-0.73%** |  |  |  |  |
| Chattanooga (City of), TN, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26764 |
| Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 215142 |
| Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10466 |
| Greeneville (Town of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156593 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15335 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135448 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 154470 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 170269 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 265403 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119018 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118341 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40944 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121151 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21234 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 244351 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61990 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2018, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5106 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116863 |
| Tennessee (State of) School Bond Authority, Series 2017, Ref. RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41789 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040677 |
| **Texas-8.66%** |  |  |  |  |
| Alamo Community College District, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10390 |
| Alamo Community College District, Series 2022, GO Notes<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105603 |
| Alvin Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;3.38% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 14733 |
| Arlington (City of), TX, Series 2018 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15403 |

---

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

------

#### 248

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Austin (City of), TX, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;$86107 |
| Austin (City of), TX, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118397 |
| Austin (City of), TX, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32249 |
| Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5313 |
| Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 438765 |
| Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46393 |
| Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 133774 |
| Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10260 |
| Austin Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20452 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42730 |
| Bexar (County of), TX, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112354 |
| Bexar (County of), TX, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 239323 |
| Bexar (County of), TX Hospital District, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31016 |
| Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2047 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101772 |
| Board of Regents of Stephen F. Austin State University, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2042 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 150905 |
| Board of Regents of the University of North Texas System, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30574 |
| Board of Regents of the University of Texas System, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106883 |
| Board of Regents of the University of Texas System, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 224455 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 470286 |
| Board of Regents of the University of Texas System, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85507 |
| Comal Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100304 |
| Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52782 |
| Conroe Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100286 |
| Corpus Christi (Port of) and Nueces (County of), TX, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72078 |
| Corpus Christi (Port of) and Nueces (County of), TX, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56018 |
| Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113956 |
| Corpus Christi Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118957 |
| Cypress-Fairbanks Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100342 |
| Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52811 |
| Cypress-Fairbanks Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5281 |
| Dallas & Fort Worth (Cities of), TX, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69709 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75071 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58984 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32173 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 147596 |
| Dallas (City of), TX, Series 2024 B, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26356 |
| Dallas (City of), TX, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121240 |
| Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97527 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 226169 |
| Dallas (City of), TX Independent School District, Series 2021 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52821 |
| Dallas (City of), TX Independent School District, Series 2025 C, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 158464 |
| Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 218157 |
| Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15900 |
| Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117773 |
| Dallas (County of), TX Utility & Reclamation District, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20971 |
| Dallas College, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 131758 |
| Dallas County Hospital District, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82173 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21377 |

---

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

------

#### 249

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$61519 |
| El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20475 |
| El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 148106 |
| El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30549 |
| El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 401498 |
| El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111566 |
| Fort Bend Independent School District, Series 2018, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41575 |
| Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84208 |
| Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107965 |
| Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 174599 |
| Fort Bend Independent School District, Series 2019 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97477 |
| Fort Worth Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15846 |
| Frisco Independent School District, Series 2025 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26396 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94667 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 351704 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89039 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114930 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57316 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 379491 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 894305 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20438 |
| Harris (County of) & Houston (City of), TX Sports Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26738 |
| Harris (County of), TX, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57870 |
| Harris (County of), TX, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5086 |
| Harris (County of), TX, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86216 |
| Harris (County of), TX, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69610 |
| Harris (County of), TX Metropolitan Transit Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107320 |
| Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 537287 |
| Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78792 |
| Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 318747 |
| Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2043 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113177 |
| Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 540104 |
| Houston (City of), TX, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 133653 |
| Houston (City of), TX, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116993 |
| Houston (City of), TX, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143659 |
| Houston (City of), TX, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42566 |
| Houston (City of), TX, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69096 |
| Houston (City of), TX, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64282 |
| Houston (City of), TX, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58389 |
| Houston (City of), TX, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116576 |
| Houston (City of), TX, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58189 |
| Houston (City of), TX, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 226967 |
| Houston (City of), TX, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73670 |
| Houston (City of), TX, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78723 |
| Houston (City of), TX, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78542 |
| Houston (City of), TX, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 332311 |
| Houston (City of), TX, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121404 |
| Houston (City of), TX, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63341 |
| Houston Independent School District, Series 2017, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102637 |

---

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

------

#### 250

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Humble Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10558 |
| Hurst-Euless-Bedford Independent School District, Series 2017 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166234 |
| Katy Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126866 |
| Katy Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10572 |
| Klein Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58727 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 123315 |
| Lewisville Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42793 |
| Little Elm Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40792 |
| Lower Colorado River Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42424 |
| Lower Colorado River Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26515 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61800 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 198644 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95454 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79545 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106171 |
| North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 482027 |
| North Texas Municipal Water District, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133748 |
| North Texas Municipal Water District, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16050 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119144 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 160271 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1162494 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 239429 |
| North Texas Tollway Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 582751 |
| North Texas Tollway Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50783 |
| North Texas Tollway Authority, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52573 |
| Pearland Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 179492 |
| Pecos Barstow Toyah Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 628268 |
| Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42609 |
| Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80280 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58535 |
| Permanent University Fund - University of Texas System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63927 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116207 |
| Plano Independent School District, Series 2025 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5282 |
| Plano Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15846 |
| Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128131 |
| San Antonio (City of), TX, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5157 |
| San Antonio (City of), TX, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 203949 |
| San Antonio (City of), TX, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 231532 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 224218 |
| San Antonio (City of), TX, Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5180 |
| San Antonio (City of), TX, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68407 |
| San Antonio Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30499 |
| Spring Branch Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105473 |
| Texas (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 262888 |
| Texas (State of) Water Development Board, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143241 |
| Texas (State of) Water Development Board, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 180210 |
| Texas (State of) Water Development Board, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100458 |
| Texas (State of) Water Development Board, Series 2018 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20595 |
| Texas (State of) Water Development Board, Series 2018 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92522 |

---

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

------

#### 251

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Texas (State of) Water Development Board, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;$463959 |
| Texas (State of) Water Development Board, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 300338 |
| Texas (State of) Water Development Board, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 144306 |
| Texas (State of) Water Development Board, Series 2018 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 206883 |
| Texas (State of) Water Development Board, Series 2018 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56367 |
| Texas (State of) Water Development Board, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89435 |
| Texas (State of) Water Development Board, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2049 | &nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp; 1526344 |
| Texas (State of) Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 182155 |
| Texas (State of) Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 289238 |
| Texas (State of) Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 134751 |
| Texas (State of) Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92321 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 149691 |
| Texas (State of) Water Development Board, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106922 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 300993 |
| Texas A&M University, Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10339 |
| Texas State University Board of Regents, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108031 |
| Texas Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10319 |
| Texas Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102326 |
| Texas Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5101 |
| Tomball Independent School District, Series 2018, GO Bonds<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68539 |
| Trinity River Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 228877 |
| Trinity River Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15792 |
| Trinity River Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26241 |
| Trinity River Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50815 |
| Williamson (County of), TX, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36954 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24115915 |
| **Utah-0.49%** |  |  |  |  |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31928 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58535 |
| Nebo School District, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 159854 |
| Salt Lake City (City of), UT, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51640 |
| Salt Lake City (City of), UT, Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66159 |
| University of Utah (The), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77210 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 111986 |
| Utah (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51945 |
| Utah (State of), Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 218756 |
| Utah (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 160066 |
| Utah (State of) Transit Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 262690 |
| Utal (State of) State Building Ownership Authority (state Facilities Master Lease Program), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 111550 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362319 |
| **Virginia-1.34%** |  |  |  |  |
| Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80542 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62856 |
| Fairfax (County of), VA, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26847 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32217 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84777 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 199881 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 270539 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31043 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 284776 |
| Richmond (City of), VA, Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100462 |
| Virginia (Commonwealth of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63885 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105454 |

---

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

------

#### 252

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Virginia-(continued)** |  |  |  |  |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | $&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;$405998 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 162996 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 168726 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 268907 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2017, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87033 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110448 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15818 |
| Virginia (Commonwealth of) Public Building Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31207 |
| Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 186943 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 293767 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37388 |
| Virginia (Commonwealth of) Public School Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74692 |
| Virginia (Commonwealth of) Transportation Board, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26224 |
| Virginia (Commonwealth of) Transportation Board (Garvee), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2028 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 224518 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 249816 |
| Virginia Resources Authority Clean Water Revolving Fund, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53682 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741442 |
| **Washington-3.73%** |  |  |  |  |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 290651 |
| Energy Northwest, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 127826 |
| Energy Northwest, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 345676 |
| Energy Northwest, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 217382 |
| Energy Northwest, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 149320 |
| Energy Northwest, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 127910 |
| Energy Northwest, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69239 |
| Energy Northwest, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 175497 |
| Energy Northwest, Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 217670 |
| Energy Northwest (No. 1), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 238885 |
| Energy Northwest (No. 1), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 255822 |
| Energy Northwest (No. 1), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 303789 |
| Energy Northwest (No. 3), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 270044 |
| Energy Northwest (No. 3), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 207855 |
| Energy Northwest (No. 3), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138570 |
| Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115294 |
| FYI Properties, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26178 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26411 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 152752 |
| King (County of), WA, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63198 |
| King (County of), WA, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10666 |
| King County School District No. 412 Shoreline, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 155840 |
| King County School District No. 412 Shoreline, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66802 |
| King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115354 |
| North Thurston Public Schools, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118364 |
| Seattle (City of), WA, Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114728 |

---

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

------

#### 253

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |
| Seattle (Port of), WA, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | $&nbsp;&nbsp;190 | &nbsp;&nbsp;$202966 |
| Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 381205 |
| Washington (State of), Series 2017 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20526 |
| Washington (State of), Series 2017 R, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 255193 |
| Washington (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74734 |
| Washington (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85277 |
| Washington (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 383232 |
| Washington (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138087 |
| Washington (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68839 |
| Washington (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47529 |
| Washington (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68476 |
| Washington (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 231255 |
| Washington (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5233 |
| Washington (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72988 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42213 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58063 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121428 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142389 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100053 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15778 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136514 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62857 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26128 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 198175 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119751 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57168 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207390 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98206 |
| Washington (State of), Series 2018 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10300 |
| Washington (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112217 |
| Washington (State of), Series 2020 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 168850 |
| Washington (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21281 |
| Washington (State of), Series 2023 R, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 374056 |
| Washington (State of), Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 101530 |
| Washington (State of), Series 2024 R-2025B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 239939 |
| Washington (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5344 |
| Washington (State of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37324 |
| Washington (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47489 |
| Washington (State of), Series R-2018D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109368 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 181684 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32062 |
| Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15830 |
| Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 342977 |
| Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5344 |
| Washington (State of) (Bid Group 2), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114814 |
| Washington (State of) (Bid Group 2), Series R-2022D, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135689 |
| Washington (State of) Health Care Facilities Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15506 |
| Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 262902 |
| Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138266 |
| Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10643 |
| Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53109 |

---

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

------

#### 254

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |  |
| Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;$| &nbsp;&nbsp;150 | &nbsp;&nbsp;$159077 |
| Whatcom (County of), WA Bellingham School District No. 501, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 |  | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 175301 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10394278 |
| **West Virginia-0.65%** |  |  |  |  |  |
| Morgantown Utility Board, Inc., Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5171 |
| West Virginia (State of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95588 |
| West Virginia (State of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5311 |
| West Virginia (State of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 |  | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116688 |
| West Virginia (State of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 |  | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 206742 |
| West Virginia (State of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 |  | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 174775 |
| West Virginia (State of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74084 |
| West Virginia (State of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89891 |
| West Virginia (State of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 |  | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 147897 |
| West Virginia (State of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36935 |
| West Virginia (State of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94736 |
| West Virginia (State of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63073 |
| West Virginia (State of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5232 |
| West Virginia (State of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46908 |
| West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 |  | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 209982 |
| West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57424 |
| West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 |  | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156153 |
| West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62354 |
| West Virginia (State of) Commissioner of Highways (Surface Transportation), Series 2017 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78048 |
| West Virginia (State of) Parkways Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87702 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814694 |
| **Wisconsin-0.56%** |  |  |  |  |  |
| Pleasant Prairie (Village of), WI, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50877 |
| University of Wisconsin Hospitals & Clinics, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2043 |  | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103154 |
| Wisconsin (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2040 |  | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 177818 |
| Wisconsin (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40644 |
| Wisconsin (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2041 |  | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 131696 |
| Wisconsin (State of), Series 2021-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63678 |
| Wisconsin (State of), Series 2021-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 |  | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 238793 |
| Wisconsin (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37146 |
| Wisconsin (State of), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 |  | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137969 |
| Wisconsin (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 |  | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 164502 |
| Wisconsin (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10613 |
| Wisconsin (State of) Department of Transportation, Series 2017 1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 |  | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124492 |
| Wisconsin (State of) Department of Transportation, Series 2017-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2028 |  | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 134866 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64212 |
| Wisconsin (State of) Health & Educational Facilities Authority (Milwaukee Regional Medical Center), Series 2018, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81157 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561617 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.84%<br>(Cost $272,407,836) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.84%<br>(Cost $272,407,836) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.84%<br>(Cost $272,407,836) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.84%<br>(Cost $272,407,836) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.84%<br>(Cost $272,407,836) | &nbsp;&nbsp;&nbsp;&nbsp;275352063 |
| OTHER ASSETS LESS LIABILITIES-1.16% | OTHER ASSETS LESS LIABILITIES-1.16% | OTHER ASSETS LESS LIABILITIES-1.16% | OTHER ASSETS LESS LIABILITIES-1.16% | OTHER ASSETS LESS LIABILITIES-1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219105 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp;$278571168 |

---

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

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

------

#### 255

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2028 Municipal Bond ETF (BSMS)—(continued)
February 28, 2026

(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. |
| NCCD | -National Campus and Community Development |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |
| Wts. | -Warrants |

---

&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 obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each. |

---

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

------

#### 256

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)
February 28, 2026

(Unaudited)

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Municipal Obligations-98.83%** |  |  |  |  |
| **Alabama-0.38%** |  |  |  |  |
| Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | $&nbsp;&nbsp;250 | &nbsp;&nbsp;$274594 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 346558 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 141360 |
| Lower Alabama Gas District (The), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37332 |
| University of Alabama (The), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124629 |
| University of Alabama (The), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46586 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971059 |
| **Alaska-0.18%** |  |  |  |  |
| Alaska (State of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71158 |
| North Slope (Borough of), AK, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/30/2029 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 201669 |
| North Slope (Borough of), AK, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/30/2029 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 185260 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458087 |
| **Arizona-1.08%** |  |  |  |  |
| Arizona (State of), Series 2019 A, Ref. COP<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 186975 |
| Arizona (State of) Department of Transportation, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 289700 |
| Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 441480 |
| Arizona (State of) Industrial Development Authority (Provident Group-NCCU Properties LLC), Series 2019 A, RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 111302 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 300960 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5493 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97934 |
| Maricopa (County of), AZ Special Health Care District (Maricopa Integrated Health), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 206856 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54694 |
| Mesa (City of), AZ, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 220319 |
| Phoenix Civic Improvement Corp., Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15838 |
| Phoenix Civic Improvement Corp., Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 367215 |
| Phoenix Civic Improvement Corp., Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 202993 |
| Salt River Project Agricultural Improvement & Power District, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 156684 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81043 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739486 |
| **Arkansas-0.02%** |  |  |  |  |
| El Dorado Special School District No. 15, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45788 |
| **California-16.20%** |  |  |  |  |
| Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5581 |
| Bay Area Toll Authority, Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88005 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-8, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 99808 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-H, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 136797 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-H, Ref. RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76606 |
| California (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 172345 |
| California (State of), Series 2018, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 160850 |
| California (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 831290 |
| California (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 441397 |
| California (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 239420 |
| California (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 114003 |
| California (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 223100 |
| California (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 271311 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 578684 |

---

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

------

#### 257

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | $&nbsp;&nbsp;110 | &nbsp;&nbsp;$120104 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110605 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119885 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 744579 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152358 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 605330 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 613447 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 494205 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5057 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 416753 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161779 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26754 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64565 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5292 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 163423 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 387935 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 404561 |
| California (State of), Series 2021 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11061 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 658100 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71741 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16591 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 144394 |
| California (State of), Series 2022 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5353 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27296 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48042 |
| California (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 259373 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 309040 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11060 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11013 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp; 754418 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38547 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27593 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32685 |
| California (State of) (Bidding Group B), Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 426729 |
| California (State of) Department of Veterans Affairs (Veteran's Farm & Home Purchase), Series 2020 A, RB<br>| &nbsp;&nbsp;2.45% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 38030 |
| California (State of) Department of Water Resources, Series 2019 BA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 187134 |
| California (State of) Department of Water Resources, Series 2019 BA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 180416 |
| California (State of) Department of Water Resources (Central Valley), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86964 |
| California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88411 |
| California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 286818 |
| California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71393 |
| California (State of) Department of Water Resources (Central Valley), Series 2019 BA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 164439 |
| California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 308203 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 123281 |
| California (State of) Department of Water Resources (Central Valley), Series 2025 BG, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 140092 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 132319 |
| California (State of) Health Facilities Financing Authority (Marshall Medical Center), Series 2020 A, Ref. RB, (INS - Cal-Mortgage)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45585 |
| California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 604178 |
| California (State of) Infrastructure & Economic Development Bank (California Academy of Sciences) (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 481758 |
| California (State of) Infrastructure & Economic Development Bank (California State Teachers' Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 526678 |
| California (State of) Infrastructure & Economic Development Bank (California State Teachers' Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 295208 |

---

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

------

#### 258

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$67003 |
| California (State of) Infrastructure & Economic Development Bank (Equitable School Revolving Fund) (Social Bonds), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5400 |
| California (State of) Municipal Finance Authority (Town and Country Manor), Series 2019, Ref. RB, (INS - Cal-Mortgage)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 237782 |
| California (State of) Public Works Board, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 168492 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 171800 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66336 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44118 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 214541 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 263481 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 263841 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 121147 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82779 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27768 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 132446 |
| California State University, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10892 |
| California State University, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 590594 |
| California State University, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161697 |
| California State University, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5286 |
| California State University, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114207 |
| California State University, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 195548 |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38672 |
| East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207620 |
| Long Beach (City of), CA, Series 2019 A, RB<br>| &nbsp;&nbsp;7.15% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89402 |
| Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 206257 |
| Los Angeles (City of), CA, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 209807 |
| Los Angeles (City of), CA Department of Airports, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137879 |
| Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 411536 |
| Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 227433 |
| Los Angeles (City of), CA Department of Airports, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 203749 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5523 |
| Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39108 |
| Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 375971 |
| Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 520973 |
| Los Angeles (City of), CA Department of Airports, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 207635 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 211903 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 223319 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 380041 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 193332 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 170872 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 376162 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137060 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 245891 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 123391 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80555 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64311 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 155173 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90776 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120853 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 394954 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85075 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88430 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 184872 |

---

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

------

#### 259

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2029 | $&nbsp;&nbsp;145 | &nbsp;&nbsp;$152677 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 342557 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65249 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16312 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 201184 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108748 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 116192 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 193653 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80676 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 298237 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88738 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 164100 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78194 |
| Los Angeles Community College District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105626 |
| Los Angeles Community College District, Series 2025 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11119 |
| Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 144541 |
| Los Angeles Community College District (Election of 2016), Series 2024 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 194575 |
| Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 98218 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 232144 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 99145 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 180871 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 169210 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 431125 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 198981 |
| Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105018 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 547197 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 176872 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66327 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60800 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 326208 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 196472 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103709 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70840 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 288207 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 102303 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91232 |
| Metropolitan Water District of Southern California, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 155071 |
| Metropolitan Water District of Southern California, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 274094 |
| Metropolitan Water District of Southern California, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119199 |
| Metropolitan Water District of Southern California, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 160340 |
| Metropolitan Water District of Southern California, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 139543 |
| M-S-R Energy Authority, Series 2009 A, RB<br>| &nbsp;&nbsp;6.13% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15958 |
| M-S-R Energy Authority, Series 2009 B, RB<br>| &nbsp;&nbsp;6.13% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138279 |
| Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 164780 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54683 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60024 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70777 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92322 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21675 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 162089 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80698 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20543 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 224437 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26453 |
| Palo Alto Unified School District, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16646 |
| Pasadena Unified School District (Election of 2020), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127620 |
| Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20195 |

---

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

------

#### 260

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Rancho Santiago Community College District, Series 2005, GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.13% | &nbsp;&nbsp;09/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;$94968 |
| River Islands Public Financing Authority, Series 2022 A-1, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84901 |
| River Islands Public Financing Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129619 |
| Riverside (City of), CA, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70039 |
| Riverside (City of), CA, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 236131 |
| Riverside (City of), CA, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96266 |
| Riverside (City of), CA, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10536 |
| Sacramento (City of), CA Municipal Utility District, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96369 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 157886 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65077 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 237765 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128944 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27984 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117515 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55959 |
| Sacramento Transportation Authority (Measure A), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 183893 |
| Salinas Union High School District, Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 39171 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76876 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 230072 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65578 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 141650 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 249689 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67329 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46389 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 187670 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 310402 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33049 |
| San Diego Unified School District (Election of 1998), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38775 |
| San Diego Unified School District (Green Bonds), Series 2022 F-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 155099 |
| San Francisco (City & County of), CA, Series 2020 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37630 |
| San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71964 |
| San Francisco (City & County of), CA, Series 2024 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 166020 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 367901 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 F, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2050 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 195438 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2049 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 118798 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11017 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10995 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60378 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104043 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71032 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54487 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103167 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 221124 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 311953 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72563 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27973 |

---

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

------

#### 261

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;$106298 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 173034 |
| San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 288839 |
| San Jose (City of), CA, Series 2019 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36375 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98478 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92928 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92803 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70837 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119624 |
| San Jose (City of), CA, Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97653 |
| San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77930 |
| Santa Clara (County of), CA (Election of 2008), Series 2022 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27761 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 170656 |
| Southern California Public Power Authority, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21750 |
| Southern California Public Power Authority (Apex Power), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21750 |
| Sweetwater Union High School District, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11066 |
| University of California, Series 2018 AZ, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31348 |
| University of California, Series 2022 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65544 |
| University of California, Series 2023 BM, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16396 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 262331 |
| University of California, Series 2023 BQ, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 639433 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 153027 |
| University of California, Series 2024 BW, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 235005 |
| University of California, Series 2024 BX, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 803390 |
| University of California, Series 2025 CB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27326 |
| University of California, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21861 |
| University of California (Limited), Series 2018 O, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141007 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41202682 |
| **Colorado-3.30%** |  |  |  |  |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104975 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93881 |
| Colorado (State of), Series 2018 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107718 |
| Colorado (State of), Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 215001 |
| Colorado (State of), Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66154 |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53555 |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 630704 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80820 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107937 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 252834 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 251984 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69459 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 329899 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 153602 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10181 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 274790 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 188889 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 193660 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 134034 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 272494 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 207517 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 296611 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 152860 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141744 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 183063 |

---

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

------

#### 262

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Colorado-(continued)** |  |  |  |  |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | $&nbsp;&nbsp;115 | &nbsp;&nbsp;$122439 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 216932 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 113764 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 189027 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 215349 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 203732 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80846 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84218 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86011 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 352654 |
| Colorado (State of) Regional Transportation District (Green Bonds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16531 |
| Colorado Springs (City of), CO, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 358862 |
| Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 312693 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38542 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27483 |
| Denver (City & County of), CO (Wellington E. Webb Municipal Office Building), Series 2023, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 99176 |
| Jefferson County School District R-1, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118614 |
| Metro Water Recovery, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54327 |
| Pueblo School District No. 60, Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69252 |
| St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77503 |
| University of Colorado, Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90296 |
| University of Colorado Hospital Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 466255 |
| Weld County School District No. 6 Greeley, Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 289534 |
| Weld County School District No. RE-2 Eaton, Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125611 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8384017 |
| **Connecticut-2.09%** |  |  |  |  |
| Connecticut (State of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58919 |
| Connecticut (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 244632 |
| Connecticut (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103035 |
| Connecticut (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 297632 |
| Connecticut (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2033 | &nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 550685 |
| Connecticut (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59227 |
| Connecticut (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2035 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 273852 |
| Connecticut (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2036 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117730 |
| Connecticut (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2039 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 174995 |
| Connecticut (State of), Series 2019 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32484 |
| Connecticut (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 102648 |
| Connecticut (State of), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 114286 |
| Connecticut (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 280576 |
| Connecticut (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99961 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 201361 |
| Connecticut (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20412 |
| Connecticut (State of), Series 2021 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88134 |
| Connecticut (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126267 |
| Connecticut (State of), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 251360 |
| Connecticut (State of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110269 |
| Connecticut (State of), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103823 |
| Connecticut (State of), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71037 |
| Connecticut (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108050 |
| Connecticut (State of), Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98358 |
| Connecticut (State of), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 114751 |
| Connecticut (State of), Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59620 |
| Connecticut (State of), Series 2024 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 341833 |
| Connecticut (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92229 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93828 |
| Connecticut (State of) (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87937 |

---

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

------

#### 263

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of) (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$21232 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5362 |
| Connecticut (State of) (Transportation Infrastructure), Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115708 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27322 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87187 |
| Connecticut (State of) Health & Educational Facilities Authority, Series 1997, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 136609 |
| Connecticut (State of) Health & Educational Facilities Authority (Nuvance Health), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85661 |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2017 B-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 196899 |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38191 |
| Connecticut (State of) Health and Education Facilities Authority (Nuvance Health), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15316 |
| Hartford (City of), CT, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108716 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5318134 |
| **Delaware-0.34%** |  |  |  |  |
| Delaware (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48665 |
| Delaware (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65027 |
| Delaware (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 114044 |
| Delaware (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 174509 |
| Delaware (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49081 |
| Delaware (State of) Health Facilities Authority (Christiana Health Care Systems), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 212816 |
| Delaware (State of) Transportation Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 191430 |
| University of Delaware, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5506 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861078 |
| **District of Columbia-2.65%** |  |  |  |  |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 146898 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 173654 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129939 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 259094 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 182969 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 144850 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 101723 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42549 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15898 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2039 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 132621 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2040 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 147427 |
| District of Columbia, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2044 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166580 |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75923 |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125723 |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98241 |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 130642 |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 173793 |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 211124 |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26948 |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77860 |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 133630 |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25573 |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2044 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104390 |
| District of Columbia, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50919 |
| District of Columbia, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 115523 |
| District of Columbia, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 229865 |
| District of Columbia, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 305837 |
| District of Columbia, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 261498 |
| District of Columbia, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 179293 |
| District of Columbia, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 134093 |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108462 |

---

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

------

#### 264

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| District of Columbia, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;$198039 |
| District of Columbia, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 159838 |
| District of Columbia, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 225082 |
| District of Columbia, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 317388 |
| District of Columbia, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43623 |
| District of Columbia, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97788 |
| District of Columbia, Series 2021 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97408 |
| District of Columbia, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82846 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86400 |
| District of Columbia, Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 180066 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65747 |
| District of Columbia, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65747 |
| District of Columbia, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 243015 |
| District of Columbia Water & Sewer Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15690 |
| Metropolitan Washington Airports Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 136927 |
| Metropolitan Washington Airports Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 177940 |
| Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10257 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5101 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 196167 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119880 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6738488 |
| **Florida-3.36%** |  |  |  |  |
| Brevard County School District, Series 2024 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87160 |
| Broward (County of), FL, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 246135 |
| Broward (County of), FL, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90719 |
| Broward (County of), FL, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122455 |
| Broward (County of), FL, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5186 |
| Broward (County of), FL, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5104 |
| Broward (County of), FL School District, Series 2019 B, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 411844 |
| Broward (County of), FL School District, Series 2025 A, Ref. COP, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5426 |
| Central Florida Expressway Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83353 |
| Central Florida Expressway Authority, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106759 |
| Central Florida Expressway Authority, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95814 |
| Central Florida Expressway Authority, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15705 |
| Central Florida Expressway Authority, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30826 |
| Central Florida Expressway Authority, Series 2021 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76406 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 535175 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 457449 |
| Florida (State of), Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 174821 |
| Florida (State of), Series 2022 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp; 4370 |
| Florida (State of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 202136 |
| Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 147766 |
| Florida (State of) Department of Management Services, Series 2018 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77065 |
| Florida (State of) Department of Transportation, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 246124 |
| Florida (State of) Higher Educational Facilities Financial Authority (Ringling College), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 162856 |
| Florida (State of) Higher Educational Facilities Financial Authority (St. Leo Univeristy), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 85395 |
| Florida (State of) Municipal Power Agency (All-Requirements Power Supply), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43806 |
| Gainesville (City of), FL, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 155982 |
| Gainesville (City of), FL, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 710610 |
| Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp; 1130366 |
| Hillsborough (County of), FL School Board, Series 2020, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10878 |
| Jacksonville (City of), FL, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38393 |
| Jacksonville (City of), FL (Brooks Rehabilitation), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150792 |
| JEA Electric System, Series 2024 A, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65839 |

---

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

------

#### 265

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Florida-(continued)** |  |  |  |  |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$80284 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63937 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 111531 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 231562 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52384 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15372 |
| Lee (County of), FL Industrial Development Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68762 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2025 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48879 |
| Miami-Dade (County of), FL, Series 2009 A, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;6.88% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 97416 |
| Miami-Dade (County of), FL, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31618 |
| Miami-Dade (County of), FL, Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5099 |
| Miami-Dade (County of), FL, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54559 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2007 B, Ref. RB, (INS - AMBAC)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 140877 |
| North Sumter County Utility Dependent District, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66335 |
| Orange (County of), FL Convention Center, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 114914 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 484569 |
| Orange (County of), FL School Board, Series 2017 C, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125419 |
| Palm Beach County School District, Series 2018 C, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 298708 |
| Palm Beach County School District, Series 2025 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76366 |
| Polk County School District, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 211100 |
| Tampa Bay (City of), FL Water, Series 2001 A, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 185523 |
| Volusia (County of), FL Educational Facility Authority (Embry–Riddle Aeronautical University), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2044 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156423 |
| Volusia (County of), FL Educational Facility Authority (Embry–Riddle Aeronautical University), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51246 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8555598 |
| **Georgia-2.26%** |  |  |  |  |
| Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 146834 |
| Atlanta (City of), GA, Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 156394 |
| Atlanta (City of), GA, Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 214924 |
| Atlanta (City of), GA, Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53533 |
| Atlanta (City of), GA, Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37353 |
| Atlanta (City of), GA, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 196534 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82818 |
| Columbia (County of), GA Public Facilities Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 157865 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 137482 |
| Douglas (County of), GA School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21749 |
| Fayette (County of), GA Public Facilities Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103951 |
| Forsyth (County of), GA, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59687 |
| Fulton (County of), GA Development Authority (Georgia Institute of Technology), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156237 |
| Georgia (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 149555 |
| Georgia (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60178 |
| Georgia (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71190 |
| Georgia (State of), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116988 |
| Georgia (State of), Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136846 |
| Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 230478 |
| Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 |
| Georgia (State of) (Tranche 1), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 164286 |
| Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103752 |
| Georgia (State of) Municipal Electric Authority (Power Revenue), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47252 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 284234 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152507 |
| Gwinnett (County of), GA Water & Sewerage Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 279601 |
| Gwinnett County School District, Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80001 |
| Gwinnett County School District, Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 206338 |

---

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

------

#### 266

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Georgia-(continued)** |  |  |  |  |
| Gwinnett County School District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;$37922 |
| Henry County School District, Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 212123 |
| Main Street Natural Gas, Inc., Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 312500 |
| Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 213492 |
| Private Colleges & Universities Authority (Emory University), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85503 |
| Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 410562 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 246337 |
| Private Colleges & Universities Authority (Emory University) (Green Bonds), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 345303 |
| Rockdale (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163158 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750467 |
| **Hawaii-0.97%** |  |  |  |  |
| Hawaii (State of), Series 2018 FT, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110565 |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70182 |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129485 |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107853 |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 139999 |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129120 |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107436 |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74984 |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51499 |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69401 |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 191615 |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79636 |
| Honolulu (City & County of), HI, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26104 |
| Honolulu (City & County of), HI, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 348714 |
| Honolulu (City & County of), HI, Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10372 |
| Honolulu (City & County of), HI, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 429797 |
| Honolulu (City & County of), HI, Series 2025 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76524 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64190 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37951 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 151804 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65059 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472290 |
| **Idaho-0.47%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 205482 |
| Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 232055 |
| Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129049 |
| Idaho (State of) Housing & Finance Association, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74837 |
| Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64337 |
| Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 130615 |
| Idaho State Building Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 354783 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191158 |
| **Illinois-4.01%** |  |  |  |  |
| Chicago (City of), IL, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130258 |
| Chicago (City of), IL, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104193 |
| Chicago (City of), IL, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 252053 |
| Chicago (City of), IL, Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 57996 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 164723 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 164185 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 242907 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105343 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66065 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35420 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 199219 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64611 |
| Chicago (City of), IL (O'Hare International Airport), Series 2025 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21537 |

---

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

------

#### 267

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Illinois-(continued)** |  |  |  |  |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | $&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;$225667 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16131 |
| Chicago (City of), IL Transit Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51796 |
| Chicago (City of), IL Transit Authority, Series 2020 A, Ref. RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5077 |
| Chicago (City of), IL Transit Authority (FTA Section 5307 Urbanized Area Formula Funds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 215906 |
| Cook (County of), IL, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 294801 |
| Cook Kane Lake & McHenry Counties Community College District No. 512, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83394 |
| Illinois (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84392 |
| Illinois (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119950 |
| Illinois (State of), Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5402 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53780 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 136533 |
| Illinois (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107559 |
| Illinois (State of), Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 157853 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59158 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 286028 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 398677 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 140802 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53968 |
| Illinois (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112734 |
| Illinois (State of), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70446 |
| Illinois (State of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60273 |
| Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 379376 |
| Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35960 |
| Illinois (State of) (Rebuild Illinois Program), Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122611 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2019, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 135773 |
| Illinois (State of) Finance Authority (Green Bonds) (Clean Water Initiative), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 270951 |
| Illinois (State of) Finance Authority (Green Bonds) (Clean Water Initiative), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 173049 |
| Illinois (State of) Finance Authority (Green Bonds) (Clean Water Initiative), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 537366 |
| Illinois (State of) Finance Authority (Green Bonds) (Clean Water Initiative), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 390550 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5405 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37833 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 1998 A, Ref. RB, (INS - NATL)<sup>(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78815 |
| Illinois (State of) Regional Transportation Authority, Series 2004 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103219 |
| Illinois (State of) Sports Facilities Authority (The), Series 2019, Ref. RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69590 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35686 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95175 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 163318 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 733557 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161657 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 134457 |
| Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118549 |
| Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 458029 |
| Illinois Municipal Electric Agency, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80688 |
| Kendall, Kane & Will (Counties of), IL Community Unit School District No. 308, Series 2020 A, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53602 |
| Sales Tax Securitization Corp., Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90968 |
| Sales Tax Securitization Corp., Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 140924 |
| Sales Tax Securitization Corp., Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108153 |
| Sales Tax Securitization Corp., Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 405898 |
| Sales Tax Securitization Corp., Series 2018 C, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 398174 |
| Sales Tax Securitization Corp., Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 209411 |

---

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

------

#### 268

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Illinois-(continued)** |  |  |  |  |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | $&nbsp;&nbsp;115 | &nbsp;&nbsp;$123499 |
| Springdale (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5363 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10206443 |
| **Indiana-0.95%** |  |  |  |  |
| Indiana (State of) Finance Authority, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 402933 |
| Indiana (State of) Finance Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10747 |
| Indiana (State of) Finance Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128715 |
| Indiana (State of) Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21897 |
| Indiana (State of) Finance Authority (Citizens Wastewater of Westfield), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 158491 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 186236 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2017 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57941 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112829 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 101914 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95990 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26537 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105918 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79362 |
| Indiana (State of) Municipal Power Agency, Series 2025 A, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5384 |
| Indianapolis (City of), IN Department of Public Utilities, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42766 |
| Indianapolis Local Public Improvement Bond Bank, Series 2019 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58454 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138349 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31793 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10334 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2049 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 408283 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2054 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 142563 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102107 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429543 |
| **Iowa-0.45%** |  |  |  |  |
| Iowa (State of), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 179686 |
| Iowa (State of), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 211638 |
| Iowa (State of), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 146270 |
| Iowa (State of), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124192 |
| Iowa (State of), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75361 |
| Iowa (State of) Finance Authority (Unitypoint Health), Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 406271 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143418 |
| **Kansas-0.20%** |  |  |  |  |
| Goddard (City of), KS, Series 2025-4, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74735 |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 323498 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98694 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496927 |
| **Kentucky-0.56%** |  |  |  |  |
| Kentucky (Commonwealth of) Economic Development Finance Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 149101 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Commonspirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 232730 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 286241 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104245 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92144 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 163475 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 216308 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 185226 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429470 |
| **Louisiana-0.72%** |  |  |  |  |
| East Baton Rouge (Parish of), LA Sewerage Commission, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10167 |
| Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128606 |

---

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

------

#### 269

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Louisiana-(continued)** |  |  |  |  |
| Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2038 | $&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$101835 |
| Jefferson (Parish of), LA Sales Tax District, Series 2019 B, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 304306 |
| Lafayette (City of), LA, Series 2019, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10409 |
| Louisiana (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 215480 |
| Louisiana (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64478 |
| Louisiana (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75014 |
| Louisiana (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21366 |
| Louisiana (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 207587 |
| Louisiana (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5310 |
| Louisiana (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5303 |
| Louisiana (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100546 |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 216403 |
| Louisiana (State of), Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70748 |
| Louisiana (State of) (Garvee), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106655 |
| Louisiana (State of) (Garvee), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125865 |
| Louisiana (State of) Public Facilities Authority (Christus Health), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66160 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836238 |
| **Maryland-2.34%** |  |  |  |  |
| Anne Arundel (County of), MD, Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103483 |
| Baltimore (City of), MD (Wastewater), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10246 |
| Baltimore (County of), MD, Series 2019, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 290944 |
| Baltimore (County of), MD, Series 2019, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25870 |
| Baltimore (County of), MD, Series 2019, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51529 |
| Baltimore (County of), MD, Series 2019, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30706 |
| Howard (County of), MD, Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21130 |
| Maryland (State of), First Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 168372 |
| Maryland (State of), First Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 216690 |
| Maryland (State of), First Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 313760 |
| Maryland (State of), First Series 2019, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120264 |
| Maryland (State of), Second Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 192359 |
| Maryland (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 132305 |
| Maryland (State of), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110723 |
| Maryland (State of), Series 2022 D, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 127396 |
| Maryland (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 136496 |
| Maryland (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16380 |
| Maryland (State of) (Bidding Group 1), Second Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21930 |
| Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 498896 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152078 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 422143 |
| Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 130227 |
| Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 224172 |
| Maryland (State of) (Bidding Group 2), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43859 |
| Maryland (State of) Department of Transportation, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 258551 |
| Maryland (State of) Department of Transportation, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 148529 |
| Maryland (State of) Department of Transportation, Series 2021 A, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 202442 |
| Maryland (State of) Department of Transportation, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 165692 |
| Maryland (State of) Department of Transportation, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5501 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125719 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76525 |
| Montgomery (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107630 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 132379 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10566 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63245 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42057 |
| Montgomery (County of), MD, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53048 |
| Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53257 |
| Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 213813 |

---

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

------

#### 270

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Maryland-(continued)** |  |  |  |  |
| Montgomery (County of), MD, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | $&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;$116065 |
| Prince George's (County of), MD, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85452 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 169767 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10527 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 220650 |
| Prince George's (County of), MD, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58748 |
| Prince George's (County of), MD, Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49489 |
| Prince George's (County of), MD, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32827 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5964437 |
| **Massachusetts-4.22%** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2005, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5453 |
| Massachusetts (Commonwealth of), Series 2018 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47435 |
| Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 252216 |
| Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71579 |
| Massachusetts (Commonwealth of), Series 2018 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10732 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 210814 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 254073 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 184585 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32555 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32275 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107263 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117603 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 234506 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15948 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 367998 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 313902 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90647 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 186116 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26482 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 369126 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41989 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36476 |
| Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 163796 |
| Massachusetts (Commonwealth of), Series 2019 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21839 |
| Massachusetts (Commonwealth of), Series 2019 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 324859 |
| Massachusetts (Commonwealth of), Series 2019 G, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15509 |
| Massachusetts (Commonwealth of), Series 2019 G, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61729 |
| Massachusetts (Commonwealth of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74858 |
| Massachusetts (Commonwealth of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5189 |
| Massachusetts (Commonwealth of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 141356 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76761 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 259856 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 275305 |
| Massachusetts (Commonwealth of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 170689 |
| Massachusetts (Commonwealth of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65098 |
| Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 606922 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5460 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 282712 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43679 |
| Massachusetts (Commonwealth of), Series 2024 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27701 |
| Massachusetts (Commonwealth of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43864 |
| Massachusetts (Commonwealth of) (Consolidated Loan of 2019), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36222 |
| Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 436638 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93354 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 B, RB, (INS - NATL)<sup>(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 139292 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49784 |

---

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

------

#### 271

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of) Bay Transportation Authority (Green Bonds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | $&nbsp;&nbsp;360 | &nbsp;&nbsp;$384606 |
| Massachusetts (Commonwealth of) Bay Transportation Authority (Green Bonds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143624 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10865 |
| Massachusetts (Commonwealth of) Department of Transportation, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 273679 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27460 |
| Massachusetts (Commonwealth of) Development Finance Agency (Beth Israel Lahey Health), Series 2025, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5437 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston College), Series 1999, RB<br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;&nbsp;05/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10923 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 1999 P, RB<br>| &nbsp;&nbsp;5.45% | &nbsp;&nbsp;&nbsp;05/15/2059 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 113315 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2020 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108984 |
| Massachusetts (Commonwealth of) Development Finance Agency (Harvard University), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 281380 |
| Massachusetts (Commonwealth of) Port Authority, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31615 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 614782 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5438 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 167348 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 231219 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 171392 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 203058 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10840 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16239 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59422 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129399 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53792 |
| Massachusetts (Commonwealth of) Transportation Trust Fund (Contract Assistance), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124663 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 121975 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10584 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 99058 |
| University of Massachusetts Building Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26470 |
| University of Massachusetts Building Authority, Series 2019-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5436 |
| University of Massachusetts Building Authority, Series 2020 1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 229130 |
| University of Massachusetts Building Authority, Series 2020 1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152203 |
| University of Massachusetts Building Authority, Series 2020 1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2050 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 308680 |
| University of Massachusetts Building Authority, Series 2020-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22020 |
| University of Massachusetts Building Authority, Series 2020-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82230 |
| University of Massachusetts Building Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60715 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10730226 |
| **Michigan-1.62%** |  |  |  |  |
| Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 141819 |
| Great Lakes Water Authority, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125447 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76359 |
| Lansing (City of), MI Board of Water & Light, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 306802 |
| Lansing (City of), MI Board of Water & Light, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 148830 |
| Michigan (State of), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 325515 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 231722 |
| Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2036 | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 427570 |
| Michigan (State of) Building Authority (Facilities Program), Series 2023 II, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49490 |
| Michigan (State of) Finance Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 353452 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 194629 |
| Michigan (State of) Finance Authority (CHE Trinity Health Credit Group), Series 2013 MI-4, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 218533 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 121933 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30652 |

---

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

------

#### 272

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Michigan-(continued)** |  |  |  |  |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2013, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2038 | $&nbsp;&nbsp;490 | &nbsp;&nbsp;$499681 |
| Michigan State University, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 355206 |
| Michigan State University, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 402577 |
| Michigan State University, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104165 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114382 |
| **Minnesota-1.24%** |  |  |  |  |
| Metropolitan Council, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 176677 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21537 |
| Minnesota (State of), Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80134 |
| Minnesota (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27351 |
| Minnesota (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71063 |
| Minnesota (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 158198 |
| Minnesota (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87042 |
| Minnesota (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 179361 |
| Minnesota (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 388658 |
| Minnesota (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161315 |
| Minnesota (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37409 |
| Minnesota (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 142227 |
| Minnesota (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 531680 |
| Minnesota (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93181 |
| Minnesota (State of), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124696 |
| Minnesota (State of), Series 2023, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55102 |
| Minnesota (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82054 |
| Minnesota (State of), Series 2024 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 158638 |
| Minnesota (State of) Public Facilities Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54261 |
| Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 198079 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 224342 |
| University of Minnesota, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93792 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146797 |
| **Mississippi-0.12%** |  |  |  |  |
| Mississippi (State of), Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 272933 |
| Mississippi (State of) Development Bank (Desoto County Mississippi Highway Refunding), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21543 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294476 |
| **Missouri-0.71%** |  |  |  |  |
| Curators of the University of Missouri (The), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22019 |
| Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 131364 |
| Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66574 |
| Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 91860 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154356 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 249467 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128047 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124183 |
| Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 163458 |
| Missouri (State of) Highway & Transportation Commission (State Appropriations Mega), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16346 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93280 |
| Springfield (City of), MO, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5470 |
| Springfield School District No. R-12, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51795 |
| Springfield School District No. R-12, Series 2019, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114523 |
| Springfield School District No. R-12, Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 318831 |
| Springfield School District No. R-12, Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15891 |
| St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55206 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802670 |

---

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

------

#### 273

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Nebraska-0.37%** |  |  |  |  |
| Omaha (City of), NE Public Power District, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;$57977 |
| Omaha (City of), NE Public Power District, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 177822 |
| Omaha (City of), NE Public Power District, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 215048 |
| Omaha (City of), NE Public Power District, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 332759 |
| Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161443 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945049 |
| **Nevada-1.28%** |  |  |  |  |
| Clark (County of), NV, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 180101 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 174697 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152378 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119505 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70447 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103727 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 234008 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 135802 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65028 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 156778 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 172467 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31659 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68308 |
| Clark (County of), NV Department of Aviation, Series 2019 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 141493 |
| Clark (County of), NV Department of Aviation, Series 2019 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 260739 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81889 |
| Clark (County of), NV Department of Aviation, Series 2024 B, RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 278424 |
| Clark County School District, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65282 |
| Humboldt (County of), NV, Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.55% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 263311 |
| Humboldt (County of), NV, Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.55% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 204389 |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152784 |
| Washoe (County of), NV (Fuel Tax), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136269 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249485 |
| **New Jersey-2.59%** |  |  |  |  |
| Cherry Hill Township School District, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10433 |
| Cherry Hill Township School District, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25874 |
| Cherry Hill Township School District, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5159 |
| Cherry Hill Township School District, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20551 |
| Cherry Hill Township School District, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107459 |
| Cherry Hill Township School District, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10195 |
| Gloucester (County of), NJ Improvement Authority (The) (Rowan University), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26112 |
| New Jersey (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp; 1272145 |
| New Jersey (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 244429 |
| New Jersey (State of) Economic Development Authority, Series 2005 N-1, Ref. RB, (INS - NATL)<sup>(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 144795 |
| New Jersey (State of) Economic Development Authority, Series 2019 MMM, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 272903 |
| New Jersey (State of) Economic Development Authority, Series 2019 MMM, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 609278 |
| New Jersey (State of) Economic Development Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37304 |
| New Jersey (State of) Economic Development Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 260672 |
| New Jersey (State of) Economic Development Authority, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60128 |
| New Jersey (State of) Economic Development Authority, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 130501 |
| New Jersey (State of) Economic Development Authority, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21685 |
| New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49375 |
| New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43596 |
| New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21601 |
| New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 234107 |
| New Jersey (State of) Educational Facilities Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86988 |
| New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 130780 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91438 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 241960 |

---

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

------

#### 274

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$21515 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71429 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109533 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109175 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 309560 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119775 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97998 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103457 |
| New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 130628 |
| New Jersey (State of) Turnpike Authority, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21038 |
| New Jersey (State of) Turnpike Authority, Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120968 |
| New Jersey (State of) Turnpike Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp; 866588 |
| New Jersey (State of) Turnpike Authority, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 172847 |
| New Jersey (State of) Turnpike Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91825 |
| South Jersey Transportation Authority, Series 2019 A, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77195 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6582999 |
| **New Mexico-0.61%** |  |  |  |  |
| Farmington (City of), NM (Four Corners), Series 2011, Ref. RB<br>| &nbsp;&nbsp;1.80% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 28505 |
| Farmington (City of), NM (Southern California Edison), Series 2005 B, Ref. RB<br>| &nbsp;&nbsp;1.80% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 95018 |
| New Mexico (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27108 |
| New Mexico (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 189755 |
| New Mexico (State of) Finance Authority, Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 196934 |
| New Mexico (State of) Finance Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 366162 |
| New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5135 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 261722 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 158124 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 201744 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32715 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562922 |
| **New York-17.01%** |  |  |  |  |
| Battery Park (City of), NY Authority, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 398555 |
| Battery Park (City of), NY Authority, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53621 |
| Battery Park (City of), NY Authority, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48007 |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 122087 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 133451 |
| Long Island (City of), NY Power Authority, Series 2003 C, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 195469 |
| Long Island (City of), NY Power Authority, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64319 |
| Long Island (City of), NY Power Authority, Series 2023 F, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55025 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82533 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94508 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136091 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109449 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 175373 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10446 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129825 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88035 |
| Nassau (County of), NY Interim Finance Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 150035 |
| Nassau Health Care Corp., Series 2009, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54824 |
| New York & New Jersey (States of) Port Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10900 |
| New York & New Jersey (States of) Port Authority, Series 2019, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35859 |
| New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152437 |
| New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81662 |
| New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21661 |
| New York & New Jersey (States of) Port Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25595 |
| New York & New Jersey (States of) Port Authority, Two Hundred Ninth Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69311 |
| New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65664 |
| New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 245768 |

---

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

------

#### 275

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;$244362 |
| New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10209 |
| New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 232102 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 274027 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 218227 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirteenth Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86942 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82063 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76074 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153089 |
| New York (City of), NY, Series 2005-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71371 |
| New York (City of), NY, Series 2019 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp; 1268650 |
| New York (City of), NY, Series 2019 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108653 |
| New York (City of), NY, Series 2019 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 135525 |
| New York (City of), NY, Series 2019 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 270406 |
| New York (City of), NY, Series 2019 B-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46573 |
| New York (City of), NY, Series 2019 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91312 |
| New York (City of), NY, Series 2019 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58685 |
| New York (City of), NY, Series 2019 B-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66032 |
| New York (City of), NY, Series 2019 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85186 |
| New York (City of), NY, Series 2019 B-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5059 |
| New York (City of), NY, Series 2019 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100409 |
| New York (City of), NY, Series 2019 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 231541 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 177394 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 139699 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107320 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32141 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133679 |
| New York (City of), NY, Series 2019 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 266856 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98620 |
| New York (City of), NY, Series 2020 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38585 |
| New York (City of), NY, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71226 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 241072 |
| New York (City of), NY, Series 2021-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 202720 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93332 |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 175325 |
| New York (City of), NY, Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 224635 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38352 |
| New York (City of), NY, Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32873 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 180804 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60268 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48808 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86948 |
| New York (City of), NY, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 136973 |
| New York (City of), NY, Subseries 2008 L-6, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 269433 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 424780 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5095 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 281554 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 259200 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 351801 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20782 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16503 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 345876 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27058 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 182997 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207071 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 CC, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 164354 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 132572 |

---

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

------

#### 276

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;$36237 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32158 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5069 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 336446 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 620605 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82177 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31891 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 482105 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104091 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 197225 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 EE-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 791284 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92788 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 130442 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 319954 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 189426 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 268493 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133663 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 197225 |
| New York (City of), NY Transitional Finance Authority, Series 2002 1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 445425 |
| New York (City of), NY Transitional Finance Authority, Series 2010 F-5, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129630 |
| New York (City of), NY Transitional Finance Authority, Series 2010, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124986 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-2A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37347 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-4A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37347 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 298669 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 930627 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26930 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102543 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45938 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25416 |
| New York (City of), NY Transitional Finance Authority, Series 2019 C-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 289270 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 247199 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10221 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45816 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5072 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 211664 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109336 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 494917 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 258456 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 313447 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98402 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 175970 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54935 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 208965 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87985 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21737 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92381 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27171 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 208965 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16303 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32605 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32994 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43993 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65989 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21996 |
| New York (City of), NY Transitional Finance Authority, Subseries 2012 A-6, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 153070 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 S-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 208074 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 504555 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 534617 |

---

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

------

#### 277

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | $&nbsp;&nbsp;370 | &nbsp;&nbsp;$394178 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69030 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 164161 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 597438 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60428 |
| New York (City of), NY Transitional Finance Authority, Subseries 2024 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 225462 |
| New York (State of), Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38225 |
| New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82662 |
| New York (State of) Dormitory Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110148 |
| New York (State of) Dormitory Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108302 |
| New York (State of) Dormitory Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 350144 |
| New York (State of) Dormitory Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 134245 |
| New York (State of) Dormitory Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 444234 |
| New York (State of) Dormitory Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 404888 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21775 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 389049 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 177904 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 386596 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21406 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 240049 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122416 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42491 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 523369 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 179300 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 204973 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 319256 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83486 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62261 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15516 |
| New York (State of) Dormitory Authority, Series 2019, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 305110 |
| New York (State of) Dormitory Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 123772 |
| New York (State of) Dormitory Authority, Series 2019, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 205432 |
| New York (State of) Dormitory Authority, Series 2019, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122911 |
| New York (State of) Dormitory Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 480801 |
| New York (State of) Dormitory Authority, Series 2020 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26854 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5444 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54319 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 99282 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82214 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 114704 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 228841 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103987 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25874 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76125 |
| New York (State of) Dormitory Authority, Series 2021, RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 315739 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43550 |
| New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55156 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 283076 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16547 |
| New York (State of) Dormitory Authority, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60382 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5516 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10887 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5464 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77219 |
| New York (State of) Dormitory Authority (Bid Group 2), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 416389 |
| New York (State of) Dormitory Authority (Bid Group 3), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 386941 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118398 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43864 |

---

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

------

#### 278

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;$102571 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38250 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 147175 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 217260 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 259254 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85404 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 173709 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5155 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16259 |
| New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 264648 |
| New York (State of) Dormitory Authority (Rockefeller University), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 554673 |
| New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 411612 |
| New York (State of) Energy Research & Development Authority (New Yourk State Electric & Gas Corp.), Series 1994 D, Ref. RB<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61284 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50029 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 183439 |
| New York (State of) Thruway Authority, Series 2018 L, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15779 |
| New York (State of) Thruway Authority, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 162130 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97537 |
| New York (State of) Thruway Authority, Series 2024 Q, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 113793 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152078 |
| New York City Health and Hospitals Corp., Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124796 |
| New York Liberty Development Corp. (Green Bonds) (4 World Trade Center), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;1.45% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 203972 |
| New York State Environmental Facilities Corp., Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16425 |
| New York State Environmental Facilities Corp., Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60350 |
| New York State Environmental Facilities Corp. (2010 Master Financing Program) (Green Bonds), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21042 |
| New York State Environmental Facilities Corp. (2010 Master Financing Program) (Green Bonds), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51927 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152895 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98120 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 233768 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81234 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 223369 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 252059 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60226 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 169729 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 293571 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 444379 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48625 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 188544 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69886 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 402374 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106938 |
| New York State Urban Development Corp., Series 2020 A, RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65418 |
| New York State Urban Development Corp., Series 2020, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 239866 |
| New York State Urban Development Corp., Series 2021, Ref. RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54284 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 363633 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2023 A, RB<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48855 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119693 |

---

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

------

#### 279

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York Transportation Development Corp. (Termial 4 John F. Kennedy International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;$60088 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10804 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 301463 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 139411 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5027 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10576 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 183102 |
| Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 132910 |
| Triborough Bridge & Tunnel Authority, Series 2019, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5051 |
| Triborough Bridge & Tunnel Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5220 |
| Triborough Bridge & Tunnel Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127285 |
| Triborough Bridge & Tunnel Authority, Series 2025 B-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1311558 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 230311 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 420823 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49841 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 193695 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60922 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43260249 |
| **North Carolina-1.54%** |  |  |  |  |
| Charlotte (City of), NC, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106707 |
| Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117650 |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2018 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75147 |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26904 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 115441 |
| North Carolina (State of), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27158 |
| North Carolina (State of), Series 2019 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 193756 |
| North Carolina (State of), Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49183 |
| North Carolina (State of), Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31571 |
| North Carolina (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60113 |
| North Carolina (State of), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54216 |
| North Carolina (State of), Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54648 |
| North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 168907 |
| North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 216918 |
| North Carolina (State of) (Build North Carolina Programs), Series 2019 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 287384 |
| North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 239738 |
| North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 185252 |
| North Carolina (State of) (Garvee), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 146382 |
| North Carolina (State of) (Garvee), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 178110 |
| North Carolina (State of) (Garvee), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 258721 |
| North Carolina (State of) (Garvee), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80665 |
| North Carolina (State of) (Garvee), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26836 |
| North Carolina (State of) (Garvee), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108431 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5329 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26079 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 223934 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5309 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26472 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52800 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25417 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10470 |
| North Carolina (State of) Turnpike Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 303000 |
| Raleigh (City of), NC, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104348 |
| Wake (County of), NC, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70520 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92708 |
| Wake (County of), NC, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 159470 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915694 |

---

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

------

#### 280

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Ohio-2.59%** |  |  |  |  |
| Allen (County of), OH (Mercy Health), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | $&nbsp;&nbsp;245 | &nbsp;&nbsp;$268219 |
| American Municipal Power, Inc. (AMP Fremont Energy Center), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10531 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75524 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5395 |
| Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 99844 |
| Cleveland (City of), OH, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37570 |
| Columbus (City of), OH, Series 2018 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53693 |
| Columbus (City of), OH, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97844 |
| Columbus (City of), OH, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 181034 |
| Columbus (City of), OH, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38401 |
| Montgomery (County of), OH (Premier Health Partners Obligated Group), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156974 |
| Northeast Ohio Regional Sewer District, Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41335 |
| Northeast Ohio Regional Sewer District, Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15417 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119807 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92392 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54169 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129636 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 193773 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 134147 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117700 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 160022 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47828 |
| Ohio (State of), Series 2019-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 369875 |
| Ohio (State of), Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98882 |
| Ohio (State of), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108113 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81323 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32761 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60612 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 199649 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59227 |
| Ohio (State of) Air Quality Development Authority (Ohio Valley Electric Corp.), Series 2019 A, Ref. PCR<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60435 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21608 |
| Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 263415 |
| Ohio (State of) Water Development Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 385194 |
| Ohio (State of) Water Development Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 324119 |
| Ohio (State of) Water Development Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107486 |
| Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 140249 |
| Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128580 |
| Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42012 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 549446 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 270741 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 258921 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107486 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 171440 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42035 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 138172 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 187914 |
| Ohio State University (The), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 253624 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6594574 |
| **Oklahoma-0.31%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2017, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100135 |
| Canadian (County of), OK Educational Facilities Authority (Yukon Public Schools), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 243414 |
| Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 278080 |

---

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

------

#### 281

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Oklahoma-(continued)** |  |  |  |  |
| Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;$75731 |
| Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80657 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778017 |
| **Oregon-1.21%** |  |  |  |  |
| Multnomah (County of), OR, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 218737 |
| Multnomah County School District No. 1, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103932 |
| Multnomah County School District No. 1, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103932 |
| Oregon (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21658 |
| Oregon (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109719 |
| Oregon (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38163 |
| Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125163 |
| Oregon (State of) (Article XI-Q State), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 265946 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 228976 |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 151831 |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 226822 |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48428 |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58999 |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16046 |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 265425 |
| Oregon (State of) Department of Transportation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 242591 |
| Oregon (State of) Lottery, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5441 |
| Portland (City of), OR, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108492 |
| Portland (City of), OR, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65785 |
| Portland (City of), OR, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71227 |
| Portland (City of), OR, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 289526 |
| Portland (City of), OR, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 158009 |
| Salem-Keizer School District No. 24J, Series 2018, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10652 |
| Washington & Clackamas Counties School District No. 23J Tigar, Series 2019 A, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32053 |
| Washington & Clackamas Counties School District No. 23J Tigar, Series 2019 A, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15986 |
| Washington & Clackamas Counties School District No. 23J Tigar, Series 2019 A, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106251 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089790 |
| **Pennsylvania-5.25%** |  |  |  |  |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47262 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133572 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 194896 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 270671 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 252965 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76121 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26979 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53805 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 155465 |
| Allegheny (County of), PA Port Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81005 |
| Armstrong School District, Series 2019 A, Ref. GO Bonds, (INS - BAM)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70898 |

---

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

------

#### 282

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Delaware (State of) River Port Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$64594 |
| Delaware (State of) River Port Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48428 |
| Delaware (State of) River Port Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107511 |
| Delaware (State of) River Port Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53518 |
| Delaware (State of) River Port Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 123871 |
| Delaware (State of) River Port Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80321 |
| Delaware (State of) River Port Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 170488 |
| Delaware (State of) River Port Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84853 |
| Delaware (State of) River Port Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63518 |
| Delaware (State of) River Port Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121818 |
| Delaware (State of) River Port Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100448 |
| Delaware Valley Regional Finance Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 111950 |
| Delaware Valley Regional Finance Authority, Series 2022 D, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5210 |
| Doylestown Hospital Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102379 |
| Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66290 |
| Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 154483 |
| Lehigh (County of), PA Industrial Development Authority (PPL Electric Utilities Corp.), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 446592 |
| Monroeville Finance Authority, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64628 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15899 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124237 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 171459 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46333 |
| Montgomery (County of), PA Industrial Development Authority (Constellation Energy Generation, LLC), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;4.10% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 419801 |
| North Allegheny School District, Series 2019, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200510 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 130459 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 136022 |
| Pennsylvania (Commonwealth of), First Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 361645 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 394521 |
| Pennsylvania (Commonwealth of), First Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10947 |
| Pennsylvania (Commonwealth of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 813942 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 175686 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71157 |
| Pennsylvania (Commonwealth of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16421 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124110 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5451 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 141385 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20599 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), Series 2006 B, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161735 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 245587 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 228463 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 184057 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32202 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 155161 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138808 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 495348 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 518324 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 269274 |

---

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

------

#### 283

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$80899 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38170 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43504 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 157159 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 351020 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 231272 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117288 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 196873 |
| Philadelphia (City of), PA, Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53082 |
| Philadelphia (City of), PA, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 146129 |
| Philadelphia (City of), PA, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 312871 |
| Philadelphia (City of), PA, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71489 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16428 |
| Philadelphia (City of), PA Authority for Industrial Development, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10944 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21783 |
| Philadelphia School District (The), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 200567 |
| Philadelphia School District (The), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 151269 |
| Philadelphia School District (The), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124283 |
| Philadelphia School District (The), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 221764 |
| Philadelphia School District (The), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 297936 |
| Philadelphia School District (The), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 240517 |
| Philadelphia School District (The), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 203259 |
| Philadelphia School District (The), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 410453 |
| Philadelphia School District (The), Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64588 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 A, RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15677 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47031 |
| Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10566 |
| Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56727 |
| Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 238357 |
| Temple University-of The Commonwealth System of Higher Education, First Series 2025, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5419 |
| University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70161 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13351567 |
| **Rhode Island-0.22%** |  |  |  |  |
| Rhode Island Health & Educational Building Corp. (Brown University), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 553426 |
| **South Carolina-0.29%** |  |  |  |  |
| Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33070 |
| Columbia (City of), SC, Series 2019 A, RB<sup>(a)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 156892 |
| Horry County School District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32548 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 373827 |
| Spartanburg County School District No. 7, Series 2019 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 133208 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729545 |
| **Tennessee-0.72%** |  |  |  |  |
| Chattanooga (City of), TN, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21953 |
| Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 364500 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2018, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143895 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32435 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118927 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 174211 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 924076 |

---

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

------

#### 284

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Tennessee-(continued)** |  |  |  |  |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;2.50% | &nbsp;&nbsp;01/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5001 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49066 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834064 |
| **Texas-8.63%** |  |  |  |  |
| Alamo Community College District, Series 2022, GO Notes<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 113481 |
| Arlington Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91783 |
| Austin (City of), TX, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130570 |
| Austin (City of), TX, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 241152 |
| Austin (City of), TX, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88114 |
| Austin (City of), TX, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5488 |
| Austin Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102587 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104033 |
| Bexar (County of), TX Hospital District, Series 2020, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36100 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 136928 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109209 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 147079 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 195815 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16261 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10325 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96228 |
| Board of Regents of the University of Texas System, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117193 |
| Board of Regents of the University of Texas System, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 202589 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 399830 |
| Board of Regents of the University of Texas System, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 115020 |
| Board of Regents of the University of Texas System, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 158837 |
| Collin County Community College District, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 201578 |
| Collin County Community College District, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 190275 |
| Collin County Community College District, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124708 |
| Collin County Community College District, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114525 |
| Collin County Community College District, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108909 |
| Collin County Community College District, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72286 |
| Collin County Community College District, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46246 |
| Collin County Community College District, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30704 |
| Comal Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91885 |
| Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124521 |
| Conroe Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10828 |
| Cypress-Fairbanks Independent School District, Series 2019 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 145659 |
| Cypress-Fairbanks Independent School District, Series 2019 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76906 |
| Cypress-Fairbanks Independent School District, Series 2019 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 255823 |
| Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70132 |
| Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 102341 |
| Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 246600 |
| Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15579 |
| Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48088 |

---

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

------

#### 285

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$25729 |
| Cypress-Fairbanks Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108309 |
| Cypress-Fairbanks Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 194956 |
| Dallas & Fort Worth (Cities of), TX, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 395399 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104342 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65900 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104342 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 159258 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 238032 |
| Dallas (City of), TX, Series 2024 A, Ctfs. Of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75737 |
| Dallas (City of), TX, Series 2024 B, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86557 |
| Dallas (City of), TX, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91967 |
| Dallas (City of), TX, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75737 |
| Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72272 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93748 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104355 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 142462 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 147483 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 370216 |
| Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83555 |
| Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41721 |
| Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46844 |
| Dallas (City of), TX Independent School District, Series 2025 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 194848 |
| Dallas (City of), TX Independent School District, Series 2025 C, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 173198 |
| Dallas (County of), TX Hospital District, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79918 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54789 |
| Frisco Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106501 |
| Frisco Independent School District, Series 2025 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 102780 |
| Garland (City of), TX, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2044 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 165318 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43300 |
| Harris (County of) & Houston (City of), TX Sports Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109283 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54670 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21917 |
| Harris (County of), TX, Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16432 |
| Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43834 |
| Harris County Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69543 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 284935 |
| Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 295299 |
| Houston (City of), TX, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47912 |
| Houston (City of), TX, Series 2018 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69206 |
| Houston (City of), TX, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 156838 |
| Houston (City of), TX, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70120 |
| Houston (City of), TX, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 199051 |
| Houston (City of), TX, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31024 |
| Houston (City of), TX, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60558 |

---

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

------

#### 286

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Houston (City of), TX, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;$37857 |
| Houston Community College System, Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96016 |
| Houston Independent School District, Series 2025 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118844 |
| Humble Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48605 |
| Klein Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98278 |
| Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129744 |
| Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 263739 |
| Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66961 |
| Lewisville Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10266 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 147882 |
| Lower Colorado River Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53868 |
| Lower Colorado River Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53714 |
| Lower Colorado River Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26768 |
| Lower Colorado River Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53868 |
| Lower Colorado River Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36264 |
| Lower Colorado River Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5115 |
| Lower Colorado River Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16287 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 582056 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54291 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 270478 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70188 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 266675 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37600 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 214144 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16287 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27186 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103307 |
| Matagorda County Navigation District No. 1 (Central Power And Light Co.), Series 2001, Ref. RB<br>| &nbsp;&nbsp;2.60% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 365119 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91935 |
| North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 157654 |
| North East Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125736 |
| North Texas Municipal Water District, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98665 |
| North Texas Tollway Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15389 |
| North Texas Tollway Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127771 |
| North Texas Tollway Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 274284 |
| North Texas Tollway Authority, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86180 |
| North Texas Tollway Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 185270 |
| North Texas Tollway Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 199323 |
| North Texas Tollway Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/02/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25452 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26953 |
| North Texas Tollway Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48515 |
| North Texas Tollway Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64635 |
| Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43661 |
| Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10995 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 316346 |
| Permanent University Fund - University of Texas System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16383 |
| Pflugerville Independent School District, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 220744 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91865 |

---

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

------

#### 287

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Plano Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$43323 |
| Prosper Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 148601 |
| Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 169310 |
| Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 179538 |
| Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 152368 |
| San Antonio (City of), TX, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77822 |
| San Antonio (City of), TX, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56304 |
| San Antonio (City of), TX, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 310590 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 180534 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 256254 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 141325 |
| San Antonio (City of), TX, Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47372 |
| San Antonio (City of), TX, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5411 |
| San Antonio (City of), TX, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32436 |
| San Antonio Public Facilities Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10866 |
| San Jacinto Community College District, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20765 |
| San Jacinto Community College District, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117675 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10515 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 192508 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74710 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 212964 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 153939 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105839 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40703 |
| Texas (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33017 |
| Texas (State of) Transportation Commission, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2057 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25275 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 168704 |
| Texas (State of) Water Development Board, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 203021 |
| Texas (State of) Water Development Board, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 279309 |
| Texas (State of) Water Development Board, Series 2019 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2036 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129602 |
| Texas (State of) Water Development Board, Series 2019 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15409 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109578 |
| Texas (State of) Water Development Board, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60268 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93606 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119699 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97361 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/31/2034 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 214431 |
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/31/2032 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 183413 |
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/31/2033 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 145031 |
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/31/2038 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 251888 |
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/31/2035 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128154 |
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/31/2036 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122285 |
| Texas State University Board of Regents, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54083 |
| Texas Water Development Board, Series 2018, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10741 |
| Texas Water Development Board, Series 2019, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15476 |
| Texas Water Development Board, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5506 |
| Travis (County of), TX, Series 2019 A, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91105 |
| Travis (County of), TX, Series 2019 A, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 272583 |
| Travis (County of), TX, Series 2019 A, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 216777 |
| Travis (County of), TX, Series 2019 A, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15814 |

---

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

------

#### 288

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Travis (County of), TX, Series 2019 A, Ctfs. Of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | $&nbsp;&nbsp;110 | &nbsp;&nbsp;$118454 |
| Travis (County of), TX, Series 2019 A, Ctfs. Of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31838 |
| Travis (County of), TX, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10816 |
| Trinity River Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 180477 |
| Webb (County of), TX, Series 2020, Ctfs. Of Obligations<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 14854 |
| Williamson (County of), TX, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 270562 |
| Williamson (County of), TX, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50692 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21957074 |
| **Utah-0.40%** |  |  |  |  |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 114327 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81662 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 169257 |
| Utah (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 151400 |
| Utah (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54056 |
| Utah (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81031 |
| Utah (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 113314 |
| Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGI)<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129586 |
| Utah State Building Ownership Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76172 |
| Utah Transit Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49736 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020541 |
| **Vermont-0.07%** |  |  |  |  |
| Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 179695 |
| **Virginia-0.93%** |  |  |  |  |
| Arlington (County of), VA, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25005 |
| Charles City (County of), VA Economic Development Authority (Wate Management, Inc.), Series 2004 A, RB<br>| &nbsp;&nbsp;2.88% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 44806 |
| Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 264227 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69236 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103161 |
| Loudoun (County of), VA Economic Development Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68377 |
| Richmond (City of), VA, Series 2017 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 146546 |
| Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129807 |
| Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118516 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86538 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5260 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97355 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 205527 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108172 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27043 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2019 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98584 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64903 |
| Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65726 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 427220 |
| Virginia (Commonwealth of) Public Building Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10954 |
| Virginia (Commonwealth of) Small Business Financing Authority (Sentara Healthcare), Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10315 |

---

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

------

#### 289

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Virginia-(continued)** |  |  |  |  |
| Virginia (Commonwealth of) Small Business Financing Authority (Sentara Healthcare), Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5128 |
| Virginia (Commonwealth of) Small Business Financing Authority (Sentara Healthcare), Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10207 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 185376 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377989 |
| **Washington-3.31%** |  |  |  |  |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 231820 |
| Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86562 |
| Energy Northwest (Columbia Generating Station), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 |
| Energy Northwest (Columbia Generating Station), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 312601 |
| Energy Northwest (Columbia Generating Station), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 187339 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10261 |
| King County School District No. 210 Federal Way, Series 2019, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 154322 |
| King County School District No. 403 Renton, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5130 |
| King County School District No. 414 Lake Washington, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31962 |
| North Thurston Public Schools, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71652 |
| Pierce County School District No. 403 Bethel, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 101782 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 136800 |
| Snohomish County School District No. 201 Snohomish, Series 2020, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 307804 |
| Spokane County School District No. 81, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 102507 |
| Spokane County School District No. 81, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 188372 |
| Spokane County School District No. 81, Series 2019, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 139365 |
| Washington (State of), Series 2018 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84471 |
| Washington (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 120536 |
| Washington (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71220 |
| Washington (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86849 |
| Washington (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 102724 |
| Washington (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 193883 |
| Washington (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 240866 |
| Washington (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 354920 |
| Washington (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 356366 |
| Washington (State of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75762 |
| Washington (State of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 146210 |
| Washington (State of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 156802 |
| Washington (State of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 102530 |
| Washington (State of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91584 |
| Washington (State of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 263411 |
| Washington (State of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 300021 |
| Washington (State of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64072 |
| Washington (State of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31940 |
| Washington (State of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42476 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71073 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 218225 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108875 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75154 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48021 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5325 |

---

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

------

#### 290

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |  |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$105337 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81173 |
| Washington (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2029 |  | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152784 |
| Washington (State of), Series 2022 R, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2029 |  | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 206869 |
| Washington (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 |  | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 246048 |
| Washington (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38352 |
| Washington (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91996 |
| Washington (State of), Series R-2023B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76548 |
| Washington (State of), Series R-2024A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59527 |
| Washington (State of), Series R-2024C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 |  | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 120536 |
| Washington (State of), Series R-2025B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 |  | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 213241 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43831 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 |  | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 120536 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48704 |
| Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64939 |
| Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38352 |
| Washington (State of) (Bid Group 2), Series R-2022C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2029 |  | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121886 |
| Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2029 |  | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 317777 |
| Washington (State of) Health Care Facilities Authority (Commonspirit Health), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 |  | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 252008 |
| Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2018, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90495 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8407534 |
| **West Virginia-0.43%** |  |  |  |  |  |
| West Virginia (State of) (Bid Group 1), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 |  | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 294565 |
| West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 |  | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 285512 |
| West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 |  | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 195204 |
| West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26392 |
| West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 |  | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125656 |
| West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31267 |
| West Virginia (State of) Hospital Finance Authority (Charleston Area Medical Center), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72463 |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67068 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098127 |
| **Wisconsin-0.63%** |  |  |  |  |  |
| Wisconsin (State of), Series 2020 1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 |  | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 163314 |
| Wisconsin (State of), Series 2021 1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 |  | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 146982 |
| Wisconsin (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15260 |
| Wisconsin (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96313 |
| Wisconsin (State of), Series 2021-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 |  | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 190532 |
| Wisconsin (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70769 |
| Wisconsin (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92544 |
| Wisconsin (State of), Series 2024-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 |  | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 195976 |
| Wisconsin (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59882 |
| Wisconsin (State of) Department of Transportation, Series 2023 1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 |  | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 180435 |
| Wisconsin (State of) Department of Transportation, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49210 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2029 |  | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 284656 |
| Wisconsin (State of) Health & Educational Facilities Authority (Mercy Health Corp.), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65471 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611344 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.83%<br>(Cost $248,124,476) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.83%<br>(Cost $248,124,476) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.83%<br>(Cost $248,124,476) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.83%<br>(Cost $248,124,476) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.83%<br>(Cost $248,124,476) | &nbsp;&nbsp;&nbsp;&nbsp;251383044 |
| OTHER ASSETS LESS LIABILITIES-1.17% | OTHER ASSETS LESS LIABILITIES-1.17% | OTHER ASSETS LESS LIABILITIES-1.17% | OTHER ASSETS LESS LIABILITIES-1.17% | OTHER ASSETS LESS LIABILITIES-1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2974095 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp;$254357139 |

---

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

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

------

#### 291

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2029 Municipal Bond ETF (BSMT)—(continued)
February 28, 2026

(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. |
| NCCU | -North Carolina Central University |
| PCR | -Pollution Control Revenue Bonds |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| RN | -Revenue Notes |

---

&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 obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each. |

---

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

------

#### 292

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)
February 28, 2026

(Unaudited)

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Municipal Obligations-98.67%** |  |  |  |  |
| **Alabama-1.23%** |  |  |  |  |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | $&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;$118003 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89958 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 262937 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 674820 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 411249 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 221291 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 234865 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 405341 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 304309 |
| Auburn University, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11130 |
| Birmingham (City of), AL Special Care Facilities Financing Authority (Children's Hospital), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 177052 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105166 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016121 |
| **Alaska-0.04%** |  |  |  |  |
| Alaska (State of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89565 |
| **Arizona-1.11%** |  |  |  |  |
| Arizona (State of) Department of Transportation, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 206751 |
| Arizona (State of) Sports & Tourism Authority, Series 2022, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 286941 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78388 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84120 |
| Maricopa (County of), AZ Industrial Development Authority (Creighton University), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 117265 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55616 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 145571 |
| Mesa (City of), AZ, Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105116 |
| Phoenix Civic Improvement Corp., Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 271221 |
| Phoenix Civic Improvement Corp., Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 175696 |
| Phoenix Civic Improvement Corp. (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 170372 |
| Salt River Project Agricultural Improvement & Power District, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 355740 |
| Salt River Project Agricultural Improvement & Power District, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 455934 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 138401 |
| Salt River Project Agricultural Improvement & Power District (Arizona Salt River), Series 2019 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5095 |
| Scottsdale Municipal Property Corp., Series 2006, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16166 |
| University of Arizona Board of Regents, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39115 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707508 |
| **California-17.38%** |  |  |  |  |
| Anaheim (City of), CA Housing & Public Improvements Authority, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 393136 |
| Anaheim (City of), CA Housing & Public Improvements Authority, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 246515 |
| Bay Area Toll Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84748 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 276844 |
| California (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49112 |
| California (State of), Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 226490 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 391966 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43655 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 167659 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61475 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 155704 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 129648 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90190 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83224 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 304593 |

---

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

------

#### 293

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;$282441 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 331969 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 443110 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71783 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1115397 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26649 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44687 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1397475 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5498 |
| California (State of), Series 2020, Ref. GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16209 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103074 |
| California (State of), Series 2020, Ref. GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5460 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 669612 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72291 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 500476 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 315665 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 177545 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72128 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 328444 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21087 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104521 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5247 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67719 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51725 |
| California (State of), Series 2021 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62306 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 379498 |
| California (State of), Series 2021, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5692 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 404458 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 285267 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 200312 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75346 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 209183 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 653797 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 307973 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62189 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 499372 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 271879 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 260065 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 124379 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 101765 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16961 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62071 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33857 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22614 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72652 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73357 |
| California (State of) (Bid Group B), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 222292 |
| California (State of) Department of Water Resources, Series 2020 BB, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51762 |
| California (State of) Department of Water Resources, Series 2020 BB, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 183164 |
| California (State of) Department of Water Resources, Series 2020 BB, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 221837 |
| California (State of) Department of Water Resources, Series 2020 BB, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 435223 |
| California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 468090 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69016 |
| California (State of) Department of Water Resources (Central Valley), Series 2022 BF, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57513 |
| California (State of) Department of Water Resources (Central Valley), Series 2025 BG, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23005 |
| California (State of) Enterprise Development Authority (Crystal Springs Uplands School), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28030 |

---

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

------

#### 294

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$82961 |
| California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71550 |
| California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99004 |
| California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 216245 |
| California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 271874 |
| California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & Sciences Obligated Group) (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 400083 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63059 |
| California (State of) Infrastructure & Economic Development Bank(Segerstorm Center for The Arts), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 535383 |
| California (State of) Public Finance Authority (Sharp Healthcare), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5681 |
| California (State of) Public Works Board, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62021 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 271404 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78936 |
| California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45443 |
| California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 101682 |
| California (State of) Statewide Communities Development Authority (Odd Fellows Home of California), Series 2023, Ref. RB, (INS - Cal-Mortgage)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81012 |
| California State University, Series 2020 C, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24294 |
| Cambrian School District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 23673 |
| Chino Valley Unified School District, Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 487515 |
| Clovis Unified School District (Election of 2020), Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52403 |
| East Bay Municipal Utility District, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102364 |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102364 |
| East Side Union High School District, Series 2024 B, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45524 |
| Eastern Municipal Water District Financing Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 162101 |
| Inglewood Unified School District, Series 2021 A, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24815 |
| Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 135306 |
| Los Angeles (City of), CA, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96415 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102169 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22606 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112684 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 252815 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31785 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 321168 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36302 |
| Los Angeles (City of), CA Department of Airports, Series 2020 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 332530 |
| Los Angeles (City of), CA Department of Airports, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79464 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30942 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 100730 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 470868 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 234751 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 251836 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90517 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 246986 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 278240 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36594 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25698 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66125 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 400730 |

---

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

------

#### 295

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;$206981 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 460637 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26975 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 171816 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107016 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 245421 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 116702 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 639081 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22229 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 200060 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33343 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1121108 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90920 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107967 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 277298 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 323151 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 350389 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 179126 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 476996 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102047 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 299255 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 332503 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 258183 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 223665 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56945 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51629 |
| Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 159302 |
| Los Angeles Community College District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 97128 |
| Los Angeles Community College District, Series 2025 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68561 |
| Los Angeles Community College District (Election of 2016), Series 2023 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 439931 |
| Los Angeles Community College District (Election of 2016), Series 2024 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 131408 |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 143511 |
| Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 322069 |
| Los Angeles Unified School District, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84595 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45377 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43268 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26905 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63991 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36602 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57192 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46519 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45377 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 468977 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 428614 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 1080914 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37077 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26305 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20915 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15506 |
| Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102098 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 153146 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 289277 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 164491 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85421 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34033 |
| Metropolitan Water District of Southern California, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88650 |
| Metropolitan Water District of Southern California, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 242903 |

---

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

------

#### 296

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Metropolitan Water District of Southern California, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | $&nbsp;&nbsp;215 | &nbsp;&nbsp;$235451 |
| Montebello Unified School District, Series 2022 B, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122856 |
| Montebello Unified School District, Series 2022 B, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5215 |
| Mountain View Whisman School District (Santa Clara County, California) (Election of 2020), Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;09/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 86406 |
| Northern California Power Agency (Hydroelectric No. 1), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 130407 |
| Orange (County of), CA Local Transportation Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 137304 |
| Oxnard Union High School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40539 |
| Poway Unified School District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51215 |
| Sacramento (City of), CA Financing Authority (Westlake and Regency Park), Series 2006, Ref. RB, (INS - AMBAC)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 216547 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2019 G, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111028 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112589 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 324534 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 295031 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66471 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 333118 |
| Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2022 A, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128062 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45912 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93439 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 313157 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28695 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 177271 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2046 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125931 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16981 |
| San Diego (County of), CA Regional Transportation Commission (Green Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 29958 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56596 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 101873 |
| San Diego Community College District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85701 |
| San Diego Unified School District (Election of 2018), Series 2020 D-2, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100717 |
| San Diego Unified School District (Green Bonds), Series 2022 F-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 136560 |
| San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 176330 |
| San Francisco (City & County of), CA, Series 2024 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85321 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33032 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166836 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2020-B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130877 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114841 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85378 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2050 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 291843 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57303 |
| San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79795 |
| San Francisco Unified School District (Election of 2016), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70661 |
| San Francisco Unified School District (Election of 2016), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 182554 |
| San Rafael City High School District, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104764 |
| Santa Clara (County of), CA (Election of 2008), Series 2022 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5700 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73586 |
| Santa Rosa (City of), CA, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96349 |
| Santa Rosa (City of), CA, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 254206 |
| Santa Rosa (City of), CA, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50627 |
| Southern California Public Power Authority (Mangolia Power), Series 2020 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 164240 |
| Southern California Public Power Authority (Windy), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111144 |
| Tulare (County of), CA Local Health Care District, Series 2020, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71010 |
| Turlock (City of), CA Irrigation District, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26351 |

---

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

------

#### 297

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Turlock (City of), CA Irrigation District, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | $&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;$428376 |
| Union Sanitary District Financing Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 275797 |
| University of California, Series 2020 BE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 184013 |
| University of California, Series 2020 BE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 244980 |
| University of California, Series 2020 BE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88558 |
| University of California, Series 2020 BE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 115895 |
| University of California, Series 2020 BE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 120959 |
| University of California, Series 2020 BE, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36696 |
| University of California, Series 2020 BE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 424165 |
| University of California, Series 2020 BE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 237972 |
| University of California, Series 2020 BE, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36043 |
| University of California, Series 2020 BE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80530 |
| University of California, Series 2020 BE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 409852 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 100807 |
| University of California, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11201 |
| University of California, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22401 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42540811 |
| **Colorado-2.19%** |  |  |  |  |
| Arapahoe County School District No. 5 Cherry Creek, Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71242 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60047 |
| Colorado (State of), Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90028 |
| Colorado (State of), Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 134168 |
| Colorado (State of), Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 122562 |
| Colorado (State of), Series 2020 A, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 169068 |
| Colorado (State of), Series 2020 A, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47176 |
| Colorado (State of), Series 2020 A, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5196 |
| Colorado (State of), Series 2020 A, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72713 |
| Colorado (State of), Series 2020 A, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 253492 |
| Colorado (State of), Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 213816 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90497 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108232 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75762 |
| Colorado (State of) Health Facilities Authority (Parkview Medical Center), Series 2020 A, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5390 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 249796 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77016 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 312218 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10354 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5151 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71646 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 96741 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 308289 |
| Colorado Springs (City of), CO, Series 2020 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 258434 |
| Colorado Springs (City of), CO, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16938 |
| Denver (City & County of), CO, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 322896 |
| Denver (City & County of), CO, Series 2020 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67122 |
| Denver (City & County of), CO, Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 247094 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5622 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5605 |
| Denver (City & County of), CO (Wellington E. Webb Municipal Office Building), Series 2023, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16889 |
| Denver City & County School District No. 1, Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28125 |
| Denver City & County School District No. 1, Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 280280 |
| Denver City & County School District No. 1, Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 257001 |
| Denver City & County School District No. 1, Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31216 |
| Denver City & County School District No. 1, Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54798 |
| Denver City & County School District No. 1, Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65476 |
| Denver City & County School District No. 1, Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102699 |
| E-470 Public Highway Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60654 |

---

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

------

#### 298

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Colorado-(continued)** |  |  |  |  |
| E-470 Public Highway Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$81812 |
| Jefferson County School District R-1, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128511 |
| Jefferson County School District R-1, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 159447 |
| Jefferson County School District R-1, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42267 |
| Jefferson County School District R-1, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73577 |
| Jefferson County School District R-1, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52247 |
| Jefferson County School District R-1, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78047 |
| Jefferson County School District R-1, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15466 |
| Jefferson County School District R-1, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56461 |
| University of Colorado, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 140727 |
| University of Colorado, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50298 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350309 |
| **Connecticut-2.44%** |  |  |  |  |
| Connecticut (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70596 |
| Connecticut (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 143815 |
| Connecticut (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 159775 |
| Connecticut (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52902 |
| Connecticut (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2034 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 189821 |
| Connecticut (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84039 |
| Connecticut (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31309 |
| Connecticut (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25928 |
| Connecticut (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41288 |
| Connecticut (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10718 |
| Connecticut (State of), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 203718 |
| Connecticut (State of), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 422331 |
| Connecticut (State of), Series 2020 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30895 |
| Connecticut (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 101983 |
| Connecticut (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69301 |
| Connecticut (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 435440 |
| Connecticut (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78986 |
| Connecticut (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10337 |
| Connecticut (State of), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 434299 |
| Connecticut (State of), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 293739 |
| Connecticut (State of), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 309428 |
| Connecticut (State of), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 146785 |
| Connecticut (State of), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16134 |
| Connecticut (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 176184 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 155902 |
| Connecticut (State of), Series 2021 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 292611 |
| Connecticut (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21356 |
| Connecticut (State of), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67054 |
| Connecticut (State of), Series 2022 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 303062 |
| Connecticut (State of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45053 |
| Connecticut (State of), Series 2022 G, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 123895 |
| Connecticut (State of), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44703 |
| Connecticut (State of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39185 |
| Connecticut (State of), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 279394 |
| Connecticut (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 116159 |
| Connecticut (State of), Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94994 |
| Connecticut (State of), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117345 |
| Connecticut (State of), Series 2024 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84116 |
| Connecticut (State of), Series 2024 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45053 |
| Connecticut (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16658 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39457 |
| Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 150291 |
| Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111850 |
| Connecticut (State of) (Social Bonds), Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5548 |

---

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

------

#### 299

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of) (Transportation Infrastructure), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$43889 |
| Connecticut (State of) (Transportation Infrastructure), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5588 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2020 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101244 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2020 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25172 |
| New Haven (City of), CT, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110888 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980218 |
| **Delaware-0.66%** |  |  |  |  |
| Delaware (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 277191 |
| Delaware (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 160087 |
| Delaware (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10636 |
| Delaware (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 307284 |
| Delaware (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27935 |
| Delaware (State of) Economic Development Authority (ACTS Retirement-Life Community), Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81154 |
| Delaware (State of) Transportation Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 319136 |
| Delaware (State of) Transportation Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105625 |
| Delaware (State of) Transportation Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 76482 |
| Delaware (State of) Transportation Authority (Garvee), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 116818 |
| Delaware (State of) Transportation Authority (Garvee), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55433 |
| Delaware (State of) Transportation Authority (Garvee), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49697 |
| Delaware (State of) Transportation Authority (Garvee), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16493 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603971 |
| **District of Columbia-1.87%** |  |  |  |  |
| District of Columbia, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71241 |
| District of Columbia, Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21947 |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55479 |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 220815 |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 137648 |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 274588 |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82045 |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 212258 |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 184206 |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 312639 |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 150306 |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85576 |
| District of Columbia, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 134819 |
| District of Columbia, Series 2020 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 138085 |
| District of Columbia, Series 2020 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71604 |
| District of Columbia, Series 2020 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 241298 |
| District of Columbia, Series 2020 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38191 |
| District of Columbia, Series 2020 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65164 |
| District of Columbia, Series 2020 C, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67467 |
| District of Columbia, Series 2020 C, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 107744 |
| District of Columbia, Series 2020 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31415 |
| District of Columbia, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65982 |
| District of Columbia, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22547 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22105 |
| District of Columbia, Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 122714 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50380 |
| District of Columbia, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78644 |
| District of Columbia, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11274 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38946 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66468 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88213 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21989 |

---

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

------

#### 300

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | $&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$109568 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70928 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2037 | &nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 575032 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2039 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118502 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2045 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 400644 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20398 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4588869 |
| **Florida-3.27%** |  |  |  |  |
| Brevard County School District, Series 2024 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 177901 |
| Broward (County of), FL, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22488 |
| Broward (County of), FL School District, Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 177065 |
| Broward (County of), FL School District, Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 236926 |
| Broward (County of), FL School District, Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 208983 |
| Broward (County of), FL School District, Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 268243 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 245867 |
| Central Florida Expressway Authority, Series 2024 B, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67055 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27841 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 226411 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 340797 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 290258 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 240535 |
| Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 235348 |
| Florida (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp; 315203 |
| Florida (State of), Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89419 |
| Florida (State of), Series 2022 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 150895 |
| Florida (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78242 |
| Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 128875 |
| Jacksonville (City of), FL, Series 2015, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 350131 |
| Jacksonville (City of), FL, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5606 |
| JEA Electric System, Series 2020 3A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20560 |
| JEA Electric System, Series 2020 3A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20498 |
| JEA Electric System, Series 2020 3-A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 311717 |
| JEA Electric System, Series 2020 3-A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125008 |
| JEA Electric System, Third Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 123380 |
| JEA Water & Sewer System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5608 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2025 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105590 |
| Miami-Dade (County of), FL, Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135683 |
| Miami-Dade (County of), FL, Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93316 |
| Miami-Dade (County of), FL, Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10315 |
| Miami-Dade (County of), FL, Series 2016, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10274 |
| Miami-Dade (County of), FL, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 153216 |
| Miami-Dade (County of), FL, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 189140 |
| Miami-Dade (County of), FL, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88732 |
| Miami-Dade (County of), FL, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5144 |
| Miami-Dade (County of), FL, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10239 |
| Miami-Dade (County of), FL, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30589 |
| Miami-Dade (County of), FL, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15236 |
| Miami-Dade (County of), FL, Series 2020 C, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 281071 |
| Miami-Dade (County of), FL, Series 2020 C, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10378 |
| Miami-Dade (County of), FL, Series 2020 C, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46546 |
| Miami-Dade (County of), FL, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 286490 |
| Miami-Dade (County of), FL, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89805 |
| Miami-Dade (County of), FL, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22451 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11001 |
| North Miami Beach (City of), FL, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 370474 |

---

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

------

#### 301

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Florida-(continued)** |  |  |  |  |
| Orange (County of), FL Convention Center, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$44662 |
| Palm Beach County School District, Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 143113 |
| Palm Beach County School District, Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 296589 |
| Palm Beach County School District, Series 2025 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55755 |
| Pasco (County of), FL School Board, Series 2020 C, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 314375 |
| Pasco (County of), FL School Board, Series 2020 C, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 186890 |
| Pasco (County of), FL School Board, Series 2020 C, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 131359 |
| Sarasota (County of), FL, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31349 |
| Tampa (City of), FL, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 235402 |
| Tampa (City of), FL, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93173 |
| Tampa Bay (City of), FL Water, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11267 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000484 |
| **Georgia-1.68%** |  |  |  |  |
| Atlanta (City of), GA, Series 2004, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 139197 |
| Atlanta (City of), GA, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117253 |
| Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50580 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28220 |
| Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15238 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50620 |
| Forsyth (County of), GA, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16680 |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 175475 |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 169313 |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, Inc.), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 339388 |
| Georgia (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89758 |
| Georgia (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16830 |
| Georgia (State of), Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90836 |
| Georgia (State of) (Bid Group 2), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63578 |
| Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 247292 |
| Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 123003 |
| Georgia (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100251 |
| Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33659 |
| Georgia (State of) (Bidding Group 2), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 134040 |
| Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 241226 |
| Georgia (State of) (Tranche 2), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60174 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95106 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50163 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 149591 |
| Gwinnett County School District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127720 |
| Henry County School District, Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64582 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95218 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106331 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127943 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 455293 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 121877 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 325228 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15488 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30790 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10198 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25310 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103449 |
| **Hawaii-0.65%** |  |  |  |  |
| Hawaii (State of), Series 2019 FW, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 102571 |
| Hawaii (State of), Series 2020 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 128787 |

---

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

------

#### 302

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Hawaii-(continued)** |  |  |  |  |
| Hawaii (State of), Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | $&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$557910 |
| Hawaii (State of), Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38889 |
| Hawaii (State of), Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49847 |
| Hawaii (State of), Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5522 |
| Hawaii (State of), Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5248 |
| Hawaii (State of), Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10398 |
| Honolulu (City & County of), HI, Series 2025 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27972 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 338794 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 211052 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111080 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588070 |
| **Idaho-0.25%** |  |  |  |  |
| Idaho State Building Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 401765 |
| Idaho State Building Authority (School Modernization Facilities), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 212043 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613808 |
| **Illinois-4.84%** |  |  |  |  |
| Chicago (City of), IL, Series 2001, Ref. RB, (INS - AMBAC)<sup>(a)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37753 |
| Chicago (City of), IL, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 195306 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 410706 |
| Chicago (City of), IL (O'Hare International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 240111 |
| Chicago (City of), IL (O'Hare International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 408748 |
| Chicago (City of), IL (O'Hare International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 331864 |
| Chicago (City of), IL (O'Hare International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15460 |
| Chicago (City of), IL (O'Hare International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51310 |
| Chicago (City of), IL (O'Hare International Airport), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65828 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 137818 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78713 |
| Cook (County of), IL, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 287963 |
| Cook (County of), IL, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 496909 |
| Cook (County of), IL, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97301 |
| Illinois (State of), Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 299243 |
| Illinois (State of), Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62357 |
| Illinois (State of), Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31051 |
| Illinois (State of), Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15408 |
| Illinois (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25363 |
| Illinois (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5392 |
| Illinois (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 643846 |
| Illinois (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;05/01/2045 | &nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 552388 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65859 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 233347 |
| Illinois (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76836 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 120742 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 253175 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 277794 |
| Illinois (State of), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77053 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 391859 |
| Illinois (State of), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 165732 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 275190 |
| Illinois (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 252081 |
| Illinois (State of), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93878 |
| Illinois (State of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 160524 |
| Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2008 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126159 |
| Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2008, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51387 |
| Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2008, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5139 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 178531 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11158 |

---

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

------

#### 303

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | $&nbsp;&nbsp;250 | &nbsp;&nbsp;$274290 |
| Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 273136 |
| Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 483887 |
| Illinois (State of) Finance Authority (Northshore University Health), Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 151946 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82843 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22092 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 390859 |
| Illinois (State of) Regional Transportation Authority, Series 2000, RB, (INS - NATL)<sup>(a)</sup><br>| &nbsp;&nbsp;6.50% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33379 |
| Illinois (State of) Sports Facilities Authority (The), Series 2019, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 123560 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 242371 |
| Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 148896 |
| Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 529408 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44117 |
| Rosemont (Village of), IL, Series 2020 A, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105246 |
| Sales Tax Securitization Corp., Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 230401 |
| Sales Tax Securitization Corp., Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53689 |
| Sales Tax Securitization Corp., Series 2020 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32166 |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 603431 |
| Sales Tax Securitization Corp., Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 240406 |
| Sales Tax Securitization Corp., Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116851 |
| Sales Tax Securitization Corp. (Social Bonds), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 9818 |
| Sales Tax Securitization Corp. (Social Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20645 |
| Springfield (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109351 |
| University of Illinois, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 215553 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11845623 |
| **Indiana-0.59%** |  |  |  |  |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 290302 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 310859 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94611 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103838 |
| Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.), Series 2010 B, RB<br>| &nbsp;&nbsp;2.50% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 29226 |
| Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.), Series 2012 A, RB<br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67909 |
| Indiana (State of) Finance Authority (Ohio Valley Electrical Corp.), Series 2012 B, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 322777 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 175798 |
| Indiana (State of) Municipal Power Agency, Series 2025 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38589 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433909 |
| **Iowa-0.38%** |  |  |  |  |
| Coralville (City of), IA, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 395258 |
| Iowa (State of), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 168535 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 223458 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126840 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15565 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929656 |
| **Kansas-0.05%** |  |  |  |  |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28039 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95332 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123371 |
| **Kentucky-0.29%** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72907 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 179313 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 199714 |

---

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

------

#### 304

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Kentucky-(continued)** |  |  |  |  |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | $&nbsp;&nbsp;115 | &nbsp;&nbsp;$128017 |
| Kentucky Bond Development Corp. (Kentucky Communications Network Authority), Series 2019, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 133633 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713584 |
| **Louisiana-0.82%** |  |  |  |  |
| Louisiana (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119133 |
| Louisiana (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70847 |
| Louisiana (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 173780 |
| Louisiana (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21632 |
| Louisiana (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118183 |
| Louisiana (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10712 |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 166055 |
| Louisiana (State of), Series 2024 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117715 |
| Louisiana (State of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44527 |
| Louisiana (State of), Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27829 |
| Louisiana (State of) (Garvee), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 190122 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Entergy Louisiana LLC), Series 2021, Ref. RB<br>| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 371758 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87608 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 280263 |
| New Orleans (City of), LA, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 159247 |
| New Orleans (City of), LA, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51024 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010435 |
| **Maine-0.01%** |  |  |  |  |
| Maine (State of) Turnpike Authority, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15495 |
| **Maryland-2.33%** |  |  |  |  |
| Baltimore (City of), MD (Water), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102950 |
| Baltimore (County of), MD, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10511 |
| Baltimore (County of), MD, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130723 |
| Baltimore (County of), MD, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52010 |
| Baltimore (County of), MD, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10345 |
| Maryland (State of), First Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 293097 |
| Maryland (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36937 |
| Maryland (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 263730 |
| Maryland (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 357111 |
| Maryland (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 233634 |
| Maryland (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 223634 |
| Maryland (State of) (Bidding Group 1), First Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61499 |
| Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 134671 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 217030 |
| Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 194603 |
| Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11130 |
| Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 153325 |
| Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 166163 |
| Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 336853 |
| Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 288351 |
| Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21035 |
| Maryland (State of) (Bidding Group 2), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 270616 |
| Maryland (State of) Department of Transportation, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 309472 |
| Maryland (State of) Department of Transportation, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50398 |
| Maryland (State of) Department of Transportation, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 267959 |
| Maryland (State of) Department of Transportation, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 100144 |
| Maryland (State of) Department of Transportation, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27696 |
| Maryland (State of) Department of Transportation, Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 370285 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89512 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 156645 |

---

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

------

#### 305

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Maryland-(continued)** |  |  |  |  |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$16706 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49965 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71953 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22378 |
| Maryland Water Infrastructure Financing Administration Bay Restoration Fund, Series 2015, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35003 |
| Montgomery (County of), MD, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59104 |
| Montgomery (County of), MD, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60860 |
| Montgomery (County of), MD, Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118587 |
| Montgomery (County of), MD (Consolidated Public Improvement), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112226 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82002 |
| Prince George's (County of), MD, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22404 |
| Prince George's (County of), MD, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106420 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5699677 |
| **Massachusetts-4.25%** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2004 A, Ref. GO Bonds, (INS - AMBAC)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 537229 |
| Massachusetts (Commonwealth of), Series 2005, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78457 |
| Massachusetts (Commonwealth of), Series 2018 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 168496 |
| Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 129662 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108232 |
| Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 223819 |
| Massachusetts (Commonwealth of), Series 2019 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 137517 |
| Massachusetts (Commonwealth of), Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143228 |
| Massachusetts (Commonwealth of), Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74179 |
| Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 151303 |
| Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27933 |
| Massachusetts (Commonwealth of), Series 2020 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89291 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 561652 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 287711 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 137674 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 159049 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 522581 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75988 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 643255 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 484494 |
| Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 111629 |
| Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 359805 |
| Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99630 |
| Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20872 |
| Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51419 |
| Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20536 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 305531 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95908 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 275580 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 497436 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2050 | &nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 656668 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 118387 |
| Massachusetts (Commonwealth of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 315700 |
| Massachusetts (Commonwealth of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5563 |
| Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5648 |
| Massachusetts (Commonwealth of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83932 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 351183 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16786 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62238 |
| Massachusetts (Commonwealth of), Series 2024 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34009 |
| Massachusetts (Commonwealth of), Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11254 |
| Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5233 |

---

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

------

#### 306

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2021 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2043 | $&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;$113008 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36063 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2004 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76450 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45021 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 136302 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5679 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2007 A-1, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 232848 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44968 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 133936 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67531 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5645 |
| Massachusetts (Commonwealth of) Development Finance Agency (Beth Israel Lahey Health), Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11119 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), Series 2020 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107633 |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Boston College), Series 2000, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44926 |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2004 M, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 170043 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5475 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10286 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16735 |
| Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2045 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 264519 |
| Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 134311 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 189255 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108127 |
| University of Massachusetts Building Authority, Series 2022-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 206215 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10412792 |
| **Michigan-1.56%** |  |  |  |  |
| Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 396737 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117161 |
| Michigan (State of), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 173788 |
| Michigan (State of), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 803836 |
| Michigan (State of), Series 2020 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 517687 |
| Michigan (State of), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 270776 |
| Michigan (State of), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61203 |
| Michigan (State of), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72028 |
| Michigan (State of), Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26044 |
| Michigan (State of), Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40886 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 411805 |
| Michigan (State of) Building Authority (Facilities Program), Series 2020 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 185525 |
| Michigan (State of) Building Authority (Facilities Program), Series 2025 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72259 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 281570 |
| Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 2010, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72255 |
| Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 2010, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 179290 |
| Walled Lake Consolidated School District, Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41886 |
| Walled Lake Consolidated School District, Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98120 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3822856 |
| **Minnesota-1.08%** |  |  |  |  |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16515 |
| Minnesota (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109469 |
| Minnesota (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 128698 |
| Minnesota (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50064 |
| Minnesota (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44415 |
| Minnesota (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 386903 |
| Minnesota (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93566 |

---

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

------

#### 307

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Minnesota-(continued)** |  |  |  |  |
| Minnesota (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;$38212 |
| Minnesota (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 151681 |
| Minnesota (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 330723 |
| Minnesota (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67266 |
| Minnesota (State of), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 166620 |
| Minnesota (State of), Series 2023 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 246206 |
| Minnesota (State of), Series 2023, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 146490 |
| Minnesota (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50360 |
| Minnesota (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5596 |
| Minnesota (State of), Series 2024 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111912 |
| Minnesota (State of), Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22382 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 161243 |
| Minnesota (State of) Public Facilities Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 316925 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645246 |
| **Mississippi-0.06%** |  |  |  |  |
| Mississippi (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78372 |
| Mississippi (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41640 |
| Mississippi (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10313 |
| Mississippi (State of) Development Bank (Desoto County Mississippi Highway Refunding), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5513 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135838 |
| **Missouri-0.55%** |  |  |  |  |
| Curators of the University of Missouri (The), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 551691 |
| Curators of the University of Missouri (The), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39406 |
| Jackson County Reorganized School District No. 7, Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42094 |
| Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27692 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 280875 |
| Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 128306 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11202 |
| St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 277543 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358809 |
| **Montana-0.01%** |  |  |  |  |
| Montana (State of) Facility Finance Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10303 |
| Montana (State of) Facility Finance Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10183 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20486 |
| **Nebraska-0.31%** |  |  |  |  |
| Omaha (City of), NE Public Power District, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48611 |
| Omaha (City of), NE Public Power District, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 684085 |
| Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33030 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765726 |
| **Nevada-0.46%** |  |  |  |  |
| Clark (County of), NV, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 167439 |
| Clark (County of), NV, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80482 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98102 |
| Clark (County of), NV Department of Aviation, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 114453 |
| Clark (County of), NV Department of Aviation, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152604 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27895 |
| Clark County School District, Series 2020 A, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50757 |
| Clark County School District, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33365 |
| Clark County School District, Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16682 |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 279327 |
| Nevada (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111401 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132507 |

---

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

------

#### 308

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New Jersey-1.94%** |  |  |  |  |
| New Jersey (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;$613101 |
| New Jersey (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 644123 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;3.38% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200309 |
| New Jersey (State of) Economic Development Authority (New Jersey Transportation Bonds), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65738 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 262090 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 183682 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 276184 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10433 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 170303 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21850 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10240 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124428 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 763818 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 217248 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 217079 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 139153 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 256042 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27837 |
| New Jersey (State of) Turnpike Authority, Series 2005 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39086 |
| New Jersey (State of) Turnpike Authority, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 116093 |
| New Jersey (State of) Turnpike Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 276412 |
| South Jersey Transportation Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10407 |
| South Jersey Transportation Authority, Series 2020 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107328 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4752984 |
| **New Mexico-0.77%** |  |  |  |  |
| Los Ranchos de Albuquerque (Village of), NM (Albuquerque Academy), Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20293 |
| New Mexico (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83158 |
| New Mexico (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83036 |
| New Mexico (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5520 |
| New Mexico (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16517 |
| New Mexico (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43884 |
| New Mexico (State of) Finance Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 553533 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 167307 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 239807 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44615 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 505509 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60890 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11032 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43938 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879039 |
| **New York-21.67%** |  |  |  |  |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45474 |
| Brookhaven Local Development Corp. (Long Island Community Hospital), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10225 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72545 |
| Long Beach (City of), NY, Series 2022 B, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.63% | &nbsp;&nbsp;&nbsp;07/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5044 |
| Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 132497 |
| Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65837 |
| Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71249 |
| Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 376452 |
| Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10860 |
| Long Island (City of), NY Power Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72415 |
| Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90090 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22460 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10014 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1030406 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2055 | &nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1540331 |

---

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

------

#### 309

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$52648 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130688 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41563 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 348126 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 254276 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 192871 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 224598 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 145988 |
| Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73029 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17075 |
| Nassau County Local Economic Assistance Corp. (Cold Spring Harbor Laboratory), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83274 |
| New York & New Jersey (States of) Port Authority, Series 2020 222, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25728 |
| New York & New Jersey (States of) Port Authority, Series 2020-222, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2040 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102481 |
| New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22530 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifty series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16993 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Eight series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16700 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45192 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirtieth Series 2022, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38118 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twelfth Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60390 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 128004 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 199661 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 364972 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 314374 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93680 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2037 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 165775 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56826 |
| New York (City of), NY, Series 2005-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 139909 |
| New York (City of), NY, Series 2011 A-3, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20885 |
| New York (City of), NY, Series 2019 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119976 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 346315 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 122024 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77351 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10494 |
| New York (City of), NY, Series 2020 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84230 |
| New York (City of), NY, Series 2020 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 295261 |
| New York (City of), NY, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 449269 |
| New York (City of), NY, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 348081 |
| New York (City of), NY, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 231140 |
| New York (City of), NY, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 197162 |
| New York (City of), NY, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31138 |
| New York (City of), NY, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 231487 |
| New York (City of), NY, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25560 |
| New York (City of), NY, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100539 |
| New York (City of), NY, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 178779 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 888276 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 194129 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 580135 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93557 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49016 |
| New York (City of), NY, Series 2020 D-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 554564 |
| New York (City of), NY, Series 2020 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86214 |

---

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

------

#### 310

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2020 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;$37500 |
| New York (City of), NY, Series 2020 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21348 |
| New York (City of), NY, Series 2020 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5318 |
| New York (City of), NY, Series 2020 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109950 |
| New York (City of), NY, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 541904 |
| New York (City of), NY, Series 2021-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110952 |
| New York (City of), NY, Series 2021-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83800 |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106146 |
| New York (City of), NY, Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72626 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16760 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 162013 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 166134 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77666 |
| New York (City of), NY, Series 2025 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94973 |
| New York (City of), NY, Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5606 |
| New York (City of), NY, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44693 |
| New York (City of), NY, Subseries 2008 L-6, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97130 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89694 |
| New York (City of), NY, Subseries 2023 F-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 363132 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33578 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5492 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 348016 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 321957 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 140272 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 185159 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5060 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 178159 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 GG, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 196381 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2048 | &nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 431022 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2050 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 258785 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5060 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 199754 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21595 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2050 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 197384 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 253583 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 280544 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2021 AA-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 140272 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2021 AA-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 231042 |
| New York (City of), NY Transitional Finance Authority, Series 2010 F-5, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 414691 |
| New York (City of), NY Transitional Finance Authority, Series 2010, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66714 |
| New York (City of), NY Transitional Finance Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56611 |
| New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88994 |
| New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52034 |
| New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41030 |
| New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41030 |
| New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5089 |
| New York (City of), NY Transitional Finance Authority, Series 2020 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86912 |
| New York (City of), NY Transitional Finance Authority, Series 2020 D, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 162464 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 505706 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 433462 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 326724 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 332261 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 131531 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 234113 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108268 |

---

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

------

#### 311

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$25732 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5118 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25446 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 609055 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 275266 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 373255 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 499621 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 341982 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81964 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52938 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112354 |
| New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 213472 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 178844 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 140442 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112562 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 202236 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 140442 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 161225 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 411403 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 428081 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 235942 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88952 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 129207 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 101118 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 100071 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 133428 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16853 |
| New York (City of), NY Transitional Finance Authority, Series 2025 S-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16884 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 129207 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 235942 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112354 |
| New York (City of), NY Transitional Finance Authority, Series 2026, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5618 |
| New York (City of), NY Transitional Finance Authority, Subseries 2020 C-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 259128 |
| New York (City of), NY Transitional Finance Authority, Subseries 2020 C-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36089 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 145034 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89663 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 C-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26175 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 D-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71884 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 D-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71035 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 270149 |
| New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 374064 |
| New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10557 |
| New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120710 |
| New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46924 |
| New York (State of), Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 134497 |
| New York (State of) Dormitory Authority, Series 2005 B, Ref. RB, (INS - AMBAC)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68009 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 113692 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71049 |
| New York (State of) Dormitory Authority, Series 2019 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 194608 |
| New York (State of) Dormitory Authority, Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21895 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 228413 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 236080 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 335578 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94725 |

---

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

------

#### 312

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2034 | $&nbsp;&nbsp;240 | &nbsp;&nbsp;$252184 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 271369 |
| New York (State of) Dormitory Authority, Series 2020 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 252942 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 182276 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 363208 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp; 971220 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 202291 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 242582 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10264 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 285264 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25340 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 434345 |
| New York (State of) Dormitory Authority, Series 2021 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 137330 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 206129 |
| New York (State of) Dormitory Authority, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44756 |
| New York (State of) Dormitory Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38997 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 101702 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 551618 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 466183 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 423343 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 389903 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 189415 |
| New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 134418 |
| New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 198970 |
| New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 251554 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 579388 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44634 |
| New York (State of) Dormitory Authority, Series 2023 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105756 |
| New York (State of) Dormitory Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11241 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107352 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33901 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83566 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72530 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83566 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 122744 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5583 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66853 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33901 |
| New York (State of) Dormitory Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11085 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 414452 |
| New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103663 |
| New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 290307 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 211127 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56868 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11374 |
| New York (State of) Thruway Authority, Series 2019 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108208 |
| New York (State of) Thruway Authority, Series 2019 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20387 |
| New York (State of) Thruway Authority, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33239 |
| New York (State of) Thruway Authority, Series 2019, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5079 |
| New York (State of) Thruway Authority, Series 2020 N, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98828 |
| New York (State of) Thruway Authority, Series 2020 N, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87502 |
| New York (State of) Thruway Authority, Series 2020 N, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 158048 |
| New York (State of) Thruway Authority, Series 2020 N, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59710 |
| New York (State of) Thruway Authority, Series 2020 N, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 270251 |
| New York (State of) Thruway Authority, Series 2020 N, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 167006 |
| New York (State of) Thruway Authority, Series 2020 N, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37599 |
| New York (State of) Thruway Authority, Series 2020 N, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32126 |
| New York (State of) Thruway Authority, Series 2020 N, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40603 |

---

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

------

#### 313

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$44475 |
| New York (State of) Thruway Authority, Series 2024 Q, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55594 |
| New York (State of) Thruway Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5563 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 328207 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 283704 |
| New York City Health and Hospitals Corp., Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 216927 |
| New York State Environmental Facilities Corp., Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22426 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 203349 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112130 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16820 |
| New York State Urban Development Corp., Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 228497 |
| New York State Urban Development Corp., Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 155622 |
| New York State Urban Development Corp., Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 824836 |
| New York State Urban Development Corp., Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 215071 |
| New York State Urban Development Corp., Series 2020 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20429 |
| New York State Urban Development Corp., Series 2020 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101551 |
| New York State Urban Development Corp., Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 347939 |
| New York State Urban Development Corp., Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 151434 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 285595 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2047 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1051258 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5202 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 182699 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142142 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125681 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 166539 |
| New York State Urban Development Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 167193 |
| New York State Urban Development Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 303634 |
| New York State Urban Development Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 235180 |
| New York State Urban Development Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 487177 |
| New York State Urban Development Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 233433 |
| New York State Urban Development Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127324 |
| New York State Urban Development Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161393 |
| New York State Urban Development Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 305290 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66877 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 388837 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 189625 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 300947 |
| New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117035 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 264355 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 384116 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124912 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33419 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110491 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 136485 |
| New York Transportation Development Corp. (Terminal 4 John F. Kennedy International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 135120 |
| Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 260485 |
| Triborough Bridge & Tunnel Authority, Series 2018 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 184502 |
| Triborough Bridge & Tunnel Authority, Series 2018 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 200531 |

---

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

------

#### 314

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;$107592 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 405462 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp; 1074482 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 346967 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 167947 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 141568 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28329 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48335 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103839 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103459 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92181 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 156453 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 165504 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53022265 |
| **North Carolina-1.35%** |  |  |  |  |
| Charlotte (City of), NC, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95256 |
| Charlotte (City of), NC, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56038 |
| Charlotte (City of), NC, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72627 |
| Charlotte (City of), NC, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44558 |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 99001 |
| Guilford (County of), NC, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16693 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 331936 |
| North Carolina (State of), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54393 |
| North Carolina (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 559734 |
| North Carolina (State of), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89290 |
| North Carolina (State of), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94361 |
| North Carolina (State of), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 132813 |
| North Carolina (State of), Series 2020 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52533 |
| North Carolina (State of), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72202 |
| North Carolina (State of), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 178580 |
| North Carolina (State of) (Garvee), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 264972 |
| North Carolina (State of) (Garvee), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72202 |
| North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11091 |
| North Carolina (State of) Municipal Power Agency No. 1 (Catawba), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54568 |
| North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 260591 |
| North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 213948 |
| North Carolina State University at Raleigh, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33355 |
| Raleigh (City of), NC, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11230 |
| Wake (County of), NC, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 155626 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 128501 |
| Wake (County of), NC, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 146336 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3302435 |
| **Ohio-2.37%** |  |  |  |  |
| Allen (County of), OH (Bon Secours Mercy Health, Inc.), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 149320 |
| American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44082 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 289366 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 270824 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32329 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153150 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87706 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65517 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130712 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 165760 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82101 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2021, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 198469 |
| Columbus (City of), OH, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83462 |

---

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

------

#### 315

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Ohio-(continued)** |  |  |  |  |
| Columbus (City of), OH, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | $&nbsp;&nbsp;165 | &nbsp;&nbsp;$184802 |
| Columbus (City of), OH, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94883 |
| Columbus (City of), OH, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 100203 |
| Columbus (City of), OH, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77666 |
| Columbus (City of), OH, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66252 |
| Columbus (City of), OH, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61701 |
| EHOVE Joint Vocational School District, Series 2026, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2061 | &nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 471986 |
| Ohio (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44695 |
| Ohio (State of), Series 2019-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 242366 |
| Ohio (State of), Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 308927 |
| Ohio (State of), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77465 |
| Ohio (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56123 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 166559 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61456 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16851 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11264 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22256 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127819 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127632 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44350 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55234 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5496 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 300694 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 157870 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43370 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 270116 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 290517 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 139514 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130618 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52005 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90459 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 146996 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800943 |
| **Oklahoma-0.11%** |  |  |  |  |
| Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52595 |
| Oklahoma (State of) Capitol Improvement Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44580 |
| Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22133 |
| Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 126526 |
| Tulsa (County of), OK Industrial Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5269 |
| Tulsa County Independent School District No. 11, Series 2025, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15953 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267056 |
| **Oregon-1.25%** |  |  |  |  |
| Hillsboro School District No. 1J, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5099 |
| Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161324 |
| Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37487 |
| Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32006 |
| Oregon (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33496 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117238 |
| Oregon (State of) Department of Transportation, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60844 |
| Oregon (State of) Department of Transportation, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 126601 |
| Oregon (State of) Department of Transportation, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87620 |
| Oregon (State of) Department of Transportation, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97747 |
| Oregon (State of) Department of Transportation, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 151366 |
| Oregon (State of) Department of Transportation, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 242364 |
| Oregon (State of) Facilities Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114104 |
| Oregon (State of) Facilities Authority (Legacy Health), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16339 |

---

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

------

#### 316

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Oregon-(continued)** |  |  |  |  |
| Portland (City of), OR, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | $&nbsp;&nbsp;165 | &nbsp;&nbsp;$181136 |
| Portland (City of), OR, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45191 |
| Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 707075 |
| Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72129 |
| Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 254399 |
| Salem-Keizer School District No. 24J, Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11016 |
| Salem-Keizer School District No. 24J, Series 2020 C, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109446 |
| Salem-Keizer School District No. 24J, Series 2020 C, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103754 |
| University of Oregon, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2050 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 289702 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057483 |
| **Pennsylvania-2.11%** |  |  |  |  |
| Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 244072 |
| Allegheny (County of), PA Hospital Development Authority (University of Pittsburgh Medical Center), Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 172964 |
| Allegheny (County of), PA Sanitary Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16874 |
| Delaware (State of) River Port Authority, Series 2018 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53899 |
| Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 259316 |
| Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85223 |
| Monroeville Finance Authority, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55082 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 221874 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143271 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 312234 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57937 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94372 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 100530 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 179017 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27900 |
| Pennsylvania (Commonwealth of) (Bid Group A), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58717 |
| Pennsylvania (Commonwealth of) (Bid Group C), First Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 201060 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77251 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2020 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20252 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2020 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2046 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 336850 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2019, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 278453 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 311546 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 265218 |
| Pennsylvania State University (The), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5601 |
| Philadelphia (City of), PA, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 172807 |
| Philadelphia (City of), PA, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 329560 |
| Philadelphia (City of), PA, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2050 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 149535 |
| Philadelphia (City of), PA, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 216824 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16755 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44680 |
| Philadelphia (City of), PA, Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11124 |
| Philadelphia (City of), PA, Sixteenth Series 2020 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 190821 |
| Philadelphia (City of), PA Authority for Industrial Development, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33510 |

---

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

------

#### 317

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;$77954 |
| Philadelphia School District (The), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 347526 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170609 |
| **Rhode Island-0.30%** |  |  |  |  |
| Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103610 |
| Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 141222 |
| Rhode Island Commerce Corp. (Garvee), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 214235 |
| Rhode Island Commerce Corp. (Garvee), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 284565 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743632 |
| **South Carolina-0.55%** |  |  |  |  |
| County Square Redevelopment Corp., Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 144668 |
| Horry County School District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88897 |
| South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10322 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105684 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 386276 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101953 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 169330 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 147780 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 202396 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357306 |
| **Tennessee-0.59%** |  |  |  |  |
| Chattanooga (City of), TN, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106677 |
| Knox (County of), TN Health, Educational & Housing Facility Board (University Health System), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67922 |
| Memphis (City of), TN, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125500 |
| Metropolitan Nashville Airport Authority (The), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20949 |
| Metropolitan Nashville Airport Authority (The), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 143499 |
| Metropolitan Nashville Airport Authority (The), Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163013 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 138401 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88576 |
| Shelby (County of), TN, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 260869 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 329507 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444913 |
| **Texas-7.84%** |  |  |  |  |
| Alamo Community College District, Series 2022, GO Notes<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 359338 |
| Arlington Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 165784 |
| Austin (City of), TX, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 361054 |
| Austin (City of), TX, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5259 |
| Austin (City of), TX, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129271 |
| Austin (City of), TX, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73090 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 279891 |
| Bexar (County of), TX, Series 2021, Ctfs. Of Obligation<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95657 |
| Board of Regents of the University of Texas System, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 465003 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 134459 |
| Board of Regents of the University of Texas System, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5602 |
| Central Texas Regional Mobility Authority, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2045 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124402 |
| Central Texas Regional Mobility Authority, Series 2020 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62201 |
| Clear Creek Independent School District, Series 2013 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77478 |
| Clear Creek Independent School District, Series 2024 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127285 |

---

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

------

#### 318

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Conroe Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | $&nbsp;&nbsp;250 | &nbsp;&nbsp;$276907 |
| Conroe Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 199373 |
| Crandall Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 29379 |
| Cypress-Fairbanks Independent School District, Series 2019, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 205609 |
| Cypress-Fairbanks Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 407795 |
| Cypress-Fairbanks Independent School District, Series 2023 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55442 |
| Cypress-Fairbanks Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 149692 |
| Dallas & Fort Worth (Cities of), TX, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72877 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 323116 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 116627 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 467291 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 229961 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 100906 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 155987 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 116627 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 168015 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67972 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94081 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53156 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112118 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67271 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 196206 |
| Dallas (City of), TX, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 100059 |
| Dallas (City of), TX, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25914 |
| Dallas (City of), TX, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 113943 |
| Dallas (City of), TX, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 189250 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49827 |
| Dallas (City of), TX, Series 2024 B, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55363 |
| Dallas (City of), TX, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27681 |
| Dallas (City of), TX, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 171625 |
| Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 352667 |
| Dallas (City of), TX Area Rapid Transit, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27521 |
| Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 559941 |
| Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 135307 |
| Dallas College, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82924 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112094 |
| Frisco Independent School District, Series 2025 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 99687 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105263 |
| Harris (County of), TX, Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66426 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 128463 |
| Harris (County of), TX, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50370 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16790 |
| Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36569 |
| Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5192 |
| Harris (County of), TX Port Authority of Houston, Series 2020 A-2, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5165 |
| Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 285428 |
| Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15274 |
| Houston (City of), TX, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 216121 |
| Houston (City of), TX, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 251598 |
| Houston (City of), TX, Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 155960 |

---

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

------

#### 319

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Houston (City of), TX, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$50074 |
| Houston (City of), TX, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 216352 |
| Houston (City of), TX, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41775 |
| Houston (City of), TX, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67468 |
| Houston (City of), TX, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56723 |
| Houston (City of), TX, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 132135 |
| Houston (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33734 |
| Houston (City of), TX, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60849 |
| Houston Independent School District, Series 2025 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 226572 |
| Humble Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10045 |
| Humble Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5522 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 558441 |
| Klein Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11164 |
| Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25222 |
| Lamar Consolidated Independent School District, Series 2024 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5530 |
| Lewisville Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 201932 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 123403 |
| Lower Colorado River Authority, Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 166777 |
| Lower Colorado River Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5549 |
| Lower Colorado River Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38840 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2045 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 177914 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36032 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69923 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133904 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 201974 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88596 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2051 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 216067 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61035 |
| Matagorda County Navigation District No. 1 (Aep Texas Central Co.), Series 2005 A, Ref. RB, (INS - AMBAC)<sup>(a)</sup><br>| &nbsp;&nbsp;4.40% | &nbsp;&nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 713085 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77478 |
| North East Independent School District, Series 2007, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66911 |
| North Texas Municipal Water District, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10755 |
| North Texas Municipal Water District, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22398 |
| North Texas Tollway Authority, Series 2021 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88183 |
| North Texas Tollway Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44092 |
| North Texas Tollway Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11023 |
| North Texas Tollway Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110307 |
| Pearland Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11068 |
| Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27917 |
| Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 343728 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 228563 |
| Permanent University Fund - University of Texas System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 145285 |
| Plainview Independent School District, Series 2020 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25889 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127151 |
| Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119922 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 273144 |
| San Antonio (City of), TX, Series 2019, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64040 |

---

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

------

#### 320

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| San Antonio (City of), TX, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$49169 |
| San Antonio (City of), TX, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 130669 |
| San Antonio (City of), TX, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 184307 |
| San Antonio (City of), TX, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91714 |
| San Antonio (City of), TX, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26203 |
| San Antonio (City of), TX, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 330807 |
| San Antonio (City of), TX, Series 2020 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156345 |
| San Antonio (City of), TX, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62689 |
| San Antonio (City of), TX, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2049 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 112981 |
| San Antonio Public Facilities Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5540 |
| Spring Independent School District, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55651 |
| Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 204972 |
| Tarrant County College District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55741 |
| Texas (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 258431 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27840 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 284490 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 274403 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 144342 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138175 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52810 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110446 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 188190 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41570 |
| Texas (State of) Water Development Board, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72801 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61867 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72416 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52117 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15607 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/30/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25924 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/30/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25457 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/30/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5042 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/30/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15064 |
| Texas Private Activity Bond Surface Transportation Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/30/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 9979 |
| Texas Private Activity Bond Surface Transportation Corp. (LBJ Infrastructure Group LLC I-635 Managed Lanes), Series 2020, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/31/2035 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76575 |
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North Tarrant Express Managed Lanes), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10836 |
| Texas State University Board of Regents, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5530 |
| Texas Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50139 |
| Trinity River Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125607 |
| Trinity River Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33540 |
| Trinity River Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106624 |
| University of Houston, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 132580 |
| Williamson (County of), TX, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16597 |
| Williamson (County of), TX, Series 2024, GO Notes<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 165968 |
| Wylie Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5578 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19182428 |
| **Utah-0.56%** |  |  |  |  |
| Downtown Revitalization Public Infrastructure District (SEG Redevelopment), Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26906 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 222551 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 116839 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 234452 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 598858 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 170007 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369613 |

---

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

------

#### 321

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Virginia-1.36%** |  |  |  |  |
| Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;$100192 |
| Fairfax (County of), VA, Series 2020 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 188789 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16215 |
| Fairfax (County of), VA, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16894 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33789 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 183053 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10248 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 284520 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2060 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113004 |
| Richmond (City of), VA, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65813 |
| Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 177552 |
| Virginia (Commonwealth of) College Building Authority, Series 2019 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70101 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82160 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 138379 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38746 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2019 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 102456 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 163794 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 154985 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 309969 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 238270 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30872 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15259 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60887 |
| Virginia (Commonwealth of) Public Building Authority, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84035 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 100842 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 274513 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 262312 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317649 |
| **Washington-4.64%** |  |  |  |  |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 163737 |
| Chelan County Public Utility District No. 1, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39008 |
| Clark County School District No. 114 Evergreen, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121384 |
| Clark County School District No. 114 Evergreen, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 157353 |
| Clark County School District No. 114 Evergreen, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20864 |
| Clark County School District No. 114 Evergreen, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103442 |
| Energy Northwest, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 249655 |
| Energy Northwest, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 243190 |
| Energy Northwest, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49504 |
| Energy Northwest, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106295 |
| Energy Northwest, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33567 |

---

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

------

#### 322

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |
| Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | $&nbsp;&nbsp;210 | &nbsp;&nbsp;$229967 |
| Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 293279 |
| Energy Northwest (Columbia Generating Station), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 249898 |
| Energy Northwest (Columbia Generating Station), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77896 |
| Energy Northwest (Columbia Generating Station), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103594 |
| Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37570 |
| King (County of), WA, Series 2019, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43262 |
| King (County of), WA, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 99508 |
| King County School District No. 411 Issaquah, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 249168 |
| King County School District No. 411 Issaquah, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 332713 |
| North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 211350 |
| North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62917 |
| North Thurston Public Schools, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15648 |
| Pierce County School District No. 10 Tacoma (Social Bonds), Series 2020 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 137155 |
| Pierce County School District No. 401 Peninsula, Series 2020, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57116 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16773 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11264 |
| Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 169104 |
| University of Washington, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27779 |
| Washington (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109642 |
| Washington (State of), Series 2019 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48757 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 142515 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81883 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10878 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32503 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81117 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161358 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 218919 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5306 |
| Washington (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105566 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 116447 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 160402 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82781 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110134 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 230545 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 464670 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 174154 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 168047 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37818 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 139404 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2043 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 275820 |
| Washington (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89385 |
| Washington (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22214 |
| Washington (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 188341 |
| Washington (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22083 |
| Washington (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60435 |
| Washington (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92577 |
| Washington (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81394 |
| Washington (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32437 |
| Washington (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118665 |
| Washington (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 194364 |
| Washington (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 207782 |
| Washington (State of), Series 2023, A GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22427 |

---

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

------

#### 323

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |  |
| Washington (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;$| &nbsp;&nbsp;245 | &nbsp;&nbsp;$274237 |
| Washington (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44854 |
| Washington (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22180 |
| Washington (State of), Series R-2023B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 |  | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 145513 |
| Washington (State of), Series R-2024A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55451 |
| Washington (State of), Series R-2024C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84102 |
| Washington (State of), Series R-2025B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 |  | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 123127 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 |  | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 162597 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 |  | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 172700 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 |  | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 150434 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 |  | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 261146 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 |  | &nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 603426 |
| Washington (State of) (Bid Group 1), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84102 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60996 |
| Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89709 |
| Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60996 |
| Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60996 |
| Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83176 |
| Washington (State of) (Bid Group 2), Series R-2022D, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91424 |
| Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2030 |  | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 162597 |
| Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2045 |  | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 260709 |
| Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2055 |  | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 233750 |
| Washington (State of) Health Care Facilities Authority (Seattle Children's Hospital), Series 2015 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 |  | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 270848 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11363800 |
| **Wisconsin-0.90%** |  |  |  |  |  |
| Racine Unified School District, Series 2025, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16569 |
| Wisconsin (State of), Series 2020-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 |  | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 356754 |
| Wisconsin (State of), Series 2021 1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 |  | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 451516 |
| Wisconsin (State of), Series 2021-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 |  | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 128208 |
| Wisconsin (State of), Series 2022-4, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 |  | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 362328 |
| Wisconsin (State of), Series 2024-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72466 |
| Wisconsin (State of), Series 2024-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27871 |
| Wisconsin (State of), Series 2025-3, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2030 |  | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 133783 |
| Wisconsin (State of) Department of Transportation, Series 2023-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2030 |  | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 218184 |
| Wisconsin (State of) Health & Educational Facilities Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2030 |  | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 259631 |
| Wisconsin (State of) Public Finance Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2030 |  | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 164205 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191515 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.67%<br>(Cost $237,418,207) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.67%<br>(Cost $237,418,207) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.67%<br>(Cost $237,418,207) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.67%<br>(Cost $237,418,207) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.67%<br>(Cost $237,418,207) | &nbsp;&nbsp;&nbsp;&nbsp;241472863 |
| OTHER ASSETS LESS LIABILITIES-1.33% | OTHER ASSETS LESS LIABILITIES-1.33% | OTHER ASSETS LESS LIABILITIES-1.33% | OTHER ASSETS LESS LIABILITIES-1.33% | OTHER ASSETS LESS LIABILITIES-1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250768 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp;$244723631 |

---

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

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

------

#### 324

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2030 Municipal Bond ETF (BSMU)—(continued)
February 28, 2026

(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 |

---

&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 obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each. |

---

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

------

#### 325

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)
February 28, 2026

(Unaudited)

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Municipal Obligations-98.92%** |  |  |  |  |
| **Alabama-0.41%** |  |  |  |  |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$45174 |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 97412 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 173944 |
| Alabama Highway Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 160443 |
| Auburn University, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113557 |
| Board of Trustees of the Alabama Community College System, Series 2021, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 14531 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106961 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712022 |
| **Alaska-0.06%** |  |  |  |  |
| Alaska (State of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39949 |
| Matanuska-Susitna (Borough of), AK, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62118 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102067 |
| **Arizona-0.90%** |  |  |  |  |
| Arizona (State of) Department of Transportation, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57031 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57020 |
| Maricopa (County of), AZ Industrial Development Authority (Honorhealth), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28527 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85062 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84497 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 129110 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 243089 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17158 |
| Mesa (City of), AZ, Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99926 |
| Phoenix Civic Improvement Corp., Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 127417 |
| Salt River Project Agricultural Improvement & Power District, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2045 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 158247 |
| Salt River Project Agricultural Improvement & Power District, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 248659 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 237356 |
| University of Arizona Board of Regents, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11390 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584489 |
| **Arkansas-0.15%** |  |  |  |  |
| University of Arkansas, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 269484 |
| **California-18.68%** |  |  |  |  |
| Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5849 |
| Bay Area Toll Authority, Series 2024 S-11, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28949 |
| Bay Area Toll Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40528 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86926 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 440768 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91425 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 418904 |
| California (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56609 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 223070 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113217 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 389271 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 301620 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26799 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 303523 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 148304 |
| California (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20913 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 334949 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 121896 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 387099 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 118236 |

---

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

------

#### 326

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | $&nbsp;&nbsp;535 | &nbsp;&nbsp;$591034 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 599834 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 307257 |
| California (State of), Series 2022 CU, GO Bonds<br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21450 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 360629 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75075 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 324505 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 404941 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86625 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 334949 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17295 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46200 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40425 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 270949 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 397776 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11428 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137107 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17295 |
| California (State of) (Bid Group C), Series 2021 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 584271 |
| California (State of) Department of Veterans Affairs (Veteran's Farm & Home Purchase), Series 2016 B, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105042 |
| California (State of) Department of Veterans Affairs (Veteran's Farm & Home Purchase), Series 2022 A, RB<br>| &nbsp;&nbsp;4.85% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 201193 |
| California (State of) Department of Water Resources (Central Valley), Series 2020 BB, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 126378 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 250229 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98542 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 202281 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66074 |
| California (State of) Department of Water Resources (Central Valley), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81934 |
| California (State of) Department of Water Resources (Central Valley), Series 2022 BF, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17681 |
| California (State of) Department of Water Resources (Central Valley), Series 2025 BG, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35362 |
| California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27957 |
| California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71518 |
| California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 634275 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2051 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 314803 |
| California (State of) Infrastructure & Economic Development Bank (California Science Center Phase III), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 218552 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29372 |
| California (State of) Infrastructure & Economic Development Bank (The Broad) (Green Bonds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5810 |
| California (State of) Public Works Board, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 313839 |
| California (State of) Public Works Board, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80747 |
| California (State of) Public Works Board, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 131833 |
| California (State of) Public Works Board, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22751 |
| California (State of) Public Works Board, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5655 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75369 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 155481 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 166669 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21372 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103567 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 239437 |
| California (State of) Public Works Board (Sacramento Region New Natural Resources Headquarters) (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 189331 |
| California (State of) Public Works Board (Various Capital), Series 2021 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108066 |

---

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

------

#### 327

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Public Works Board (Various Capital), Series 2021 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | $&nbsp;&nbsp;245 | &nbsp;&nbsp;$277607 |
| California (State of) Public Works Board (Various Capital), Series 2021 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74626 |
| California (State of) Public Works Board (Various Capital), Series 2021 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10382 |
| California (State of) Public Works Board (Various Capital), Series 2021 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67130 |
| California (State of) Public Works Board (Various Capital), Series 2021 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63850 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 144191 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 212079 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 354201 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 130820 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16965 |
| California (State of) Public Works Board (Various Capital), Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79981 |
| California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11615 |
| California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 138667 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 208001 |
| California (State of) Statewide Communities Development Authority (Moldaw residences), Series 2024, Ref. RB, (INS - Cal-Mortgage)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 159522 |
| Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46352 |
| Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92987 |
| Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119622 |
| Contra Costa (County of), CA Water District, Series 2021 W, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52407 |
| East Bay Municipal Utility District, Series 2022 B-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40801 |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69944 |
| East Side Union High School District, Series 2024 B, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5829 |
| Fremont Union High School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10991 |
| Hacienda La Puente Unified School District (Election of 2016), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 243316 |
| Los Angeles (City of), CA, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74646 |
| Los Angeles (City of), CA, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105561 |
| Los Angeles (City of), CA, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 139429 |
| Los Angeles (City of), CA, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5823 |
| Los Angeles (City of), CA (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17451 |
| Los Angeles (City of), CA Department of Airports, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113268 |
| Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 149811 |
| Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 125762 |
| Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113702 |
| Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112958 |
| Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22470 |
| Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44705 |
| Los Angeles (City of), CA Department of Airports, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66305 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21486 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 379396 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 99252 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 262290 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 520986 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135933 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120248 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72650 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 247031 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32551 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100229 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 397320 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 236881 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 185221 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 389242 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 196080 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 178481 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70526 |

---

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

------

#### 328

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | $&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$226296 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39602 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67889 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16972 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62231 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 337904 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 179543 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38288 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 173959 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58836 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26525 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95049 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 181186 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64837 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16976 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 110330 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Prop C), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90130 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Prop C), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38796 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 164079 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 156171 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71464 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5387 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 181293 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 87561 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2022 G, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33503 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2022 G, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 188922 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2022 G, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 121285 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29289 |
| Los Angeles Community College District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 198859 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81484 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 130211 |
| Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 194972 |
| Los Angeles Unified School District, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 293838 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 296153 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 180014 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 150980 |
| Metropolitan Water District of Southern California, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 192604 |
| Metropolitan Water District of Southern California, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2051 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156988 |
| Metropolitan Water District of Southern California, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29372 |
| Metropolitan Water District of Southern California, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 99283 |
| Metropolitan Water District of Southern California, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5806 |
| Mount Diablo Unified School District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58403 |
| Mountain House Public Financing Authority (Green Bonds), Series 2023, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 63686 |
| Northern California Power Agency (Hydroelectric No. 1), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11614 |
| Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 175687 |
| Orange (County of), CA Sanitation District, Series 2022 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 132993 |
| Orange (County of), CA Sanitation District, Series 2022 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 224145 |
| Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26431 |
| Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2051 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 182692 |
| Peralta Community College District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5823 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB<br>| &nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 128719 |
| Rialto Public Financing Authority (Police Station), Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/01/2053 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 209194 |

---

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

------

#### 329

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$52883 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 188120 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 105298 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20432 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5854 |
| San Bernardino Community College District (Election of 2018), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15814 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11724 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 213244 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 344713 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2056 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 165966 |
| San Diego (County of), CA Regional Transportation Commission, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 234735 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46424 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86935 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 168074 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27341 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 114383 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124767 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75526 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96514 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10656 |
| San Diego Unified School District (Election of 2018), Series 2025 SR-5B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52461 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2021 E-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64120 |
| San Diego Unified School District (Green Bonds), Series 2021 E-2, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 301542 |
| San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75699 |
| San Francisco (City & County of), CA, Series 2024 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 87345 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11565 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 125649 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51177 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 130077 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 164399 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 105886 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 131729 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 179981 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124114 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69522 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64708 |
| San Francisco (City of), CA Municipal Transportation Agency (Green Bonds), Series 2021 C, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 14793 |
| San Francisco (City of), CA Municipal Transportation Agency (Green Bonds), Series 2021 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15515 |
| San Francisco Bay Area Rapid Transit District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11664 |
| San Mateo Union High School District (Election of 2020), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15428 |
| Santa Clara Unified School District, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 110857 |
| Santa Clara Unified School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38991 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52227 |
| Santa Monica-Malibu Unified School District (Election of 2018), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 196660 |
| Santa Monica-Malibu Unified School District (Election of 2018), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83498 |
| Southern California Public Power Authority (Apex Power), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16972 |
| University of California, Series 2020 BE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55858 |
| University of California, Series 2022 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34276 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 205844 |
| University of California, Series 2023 BQ, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62897 |
| University of California, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 205844 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57179 |
| University of California, Series 2024 BW, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 325920 |
| University of California, Series 2024 BX, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17154 |

---

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

------

#### 330

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| University of California, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | $&nbsp;&nbsp;110 | &nbsp;&nbsp;$125794 |
| University of California (Limited), Series 2021 Q, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 159326 |
| University of California (Limited), Series 2021 Q, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 180785 |
| University of California (Limited), Series 2021 Q, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 129482 |
| University of California (Limited), Series 2021 Q, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90635 |
| University of California (Limited), Series 2021 Q, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10582 |
| University of California (Limited), Series 2021 Q, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21009 |
| University of California (Limited), Series 2021 Q, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31273 |
| University of California (Limited), Series 2021 Q, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 639190 |
| West County Facilities Financing Authority (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;06/01/2051 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 141551 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32753435 |
| **Colorado-1.50%** |  |  |  |  |
| Colorado (State of), Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95507 |
| Colorado (State of), Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86033 |
| Colorado (State of), Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51139 |
| Colorado (State of), Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16970 |
| Colorado (State of), Series 2021 A, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 272084 |
| Colorado (State of), Series 2021 A, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37046 |
| Colorado (State of), Series 2021 A, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67508 |
| Colorado (State of), Series 2021 A, COP<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15498 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 138184 |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 137084 |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 212741 |
| Colorado (State of) Health Facilities Authority (Adventist HealtHdObligated Group), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92569 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 169481 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28247 |
| Colorado (State of) Health Facilities Authority (SCL Health System), Series 2019 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10990 |
| Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15504 |
| Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5118 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2013 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11491 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 109167 |
| Colorado (State of) Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15564 |
| Colorado (State of) Regional Transportation District (Green Bonds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10416 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22930 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11419 |
| Denver (City & County of), CO, Series 2023, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17221 |
| Denver City & County School District No. 1, Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 180644 |
| Jefferson County School District R-1, Series 2020, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 134671 |
| Mesa County Valley School District No. 51 Grand Junction, Series 2022, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15578 |
| Mesa County Valley School District No. 51 Grand Junction, Series 2022, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 97949 |
| Northern Colorado Water Conservancy District, Series 2022, COP<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83878 |
| University of Colorado, Series 2023 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54162 |
| University of Colorado Hospital Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 342398 |
| Windy Gap Firming Project Water Activity Enterprise, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77849 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637040 |
| **Connecticut-3.09%** |  |  |  |  |
| Bridgeport (City of), CT, Series 2024 A, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22705 |
| Connecticut (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 198818 |
| Connecticut (State of), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127829 |
| Connecticut (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64188 |
| Connecticut (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 232278 |
| Connecticut (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35459 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 193271 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 208649 |

---

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

------

#### 331

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;$72993 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39169 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 147746 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 324559 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20808 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 269475 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30916 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 244533 |
| Connecticut (State of), Series 2021 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 223856 |
| Connecticut (State of), Series 2021 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56328 |
| Connecticut (State of), Series 2021 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72782 |
| Connecticut (State of), Series 2021 D, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68117 |
| Connecticut (State of), Series 2021 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 191537 |
| Connecticut (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91831 |
| Connecticut (State of), Series 2022 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 103067 |
| Connecticut (State of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 120625 |
| Connecticut (State of), Series 2022 G, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 126369 |
| Connecticut (State of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 119961 |
| Connecticut (State of), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85547 |
| Connecticut (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 209084 |
| Connecticut (State of), Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 216719 |
| Connecticut (State of), Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62323 |
| Connecticut (State of), Series 2024 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68661 |
| Connecticut (State of), Series 2024 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86161 |
| Connecticut (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17010 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 235706 |
| Connecticut (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102902 |
| Connecticut (State of), Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40017 |
| Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48839 |
| Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53544 |
| Connecticut (State of) (Green Bonds), Series 2021 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 222591 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102316 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34219 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22813 |
| Connecticut (State of) Health & Educational Facilities Authority (Quinnipiac University), Series 2025 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22587 |
| Connecticut (State of) Health & Educational Facilities Authority (Wesleyan University), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54450 |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 227585 |
| Hartford (City of), CT, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34050 |
| New Haven (City of), CT, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56416 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5411409 |
| **Delaware-0.54%** |  |  |  |  |
| Delaware (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 204754 |
| Delaware (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 181713 |
| Delaware (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55917 |
| Delaware (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113771 |
| Delaware (State of) Economic Development Authority (Delmarva Power & Light), Series 2020, Ref. RB<br>| &nbsp;&nbsp;3.60% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135106 |
| Delaware (State of) Transportation Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 262370 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953631 |
| **District of Columbia-1.82%** |  |  |  |  |
| District of Columbia, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 210216 |
| District of Columbia, Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68702 |
| District of Columbia, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117595 |
| District of Columbia, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 145016 |
| District of Columbia, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77915 |

---

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

------

#### 332

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| District of Columbia, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$47487 |
| District of Columbia, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89118 |
| District of Columbia, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 279269 |
| District of Columbia, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36180 |
| District of Columbia, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59401 |
| District of Columbia, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 183278 |
| District of Columbia, Series 2021 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105970 |
| District of Columbia, Series 2021 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 122442 |
| District of Columbia, Series 2021 E, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 267354 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107096 |
| District of Columbia, Series 2023 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11450 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45612 |
| District of Columbia, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 137404 |
| District of Columbia, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56885 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111156 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11328 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89971 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21277 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33089 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72393 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36007 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2041 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 351102 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2046 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 276275 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15854 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3186842 |
| **Florida-3.34%** |  |  |  |  |
| Broward (County of), FL (Convention Center Expansion), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 173434 |
| Broward (County of), FL (Convention Center Expansion), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82942 |
| Broward (County of), FL (Convention Center Expansion), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5154 |
| Broward (County of), FL (Convention Center Expansion), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 143275 |
| Broward (County of), FL School District, Series 2020 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 310370 |
| Central Florida Expressway Authority, Series 2021 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56977 |
| Central Florida Expressway Authority, Series 2021 D, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 305775 |
| Central Florida Expressway Authority, Series 2021 D, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 141002 |
| Central Florida Expressway Authority, Series 2021 D, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67343 |
| Central Florida Expressway Authority, Series 2021, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152902 |
| Central Florida Expressway Authority, Series 2021, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108514 |
| Central Florida Expressway Authority, Series 2021, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 125647 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 228989 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15520 |
| Central Florida Expressway Authority, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20615 |
| Duval County (County of), FL School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 265960 |
| Florida (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 227964 |
| Florida (State of), Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp; 201749 |
| Florida (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp; 99165 |
| Florida (State of) (Right-of-Way Acquisition), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 217439 |
| Florida (State of) Department of Transportation, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62794 |
| Florida (State of) Municipal Power Agency, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 220158 |
| Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78748 |
| Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15690 |
| Florida Development Finance Corp. (Lakeland Regional Health System), Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5201 |
| Gainesville (City of), FL, Series 2017 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2051 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129625 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141579 |
| Jacksonville (City of), FL, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45689 |
| Jacksonville (City of), FL, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39977 |
| JEA Electric System, Series 2024-3, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62915 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2025 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34028 |

---

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

------

#### 333

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Florida-(continued)** |  |  |  |  |
| Miami-Dade (County of), FL, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;$33472 |
| Miami-Dade (County of), FL, Series 2021 B-2, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81811 |
| Miami-Dade (County of), FL, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16938 |
| Miami-Dade (County of), FL, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84442 |
| Miami-Dade (County of), FL, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122227 |
| Miami-Dade (County of), FL, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37042 |
| Miami-Dade (County of), FL, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52621 |
| Miami-Dade (County of), FL, Series 2021, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 4933 |
| Miami-Dade (County of), FL, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26027 |
| Miami-Dade (County of), FL, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10366 |
| Miami-Dade (County of), FL, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20650 |
| Miami-Dade (County of), FL, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61584 |
| Miami-Dade (County of), FL, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142118 |
| Miami-Dade (County of), FL, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11433 |
| Miami-Dade (County of), FL, Subseries 2021 B-2, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87581 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5603 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 164563 |
| Orlando (City of), FL Utilities Commission, Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5114 |
| Palm Beach County School District, Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 227897 |
| Palm Beach County School District, Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16585 |
| Palm Beach County School District, Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 165075 |
| Palm Beach County School District, Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38403 |
| Palm Beach County School District, Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 115074 |
| Palm Beach County School District, Series 2025 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39796 |
| Pasco (County of), FL, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15585 |
| Pasco (County of), FL School Board, Series 2021 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 135984 |
| Pasco (County of), FL School Board, Series 2021 B, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83968 |
| South Florida Water Management District, Series 2016, Ref. COP<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 215041 |
| Tampa Bay (City of), FL Water, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28697 |
| Wildwood (City of), FL Utility Dependent District (South Sumter Utility), Series 2021, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10466 |
| Wildwood (City of), FL Utility Dependent District (South Sumter Utility), Series 2021, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15391 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5863627 |
| **Georgia-1.59%** |  |  |  |  |
| Atlanta (City of), GA, Series 2023 F, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22791 |
| Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17185 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, Ref. GO Bonds<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51819 |
| Augusta (City of), GA, Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11422 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 120526 |
| Douglas (County of), GA School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5693 |
| Forsyth (County of), GA, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62490 |
| Fulton (County of), GA, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5654 |
| Georgia (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48221 |
| Georgia (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69320 |
| Georgia (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26225 |
| Georgia (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10443 |
| Georgia (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 194735 |
| Georgia (State of), Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22674 |
| Georgia (State of) (Bid Group 1), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40092 |
| Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 120278 |
| Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 352632 |
| Georgia (State of) (Bidding Group 2), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 235410 |
| Georgia (State of) (Bidding Group 2), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 195039 |
| Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 223373 |
| Georgia (State of) Municipal Electric Authority (Project One), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10356 |

---

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

------

#### 334

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Georgia-(continued)** |  |  |  |  |
| Georgia (State of) Municipal Electric Authority (Project One), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$25399 |
| Georgia (State of) Ports Authority, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81614 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 119936 |
| Georgia (State of) Road & Tollway Authority (Garvee), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 138814 |
| Gwinnett County School District, Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26243 |
| Gwinnett County School District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 227041 |
| Henry County School District, Series 2021, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98688 |
| Henry County School District, Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32703 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40017 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 145012 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781845 |
| **Hawaii-0.59%** |  |  |  |  |
| Hawaii (State of), Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27843 |
| Hawaii (State of) State Highway Fund, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44680 |
| Hawaii (State of) State Highway Fund, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 172220 |
| Hawaii (State of) State Highway Fund, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97217 |
| Honolulu (City & County of), HI, Series 2025 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34251 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 277408 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 238065 |
| Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 136098 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027782 |
| **Idaho-0.59%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 148762 |
| Idaho (State of) Housing & Finance Association (Garvee), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2039 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 459845 |
| Idaho State Building Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 193589 |
| Idaho State Building Authority (School Modernization Facilities), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 239139 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041335 |
| **Illinois-5.34%** |  |  |  |  |
| Chicago (City of), IL, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 211405 |
| Chicago (City of), IL, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52914 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27916 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 311620 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;01/01/2056 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 283360 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22430 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2021 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 154750 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17045 |
| Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 399297 |
| Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2057 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50844 |
| Cook (County of), IL, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 288878 |
| Cook (County of), IL, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 289333 |
| Illinois (State of), Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 176651 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94811 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 242368 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 121712 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 236799 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10961 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 348727 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 124525 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2046 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 384517 |
| Illinois (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89336 |
| Illinois (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61952 |
| Illinois (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 200955 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117119 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72687 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50754 |

---

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

------

#### 335

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;$224217 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95053 |
| Illinois (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 367596 |
| Illinois (State of), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95440 |
| Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117362 |
| Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 199288 |
| Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49522 |
| Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40550 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 146489 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 518736 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 122220 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 116030 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10366 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71935 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85344 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39420 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67578 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 124779 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2022, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20073 |
| Illinois (State of) Toll Highway Authority, Series 2019 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 115635 |
| Illinois (State of) Toll Highway Authority, Series 2019, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 286334 |
| Illinois (State of) Toll Highway Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 135198 |
| Illinois (State of) Toll Highway Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43041 |
| Illinois (State of) Toll Highway Authority, Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2045 | &nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp; 1132561 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112635 |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 139557 |
| Southwestern Illinois Development Authority (Southwestern Illinois Prevention District Council), Series 2023, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 287213 |
| Springfield (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38940 |
| University of Illinois, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 118261 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9365039 |
| **Indiana-1.15%** |  |  |  |  |
| Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44680 |
| Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105601 |
| Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66422 |
| Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33038 |
| Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87733 |
| Crown Point Multi School Building Corp., Series 2021, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 140175 |
| Indiana (State of) Finance Authority, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16264 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 125149 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021 1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83031 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 385966 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15443 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39485 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79591 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2021-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 99883 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79290 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73626 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33535 |
| Indiana (State of) Municipal Power Agency, Series 2025 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11254 |

---

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

------

#### 336

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Indiana-(continued)** |  |  |  |  |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$56699 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 124152 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112416 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57702 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57298 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77059 |
| Indianapolis Local Public Improvement Bond Bank, Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15308 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020800 |
| **Iowa-0.10%** |  |  |  |  |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 177683 |
| **Kansas-0.28%** |  |  |  |  |
| Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104355 |
| Johnson (County of), KS Unified School District No. 233 (Olathe), Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94480 |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 125879 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11443 |
| Leavenworth County Unified School District No. 458, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 153552 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489709 |
| **Kentucky-0.16%** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96945 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28247 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56940 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102491 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284623 |
| **Louisiana-0.48%** |  |  |  |  |
| Louisiana (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 223690 |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 186486 |
| Louisiana (State of), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11327 |
| Louisiana (State of), Series 2024 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 217215 |
| Louisiana (State of), Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28396 |
| Louisiana (State of) (Garvee), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 176599 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843713 |
| **Maryland-2.73%** |  |  |  |  |
| Maryland (State of), First Series 2016, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 160023 |
| Maryland (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 184595 |
| Maryland (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5563 |
| Maryland (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5298 |
| Maryland (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 182713 |
| Maryland (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17129 |
| Maryland (State of) (Bidding Group 1), First Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 216972 |
| Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 183326 |
| Maryland (State of) (Bidding Group 1), Second Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 142200 |
| Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 122075 |
| Maryland (State of) (Bidding Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 267003 |
| Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 233101 |
| Maryland (State of) (Bidding Group 2), Second Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 124663 |
| Maryland (State of) (Bidding Group 2), Second Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47965 |
| Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 389537 |
| Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 551514 |
| Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 285852 |
| Maryland (State of) Department of Transportation, Series 2019, RB<br>| &nbsp;&nbsp;2.13% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 327750 |
| Maryland (State of) Department of Transportation, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 157237 |
| Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 311056 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 265932 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15632 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72562 |

---

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

------

#### 337

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Maryland-(continued)** |  |  |  |  |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$57085 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 97045 |
| Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91663 |
| Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53766 |
| Montgomery (County of), MD, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 144161 |
| Prince George's (County of), MD, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62883 |
| Prince George's (County of), MD, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11433 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787734 |
| **Massachusetts-2.95%** |  |  |  |  |
| Boston (City of), MA, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75938 |
| Boston (City of), MA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28720 |
| Massachusetts (Commonwealth of), Series 2015 D, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35004 |
| Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74856 |
| Massachusetts (Commonwealth of), Series 2019 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22874 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44847 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 135518 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 198881 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 192134 |
| Massachusetts (Commonwealth of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 581569 |
| Massachusetts (Commonwealth of), Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 261146 |
| Massachusetts (Commonwealth of), Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 208391 |
| Massachusetts (Commonwealth of), Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98764 |
| Massachusetts (Commonwealth of), Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2051 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 347531 |
| Massachusetts (Commonwealth of), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50254 |
| Massachusetts (Commonwealth of), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 113532 |
| Massachusetts (Commonwealth of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 324248 |
| Massachusetts (Commonwealth of), Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 167265 |
| Massachusetts (Commonwealth of), Series 2022 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 121324 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51467 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96878 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 173320 |
| Massachusetts (Commonwealth of), Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 155469 |
| Massachusetts (Commonwealth of), Series 2024 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75230 |
| Massachusetts (Commonwealth of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114570 |
| Massachusetts (Commonwealth of), Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22993 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 446522 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2005 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86280 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98853 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 137852 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5682 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 221537 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142942 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36846 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41899 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20817 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5752 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2021-23B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21926 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston College), Series 2025 W, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5719 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45485 |
| Massachusetts (Commonwealth of) Port Authority, Series 2021 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30946 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11412 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2007 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11652 |
| University of Massachusetts Building Authority, Series 2021-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34126 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5178971 |

---

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

------

#### 338

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Michigan-1.55%** |  |  |  |  |
| Great Lakes Water Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | $&nbsp;&nbsp;130 | &nbsp;&nbsp;$147930 |
| Great Lakes Water Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56896 |
| Great Lakes Water Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85304 |
| Great Lakes Water Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 119426 |
| Lansing (City of), MI Board of Water & Light, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 243198 |
| Michigan (State of), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 174247 |
| Michigan (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 164574 |
| Michigan (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 124274 |
| Michigan (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137538 |
| Michigan (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15630 |
| Michigan (State of), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74823 |
| Michigan (State of), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 262200 |
| Michigan (State of), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120759 |
| Michigan (State of), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31048 |
| Michigan (State of), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76992 |
| Michigan (State of), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 204761 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63312 |
| Michigan (State of) Building Authority (Facilities Program), Series 2025 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5677 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 135005 |
| Muskegon Public Schools, Series 2021 II, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2046 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125951 |
| Muskegon Public Schools, Series 2021 II, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2051 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 239040 |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104447 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713032 |
| **Minnesota-1.13%** |  |  |  |  |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84147 |
| Minneapolis (City of), MN (Allina Health System), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81779 |
| Minneapolis (City of), MN (Allina Health System), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30561 |
| Minneapolis (City of), MN (Allina Health System), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30393 |
| Minnesota (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 319011 |
| Minnesota (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45752 |
| Minnesota (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32403 |
| Minnesota (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10758 |
| Minnesota (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21348 |
| Minnesota (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47746 |
| Minnesota (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120985 |
| Minnesota (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31254 |
| Minnesota (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 183007 |
| Minnesota (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91355 |
| Minnesota (State of), Series 2023 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62807 |
| Minnesota (State of), Series 2023, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 339162 |
| Minnesota (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5710 |
| Minnesota (State of), Series 2024 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74226 |
| Minnesota (State of), Series 2025 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5710 |
| Minnesota (State of) (Bidding Group 1), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 137033 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90894 |
| Rochester (City of), MN (Mayo Clinic), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 97257 |
| Rosemount-Apple Valley-Eagan Independent School District No 196, Series 2023 A, GO Bonds, (CEP - Ohio School District)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39505 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982803 |
| **Mississippi-0.10%** |  |  |  |  |
| Mississippi (State of) Development Bank (Desoto County Mississippi Highway Refunding), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 168514 |
| **Missouri-0.62%** |  |  |  |  |
| Curators of the University of Missouri (The), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22982 |
| Jackson County School District No. R-IV Blue Springs, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25815 |

---

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

------

#### 339

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Missouri-(continued)** |  |  |  |  |
| Jackson County School District No. R-IV Blue Springs, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5102 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39583 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 246468 |
| Missouri (State of) Highway & Transportation Commission, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39883 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 355712 |
| Springfield (City of), MO, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28521 |
| St. Charles County Francis Howell R-III School District, Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10799 |
| St. Charles County Francis Howell R-III School District, Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161146 |
| St. Louis (City of), MO, Series 2005, RB, (INS - NATL)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 150683 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086694 |
| **Nebraska-0.07%** |  |  |  |  |
| Central Plains Energy Project (No. 3), Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110237 |
| Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11225 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121462 |
| **Nevada-0.52%** |  |  |  |  |
| Clark (County of), NV, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97724 |
| Clark (County of), NV Department of Aviation, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79176 |
| Clark (County of), NV Department of Aviation, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 163408 |
| Clark (County of), NV Department of Aviation, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 274809 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22769 |
| Clark County School District, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5669 |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 228071 |
| Nevada (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39809 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911435 |
| **New Jersey-2.32%** |  |  |  |  |
| Jersey City (City of), NJ Redevelopment Agency (Bayfront Redevelopment), Series 2022, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 183922 |
| New Jersey (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp; 1188059 |
| New Jersey (State of) Economic Development Authority, Series 2017 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75289 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5704 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67539 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 170265 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117664 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 317827 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 118193 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15904 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10543 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10474 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51079 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 227019 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107988 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 118777 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 101251 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10327 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 262676 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 119241 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 209993 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11353 |
| New Jersey (State of) Turnpike Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 569795 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070882 |
| **New Mexico-0.39%** |  |  |  |  |
| New Mexico (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16982 |
| New Mexico (State of) (Various Capital), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 271550 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 256033 |

---

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

------

#### 340

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New Mexico-(continued)** |  |  |  |  |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$51207 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91034 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686806 |
| **New York-19.96%** |  |  |  |  |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98757 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74144 |
| Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 120685 |
| Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59420 |
| Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 203097 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 234325 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108590 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34292 |
| Metropolitan Transportation Authority (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85729 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 213212 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43826 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 321300 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 278742 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85729 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 386867 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62650 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108175 |
| Nassau (County of), NY Interim Finance Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28334 |
| New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 181404 |
| New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74094 |
| New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10437 |
| New York & New Jersey (States of) Port Authority, Series 2021 224, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25992 |
| New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 220401 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Eight Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11381 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46132 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17254 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Three Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11591 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Four Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115024 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47966 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66950 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66601 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Second Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72711 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty-Fourth Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2039 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 160540 |
| New York (City of), NY, Series 2008 L-5, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117716 |
| New York (City of), NY, Series 2008 L-5, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 134154 |
| New York (City of), NY, Series 2012-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 229827 |
| New York (City of), NY, Series 2012-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 150359 |
| New York (City of), NY, Series 2020 A-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 356148 |
| New York (City of), NY, Series 2020 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 285206 |
| New York (City of), NY, Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 333888 |
| New York (City of), NY, Series 2020 C-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 400666 |
| New York (City of), NY, Series 2021 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 208546 |
| New York (City of), NY, Series 2021 A-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10598 |
| New York (City of), NY, Series 2021 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 233456 |
| New York (City of), NY, Series 2021 A-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56794 |
| New York (City of), NY, Series 2021 A-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5135 |
| New York (City of), NY, Series 2021 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 394649 |
| New York (City of), NY, Series 2021 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27657 |
| New York (City of), NY, Series 2021 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 258415 |
| New York (City of), NY, Series 2021 F-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10322 |
| New York (City of), NY, Series 2021 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 179724 |
| New York (City of), NY, Series 2021 F-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 296311 |

---

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

------

#### 341

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2021 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2042 | $&nbsp;&nbsp;165 | &nbsp;&nbsp;$176490 |
| New York (City of), NY, Series 2021 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47774 |
| New York (City of), NY, Series 2021 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2044 | &nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 468694 |
| New York (City of), NY, Series 2021 F-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41164 |
| New York (City of), NY, Series 2021-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 158326 |
| New York (City of), NY, Series 2021-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 324361 |
| New York (City of), NY, Series 2021-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 134154 |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 375576 |
| New York (City of), NY, Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22762 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11381 |
| New York (City of), NY, Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102430 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 227622 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34143 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33873 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 367543 |
| New York (City of), NY, Series 2024 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34143 |
| New York (City of), NY, Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17072 |
| New York (City of), NY, Series 2025 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22762 |
| New York (City of), NY, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108120 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74207 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73626 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 239380 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 253628 |
| New York (City of), NY Educational Construction Fund, Series 2021 B, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2052 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 256176 |
| New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55566 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 320448 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 158166 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2048 | &nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 438402 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31262 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 373972 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2051 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 202417 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 383394 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 DD, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36907 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28344 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2052 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 352883 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 237963 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 131613 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40056 |
| New York (City of), NY Transitional Finance Authority, Series 2010 G-5, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67126 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 139847 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27794 |
| New York (City of), NY Transitional Finance Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 201093 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34336 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 187205 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 338612 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15915 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31397 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41248 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106840 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 190078 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62711 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67023 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30766 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 216573 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 237379 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93170 |

---

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

------

#### 342

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2038 | $&nbsp;&nbsp;110 | &nbsp;&nbsp;$113328 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 71748 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 316415 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 270666 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 140428 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 229204 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15728 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62565 |
| New York (City of), NY Transitional Finance Authority, Series 2021 F-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20573 |
| New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10560 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 165184 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 154513 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 103008 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 268966 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45350 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22675 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 238087 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39681 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17006 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 249425 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 97286 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17168 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5723 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 165958 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 143067 |
| New York (City of), NY Transitional Finance Authority, Subseries 2010 F-5, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 186157 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 201196 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 259635 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 236898 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25805 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 244693 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 S-1A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 201196 |
| New York (City of), NY Transitional Finance Authority, Subseries 2024 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 309025 |
| New York (City of), NY Transitional Finance Authority, Subseries 2024 D-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51504 |
| New York (City of), NY Trust for Cultural Resources (The), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51231 |
| New York (City of), NY Trust for Cultural Resources (The) (Lincoln Center for Performing Arts), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 353444 |
| New York (State of), Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17187 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 315611 |
| New York (State of) Dormitory Authority, Series 2020 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 124172 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 237906 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 461140 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 257889 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31679 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 234610 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 488895 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 243272 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10326 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10270 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51157 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52616 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2049 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113295 |
| New York (State of) Dormitory Authority, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 267575 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 142327 |
| New York (State of) Dormitory Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 134609 |
| New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 186843 |
| New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 196153 |
| New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 518137 |

---

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

------

#### 343

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$63176 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 409902 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 176724 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 254283 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 185834 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83013 |
| New York (State of) Dormitory Authority, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5740 |
| New York (State of) Dormitory Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17102 |
| New York (State of) Dormitory Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57992 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 127141 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 352971 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74110 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 130941 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56931 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46233 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 235458 |
| New York (State of) Dormitory Authority (Fordham University), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31102 |
| New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45844 |
| New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113679 |
| New York (State of) Dormitory Authority (New York University), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5692 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22612 |
| New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51377 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58198 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 162626 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22915 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 148218 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28344 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41599 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41364 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5146 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23232 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 187533 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5571 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20503 |
| New York (State of) Thruway Authority, Series 2021 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16924 |
| New York (State of) Thruway Authority, Series 2021 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50574 |
| New York (State of) Thruway Authority, Series 2021 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67186 |
| New York (State of) Thruway Authority, Series 2021 O, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37194 |
| New York (State of) Thruway Authority, Series 2021 O, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51463 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62598 |
| New York (State of) Thruway Authority, Series 2024 Q, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17072 |
| New York (State of) Thruway Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51146 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 170485 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72720 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5163 |
| New York (State of) Thruway Authority (Group 1), Series 2021 O, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31308 |
| New York (State of) Thruway Authority (Group 2), Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5614 |
| New York (State of) Thruway Authority (Group 2), Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106276 |
| New York (State of) Thruway Authority (Group 2), Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81517 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63034 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 229215 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74495 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44518 |

---

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

------

#### 344

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York State Urban Development Corp., Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;$219628 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5693 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63264 |
| New York State Urban Development Corp., Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17072 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11381 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 235289 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10330 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 164360 |
| New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102476 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55490 |
| Triborough Bridge & Tunnel Authority, Series 2018 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 317198 |
| Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2051 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1245706 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83523 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 205112 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 204465 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55019 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60207 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 232368 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 155688 |
| Triborough Bridge & Tunnel Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17302 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 121112 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5784 |
| Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 183705 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 216222 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 564092 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 82466 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 234302 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-2, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61016 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 251587 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 131867 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98191 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34996124 |
| **North Carolina-1.15%** |  |  |  |  |
| Charlotte (City of), NC, Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117493 |
| Charlotte (City of), NC, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114441 |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33669 |
| Guildford (City of), NC, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 147836 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114882 |
| North Carolina (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 363012 |
| North Carolina (State of), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68402 |
| North Carolina (State of), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39713 |
| North Carolina (State of), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39307 |
| North Carolina (State of), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21174 |
| North Carolina (State of), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45601 |
| North Carolina (State of), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28501 |
| North Carolina (State of) (Build North Carolina Programs), Series 2020 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 339282 |
| North Carolina (State of) Medical Care Commission, Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5211 |
| Raleigh (City of), NC, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 103104 |
| Wake (County of), NC, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 164672 |
| Wake (County of), NC, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16048 |
| Wake (County of), NC, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15997 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 176950 |
| Wake (County of), NC, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68963 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024258 |
| **Ohio-2.94%** |  |  |  |  |
| American Municipal Power, Inc. (AMP Fremont Energy Center), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33265 |

---

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

------

#### 345

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Ohio-(continued)** |  |  |  |  |
| American Municipal Power, Inc. (AMP Fremont Energy Center), Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5158 |
| American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44864 |
| American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 167069 |
| American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49634 |
| American Municipal Power, Inc. (Fremont Energy Center), Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104445 |
| Brunswick City School District, Series 2023, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10514 |
| Cincinnati City School District (Classroom Construction & Improvement), Series 2006, Ref. GO Bonds, (INS - NATL)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69722 |
| Cleveland (City of), OH, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5598 |
| Columbus (City of), OH, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61731 |
| Columbus (City of), OH, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 188745 |
| Columbus (City of), OH, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62915 |
| Hilliard (City of), OH, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2058 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51402 |
| Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 9993 |
| Ohio (State of), Series 2019-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34483 |
| Ohio (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22157 |
| Ohio (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10499 |
| Ohio (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 141956 |
| Ohio (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 260711 |
| Ohio (State of), Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108847 |
| Ohio (State of), Series 2021 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 147488 |
| Ohio (State of), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 197788 |
| Ohio (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57245 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5701 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51559 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 166540 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2013 A-4, RB<br>| &nbsp;&nbsp;5.70% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 149517 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 400806 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2051 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 176952 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 220074 |
| Ohio (State of) Turnpike & Infrastructure Commission (Infrastructure), Series 2013, RB<br>| &nbsp;&nbsp;5.80% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62970 |
| Ohio (State of) Water Development Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 190571 |
| Ohio (State of) Water Development Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 205017 |
| Ohio (State of) Water Development Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 270152 |
| Ohio (State of) Water Development Authority, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44558 |
| Ohio (State of) Water Development Authority, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27450 |
| Ohio (State of) Water Development Authority, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 179927 |
| Ohio (State of) Water Development Authority, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45721 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57723 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86584 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66700 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5212 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 159583 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15442 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121733 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92356 |
| Ohio State University (The), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22512 |
| Ohio State University (The) (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51188 |
| Ohio State University (The) (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113303 |
| Ohio State University (The) (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 178959 |
| Ohio State University (The) (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5220 |

---

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

------

#### 346

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Ohio-(continued)** |  |  |  |  |
| Ohio State University (The) (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$15571 |
| Tipp (City of), Ohio Exempted Village School District, Series 2024 B, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2054 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119330 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5155160 |
| **Oklahoma-0.26%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11212 |
| Cleveland (County of), OK Educational Facilities Authority (Moore Public Schools), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105585 |
| Oklahoma (State of) Turnpike Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 196599 |
| Oklahoma (State of) Water Resources Board, Series 2024 B, RB<br>| &nbsp;&nbsp;4.38% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5002 |
| Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 98297 |
| Payne (County of), OK Economic Development Authority (Stillwater Public Schools), Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22490 |
| University of Oklahoma (The), Series 2021 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10503 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449688 |
| **Oregon-0.29%** |  |  |  |  |
| Oregon (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39154 |
| Oregon (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79765 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 279180 |
| Oregon (State of) (Q State), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56192 |
| Oregon (State of) Department of Transportation, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51775 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506066 |
| **Pennsylvania-3.00%** |  |  |  |  |
| Lancaster School District, Series 2023, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66345 |
| Pennsbury School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48191 |
| Pennsylvania (Commonwealth of), First Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 336100 |
| Pennsylvania (Commonwealth of), First Series 2020, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83339 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73476 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 375856 |
| Pennsylvania (Commonwealth of), First Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90927 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 136390 |
| Pennsylvania (Commonwealth of), First Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28391 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 182125 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85174 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2023 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 378683 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5627 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2044 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 185441 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 131791 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 319039 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15380 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 482062 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71992 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40765 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10165 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 183224 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 495584 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2051 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103476 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 152497 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74321 |
| Philadelphia (City of), PA, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61198 |
| Philadelphia (City of), PA, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127219 |
| Philadelphia (City of), PA, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41656 |
| Philadelphia (City of), PA, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113321 |
| Philadelphia (City of), PA, Series 2021 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 378061 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108291 |
| Philadelphia (City of), PA, Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 119329 |

---

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

------

#### 347

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$22694 |
| Philadelphia School District (The), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40990 |
| Philadelphia School District (The), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30424 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62695 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5262239 |
| **Rhode Island-0.06%** |  |  |  |  |
| Rhode Island Commerce Corp. (Garvee), Series 2020 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104836 |
| **South Carolina-0.83%** |  |  |  |  |
| Lexington & Richland School District No. 5, Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16239 |
| Piedmont Municipal Power Agency, Series 2021 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41583 |
| SCAGO Educational Facilities Corp for Pickens School District, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34260 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 293449 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11160 |
| South Carolina (State of) Public Service Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15841 |
| South Carolina (State of) Public Service Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5217 |
| South Carolina (State of) Public Service Authority, Series 2021 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 358138 |
| South Carolina (State of) Public Service Authority, Series 2021 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21704 |
| South Carolina (State of) Public Service Authority, Series 2021 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48074 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96992 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 182606 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45892 |
| South Carolina (State of) Transportation Infrastructure Bank, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103142 |
| University of South Carolina (Campus Village), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2046 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 185609 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459906 |
| **South Dakota-0.20%** |  |  |  |  |
| South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 346588 |
| **Tennessee-0.49%** |  |  |  |  |
| Clarksville (City of), TN, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2045 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120934 |
| Johnson City (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 255730 |
| Memphis (City of), TN, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62863 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 157177 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70221 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33923 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 155985 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5705 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862538 |
| **Texas-7.65%** |  |  |  |  |
| Arlington Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5633 |
| Austin (City of), TX, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 168720 |
| Austin (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91795 |
| Austin Independent School District, Series 2021, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68316 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 176916 |
| Bexar (County of), TX, Series 2022 B, Ctfs. of Obligations<br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;06/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20544 |
| Board of Regents of the University of Texas System, Series 2020 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 177134 |
| Board of Regents of the University of Texas System, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 125708 |
| Board of Regents of the University of Texas System, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26614 |
| Board of Regents of the University of Texas System, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 371411 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79996 |
| Board of Regents of the University of Texas System, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91424 |

---

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

------

#### 348

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Central Texas Regional Mobility Authority, Series 2021 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2046 | $&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;$212984 |
| Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 160980 |
| Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36155 |
| Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10283 |
| Clear Creek Independent School District, Series 2013 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 141136 |
| Clear Creek Independent School District, Series 2024 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 152427 |
| Comal Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110742 |
| Comal Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 265571 |
| Cypress-Fairbanks Independent School District, Series 2020 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36597 |
| Cypress-Fairbanks Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56580 |
| Dallas & Fort Worth (Cities of), TX, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28571 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94989 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78226 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114282 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68569 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 118543 |
| Dallas (City of), TX, Series 2024 A, Ctfs. Of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 248376 |
| Dallas (City of), TX, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33869 |
| Dallas (City of), TX Area Rapid Transit, Series 2007, Ref. RB, (INS - AMBAC)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 110312 |
| Dallas College, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112798 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 165786 |
| El Paso (City of), TX, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2046 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 177941 |
| El Paso (City of), TX, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61933 |
| Frisco Independent School District, Series 2025 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 124145 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 118607 |
| Georgetown (City of), TX, Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138649 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62612 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10506 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96951 |
| Harris (County of), TX, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22802 |
| Harris (County of), TX, Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34203 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39079 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107084 |
| Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 500356 |
| Highland Park Independent School District/Dallas County, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67835 |
| Houston (City of), TX, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 221685 |
| Houston (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34371 |
| Houston Independent School District, Series 2025 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5640 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22735 |
| Klein Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45502 |
| Lamar Consolidated Independent School District, Series 2024 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84531 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68568 |
| Lower Colorado River Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37687 |
| Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112478 |
| Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 156770 |
| Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33435 |
| Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 171741 |

---

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

------

#### 349

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10424 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 320680 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2051 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 113856 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 160291 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 241709 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87390 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16218 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53614 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53366 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125477 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 158072 |
| North Texas Municipal Water District, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58969 |
| North Texas Municipal Water District, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 136851 |
| North Texas Tollway Authority, Series 2021 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 129359 |
| North Texas Tollway Authority, Series 2021 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15843 |
| North Texas Tollway Authority, Series 2021 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136667 |
| North Texas Tollway Authority, Series 2021 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10463 |
| North Texas Tollway Authority, Series 2021 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25680 |
| North Texas Tollway Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 444320 |
| North Texas Tollway Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 101238 |
| North Texas Tollway Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 168729 |
| North Texas Tollway Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22497 |
| Pearland Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45184 |
| Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 159612 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 181982 |
| Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 131110 |
| Permanent University Fund - University of Texas System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96907 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73319 |
| Plano Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11291 |
| Rockwall Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2047 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 198172 |
| Sabine-Neches Navigation District (Sabine-Neches Waterway), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 277012 |
| San Antonio (City of), TX, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32748 |
| San Antonio (City of), TX, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 200972 |
| San Antonio (City of), TX, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 172947 |
| San Antonio (City of), TX, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 134461 |
| San Antonio (City of), TX, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 220155 |
| San Antonio (City of), TX, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120912 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62158 |
| San Antonio (City of), TX, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22603 |
| San Antonio Public Facilities Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5634 |
| Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73382 |
| Tarrant County College District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56728 |
| Texas (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 160369 |
| Texas (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57337 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 232636 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 293990 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 122881 |
| Texas (State of) Water Development Board, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 245753 |
| Texas (State of) Water Development Board, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90702 |
| Texas (State of) Water Development Board, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 287963 |
| Texas (State of) Water Development Board, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37197 |
| Texas (State of) Water Development Board, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110779 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 109020 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102446 |
| Texas State University Board of Regents, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39378 |
| Texas State University Board of Regents, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67674 |

---

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

------

#### 350

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Texas Water Development Board, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$11476 |
| Trinity River Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 137604 |
| University of Houston, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45103 |
| Williamson (County of), TX, Series 2024, GO Notes<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67709 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13408852 |
| **Utah-1.82%** |  |  |  |  |
| Granite School District Board of Education, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 136843 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56735 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78589 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 128405 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90201 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82880 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104498 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 219038 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 463449 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 216718 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129273 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26739 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 339779 |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 574639 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73755 |
| Jordan Valley Water Conservancy District, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5191 |
| Salt Lake City (City of), UT, Series 2021 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115111 |
| University of Utah (The) (Green Bonds), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84088 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 170716 |
| Utah (State of) Transit Authority, Series 2007 A, Ref. RB, (INS - NATL)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78314 |
| Utah Transit Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11506 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3186467 |
| **Virginia-1.16%** |  |  |  |  |
| Fairfax (County of), VA, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10552 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32851 |
| Fairfax (County of), VA, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91965 |
| Norfolk (City of), VA, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 287661 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 135686 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 192222 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2021 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31962 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 146993 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 209182 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21155 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46616 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22614 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 177256 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 261092 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-2, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37424 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-2, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84210 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-2, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20734 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74333 |

---

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

------

#### 351

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Virginia-(continued)** |  |  |  |  |
| Virginia (Commonwealth of) Transportation Board (I-81 Regional Corridor), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2057 | $&nbsp;&nbsp;120 | &nbsp;&nbsp;$124491 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22797 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031796 |
| **Washington-4.97%** |  |  |  |  |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 189986 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 216000 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 169898 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45063 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78368 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 92553 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86136 |
| Energy Northwest, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 142646 |
| Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 340279 |
| Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 365055 |
| Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25572 |
| Energy Northwest (No. 3), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17118 |
| Energy Northwest (No. 3), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39941 |
| King (County of), WA, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 146744 |
| Pierce County School District No. 403 Bethel, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72410 |
| Seattle (City of), WA, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10262 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 125433 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 263320 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20783 |
| Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57460 |
| Spokane County School District No. 81, Series 2012, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75003 |
| Spokane County School District No. 81, Series 2021, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 61865 |
| Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 178515 |
| Washington (State of), Series 2020 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 282649 |
| Washington (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73767 |
| Washington (State of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88228 |
| Washington (State of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76878 |
| Washington (State of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87084 |
| Washington (State of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70340 |
| Washington (State of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53294 |
| Washington (State of), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2045 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 169447 |
| Washington (State of), Series 2021 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2045 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 111566 |
| Washington (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94903 |
| Washington (State of), Series 2024 R-2025B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 119936 |
| Washington (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68405 |
| Washington (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40045 |
| Washington (State of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5700 |
| Washington (State of), Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34324 |
| Washington (State of), Series R-2021C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40045 |
| Washington (State of), Series R-2021C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58429 |
| Washington (State of), Series R-2021C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63337 |
| Washington (State of), Series R-2023B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68535 |
| Washington (State of), Series R-2024C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102972 |
| Washington (State of) (Bid Group 1), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44809 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 331800 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 175492 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 118361 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 185054 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 273296 |

---

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

------

#### 352

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |  |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;$| &nbsp;&nbsp;115 | &nbsp;&nbsp;$127650 |
| Washington (State of) (Bid Group 1), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33153 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73626 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 |  | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 359490 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67371 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 |  | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 268551 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 |  | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 206057 |
| Washington (State of) (Bid Group 1), Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 |  | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 155149 |
| Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74369 |
| Washington (State of) (Bid Group 1), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 |  | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 215215 |
| Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 |  | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113271 |
| Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 97252 |
| Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73626 |
| Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 |  | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 192379 |
| Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16325 |
| Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16084 |
| Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2045 |  | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138394 |
| Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2031 |  | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 171621 |
| Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 |  | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 296339 |
| Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 |  | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 156660 |
| Washington (State of) Health Care Facilities Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16693 |
| Whatcom (County of), WA Bellingham School District No. 501, Series 2021, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2037 |  | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 192026 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8720407 |
| **West Virginia-0.09%** |  |  |  |  |  |
| West Virginia (State of) Parkways Authority, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2047 |  | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 162136 |
| **Wisconsin-0.90%** |  |  |  |  |  |
| Pleasant Prairie (Village of), WI, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91460 |
| Wisconsin (State of), Series 2021 1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 |  | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 194826 |
| Wisconsin (State of), Series 2021-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 |  | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 228225 |
| Wisconsin (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72448 |
| Wisconsin (State of), Series 2022-4, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 |  | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 239076 |
| Wisconsin (State of), Series 2023-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 |  | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113846 |
| Wisconsin (State of), Series 2024-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 |  | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96769 |
| Wisconsin (State of), Series 2025-3, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2031 |  | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 125231 |
| Wisconsin (State of) Department of Transportation, Series 2023-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 |  | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 194182 |
| Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 |  | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 217027 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573090 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.92%<br>(Cost $169,604,174) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.92%<br>(Cost $169,604,174) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.92%<br>(Cost $169,604,174) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.92%<br>(Cost $169,604,174) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.92%<br>(Cost $169,604,174) | &nbsp;&nbsp;&nbsp;&nbsp;173465059 |
| OTHER ASSETS LESS LIABILITIES-1.08% | OTHER ASSETS LESS LIABILITIES-1.08% | OTHER ASSETS LESS LIABILITIES-1.08% | OTHER ASSETS LESS LIABILITIES-1.08% | OTHER ASSETS LESS LIABILITIES-1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898222 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp;$175363281 |

---

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

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

------

#### 353

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2031 Municipal Bond ETF (BSMV)—(continued)
February 28, 2026

(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;

---

| | |
|:---|:---|
| 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 obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each. |

---

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

------

#### 354

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)
February 28, 2026

(Unaudited)

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Municipal Obligations-98.88%** |  |  |  |  |
| **Alabama-0.66%** |  |  |  |  |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$11481 |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45532 |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 181137 |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11247 |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 128353 |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 156819 |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 221944 |
| Auburn University, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28902 |
| Cooper Green Mercy Health Services Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36763 |
| Cooper Green Mercy Health Services Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;09/01/2052 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 149990 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114195 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086363 |
| **Alaska-0.03%** |  |  |  |  |
| Alaska (State of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46415 |
| **Arizona-0.63%** |  |  |  |  |
| Arizona (State of) Department of Transportation, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58039 |
| Arizona (State of) Industrial Development Authority (Social Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36564 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23217 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57532 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11446 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 187558 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 129150 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25718 |
| Maricopa (County of), AZ Special Health Care District, Series 2021 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 101819 |
| Maricopa County Unified School District No. 60 Higley, Series 2023, Ref. COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25669 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23267 |
| Mesa (City of), AZ, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5273 |
| Queen Creek (Town of), AZ, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5257 |
| Salt River Project Agricultural Improvement & Power District, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 253610 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80694 |
| University of Arizona Board of Regents, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17383 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042196 |
| **Arkansas-0.20%** |  |  |  |  |
| Beaver Water District of Benton & Washington Counties, Series 2025, RB<br>| &nbsp;&nbsp;4.88% | &nbsp;&nbsp;&nbsp;04/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62326 |
| Beaver Water District of Benton & Washington Counties, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31249 |
| Fayetteville (City of), AR, Series 2022, RB<br>| &nbsp;&nbsp;2.88% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15031 |
| University of Arkansas, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52471 |
| University of Arkansas (Fayetteville Campus), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41935 |
| University of Arkansas (Fayetteville Campus), Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 131310 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334322 |
| **California-15.79%** |  |  |  |  |
| Alameda (City of), CA Corridor Transportation Authority, Series 2022 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 259542 |
| Alameda (County of), CA Transportation Commission, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32401 |
| Alhambra Unified School District (Election of 2016), Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 319034 |
| Alisal Union School District, Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24695 |
| Alum Rock Union Elementary School District (Election of 2016), Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21413 |
| Bay Area Toll Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 94686 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 135518 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106475 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89018 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88224 |

---

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

------

#### 355

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;$32806 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54197 |
| Brentwood Union School District (Election of 2016), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 175033 |
| California (State of), Series 2007, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 361097 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;2.50% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 108806 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 185242 |
| California (State of), Series 2018, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 170019 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 437492 |
| California (State of), Series 2021 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63326 |
| California (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 103468 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 180830 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 287891 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 186777 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 214822 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63432 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113076 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10676 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 179394 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2052 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 232486 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 329922 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 380995 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 627047 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69199 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45593 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 212363 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 276424 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 194647 |
| California (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 529542 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47067 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 193886 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11751 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29377 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11751 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 199478 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17601 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 240889 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81545 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17591 |
| California (State of) Department of Water Resources, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5908 |
| California (State of) Department of Water Resources (Central Valley), Series 2022 BF, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 252605 |
| California (State of) Department of Water Resources (Central Valley), Series 2022 BF, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17879 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2012 U-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 203499 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47491 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59955 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23800 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 71025 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35259 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5263 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15576 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30894 |

---

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

------

#### 356

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | $&nbsp;&nbsp;370 | &nbsp;&nbsp;$395455 |
| California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving Fund), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105338 |
| California (State of) Infrastructure & Economic Development Bank (Segerstrom Center for the Arts), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11445 |
| California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51011 |
| California (State of) Public Works Board (Green Bonds), Series 2022 D, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20449 |
| California (State of) Public Works Board (Various Capital), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28766 |
| California (State of) Public Works Board (Various Capital), Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11506 |
| California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 396534 |
| California (State of) Public Works Board (Various Capital), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 173693 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 106055 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 147918 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29328 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23020 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23568 |
| California (State of) Statewide Communities Development Authority (Enloe Medical Center), Series 2022 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 210183 |
| California (State of) Statewide Communities Development Authority (Sequoia Living), Series 2025 A, Ref. RB, (INS - Cal-Mortgage)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105466 |
| Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122660 |
| Coachella Valley Water District, Series 2022 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53368 |
| Contra Costa (County of), CA Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33031 |
| East Bay Municipal Utility District, Series 2022 B-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17880 |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5960 |
| East Bay Municipal Utility District (Green Bonds), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23409 |
| East Bay Municipal Utility District (Green Bonds), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46099 |
| Gavilan Joint Community College District, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21102 |
| Indio Finance Authority, Series 2022 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112158 |
| Indio Finance Authority, Series 2022 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 127770 |
| Kern Community College District, Series 2022 D, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 99178 |
| Kern Community College District, Series 2022 D, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11551 |
| Kern Community College District, Series 2022 D, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57498 |
| Kern High School District (Election of 2022), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 65445 |
| Los Angeles (City of), CA, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 65309 |
| Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37383 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 161083 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108258 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5661 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22543 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72746 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 143616 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10994 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43798 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 275341 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79129 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41424 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 156509 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44421 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49683 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10972 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5461 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 265023 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57815 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 258282 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112718 |

---

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

------

#### 357

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | $&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;$218239 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 161266 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38643 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88379 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71318 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 131073 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 197894 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108814 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 120444 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54086 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27200 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64786 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107409 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55237 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21988 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 169717 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32640 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26994 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36927 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207121 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5753 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63283 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5753 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11506 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75536 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2020, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 89009 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Measure R), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11913 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11959 |
| Los Angeles Community College District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17929 |
| Los Angeles Community College District (Election of 2008), Series 2022 L, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17633 |
| Los Angeles Community College District (Election of 2008), Series 2022 L, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 192450 |
| Los Angeles Community College District (Election of 2008), Series 2022 L, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 121525 |
| Los Angeles Unified School District, Series 2016 B, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 115070 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 99684 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76041 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81565 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57964 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86274 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15905 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10525 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10444 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 243277 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35601 |
| Metropolitan Water District of Southern California, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41789 |
| Metropolitan Water District of Southern California, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58562 |
| Metropolitan Water District of Southern California, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17820 |
| Moreno Valley Unified School District (Election of 2014), Series 2023 D, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10591 |
| Northern California Power Agency (Hydroelectric No. 1), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 71242 |
| Orange (County of), CA Sanitation District, Series 2022 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28841 |
| Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 217487 |
| Peralta Community College District, Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 247722 |
| Regents of the University of California Medical Center, Series 2022 P, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 116683 |
| Regents of the University of California Medical Center, Series 2022 P, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 222701 |
| Regents of the University of California Medical Center, Series 2022 P, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113612 |
| Regents of the University of California Medical Center, Series 2022 P, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 310865 |
| Regents of the University of California Medical Center, Series 2022 P, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84301 |
| Regents of the University of California Medical Center, Series 2022 P, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33502 |

---

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

------

#### 358

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Regents of the University of California Medical Center, Series 2022 P, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | $&nbsp;&nbsp;225 | &nbsp;&nbsp;$249683 |
| Regents of the University of California Medical Center, Series 2022 P, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 305395 |
| Regents of the University of California Medical Center, Series 2022 P, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 835088 |
| Regents of the University of California Medical Center, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92911 |
| Regents of the University of California Medical Center, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5755 |
| Riverside (City of), CA, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10520 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23981 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 180116 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41825 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21479 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 210213 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5937 |
| San Diego (County of), CA Water Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112049 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5773 |
| San Diego Unified School District (Election of 2018), Series 2025 SR-5B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11913 |
| San Diego Unified School District (Green Bonds), Series 2021 E-2, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16518 |
| San Diego Unified School District (Green Bonds), Series 2022 F-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50179 |
| San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11877 |
| San Francisco (City & County of), CA, Series 2024 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 100951 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2052 | &nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 560387 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2021 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115359 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10531 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17823 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5906 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 83890 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17825 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46947 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40714 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46265 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11562 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 B, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5941 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 300076 |
| San Francisco (City of), CA, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18005 |
| San Francisco Bay Area Rapid Transit District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11912 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 232065 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 113017 |
| San Francisco Bay Area Rapid Transit District (Election of 2021), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11250 |
| San Francisco City & County Public Utilities Commission Power Revenue, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 219648 |
| San Joaquin Hills Transportation Corridor Agency, Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53016 |
| San Jose (City of), CA Financing Authority (Green bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118281 |
| San Jose Unified School District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29781 |
| San Leandro Unified School District (Election of 2020), Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129703 |
| San Luis Coastal Unified School District (Election of 2022), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26393 |
| Santa Clara (County of), CA (Election of 2008), Series 2022 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47304 |
| Santa Clara (County of), CA Water District (Green Bonds), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64218 |
| Santa Clara Unified School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11304 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 71243 |
| Santa Clarita Community College District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32871 |
| Santa Clarita Community College District (Election of 2016), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21511 |
| Santa Rosa High School District (Election of 2022), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2053 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 162956 |
| South Orange (County of), CA Public Financing Authority (County of Orange Sheriff-Coroner), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15987 |

---

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

------

#### 359

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| State Center Community College District, Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | $&nbsp;&nbsp;175 | &nbsp;&nbsp;$187303 |
| Sweetwater Union High School District (Election of 2018), Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52029 |
| University of California, Series 2021 Q, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62707 |
| University of California, Series 2022 BK, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 379143 |
| University of California, Series 2022 BK, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 817649 |
| University of California, Series 2022 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46613 |
| University of California, Series 2022 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 167205 |
| University of California, Series 2022 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68904 |
| University of California, Series 2022 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51404 |
| University of California, Series 2022 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11330 |
| University of California, Series 2022 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 191193 |
| University of California, Series 2023 BM, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 145824 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 163323 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 157490 |
| University of California, Series 2024 BV, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17499 |
| University of California, Series 2025 BZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34998 |
| Ventura Unified School District (Election of 2022), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69662 |
| Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10254 |
| Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 321261 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26156848 |
| **Colorado-3.28%** |  |  |  |  |
| Brighton (City of), CO (Water System), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207224 |
| Colorado (State of), Series 2021 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62920 |
| Colorado (State of), Series 2022, COP<br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 245684 |
| Colorado (State of), Series 2022, COP<br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 178837 |
| Colorado (State of), Series 2022, COP<br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;12/15/2040 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 236837 |
| Colorado (State of), Series 2022, COP<br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 124250 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 204921 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28011 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 144820 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10804 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48536 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 265814 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20822 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 282100 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91973 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94074 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 330618 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51133 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28245 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 275073 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 557639 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5328 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2045 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121602 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5148 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17245 |
| Colorado (State of) Regional Transportation District, Series 2013 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29187 |
| Colorado (State of) Regional Transportation District, Series 2024, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5784 |
| Colorado School of Mines, Series 2022 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31600 |
| Colorado Springs (City of), CO, Series 2022 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74049 |
| Colorado Springs (City of), CO, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11722 |
| Denver (City & County of), CO, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34176 |
| Denver (City & County of), CO, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10543 |
| Denver (City & County of), CO, Series 2022 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105704 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53562 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52792 |
| Denver (City & County of), CO (Wellington E. Webb Municipal Office Building), Series 2023, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35007 |

---

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

------

#### 360

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Colorado-(continued)** |  |  |  |  |
| Denver (City & County of), CO Board of Water Commissioners (The), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/15/2052 | $&nbsp;&nbsp;250 | &nbsp;&nbsp;$261100 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40271 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22877 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28402 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33873 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95453 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27936 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55546 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11109 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110269 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 182637 |
| Gunnison Watershed School District No. Re 1J, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21066 |
| Park Creek Metropolitan District, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16218 |
| Park Creek Metropolitan District, Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55598 |
| Park Creek Metropolitan District, Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21624 |
| Parker Water & Sanitation District, Series 2012, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 100011 |
| Pueblo (City of), CO (Green Bonds), Series 2022, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 163457 |
| Weld County School District No. RE-4, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107218 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438449 |
| **Connecticut-1.40%** |  |  |  |  |
| Connecticut (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 81486 |
| Connecticut (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79312 |
| Connecticut (State of), Series 2021 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11428 |
| Connecticut (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 191287 |
| Connecticut (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97270 |
| Connecticut (State of), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58007 |
| Connecticut (State of), Series 2022 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34916 |
| Connecticut (State of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17502 |
| Connecticut (State of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5774 |
| Connecticut (State of), Series 2022 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 165217 |
| Connecticut (State of), Series 2022 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33421 |
| Connecticut (State of), Series 2022 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10992 |
| Connecticut (State of), Series 2022 G, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35003 |
| Connecticut (State of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52275 |
| Connecticut (State of), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 87011 |
| Connecticut (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 109368 |
| Connecticut (State of), Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98086 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 99244 |
| Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 127277 |
| Connecticut (State of) (Green Bonds), Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2035 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128960 |
| Connecticut (State of) (Green Bonds), Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15967 |
| Connecticut (State of) (Green Bonds), Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2037 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 221490 |
| Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34426 |
| Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50937 |
| Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90095 |
| Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72860 |
| Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27752 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17354 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69608 |
| Connecticut (State of) (Transportation Infrastructure), Series 2023 A, RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11570 |
| Connecticut (State of) (Transportation Infrastructure), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11601 |
| Connecticut (State of) (Transportation Infrastructure), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34804 |
| Connecticut (State of) Health & Educational Facilities Authority (Quinnipiac University), Series 2025 O, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40182 |
| Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital), Series 2022 M, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36339 |

---

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

------

#### 361

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital), Series 2022, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$50843 |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17373 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327037 |
| **Delaware-0.21%** |  |  |  |  |
| Delaware (State of), Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10855 |
| Delaware (State of), Series 2022, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp; 76562 |
| Delaware (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 261746 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349163 |
| **District of Columbia-1.66%** |  |  |  |  |
| District of Columbia, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 290035 |
| District of Columbia, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 97700 |
| District of Columbia, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 165633 |
| District of Columbia, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107651 |
| District of Columbia, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95687 |
| District of Columbia, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88864 |
| District of Columbia, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55212 |
| District of Columbia, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 121124 |
| District of Columbia, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 262673 |
| District of Columbia, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 294706 |
| District of Columbia, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75892 |
| District of Columbia, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69379 |
| District of Columbia, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17216 |
| District of Columbia, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 170715 |
| District of Columbia, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56531 |
| District of Columbia, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61472 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68848 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63714 |
| District of Columbia, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5792 |
| District of Columbia, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69851 |
| District of Columbia, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57930 |
| District of Columbia Water & Sewer Authority, Series 2022 C1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 175336 |
| District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 231598 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50893 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754452 |
| **Florida-4.26%** |  |  |  |  |
| Bay County School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 90659 |
| Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80069 |
| Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60783 |
| Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118536 |
| Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2047 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 215833 |
| Broward (County of), FL, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2047 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 157012 |
| Broward (County of), FL School District, Series 2022 B, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 146823 |
| Broward (County of), FL School District, Series 2022 B, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106631 |
| Capital Trust Authority (UF Health), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 238997 |
| Central Florida Expressway Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 320290 |
| Central Florida Expressway Authority, Series 2021, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62824 |
| Central Florida Expressway Authority, Series 2024 B, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46457 |
| Florida (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 127516 |
| Florida (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92739 |
| Florida (State of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 341975 |
| Florida (State of) (Capital Outlay), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98535 |

---

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

------

#### 362

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Florida-(continued)** |  |  |  |  |
| Florida (State of) (Right-of-Way Acquisition), Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | $&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;$122286 |
| Florida (State of) Department of Transportation, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42345 |
| Florida (State of) Department of Transportation, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104042 |
| Florida (State of) Municipal Power Agency, Series 2021 A, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55087 |
| Florida Development Finance Corp. (Tampa General Hospital), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78069 |
| Fort Lauderdale (City of), FL, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124362 |
| Jacksonville (City of), FL, Series 2015, Ref. RB<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 355147 |
| Jacksonville (City of), FL, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 116134 |
| Jacksonville (City of), FL, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63874 |
| JEA Electric System, Third Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63983 |
| Manatee (County of), FL, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80430 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2025 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23104 |
| Miami-Dade (County of), FL, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2046 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104849 |
| Miami-Dade (County of), FL, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37597 |
| Miami-Dade (County of), FL, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15986 |
| Miami-Dade (County of), FL, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5287 |
| Miami-Dade (County of), FL, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10500 |
| Miami-Dade (County of), FL, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26152 |
| Miami-Dade (County of), FL, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 203242 |
| Miami-Dade (County of), FL, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 576456 |
| Miami-Dade (County of), FL, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51760 |
| Miami-Dade (County of), FL, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 346475 |
| Miami-Dade (County of), FL, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58067 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11397 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 184444 |
| Orange (County of), FL School Board, Series 2021 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46234 |
| Palm Beach County School District, Series 2022 B, COP<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 162160 |
| Palm Beach County School District, Series 2022 B, COP<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86173 |
| Palm Beach County School District, Series 2022 B, COP<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57155 |
| Palm Beach County School District, Series 2022 B, COP<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 152682 |
| Palm Beach County School District, Series 2022 B, COP<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106839 |
| Palm Beach County School District, Series 2022 B, COP<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55891 |
| Palm Beach County School District, Series 2025 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28896 |
| Pasco (County of), FL School Board, Series 2021 A, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17213 |
| Sarasota (County of), FL, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26741 |
| Sarasota (County of), FL, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142304 |
| Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102204 |
| Seminole (County of), FL, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77472 |
| Seminole (County of), FL, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28984 |
| St. Johns (County of), FL, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 261740 |
| Tallahassee (City of), FL, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62360 |
| Tampa (City of), FL (Green Bonds), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104867 |
| Tampa (City of), FL (Green Bonds), Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2057 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126606 |
| Tampa Bay (City of), FL Water (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42810 |
| Tampa Bay (City of), FL Water (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 208448 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7064533 |
| **Georgia-2.69%** |  |  |  |  |
| Atlanta (City of), GA, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 157744 |
| Atlanta (City of), GA, Series 2022 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22338 |
| Atlanta (City of), GA, Series 2022 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22103 |
| Atlanta (City of), GA, Series 2022 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 120468 |
| Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17452 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 105388 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29275 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 217089 |

---

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

------

#### 363

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Georgia-(continued)** |  |  |  |  |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$17026 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50760 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39272 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27877 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34523 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58399 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46302 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34518 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74273 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56758 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 118513 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16843 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117204 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11133 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20830 |
| Douglas (County of), GA School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 411519 |
| Georgia (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 127298 |
| Georgia (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11509 |
| Georgia (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62887 |
| Georgia (State of), Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75200 |
| Georgia (State of) (Bid Group 1), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58360 |
| Georgia (State of) (Bidding Group 1), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 291142 |
| Georgia (State of) (Bidding Group 1), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81704 |
| Georgia (State of) (Bidding Group 3), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 163408 |
| Georgia (State of) Municipal Electric Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90264 |
| Georgia (State of) Municipal Electric Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62074 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34900 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23069 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40150 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51283 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90571 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11244 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17024 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71914 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21963 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16595 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 174462 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 317515 |
| Gwinnett County School District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115820 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2007 A, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17228 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 110640 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5823 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40762 |
| Paulding (County of), GA Hospital Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26816 |
| Paulding (County of), GA Hospital Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15938 |
| Private Colleges & Universities Authority (Emory University), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 243857 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 121929 |
| Private Colleges & Universities Authority (Mercer University), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36464 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4457420 |
| **Guam-0.09%** |  |  |  |  |
| Guam (Territory of) Power Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71919 |
| Guam (Territory of) Power Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63916 |
| Guam (Territory of) Power Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21212 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157047 |
| **Hawaii-0.08%** |  |  |  |  |
| Hawaii (State of), Series 2016 FB, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 135013 |

---

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

------

#### 364

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Idaho-0.26%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2047 | $&nbsp;&nbsp;330 | &nbsp;&nbsp;$349301 |
| Idaho State Building Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17398 |
| Idaho State Building Authority (Schools Modernization), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57994 |
| Western (College of), ID, Series 2022, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5121 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429814 |
| **Illinois-5.79%** |  |  |  |  |
| Chicago (City of), IL, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 132971 |
| Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 158464 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 232951 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40025 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34159 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22798 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22666 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28358 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 309691 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 169009 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95030 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33322 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22220 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49693 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22043 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10983 |
| Chicago (City of), IL, Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32303 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16412 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76054 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38590 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 199575 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2007 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 82626 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62917 |
| Cook (County of), IL, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32434 |
| Cook (County of), IL, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 395500 |
| Cook (County of), IL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 140546 |
| Illinois (State of), Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 64670 |
| Illinois (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83340 |
| Illinois (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61717 |
| Illinois (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90542 |
| Illinois (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 100804 |
| Illinois (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 183767 |
| Illinois (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127209 |
| Illinois (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 298770 |
| Illinois (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 218631 |
| Illinois (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;03/01/2047 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126941 |
| Illinois (State of), Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5698 |
| Illinois (State of), Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50699 |
| Illinois (State of), Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 193282 |
| Illinois (State of), Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79235 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45271 |
| Illinois (State of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10937 |
| Illinois (State of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22092 |
| Illinois (State of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10446 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 255160 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68492 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39269 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 156140 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 166108 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104403 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 99457 |

---

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

------

#### 365

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$65881 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103590 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53956 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63792 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 211003 |
| Illinois (State of), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28351 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11363 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 269733 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 161935 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 299311 |
| Illinois (State of), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 193418 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102064 |
| Illinois (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11306 |
| Illinois (State of), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85332 |
| Illinois (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28881 |
| Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 213305 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98395 |
| Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21835 |
| Illinois (State of) Finance Authority (Northshore - Edward-Elmhurst Health Credit Group), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37931 |
| Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2047 | &nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 575724 |
| Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2051 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 410804 |
| Illinois (State of) Finance Authority (Rush University System), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79761 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 160145 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5719 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34564 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80964 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51475 |
| Illinois (State of) Toll Highway Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32826 |
| Illinois (State of) Toll Highway Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 269660 |
| Illinois (State of) Toll Highway Authority, Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 437525 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45922 |
| Illinois Municipal Electric Agency, Series 2025 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11427 |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 187079 |
| Sales Tax Securitization Corp., Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17007 |
| University of Illinois, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5729 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9592133 |
| **Indiana-0.89%** |  |  |  |  |
| Greater Clark Building Corp., Series 2022, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;01/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5754 |
| Indiana (State of) Finance Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34175 |
| Indiana (State of) Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28910 |
| Indiana (State of) Finance Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23128 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34368 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 136772 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62351 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 146422 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39175 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17060 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64082 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 383528 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89435 |
| Indianapolis Local Public Improvement Bond Bank, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2053 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 189290 |
| IPS Multi-School Building Corp. (Social Bonds), Series 2023, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21982 |

---

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

------

#### 366

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Indiana-(continued)** |  |  |  |  |
| IPS Multi-School Building Corp. (Social Bonds), Series 2023, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/15/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$43353 |
| Merrillville Multi School Building Corp., Series 2022, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2042 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 146771 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466556 |
| **Iowa-0.51%** |  |  |  |  |
| Iowa (State of) Finance Authority (Green Bonds), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121405 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5230 |
| Iowa (State of) Finance Authority (Iowa Fertilizer Co.), Series 2022, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 718057 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844692 |
| **Kansas-0.07%** |  |  |  |  |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40780 |
| St. Marys (City of), KS, Series 2025, Ref. RB<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55953 |
| Wyandotte County Unified School District No. 203 (Piper), Series 2022 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26124 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122857 |
| **Kentucky-0.34%** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 127), Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95994 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 127), Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61750 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 127), Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22346 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40578 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34739 |
| Kentucky (Commonwealth of) Turnpike Authority (Revitalization), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 124681 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25879 |
| Scott County School District Finance Corp., Series 2022, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 157423 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563390 |
| **Louisiana-0.50%** |  |  |  |  |
| Louisiana (State of), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28787 |
| Louisiana (State of), Series 2024 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75522 |
| Louisiana (State of) (Garvee), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 144663 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.), Series 2007, Ref. RB<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 225016 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67706 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57474 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 184970 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41510 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825648 |
| **Maine-0.09%** |  |  |  |  |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2022 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.13% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62197 |
| University of Maine System, Series 2022, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;03/01/2057 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79184 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141381 |
| **Maryland-1.66%** |  |  |  |  |
| Maryland (State of), First Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 171892 |
| Maryland (State of), First Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 125039 |
| Maryland (State of), First Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28232 |
| Maryland (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 296736 |
| Maryland (State of) (Bidding Group 1), First Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11637 |
| Maryland (State of) (Bidding Group 1), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52181 |
| Maryland (State of) (Bidding Group 2), Second Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 151011 |
| Maryland (State of) (Bidding Group 2), Second Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 142726 |
| Maryland (State of) (Bidding Group 2), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 351302 |
| Maryland (State of) (Bidding Group 2), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 316807 |

---

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

------

#### 367

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Maryland-(continued)** |  |  |  |  |
| Maryland (State of) Department of Transportation, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$17530 |
| Maryland (State of) Health & Higher Educational Facilities Authority (John Hopkins Health), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 109057 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50591 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 261608 |
| Maryland Economic Development Corp. (College Park Leonardtown), Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2064 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67328 |
| Maryland Economic Development Corp. (Morgan State University), Series 2022, RB<br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 209900 |
| Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107990 |
| Montgomery (County of), MD, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76158 |
| Prince George's (County of), MD, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 134887 |
| Prince George's (County of), MD, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17441 |
| Prince George's (County of), MD, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11534 |
| Prince George's (County of), MD, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17207 |
| Prince George's (County of), MD, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17094 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745888 |
| **Massachusetts-3.49%** |  |  |  |  |
| Boston (City of), MA, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23514 |
| Boston (City of), MA, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5842 |
| Boston (City of), MA, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5801 |
| Boston (City of), MA, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46101 |
| Boston (City of), MA, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22920 |
| Boston (City of), MA, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5693 |
| Boston (City of), MA, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50812 |
| Boston (City of), MA, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5637 |
| Boston (City of), MA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 83391 |
| Boston (City of), MA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11746 |
| Massachusetts (Commonwealth of), Series 2015 D, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40004 |
| Massachusetts (Commonwealth of), Series 2018 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 187480 |
| Massachusetts (Commonwealth of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11600 |
| Massachusetts (Commonwealth of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32479 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 234666 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98955 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81001 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 189615 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 268280 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 130539 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28231 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 123133 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50099 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 327298 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 234206 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 349937 |
| Massachusetts (Commonwealth of), Series 2022 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5874 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48869 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64614 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48009 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95345 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136862 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 447776 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34956 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29047 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 217356 |
| Massachusetts (Commonwealth of), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5851 |
| Massachusetts (Commonwealth of), Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5859 |
| Massachusetts (Commonwealth of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35055 |
| Massachusetts (Commonwealth of), Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5851 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109103 |

---

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

------

#### 368

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$11406 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2022 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17189 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2022 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56919 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 128790 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33356 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 296695 |
| Massachusetts (Commonwealth of) Development Finance Agency (Green Bonds) (Harvard University), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 447250 |
| Massachusetts (Commonwealth of) Development Finance Agency (Merrimack College), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 53510 |
| Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5792 |
| Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50740 |
| Massachusetts (Commonwealth of) Development Finance Agency (Northern University), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 350902 |
| Massachusetts (Commonwealth of) Development Finance Agency (Springfield College), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62411 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23241 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40254 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 131391 |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts Institute of Technology), Series 2002 K, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 84224 |
| Massachusetts Bay Transportation Authority Assessment Revenue, Series 2022 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22498 |
| Quincy (City of), MA, Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21090 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5777065 |
| **Michigan-1.09%** |  |  |  |  |
| Detroit City School District, Series 2005 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108773 |
| Great Lakes Water Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22800 |
| Great Lakes Water Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 523691 |
| Great Lakes Water Authority, Series 2022 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 174533 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23152 |
| Michigan (State of), Series 2021 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51464 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64322 |
| Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15831 |
| Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/15/2057 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 158210 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34299 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2036 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 128602 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33274 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/15/2038 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 279049 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55081 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112725 |
| Michigan State University, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23096 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808902 |
| **Minnesota-1.09%** |  |  |  |  |
| Duluth (City of), MN Economic Development Authority (St. Luke's Hospital of Duluth), Series 2022 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41936 |
| Duluth (City of), MN Economic Development Authority (St. Luke's Hospital of Duluth), Series 2022 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/15/2052 | &nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 555145 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10238 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 119867 |
| Minnesota (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91436 |
| Minnesota (State of), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10831 |
| Minnesota (State of), Series 2023 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58116 |

---

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

------

#### 369

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Minnesota-(continued)** |  |  |  |  |
| Minnesota (State of), Series 2023, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$17542 |
| Minnesota (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 215029 |
| Minnesota (State of), Series 2025 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17435 |
| Osseo Independent School District No. 279, Series 2024 A, GO Bonds, (CEP - Ohio School District)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5705 |
| Osseo Independent School District No. 279, Series 2024 A, GO Bonds, (CEP - Ohio School District)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 170170 |
| Osseo Independent School District No. 279, Series 2024 A, GO Bonds, (CEP - Ohio School District)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22497 |
| Rochester (City of), MN (Mayo Clinic), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2057 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 155514 |
| Rosemount-Apple Valley-Eagan Independent School District No 196, Series 2023 A, GO Bonds, (CEP - Ohio School District)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108726 |
| Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, (CEP - Ohio School District)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5752 |
| Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, (CEP - Ohio School District)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62655 |
| Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, (CEP - Ohio School District)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107469 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28186 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804249 |
| **Mississippi-0.16%** |  |  |  |  |
| Mississippi (State of) Development Bank (Desoto County Mississippi Highway Refunding), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28540 |
| University of Mississippi Educational Building Corp. (New Facilities), Series 2022, RB<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 232450 |
| Warren (County of), MS, Series 2018, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5288 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266278 |
| **Missouri-0.79%** |  |  |  |  |
| Jefferson City School District, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5514 |
| Metropolitan St Louis Sewer District, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21061 |
| Metropolitan St. Louis Sewer District, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105691 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102307 |
| Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 375290 |
| Missouri (State of) Highway & Transportation Commission, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 133493 |
| Missouri Development Finance Board, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26240 |
| Springfield (City of), MO, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 388942 |
| Springfield School District No. R-12, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66122 |
| St. Louis School District, Series 2023, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86541 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311201 |
| **Montana-0.16%** |  |  |  |  |
| Montana State Board of Regents, Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2052 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 261786 |
| **Nebraska-0.36%** |  |  |  |  |
| Douglas (County of), NE, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5671 |
| Omaha (City of), NE Public Power District, Series 2022 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10195 |
| Omaha (City of), NE Public Power District, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2047 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 168700 |
| Omaha (City of), NE Public Power District, Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/01/2052 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 358365 |
| Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57850 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600781 |
| **Nevada-0.38%** |  |  |  |  |
| Clark (County of), NV, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 169727 |
| Clark (County of), NV Department of Aviation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57943 |
| Clark County School District, Series 2022 A, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 222399 |
| Las Vegas (City of), NV Convention & Visitors Authority, Series 2022 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63109 |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45753 |
| Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5242 |
| Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20815 |
| Las Vegas Valley Water District, Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25756 |

---

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

------

#### 370

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Nevada-(continued)** |  |  |  |  |
| Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$17408 |
| Nevada (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5785 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633937 |
| **New Jersey-3.16%** |  |  |  |  |
| Bergen County Improvement Authority (The), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11095 |
| Bergen County Improvement Authority (The), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84410 |
| New Jersey (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 792916 |
| New Jersey (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56733 |
| New Jersey (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 170020 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104929 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 212838 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 269602 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28268 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22450 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39037 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 140017 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 104789 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 BB-2, RN<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45233 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 508868 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74997 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68500 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 192941 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107074 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 100706 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55590 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86400 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39983 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 CC, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39081 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23367 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 88305 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 169230 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34343 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51824 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50739 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 123181 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84695 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66434 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65528 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 131723 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80290 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57690 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86488 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 381172 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 121149 |
| New Jersey (State of) Turnpike Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40202 |
| Newark (City of), NJ (Mulberry Pedestrian Bridge Redevelopment), Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.38% | &nbsp;&nbsp;&nbsp;11/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48417 |
| Newark (City of), NJ (Mulberry Pedestrian Bridge Redevelopment), Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;11/15/2062 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110965 |
| South Jersey Transportation Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62371 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5234590 |
| **New Mexico-0.15%** |  |  |  |  |
| New Mexico (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46158 |
| New Mexico (State of) Finance Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5855 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92556 |
| New Mexico (State of) Severance Tax Permanent Fund, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 104125 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248694 |

---

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

------

#### 371

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-19.34%** |  |  |  |  |
| Battery Park (City of), NY Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$23675 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77811 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31057 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5816 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34788 |
| Long Island (City of), NY Power Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75949 |
| Metropolitan Transportation Authority, Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 59243 |
| Metropolitan Transportation Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 442753 |
| Metropolitan Transportation Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63839 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17411 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52232 |
| Metropolitan Transportation Authority (Bidding Group 1), Series 2022 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15394 |
| Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 192448 |
| Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 219593 |
| Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51916 |
| Nassau County Local Economic Assistance Corp. (Cold Spring Harbor Laboratory), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46372 |
| New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 280046 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Eight series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29005 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 70233 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Three Series 2023 Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41224 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirty Third Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 191830 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Four Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11391 |
| New York (City of), NY, Series 2006 J, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 167632 |
| New York (City of), NY, Series 2008 L-5, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39365 |
| New York (City of), NY, Series 2012-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50612 |
| New York (City of), NY, Series 2021 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5655 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 217224 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34080 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84576 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89573 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 211289 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 99570 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61471 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 213722 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 333892 |
| New York (City of), NY, Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 233335 |
| New York (City of), NY, Series 2022 B-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34695 |
| New York (City of), NY, Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17348 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11565 |
| New York (City of), NY, Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 289125 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 173475 |
| New York (City of), NY, Series 2023-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57825 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 225518 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40219 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40271 |
| New York (City of), NY, Series 2024 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5783 |
| New York (City of), NY, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5783 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34781 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 177391 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5685 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50782 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72829 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90412 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39374 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 123023 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33427 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 204219 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32803 |

---

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

------

#### 372

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2047 | $&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;$529723 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 109448 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 165054 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79233 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10534 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27905 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50624 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117601 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92492 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43751 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16254 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2046 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 139951 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57371 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10605 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/15/2052 | &nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 776420 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 228127 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23314 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2047 | &nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 516750 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 190680 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33377 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2045 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 127786 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23314 |
| New York (City of), NY Transitional Finance Authority, Series 2010 F-5, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16868 |
| New York (City of), NY Transitional Finance Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5694 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51380 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56359 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117577 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 133622 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16920 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 237247 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61038 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 183942 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117689 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31840 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58138 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 201737 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 309206 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79495 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 173906 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105900 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10402 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 199239 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38700 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60246 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 146478 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48430 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106474 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2047 | &nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 617330 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5189 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11712 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92665 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 183022 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2037 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 181180 |
| New York (City of), NY Transitional Finance Authority, Series 2022 S-1A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89775 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22984 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84646 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 325372 |

---

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

------

#### 373

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$83606 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10402 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46502 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 399278 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2047 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 491771 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 234394 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45578 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 150666 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28363 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105394 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75580 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28849 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5770 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 116276 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69766 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 87207 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17441 |
| New York (City of), NY Transitional Finance Authority, Series 2025 S-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11712 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 127904 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 104649 |
| New York (City of), NY Transitional Finance Authority, Series 2026, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5814 |
| New York (City of), NY Transitional Finance Authority, Subseries 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 148502 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84711 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 313233 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5278 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28356 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73491 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 365803 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16706 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5510 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 210923 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 308648 |
| New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33523 |
| New York (City of), NY Transitional Finance Authority, Subseries 2023 D-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 244162 |
| New York (State of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23376 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 410944 |
| New York (State of) Dormitory Authority, Series 2021 E, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25696 |
| New York (State of) Dormitory Authority, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 388868 |
| New York (State of) Dormitory Authority, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46482 |
| New York (State of) Dormitory Authority, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 199804 |
| New York (State of) Dormitory Authority, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84473 |
| New York (State of) Dormitory Authority, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20715 |
| New York (State of) Dormitory Authority, Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45906 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 249572 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16062 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15940 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50684 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 139866 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 486048 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2046 | &nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 583990 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2052 | &nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 754102 |
| New York (State of) Dormitory Authority, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33043 |
| New York (State of) Dormitory Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 82745 |
| New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41113 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 272788 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17449 |
| New York (State of) Dormitory Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17431 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 120909 |

---

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

------

#### 374

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$57231 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 222035 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35240 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23157 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 124397 |
| New York (State of) Dormitory Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16818 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17449 |
| New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 181413 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38855 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 287248 |
| New York (State of) Dormitory Authority (Rockefeller University), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76534 |
| New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51620 |
| New York (State of) Energy Research & Development Authority (New Yourk State Electric & Gas Corp.), Series 1997 C, Ref. RB<br>| &nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20979 |
| New York (State of) Power Authority (Green Transmission), Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28735 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23635 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59226 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45116 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58054 |
| New York (State of) Thruway Authority, Series 2024 Q, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23222 |
| New York (State of) Thruway Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5792 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 167960 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5786 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62720 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39655 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 236336 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106291 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 144541 |
| New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2053 | &nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 358194 |
| New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67422 |
| New York (State of) Thruway Authority (Bidding Group 2), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 212602 |
| New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 148879 |
| New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27329 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2045 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117156 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2046 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 391384 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2048 | &nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 586721 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94550 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23339 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 174120 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11545 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57330 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 119536 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 281068 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56978 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 158793 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110095 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 171896 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5789 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75452 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36670 |
| Schenectady County Capital Resource Corp. (Union College), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57911 |
| Schenectady County Capital Resource Corp. (Union College), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 161244 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-2, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5121 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38774 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 175662 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81316 |

---

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

------

#### 375

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2045 | $&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$105859 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21052 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;11/15/2057 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 432758 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88149 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27805 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43515 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 101504 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 545398 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5882 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-1A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 122615 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-2, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 203216 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 E-2B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 565237 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50916 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 173685 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11749 |
| Triborough Bridge & Tunnel Authority (MTA Brdiges & Tunnels) (Green Bonds), Subseries 2022 D-2, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 325876 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53758 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 131802 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2057 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 174225 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32341 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 256430 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141712 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2057 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 258591 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 451380 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64093 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2062 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 210468 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58610 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32034392 |
| **North Carolina-0.72%** |  |  |  |  |
| Charlotte (City of), NC, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52466 |
| Charlotte (City of), NC, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21540 |
| Guildford (City of), NC, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 116004 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46791 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46379 |
| Nash Health Care Systems, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72977 |
| North Carolina (State of), Series 2019 B, GO Bonds<br>| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 14298 |
| North Carolina (State of), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69686 |
| North Carolina (State of), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33891 |
| North Carolina (State of), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 121951 |
| North Carolina (State of), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 87107 |
| North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 97749 |
| North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68213 |
| North Carolina (State of) (Garvee), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28925 |
| Raleigh (City of), NC Combined Enterprise System, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 134524 |
| Wake (County of), NC, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67842 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 104698 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185041 |
| **Ohio-1.25%** |  |  |  |  |
| American Municipal Power, Inc. (AMP Fremont Energy Center), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33578 |
| Bedford City School District, Series 2025, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;12/01/2055 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 153558 |
| Columbus (City of), OH, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64002 |
| Columbus (City of), OH, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23274 |
| Franklin (County of), OH Convention Facilities Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5780 |
| Kings Local School District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36656 |
| Kings Local School District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/01/2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5311 |
| Northeast Ohio Regional Sewer District, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35146 |

---

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

------

#### 376

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Ohio-(continued)** |  |  |  |  |
| Ohio (State of), Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2032 | $&nbsp;&nbsp;315 | &nbsp;&nbsp;$367241 |
| Ohio (State of), Series 2021 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 179259 |
| Ohio (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80956 |
| Ohio (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46606 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17418 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81770 |
| Ohio (State of), Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29203 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96012 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5731 |
| Ohio (State of) Higher Educational Facility Commission, Series 2022, RB<br>| &nbsp;&nbsp;5.38% | &nbsp;&nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25401 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 |
| Ohio (State of) Water Development Authority (Green Bonds), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 122649 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5818 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 117303 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58652 |
| Ohio State University (The) (Green Bonds), Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 131415 |
| Rickenbacker Port Authority, Series 2002, RB<br>| &nbsp;&nbsp;5.38% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106800 |
| Worthington City School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 219534 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072073 |
| **Oklahoma-0.71%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34119 |
| Cushing (City of), OK Educational Facilities Authority (Cushing Public Schools), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 118948 |
| Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84102 |
| Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 386490 |
| Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28719 |
| Oklahoma (State of) Turnpike Authority, Series 2023, RB<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 19846 |
| Oklahoma (State of) Turnpike Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;01/01/2053 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 272927 |
| Oklahoma Water Resources Board, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2055 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 228377 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173528 |
| **Oregon-0.58%** |  |  |  |  |
| Oregon (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp; 90592 |
| Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 116143 |
| Oregon (State of) Department of Transportation, Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118232 |
| Oregon (State of) Department of Transportation, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 514576 |
| Portland (City of), OR, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 93788 |
| Washington & Multnomah Counties School District No. 48J Beaverton, Series 2022 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21029 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954360 |
| **Pennsylvania-3.91%** |  |  |  |  |
| Allegheny (County of), PA, Series 2024 C-80, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 206867 |
| Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74970 |
| Allegheny (County of), PA Sanitary Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;06/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76640 |
| Allegheny (County of), PA Sanitary Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2053 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207226 |
| Allegheny (County of), PA Sanitary Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27311 |
| Allegheny (County of), PA Sanitary Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26032 |
| Allegheny (County of), PA Sanitary Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21212 |
| Bucks (County of), PA Water and Sewer Authority, Series 2022 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64038 |
| Delaware Valley Regional Finance Authority, Series 2002, RB<br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 474905 |
| Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5388 |
| Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51928 |
| Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 115015 |

---

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

------

#### 377

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2047 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10224 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80652 |
| Pennsylvania (Commonwealth of), First Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 173205 |
| Pennsylvania (Commonwealth of), First Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 484975 |
| Pennsylvania (Commonwealth of), First Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 103855 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 127167 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57694 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 199286 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56288 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15585 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5501 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63467 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32732 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27143 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2047 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 266129 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 184649 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22971 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 49778 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98667 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36908 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37419 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 406690 |
| Pennsylvania State University (The), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 169104 |
| Pennsylvania State University (The), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;09/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52884 |
| Philadelphia (City of), PA, Series 2022 C, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;06/01/2047 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 441461 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23107 |
| Philadelphia (City of), PA, Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115200 |
| Philadelphia (City of), PA (1998 General Ordinance), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11488 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92250 |
| Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 192970 |
| Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 279054 |
| Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (The) (Temple University Health System), Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 162868 |
| Philadelphia (City of), PA Hospitals & Higher Education Facilities Authority (The) (Temple University Health System), Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72428 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 185273 |
| Southeastern Pennsylvania Transportation Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22767 |
| Southeastern Pennsylvania Transportation Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33461 |
| Southeastern Pennsylvania Transportation Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104465 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34387 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50562 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111566 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 166522 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2047 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 169526 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94170 |
| Temple University-of The Commonwealth System of Higher Education, First series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5759 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6483789 |
| **Puerto Rico-0.06%** |  |  |  |  |
| Puerto Rico (Commonwealth of) Electric Power Authority, Series 2007 VV, Ref. RB, (INS - NATL)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102629 |

---

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

------

#### 378

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Rhode Island-0.03%** |  |  |  |  |
| Rhode Island (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$49764 |
| **South Carolina-0.85%** |  |  |  |  |
| Charleston (City of), SC, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104914 |
| Lexington & Richland School District No. 5, Series 2021 B, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27380 |
| Medical University Hospital Authority, Series 2025, RB, (CEP - Federal Housing Administration)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156344 |
| South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73985 |
| South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 156987 |
| South Carolina (State of) Public Service Authority, Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10388 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2013, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10251 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79858 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5095 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 473673 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 E, RB<br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 137305 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 E, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79428 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 E, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5439 |
| South Island Public Service District, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15748 |
| Spartanburg County School District No. 4, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73750 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410545 |
| **Tennessee-0.69%** |  |  |  |  |
| Chattanooga (City of), TN, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40735 |
| Metropolitan Nashville Airport Authority (The), Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 153743 |
| Metropolitan Nashville Airport Authority (The), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41157 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21372 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26617 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62153 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 263887 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15500 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20290 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5454 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51322 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31704 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5142 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5755 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46533 |
| Tennessee (State of) School Bond Authority, Series 2022 A, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 318457 |
| Tennessee (State of) School Bond Authority, Series 2022 A, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31420 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141241 |
| **Texas-10.48%** |  |  |  |  |
| Argyle Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26280 |
| Arlington Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17214 |
| Austin (City of), TX, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63423 |
| Austin (City of), TX, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11640 |
| Austin (City of), TX, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17465 |
| Austin (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 145591 |
| Austin (City of), TX, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29108 |
| Austin Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34707 |

---

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

------

#### 379

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$57986 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 176361 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10918 |
| Bexar (County of), TX Hospital District, Series 2023, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 382810 |
| Board of Regents of the University of North Texas System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11513 |
| Board of Regents of the University of Texas System, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 203529 |
| Board of Regents of the University of Texas System, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 323448 |
| Board of Regents of the University of Texas System, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2043 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 282904 |
| Board of Regents of the University of Texas System, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98857 |
| Brock Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 94172 |
| Bullard Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78278 |
| Celina (City of), TX, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21027 |
| City of Pflugerville TX, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36381 |
| Clear Creek Independent School District, Series 2024 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40271 |
| Comal Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46072 |
| Corpus Christi (City of), TX, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77972 |
| Corpus Christi (City of), TX, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/15/2052 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 123596 |
| Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85347 |
| Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50969 |
| Cypress-Fairbanks Independent School District, Series 2022, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61924 |
| Cypress-Fairbanks Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80626 |
| Dallas & Fort Worth (Cities of), TX, Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60664 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29036 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28723 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39963 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28297 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95577 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33504 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49936 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20714 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 272935 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46457 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114953 |
| Dallas (City of), TX, Series 2024 A, Ctfs. Of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17243 |
| Dallas (City of), TX, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11495 |
| Dallas (City of), TX, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45981 |
| Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49750 |
| Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32972 |
| Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54626 |
| Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43409 |
| Dallas (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 434676 |
| Dallas College, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68900 |
| Deer Park Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2047 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104486 |
| Forney Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120374 |
| Fort Bend Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2053 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103066 |
| Fredericksburg Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15648 |

---

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

------

#### 380

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Frisco Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;02/15/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$15297 |
| Frisco Independent School District, Series 2025 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34446 |
| Frisco Independent School District, Series 2025 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11482 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 201354 |
| Godley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103227 |
| Greater Texoma Utility Authority (City of Sherman), Series 2023 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21040 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 202582 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57913 |
| Harris (County of), TX, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5796 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22693 |
| Harris (County of), TX Port Authority of Houston, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2051 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103691 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41169 |
| Highland Park Independent School District, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 132526 |
| Houston (City of), TX, Series 2002 A, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 145702 |
| Houston (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58236 |
| Houston (City of), TX, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40138 |
| Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2047 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 167939 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28865 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68574 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 340103 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67472 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117221 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55588 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 121207 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16356 |
| Katy Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10528 |
| Klein Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28929 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52190 |
| Liberty Hill Independent School District, Series 2022 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 87997 |
| Lower Colorado River Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67726 |
| Lower Colorado River Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17239 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 271293 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 143972 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62759 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39718 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21665 |
| Melissa Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10356 |
| Midland (City of), TX, Series 2022 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47279 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28735 |
| New Braunfels (City of), TX, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 139614 |
| North Texas Municipal Water District, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55847 |
| North Texas Tollway Authority, Series 2021 B, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 111388 |
| North Texas Tollway Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78521 |
| North Texas Tollway Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5179 |
| North Texas Tollway Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 165317 |
| North Texas Tollway Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15458 |
| North Texas Tollway Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43830 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17180 |
| North Texas Tollway Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11453 |

---

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

------

#### 381

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Northwest Independent School District, Series 2022 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | $&nbsp;&nbsp;240 | &nbsp;&nbsp;$250992 |
| Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105712 |
| Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60870 |
| Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82133 |
| Northwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 397404 |
| Pearland Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 178342 |
| Permanent University Fund - Texas A&M University System, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22378 |
| Permanent University Fund - Texas A&M University System, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38963 |
| Permanent University Fund - Texas A&M University System, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44290 |
| Permanent University Fund - Texas A&M University System, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38327 |
| Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11608 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 243093 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38077 |
| Permanent University Fund - University of Texas System, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28688 |
| Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 116078 |
| Pflugerville (City of), TX, Series 2023, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2053 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 207890 |
| Pflugerville (City of), TX, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 210647 |
| Pflugerville Independent School District, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113840 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74641 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 166624 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40004 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 227026 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84499 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16779 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21958 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70727 |
| Plano Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38002 |
| Plano Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51642 |
| San Antonio (City of), TX, Series 2015, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43311 |
| San Antonio (City of), TX, Series 2022 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106001 |
| San Antonio (City of), TX, Series 2022, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35926 |
| San Antonio (City of), TX, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48777 |
| San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26237 |
| San Antonio Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103308 |
| San Antonio Public Facilities Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11428 |
| San Antonio Public Facilities Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33914 |
| Seguin (City of), TX, Series 2022 A, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;09/01/2057 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104308 |
| Smith (County of), TX, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86604 |
| Smith (County of), TX, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104755 |
| Southwest Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105049 |
| Spring Branch Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;02/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10150 |
| Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5737 |
| Tarrant County College District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40335 |
| Tarrant County College District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22807 |
| Tarrant County College District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11340 |
| Tarrant County College District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39428 |
| Tarrant County College District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61539 |
| Tarrant County College District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77802 |

---

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

------

#### 382

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Tarrant County College District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;$77363 |
| Tarrant County College District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65933 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43366 |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2022, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91116 |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2051 | &nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 630148 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 230863 |
| Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43696 |
| Tennessee (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 122346 |
| Texas (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17500 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5766 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17229 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 103199 |
| Texas (State of) Transportation Commission State Highway Fund, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 613128 |
| Texas (State of) Water Development Board, Series 2021, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11385 |
| Texas (State of) Water Development Board, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115510 |
| Texas (State of) Water Development Board, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45905 |
| Texas (State of) Water Development Board, Series 2022, RB<br>| &nbsp;&nbsp;4.45% | &nbsp;&nbsp;10/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93096 |
| Texas (State of) Water Development Board, Series 2022, RB<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38118 |
| Texas (State of) Water Development Board, Series 2022, RB<br>| &nbsp;&nbsp;4.55% | &nbsp;&nbsp;10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10827 |
| Texas (State of) Water Development Board, Series 2022, RB<br>| &nbsp;&nbsp;4.60% | &nbsp;&nbsp;10/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43199 |
| Texas (State of) Water Development Board, Series 2022, RB<br>| &nbsp;&nbsp;4.65% | &nbsp;&nbsp;10/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32293 |
| Texas (State of) Water Development Board, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5505 |
| Texas (State of) Water Development Board, Series 2022, RB<br>| &nbsp;&nbsp;4.70% | &nbsp;&nbsp;10/15/2041 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 220247 |
| Texas (State of) Water Development Board, Series 2022, RB<br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;10/15/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106898 |
| Texas (State of) Water Development Board, Series 2022, RB<br>| &nbsp;&nbsp;4.80% | &nbsp;&nbsp;&nbsp;10/15/2052 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 152980 |
| Texas (State of) Water Development Board, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15520 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35020 |
| Texas (State of) Water Development Board (Master Trust), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2047 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 290670 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 214537 |
| Texas State Technical College, Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 315538 |
| Texas State University Board of Regents, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40103 |
| Texas State University Board of Regents, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68915 |
| University of Houston, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91856 |
| University of Houston, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51130 |
| University of Houston, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50837 |
| University of Houston, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28030 |
| University of Houston, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16717 |
| University of Houston, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27704 |
| University of Houston, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65854 |
| University of Houston, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32769 |
| University of Houston, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 173277 |
| Waco Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 143736 |
| West Harris (County of), TX Regional Water Authority, Series 2022, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;12/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43110 |
| White Settlement Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5222 |
| White Settlement Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2055 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 185751 |
| Ysleta Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;08/15/2056 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 143801 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17366267 |
| **Utah-1.54%** |  |  |  |  |
| Intermountain Power Agency, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 158460 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115440 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 131457 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51131 |

---

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

------

#### 383

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Utah-(continued)** |  |  |  |  |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$56040 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 122518 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33172 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 153637 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 131079 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 140942 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76257 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 140357 |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107135 |
| Salt Lake City (City of), UT, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25842 |
| University of Utah (The), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107584 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115844 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45951 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39914 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 157554 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55917 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44506 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 105116 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 147200 |
| Utah (State of) Transit Authority, Series 2006 C, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107903 |
| Utah (State of) Transit Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52602 |
| Utah Telecommunication Open Infrastructure Agency, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45244 |
| Utah Telecommunication Open Infrastructure Agency, Series 2022, Ref. RB<br>| &nbsp;&nbsp;4.38% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47560 |
| Utah Telecommunication Open Infrastructure Agency, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550362 |
| **Virginia-1.78%** |  |  |  |  |
| Fairfax (County of), VA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23158 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 163617 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43357 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53417 |
| Fairfax (County of), VA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15709 |
| Fairfax (County of), VA, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23400 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5850 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45339 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16887 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61506 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17226 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5742 |
| Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78907 |
| Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 155418 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2021, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5353 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 167155 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34584 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2017, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 175337 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85217 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84625 |

---

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

------

#### 384

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Virginia-(continued)** |  |  |  |  |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$55582 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 114346 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 195975 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2022, RB<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10442 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61626 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50134 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16638 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40348 |
| Virginia (Commonwealth of) Public Building Authority, Series 2021 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45619 |
| Virginia (Commonwealth of) Public Building Authority, Series 2022, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10391 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64034 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34560 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 131732 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73979 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90331 |
| Virginia (Commonwealth of) Public School Authority, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104484 |
| Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health, Inc.), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 244390 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92722 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2022, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38036 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2022, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26995 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2022, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107173 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2022, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69091 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940432 |
| **Washington-3.89%** |  |  |  |  |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85408 |
| Clark County School District No. 114 Evergreen, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72657 |
| Douglas (County of), WA Public Utility District No. 1, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104327 |
| Energy Northwest, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11425 |
| Energy Northwest, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46482 |
| Energy Northwest, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46482 |
| Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17421 |
| Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17232 |
| Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39988 |
| Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 334531 |
| Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 309916 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33200 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2022, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27531 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38346 |
| King (County of), WA, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 130876 |
| King (County of), WA, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11504 |
| King (County of), WA, Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11682 |
| King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23256 |

---

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

------

#### 385

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |
| King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5758 |
| King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11438 |
| King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45120 |
| King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22324 |
| King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 350230 |
| King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33219 |
| King County School District No. 403 Renton, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28266 |
| King County School District No. 403 Renton, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78731 |
| Seattle (City of), WA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36911 |
| Seattle (City of), WA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77695 |
| Seattle (City of), WA, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23067 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23207 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10418 |
| Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52449 |
| Snohomish County School District No. 6 Mukilteo, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40424 |
| Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56630 |
| Spokane County School District No. 81, Series 2022, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95602 |
| University of Washington, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75068 |
| University of Washington, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46380 |
| Washington (State of), Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32022 |
| Washington (State of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5767 |
| Washington (State of), Series 2022 R, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38444 |
| Washington (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23068 |
| Washington (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81408 |
| Washington (State of), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80737 |
| Washington (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23190 |
| Washington (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17301 |
| Washington (State of), Series R-2023B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 423919 |
| Washington (State of), Series R-2024C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 157000 |
| Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 279112 |
| Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51955 |
| Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 166519 |
| Washington (State of) (Bid Group 1), Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34212 |
| Washington (State of) (Bid Group 1), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 144174 |
| Washington (State of) (Bid Group 1), Series 2024-A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 93037 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 101403 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11209 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5574 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 261188 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 182053 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 328022 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114619 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 211076 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96410 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107056 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61625 |

---

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

------

#### 386

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |  |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;$61320 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44110 |
| Washington (State of) (Bid Group 2), Series 2022 C, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2034 |  | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21554 |
| Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46519 |
| Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 |  | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 130095 |
| Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26871 |
| Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2046 |  | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 101310 |
| Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31758 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5549 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 |  | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 180694 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10868 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32338 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26744 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2046 |  | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116802 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6443833 |
| **Wisconsin-1.13%** |  |  |  |  |  |
| Wisconsin (State of), Series 2022 4, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 |  | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 121623 |
| Wisconsin (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22669 |
| Wisconsin (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 |  | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 119182 |
| Wisconsin (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67688 |
| Wisconsin (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22421 |
| Wisconsin (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72467 |
| Wisconsin (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49917 |
| Wisconsin (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11034 |
| Wisconsin (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21721 |
| Wisconsin (State of), Series 2023-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 |  | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 150580 |
| Wisconsin (State of), Series 2024-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34749 |
| Wisconsin (State of), Series 2025-3, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2032 |  | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 167955 |
| Wisconsin (State of) Department of Transportation, Series 2023-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 |  | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63984 |
| Wisconsin (State of) Department of Transportation, Series 2024-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2032 |  | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 314103 |
| Wisconsin (State of) Health & Educational Facilities Authority (Bellin Memorial Hospital, Inc.), Series 2022 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2048 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5351 |
| Wisconsin (State of) Health & Educational Facilities Authority (Bellin Memorial Hospital, Inc.), Series 2022, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;12/01/2052 |  | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53785 |
| Wisconsin (State of) Public Finance Authority, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2052 |  | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 169207 |
| Wisconsin (State of) Public Finance Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.63% | &nbsp;&nbsp;&nbsp;07/01/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21228 |
| Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A-1, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;07/01/2052 |  | &nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 371259 |
| Wisconsin (State of) Public Finance Authority (Uwharrie Charter Academy), Series 2024 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2044 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5360 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866283 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.88%<br>(Cost $160,374,640) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.88%<br>(Cost $160,374,640) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.88%<br>(Cost $160,374,640) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.88%<br>(Cost $160,374,640) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.88%<br>(Cost $160,374,640) | &nbsp;&nbsp;&nbsp;&nbsp;163803639 |
| OTHER ASSETS LESS LIABILITIES-1.12% | OTHER ASSETS LESS LIABILITIES-1.12% | OTHER ASSETS LESS LIABILITIES-1.12% | OTHER ASSETS LESS LIABILITIES-1.12% | OTHER ASSETS LESS LIABILITIES-1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848999 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp;$165652638 |

---

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

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

------

#### 387

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2032 Municipal Bond ETF (BSMW)—(continued)
February 28, 2026

(Unaudited)

---

| | |
|:---|:---|
| 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;

---

| | |
|:---|:---|
| 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 obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each. |

---

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

------

#### 388

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)
February 28, 2026

(Unaudited)

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Municipal Obligations-98.75%** |  |  |  |  |
| **Alabama-1.99%** |  |  |  |  |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$22863 |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35505 |
| Alabama Highway Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17741 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34654 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33952 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67402 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33486 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83120 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111867 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 133156 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 647263 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5595 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 486508 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108898 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26362 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts.<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53049 |
| Madison (City of), AL Water & Wastewater Board, Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 317746 |
| Montgomery (City of), AL, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15734 |
| Pike Road (Town of), AL, Series 2023, GO Wts.<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31075 |
| Saraland (City of), AL, Series 2023 B, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10343 |
| UAB Medicine Finance Authority (University of Alabama Birmingham Hospital), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 120159 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396478 |
| **Alaska-0.06%** |  |  |  |  |
| Alaska (State of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11768 |
| Alaska (State of), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5883 |
| Alaska Housing Finance Corp. (Veterans Mortgage), First Series 2025, RB, (CEP - GNMA)<br>| &nbsp;&nbsp;4.88% | &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50837 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68488 |
| **Arizona-1.46%** |  |  |  |  |
| Arizona (State of) Department of Transportation, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17665 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40456 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 145318 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5611 |
| Maricopa County Union High School District No. 216 Agua Fria, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22067 |
| Maricopa County Union High School District No. 216 Agua Fria, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21863 |
| Phoenix Civic Improvement Corp., Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29215 |
| Phoenix Civic Improvement Corp., Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 121740 |
| Phoenix Civic Improvement Corp., Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74801 |
| Phoenix Civic Improvement Corp., Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90959 |
| Phoenix Civic Improvement Corp., Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11301 |
| Phoenix Civic Improvement Corp., Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11257 |
| Phoenix Civic Improvement Corp., Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44216 |
| Phoenix Civic Improvement Corp., Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152034 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 174920 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2047 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 291935 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2050 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120767 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 111319 |
| University of Arizona Board of Regents (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 272598 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760042 |
| **Arkansas-0.10%** |  |  |  |  |
| Pulaski (County of), AR, Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;03/01/2053 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120468 |

---

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

------

#### 389

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-16.99%** |  |  |  |  |
| Alameda (County of), CA Joint Powers Authority (Highland Hospital Project), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;$66712 |
| Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137932 |
| Alvord Unified School District, Series 2023 A, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26336 |
| Bay Area Toll Authority, Series 2024 S-11, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 42208 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2054 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 226310 |
| Benicia Unified School District (Election of 2004), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2053 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 179673 |
| Burlingame School District, Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10603 |
| California (State of), Series 2016, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 460430 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11629 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 273171 |
| California (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5857 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35870 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17777 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47227 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23679 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 387359 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 199724 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64135 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 347128 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102677 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 448342 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16656 |
| California (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;09/01/2053 | &nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 713358 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 101632 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 106664 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 198081 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 459723 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 375493 |
| California (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 100407 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 65762 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23913 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53734 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 101632 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 160122 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 447782 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2023 V-3, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 182114 |
| California (State of) Educational Facilities Authority (University of the Pacific), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83823 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 24146 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 104915 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34742 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 383331 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33497 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 127243 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 48808 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29849 |
| California (State of) Infrastructure & Economic Development Bank (The J. Paul Getty Trust), Series 2020 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 217865 |
| California (State of) Infrastructure & Economic Development Bank (The J. Paul Getty Trust), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 30259 |
| California (State of) Public Finance Authority (Sharp Healthcare), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 54281 |
| California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 71878 |
| California (State of) Public Works Board (Various Capital), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23527 |
| California (State of) Public Works Board (Various Capital), Series 2023 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81920 |
| California (State of) Public Works Board (Various Capital), Series 2023 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34839 |
| California (State of) Public Works Board (Various Capital), Series 2023 D, RB<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10605 |
| California (State of) Public Works Board (Various Capital), Series 2023 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16596 |
| California (State of) Public Works Board (Various Capital), Series 2023 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49289 |

---

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

------

#### 390

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$23566 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53345 |
| California (State of) Public Works Board (Various Capital), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 237657 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59898 |
| California State University, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85038 |
| California State University, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 322656 |
| California State University, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26973 |
| Central Unified School District, Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 4814 |
| Central Unified School District, Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 236035 |
| East Bay Municipal Utility District, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28850 |
| East Bay Municipal Utility District, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33430 |
| East Bay Municipal Utility District, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22287 |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6074 |
| East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22953 |
| East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 198745 |
| East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2054 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138031 |
| East Side Union High School District, Series 2024 B, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 30368 |
| El Centro (City of), CA Financing Authority (Police Station), Series 2023 A, RB<br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 121068 |
| El Rancho Unified School District (Election of 2016), Series 2023 D, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51012 |
| Hayward Area Recreation & Park District, Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42234 |
| Imperial (County of), CA Community College District (Election of 2022), Series 2023 A, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10701 |
| Imperial Irrigation District, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105022 |
| Indio Electric Financing Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;01/01/2053 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106053 |
| Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;09/01/2053 | &nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 399316 |
| Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106381 |
| Kern High School District (Election of 2022), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 30368 |
| Los Angeles (City of), CA, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35262 |
| Los Angeles (City of), CA, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 163082 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68740 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 253218 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52438 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73300 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26328 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 144069 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11003 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5454 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57550 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17180 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112803 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33247 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60515 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76357 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 183847 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73831 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23333 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17500 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81666 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Measure R), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 30371 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Senior Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 91253 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6101 |
| Los Angeles Unified School District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 236068 |
| Los Angeles Unified School District, Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6053 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52442 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69290 |

---

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

------

#### 391

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$11472 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56863 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107570 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 129029 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 249802 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 36266 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6044 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6044 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6044 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 24177 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29787 |
| Los Angeles Unified School District (Green Bonds), Series 2023, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5781 |
| Manteca Unified School District (Election of 2020), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53802 |
| Metropolitan Water District of Southern California, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23907 |
| Metropolitan Water District of Southern California, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2048 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 209148 |
| Modesto Irrigation District, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65304 |
| Norwalk-La Mirada Unified School District, Series 2023 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2051 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 179800 |
| Oak Grove School District, Series 2023 A-2, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94605 |
| Oakland (City of), CA, Series 2023 D, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53833 |
| Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161279 |
| Ontario Montclair School District, Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5325 |
| Redwood City School District (Election of 2022), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 96280 |
| Redwood City School District (Election of 2022), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52950 |
| Rialto Unified School District (Election of 2022), Series 2023, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41781 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 284111 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100681 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 N-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12232 |
| Sacramento Transportation Authority (Measure A), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23741 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 36596 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47839 |
| Sacramento Transportation Authority (Measure A), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5888 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60384 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23933 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 65509 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76793 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29165 |
| San Diego Unified School District (Election of 2008), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32171 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89674 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 166219 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52784 |
| San Francisco (City & County of), CA, Series 2022 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17767 |
| San Francisco (City & County of), CA, Series 2024 R-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18179 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Second Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117440 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 147114 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38452 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35798 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 125912 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64979 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 129746 |
| San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84762 |
| San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 131835 |
| San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10784 |

---

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

------

#### 392

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Transbay Infrastructure), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2053 | $&nbsp;&nbsp;130 | &nbsp;&nbsp;$139322 |
| San Francisco (City of), CA, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 66439 |
| San Francisco (City of), CA, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12224 |
| San Joaquin Hills Transportation Corridor Agency, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 129373 |
| San Mateo County Transit District, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6067 |
| San Mateo Foster City School District (Election of 2020), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79607 |
| Santa Clara Unified School District, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 24288 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 42363 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 71798 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 71421 |
| Southern California Public Power Authority (No.1), Series 2007 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90640 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 172649 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5680 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27987 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023-1A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 221494 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023-1A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 227137 |
| University of California, Series 2022 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 116284 |
| University of California, Series 2023 BM, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23771 |
| University of California, Series 2023 BM, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 205060 |
| University of California, Series 2023 BM, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23077 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 196115 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58589 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 116469 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 317315 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 303223 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11342 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 336248 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89194 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 171347 |
| University of California, Series 2023 BQ, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 83200 |
| University of California, Series 2023 BQ, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 193343 |
| University of California, Series 2024 BV, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 65372 |
| University of California, Series 2024 BW, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 196115 |
| University of California, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35657 |
| University of California, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11886 |
| Victor Valley Community College District (Election of 2008), Series 2024 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2051 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 210093 |
| Washington Township Health Care District, Series 2023 A, RB<br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5333 |
| Washington Township Health Care District (Election of 2020), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 180500 |
| Washington Township Health Care District (Election of 2020), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;08/01/2053 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 135942 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20459786 |
| **Colorado-0.88%** |  |  |  |  |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12253 |
| Board of Governors of Colorado State University System, Series 2013 A, Ref. RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115245 |
| Bromley Park Metropolitan District No. 2, Series 2023, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.38% | &nbsp;&nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53154 |
| Centennial Water & Sanitation District, Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 187132 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28565 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28663 |
| Colorado Springs (City of), CO, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5401 |
| Colorado Springs (City of), CO, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 212820 |
| Colorado Springs School District No. 11 Facilities Corp., Series 2024, COP, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69220 |

---

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

------

#### 393

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Colorado-(continued)** |  |  |  |  |
| Denver (City & County of), CO, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5881 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5609 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11181 |
| Denver (City & County of), CO, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33206 |
| Denver (City & County of), CO (Wellington E. Webb Municipal Office Building), Series 2023, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34998 |
| Denver (City & County of), CO (Wellington E. Webb Municipal Office Building), Series 2023, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52102 |
| Denver (City & County of), CO (Wellington E. Webb Municipal Office Building), Series 2023, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86209 |
| Midtown Clear Creek Metropolitan District, Series 2023 A, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73376 |
| University of Colorado, Series 2017 A-2, Ref. RB<sup>(b)</sup><br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25013 |
| University of Colorado, Series 2017 A-2, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15002 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055030 |
| **Connecticut-1.68%** |  |  |  |  |
| Connecticut (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108599 |
| Connecticut (State of), Series 2022 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52282 |
| Connecticut (State of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11791 |
| Connecticut (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5848 |
| Connecticut (State of), Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 70314 |
| Connecticut (State of), Series 2024 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 230850 |
| Connecticut (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 117257 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35537 |
| Connecticut (State of) (Green Bonds), Series 2021 B, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30360 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40594 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46122 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34350 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 244450 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28267 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84393 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50039 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16814 |
| Connecticut (State of) (Transportation Infrastructure), Series 2023 A, RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 105658 |
| Connecticut (State of) (Transportation Infrastructure), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41218 |
| Connecticut (State of) Health & Educational Facilities Authority (Yale University), Series 1999, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 555927 |
| New Haven (City of), CT, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58031 |
| University of Connecticut, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54427 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023128 |
| **Delaware-0.23%** |  |  |  |  |
| Delaware (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11813 |
| Delaware (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 105197 |
| Delaware (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81289 |
| Delaware (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28647 |
| Delaware (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45576 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272522 |
| **District of Columbia-2.25%** |  |  |  |  |
| District of Columbia, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 173275 |
| District of Columbia, Series 2022 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 104635 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 103872 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51624 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51216 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112746 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16827 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16582 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5495 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2045 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128630 |
| District of Columbia, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133683 |
| District of Columbia, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107605 |
| District of Columbia, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67066 |

---

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

------

#### 394

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| District of Columbia, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$22263 |
| District of Columbia, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16577 |
| District of Columbia, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 285061 |
| District of Columbia, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 311179 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23463 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5883 |
| Washington Metropolitan Area Transit Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40415 |
| Washington Metropolitan Area Transit Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27512 |
| Washington Metropolitan Area Transit Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2044 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117635 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11005 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54387 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2048 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 161558 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;07/15/2051 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 219616 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84067 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45797 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34084 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84068 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44477 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43510 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5395 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711208 |
| **Florida-3.02%** |  |  |  |  |
| Brevard (County of), FL, Series 2023, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;09/01/2053 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 179522 |
| Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.60% | &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 183587 |
| Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42676 |
| Florida (State of), Series 2022 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58848 |
| Florida (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5885 |
| Florida (State of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 288353 |
| Florida (State of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64732 |
| Florida (State of) Board of Governors (University of North Florida), Series 2023 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25817 |
| Florida (State of) Department of Transportation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23671 |
| Florida (State of) Municipal Power Agency, Series 2021 A, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 174872 |
| Fort Lauderdale (City of), FL (Enabling Works), Series 2023 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 187790 |
| Fort Lauderdale (City of), FL (Enabling Works), Series 2023 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76349 |
| Fort Lauderdale (City of), FL (Prospect Lake Water Treatment Plant), Series 2023, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33139 |
| Fort Myers (City of), FL, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59723 |
| Fort Myers (City of), FL, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53065 |
| Hillsborough (County of), FL, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156954 |
| Jacksonville (City of), FL, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107549 |
| Jacksonville (City of), FL, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32420 |
| Jacksonville (City of), FL, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5890 |
| JEA Electric System, Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35410 |
| JEA Water & Sewer System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5448 |
| JEA Water & Sewer System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 326857 |
| Manatee (County of), FL, Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161526 |
| Manatee (County of), FL, Series 2023, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;10/01/2053 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 162649 |
| Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11601 |
| Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40226 |
| Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51347 |
| Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5658 |
| Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 175242 |
| Miami (City of), FL, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 192791 |
| Miami (City of), FL, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5250 |
| Miami-Dade (County of), FL, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41332 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2007 B, Ref. RB, (INS - AMBAC)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28697 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60398 |

---

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

------

#### 395

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Florida-(continued)** |  |  |  |  |
| Orange (County of), FL School Board, Series 2024 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$17586 |
| Orlando (City of), FL Utilities Commission, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105733 |
| Palm Beach County School District, Series 2023 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68634 |
| Palm Beach County School District, Series 2023 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28360 |
| Palm Beach County School District, Series 2023 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16874 |
| Palm Beach County School District, Series 2023 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22341 |
| Pasco (City of), FL, Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77103 |
| Sarasota (County of), FL School Board, Series 2023 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 97533 |
| Sarasota (County of), FL School Board, Series 2023 B, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46376 |
| Sarasota (County of), FL School Board, Series 2023 B, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68533 |
| St. Lucie (County of), FL School Board, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25976 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640323 |
| **Georgia-1.66%** |  |  |  |  |
| Atlanta (City of), GA, Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 159321 |
| Atlanta (City of), GA (Green Bonds), Series 2023 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 182269 |
| Atlanta (City of), GA (Social Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5424 |
| Augusta (City of), GA, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 82306 |
| Augusta (City of), GA (Wellstar Health System, Inc.), Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.13% | &nbsp;&nbsp;&nbsp;04/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26211 |
| Columbia (City of), GA (Wellstar Health System, Inc.), Series 2023, RAC<br>| &nbsp;&nbsp;5.13% | &nbsp;&nbsp;04/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5246 |
| DeKalb (County of), GA, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98855 |
| Fulton (County of), GA, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5855 |
| Georgia (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5811 |
| Georgia (State of), Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35299 |
| Georgia (State of) (Bidding Group 1), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29645 |
| Georgia (State of) (Bidding Group 2), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 349208 |
| Georgia (State of) (Bidding Group 2), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5777 |
| Georgia (State of) (Bidding Group 2), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 218091 |
| Georgia (State of) (Tranche 2), Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;2.50% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 49537 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2064 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 126866 |
| Georgia (State of) Municipal Electric Authority (Project One), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46132 |
| Georgia (State of) Ports Authority, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63709 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5914 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53227 |
| Private Colleges & Universities Authority (Emory University), Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 294560 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 147280 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996543 |
| **Hawaii-0.08%** |  |  |  |  |
| Hawaii (State of), Series 2016 FB, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25003 |
| Honolulu (City & County of), HI, Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23597 |
| Honolulu (City & County of), HI, Series 2025 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29497 |
| Honolulu (City & County of), HI (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15991 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94088 |
| **Idaho-0.36%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39486 |
| Idaho (State of) Housing & Finance Association, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28108 |
| Idaho (State of) Housing & Finance Association, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 269525 |
| Idaho State Building Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 94156 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431275 |
| **Illinois-4.10%** |  |  |  |  |
| Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73859 |
| Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;01/01/2053 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120403 |
| Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26161 |
| Chicago (City of), IL, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 228989 |
| Chicago (City of), IL, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 129642 |

---

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

------

#### 396

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Illinois-(continued)** |  |  |  |  |
| Chicago (City of), IL, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | $&nbsp;&nbsp;350 | &nbsp;&nbsp;$379006 |
| Chicago (City of), IL, Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54144 |
| Chicago (City of), IL (O'Hare International Airport), Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 264946 |
| Chicago (City of), IL (O'Hare International Airport), Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27146 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34722 |
| Chicago (City of), IL Board of Education, Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27661 |
| Chicago (City of), IL Board of Education, Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 180378 |
| Chicago (City of), IL Board of Education, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26641 |
| Chicago (City of), IL Board of Education, Series 2023, RB<br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;04/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85203 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2007 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59952 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11615 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 143408 |
| Cook (County of), IL, Series 2022 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80140 |
| Illinois (State of), Series 2016 D, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 84023 |
| Illinois (State of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50648 |
| Illinois (State of), Series 2022 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 175640 |
| Illinois (State of), Series 2022 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5631 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51892 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56803 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78798 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16736 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83014 |
| Illinois (State of), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109565 |
| Illinois (State of), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10467 |
| Illinois (State of), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15584 |
| Illinois (State of), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 453778 |
| Illinois (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 118645 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68792 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5625 |
| Illinois (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45739 |
| Illinois (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 99470 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11747 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106171 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10508 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75348 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 139103 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75839 |
| Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2057 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105290 |
| Illinois (State of) Municipal Electric Agency, Series 2025 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34781 |
| Illinois (State of) Toll Highway Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 203604 |
| Illinois (State of) Toll Highway Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82933 |
| Illinois (State of) Toll Highway Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 162067 |
| Illinois (State of) Toll Highway Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2045 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 174136 |
| Sales Tax Securitization Corp., Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114792 |
| Sales Tax Securitization Corp., Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45917 |
| Sales Tax Securitization Corp., Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102105 |
| Springfield (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11448 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940655 |
| **Indiana-1.04%** |  |  |  |  |
| Indiana (State of) Finance Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26240 |
| Indiana (State of) Finance Authority (Citizens Energy Group), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46377 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17247 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75493 |
| Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27571 |
| Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109040 |
| Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2053 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 179616 |
| Indiana (State of) Finance Authority (Stadium), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45308 |

---

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

------

#### 397

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Indiana-(continued)** |  |  |  |  |
| Indianapolis Local Public Improvement Bond Bank, Series 2023, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10418 |
| Indianapolis Local Public Improvement Bond Bank, Series 2023, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/01/2058 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 155457 |
| Indianapolis Local Public Improvement Bond Bank, Series 2023, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/01/2067 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 261446 |
| Indianapolis Local Public Improvement Bond Bank (Circle City Forward Phase II), Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2048 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133807 |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis Airport Authority), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51941 |
| Indianapolis Local Public Improvement Bond Bank (Metropolitan Throughfare), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21783 |
| Indianapolis Local Public Improvement Bond Bank (Metropolitan Throughfare), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86326 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248070 |
| **Iowa-0.35%** |  |  |  |  |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40584 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107652 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 181159 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11509 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56857 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5621 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22283 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425665 |
| **Kansas-0.03%** |  |  |  |  |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35483 |
| **Kentucky-0.74%** |  |  |  |  |
| Christian County School District Finance Corp., Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;10/01/2053 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 150248 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23353 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 175414 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21833 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2003, Ref. RB<br>| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 4496 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 208339 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41924 |
| Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 177993 |
| Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52333 |
| University of Kentucky, Series 2018, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 34979 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890912 |
| **Louisiana-0.98%** |  |  |  |  |
| Ernest N. Morial New Orleans Exhibition Hall Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;07/15/2053 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 262295 |
| Lafayette (City of), LA, Series 2023, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.13% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10603 |
| Louisiana (State of), Series 2017 B, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25012 |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11677 |
| Louisiana (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52751 |
| Louisiana (State of), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17493 |
| Louisiana (State of), Series 2024 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 117749 |
| Louisiana (State of) (Garvee), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 93100 |
| Louisiana (State of) Public Facilities Authority, Series 2017, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 101294 |
| Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11372 |
| Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 229953 |
| Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104286 |
| Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141201 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178786 |
| **Maine-0.00%** |  |  |  |  |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2023 B, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5308 |
| **Maryland-1.44%** |  |  |  |  |
| Baltimore (County of), MD (84th Issue), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73661 |
| Maryland (State of), First Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 123964 |
| Maryland (State of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 190869 |
| Maryland (State of) (Bidding Group 2), First Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69875 |

---

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

------

#### 398

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Maryland-(continued)** |  |  |  |  |
| Maryland (State of) (Bidding Group 2), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;2.13% | &nbsp;&nbsp;&nbsp;08/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$46891 |
| Maryland (State of) (Bidding Group 2), Series 2023, A GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115431 |
| Maryland (State of) Department of Transportation, Series 2019, RB<br>| &nbsp;&nbsp;2.50% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 145946 |
| Maryland (State of) Department of Transportation, Series 2021 A, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30289 |
| Maryland (State of) Department of Transportation, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 205666 |
| Maryland (State of) Health & Higher Educational Facilities Authority (Frederick Health System), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 159242 |
| Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 274292 |
| Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115090 |
| Maryland (State of) Stadium Authority (Football Stadium Issue), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56651 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40358 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76739 |
| Prince George's (County of), MD, Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10149 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735113 |
| **Massachusetts-4.27%** |  |  |  |  |
| Boston (City of), MA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108920 |
| Boston (City of), MA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74396 |
| Boston (City of), MA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56726 |
| Boston (City of), MA, Series 2023, A GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29789 |
| Boston (City of), MA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 119656 |
| Boston (City of), MA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11744 |
| Boston (City of), MA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34404 |
| Boston (City of), MA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5653 |
| Massachusetts (Commonwealth of), Series 2017 E, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80216 |
| Massachusetts (Commonwealth of), Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17346 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81875 |
| Massachusetts (Commonwealth of), Series 2022 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53697 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41070 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81547 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16982 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 275738 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 433042 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36513 |
| Massachusetts (Commonwealth of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17547 |
| Massachusetts (Commonwealth of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40638 |
| Massachusetts (Commonwealth of), Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21021 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59210 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 134943 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23299 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86719 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40205 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 145898 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38603 |
| Massachusetts (Commonwealth of), Series 2023 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 365362 |
| Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34351 |
| Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22522 |
| Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22331 |
| Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77430 |
| Massachusetts (Commonwealth of), Series 2023 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 125544 |
| Massachusetts (Commonwealth of), Series 2023 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2053 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 182944 |
| Massachusetts (Commonwealth of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23684 |
| Massachusetts (Commonwealth of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17344 |
| Massachusetts (Commonwealth of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 132101 |
| Massachusetts (Commonwealth of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 244091 |
| Massachusetts (Commonwealth of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23746 |
| Massachusetts (Commonwealth of), Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11888 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2053 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 344616 |

---

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

------

#### 399

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2023 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$55390 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 65546 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5959 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22581 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16782 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 177590 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 388196 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11115 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5457 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2023-25B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11205 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green Bopnds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 290600 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2023 FF, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142469 |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority, Series 2005, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23928 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5919 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 113162 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2023 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17900 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5149150 |
| **Michigan-1.54%** |  |  |  |  |
| Great Lakes Water Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35197 |
| Great Lakes Water Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58662 |
| Great Lakes Water Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11732 |
| Great Lakes Water Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29294 |
| Kentwood Public Schools, Series 2023 II, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104320 |
| Lansing (City of), MI, Series 2023 B, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52450 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 148368 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46828 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17429 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86572 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22715 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 174256 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67248 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5547 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87784 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112043 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 267744 |
| Michigan (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119679 |
| Michigan (State of) Building Authority (Facilities Program), Series 2025 I, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5863 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5691 |
| Michigan (State of) Finance Authority (Clean Water Revolving Fund), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23714 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 64923 |
| Michigan Technological University, Series 2023 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47384 |
| Troy School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26272 |
| Troy School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2052 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 212328 |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16045 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850088 |
| **Minnesota-0.83%** |  |  |  |  |
| Minnesota (State of), Series 2023 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58991 |
| Minnesota (State of), Series 2023 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64890 |
| Minnesota (State of), Series 2023, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58592 |
| Minnesota (State of), Series 2023, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69741 |
| Minnesota (State of), Series 2023, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92317 |
| Minnesota (State of), Series 2023, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5699 |
| Minnesota (State of), Series 2023, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 233566 |
| Minnesota (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58991 |

---

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

------

#### 400

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Minnesota-(continued)** |  |  |  |  |
| Minnesota (State of), Series 2025 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$29496 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29439 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 104453 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34575 |
| Rochester (City of), MN, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58923 |
| Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023 A, GO Bonds, (CEP - Ohio School District)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11493 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Healthpartners Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91204 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002370 |
| **Missouri-1.27%** |  |  |  |  |
| Hazelwood School District, Series 2023 A, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73865 |
| Missouri (State of) Environmental Improvement & Energy Resources Authority (Union Electric Co.), Series 1998 A, Ref. RB<br>| &nbsp;&nbsp;2.90% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 67053 |
| Missouri (State of) Environmental Improvement & Energy Resources Authority (Union Electric Co.), Series 1998, Ref. RB<br>| &nbsp;&nbsp;2.75% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 14438 |
| Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 325530 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 269980 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84960 |
| Missouri (State of) Highway & Transportation Commission, Series 2022, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38821 |
| Springfield (City of), MO, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 312061 |
| St. Louis (City of), MO, Series 2015 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 345064 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531772 |
| **Nebraska-0.74%** |  |  |  |  |
| Omaha (City of), NE Public Power District, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69538 |
| Omaha (City of), NE Public Power District, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42371 |
| Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32094 |
| Omaha (City of), NE Public Power District, Series 2024 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;02/01/2054 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 270105 |
| Omaha (City of), NE Public Power District, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98665 |
| Omaha (City of), NE Public Power District, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45747 |
| Omaha (City of), NE Public Power District, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 158962 |
| Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 169997 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887479 |
| **Nevada-0.92%** |  |  |  |  |
| Clark (County of), NV, Series 2021, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55760 |
| Clark (County of), NV, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22668 |
| Clark (County of), NV, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28155 |
| Clark (County of), NV, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11173 |
| Clark (County of), NV, Series 2023, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 204393 |
| Clark (County of), NV Water Reclamation District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5330 |
| Las Vegas (City of), NV Convention & Visitors Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67769 |
| Las Vegas Valley Water District, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75828 |
| Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35352 |
| Nevada (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 117286 |
| Nevada (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29101 |
| Nevada (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5708 |
| Nevada (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56735 |
| Nevada (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44996 |
| Nevada (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 230293 |
| Truckee Meadows Water Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 111877 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102424 |
| **New Jersey-3.09%** |  |  |  |  |
| Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - H-1), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2053 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 210234 |
| New Jersey (State of) Economic Development Authority, Series 2024 SSS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11691 |

---

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

------

#### 401

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB<br>| &nbsp;&nbsp;4.63% | &nbsp;&nbsp;09/01/2048 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$51116 |
| New Jersey (State of) Educational Facilities Authority (Stevenns Institute Technology), Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23679 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23169 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56764 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78892 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 114923 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 155878 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58457 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 190481 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28634 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 119203 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107068 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33606 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27822 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52578 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63977 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98052 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 234121 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73760 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90200 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 184752 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77873 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152972 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 557209 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/15/2050 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122056 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 158030 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11691 |
| New Jersey (State of) Turnpike Authority, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22017 |
| New Jersey (State of) Turnpike Authority, Series 2022 B, RB<br>| &nbsp;&nbsp;4.25% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56859 |
| New Jersey (State of) Turnpike Authority, Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 479943 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3727707 |
| **New Mexico-0.09%** |  |  |  |  |
| Farmington (City of), NM (San Juan and Four Corners), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;2.15% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 35911 |
| New Mexico (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76127 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112038 |
| **New York-18.23%** |  |  |  |  |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17099 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16759 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60737 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143324 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2053 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 278036 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12034 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11633 |
| Long Island (City of), NY Power Authority, Series 2023 F, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5948 |
| Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10597 |
| Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83826 |
| Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2053 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 252345 |
| Metropolitan Transportation Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11754 |
| Metropolitan Transportation Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23508 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23508 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35261 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-2, RB<br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 170251 |
| Monroe County Industrial Development Corp. (University of Rochester), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88471 |
| Nassau (County of), NY, Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17449 |
| Nassau (County of), NY, Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5769 |
| Nassau (County of), NY, Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51518 |

---

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

------

#### 402

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$19976 |
| New York & New Jersey (States of) Port Authority, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33143 |
| New York & New Jersey (States of) Port Authority, Series 2023-241, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20923 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51013 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10611 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/15/2053 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104615 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Eight series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5897 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68017 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2042 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 228455 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38667 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42444 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty One Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44989 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Series 2023 Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11247 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Series 2023 Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39005 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Third Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69157 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Three Series 2023 Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5721 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirty Seventh Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53145 |
| New York (City of), NY, Series 2013 E, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 99647 |
| New York (City of), NY, Series 2015 F-1, GO Bonds<br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5002 |
| New York (City of), NY, Series 2021-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76014 |
| New York (City of), NY, Series 2021-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46219 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23389 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11555 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11461 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51157 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 134420 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72582 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11100 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21998 |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43398 |
| New York (City of), NY, Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40930 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 219542 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5730 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95767 |
| New York (City of), NY, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2051 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 269099 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5847 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11628 |
| New York (City of), NY, Series 2024 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5847 |
| New York (City of), NY, Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11694 |
| New York (City of), NY, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52625 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28762 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 172775 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68580 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 147394 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 213500 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50281 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16718 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 237710 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 121037 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76295 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2047 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 164914 |
| New York (City of), NY, Subseries 2023 F-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76014 |
| New York (City of), NY, Subseries 2023 F-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 142104 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11614 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 AA-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47419 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2047 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 113286 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47023 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17121 |

---

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

------

#### 403

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2046 | $&nbsp;&nbsp;425 | &nbsp;&nbsp;$451878 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10822 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2022 EE, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 65092 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66481 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/15/2053 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 296235 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21138 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 106790 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 423629 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 268110 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10897 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2045 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 269731 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2047 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 216709 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 112432 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51561 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34495 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 103853 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 125018 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 270853 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67003 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33289 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49005 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118567 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2046 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 270217 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 156442 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77634 |
| New York (City of), NY Transitional Finance Authority, Series 2023 C, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 295518 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34953 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98465 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69004 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 222458 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107620 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84400 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 139206 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66349 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82802 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62387 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 211770 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16890 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 236650 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16419 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10863 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69915 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2047 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 170192 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35028 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5838 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81454 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5818 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57708 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51527 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22731 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102289 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 219164 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44957 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11108 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28755 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11038 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28575 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55699 |

---

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

------

#### 404

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2047 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10893 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 532592 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2050 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143455 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5313 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5185 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5838 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 117557 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41145 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58380 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11756 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17633 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41145 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 105001 |
| New York (City of), NY Transitional Finance Authority, Subseries 2023 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57252 |
| New York (City of), NY Transitional Finance Authority, Subseries 2023 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 140777 |
| New York (City of), NY Transitional Finance Authority, Subseries 2024 D-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11756 |
| New York (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34850 |
| New York (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11533 |
| New York (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108221 |
| New York (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50878 |
| New York (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23603 |
| New York (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17425 |
| New York (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68811 |
| New York (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33919 |
| New York (State of) Dormitory Authority, Series 2019, RB<br>| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 611260 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63164 |
| New York (State of) Dormitory Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 174268 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 70567 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23361 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63755 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34432 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68331 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5909 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52627 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75393 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 218333 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62675 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 124495 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33767 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72615 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2045 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 213878 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2053 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103830 |
| New York (State of) Dormitory Authority, Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29738 |
| New York (State of) Dormitory Authority, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17475 |
| New York (State of) Dormitory Authority, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 150183 |
| New York (State of) Dormitory Authority, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68780 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 88209 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 354545 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64686 |
| New York (State of) Dormitory Authority (Bidding Group 5), Series 2021 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57422 |
| New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11776 |
| New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17347 |
| New York (State of) Dormitory Authority (State University of New York Dormitory Facilities) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 352584 |
| New York (State of) Dormitory Authority (State University of New York Dormitory Facilities) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109287 |

---

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

------

#### 405

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$30084 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 95179 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34835 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 70383 |
| New York (State of) Power Authority (Green Transmission), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 140274 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23988 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5716 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.13% | &nbsp;&nbsp;&nbsp;11/15/2058 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 190358 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 145554 |
| New York Liberty Development Corp., Series 2021, Ref. RB<br>| &nbsp;&nbsp;2.20% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 36637 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10535 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59248 |
| New York State Urban Development Corp., Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46367 |
| New York State Urban Development Corp., Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11722 |
| New York State Urban Development Corp., Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35009 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11818 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102223 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49787 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21459 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37242 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2048 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141927 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2049 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 230379 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2050 | &nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 354788 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 109207 |
| New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51661 |
| New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2063 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 256616 |
| Triborough Bridge & Tunnel Authority, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5647 |
| Triborough Bridge & Tunnel Authority, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23495 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11885 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5970 |
| Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 178896 |
| Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68991 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17897 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 179498 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17238 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86851 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 217806 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 100954 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43991 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41601 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29478 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 169360 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29193 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98590 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 97593 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68252 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2024, A-2 RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2064 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 209121 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Subseries 2023 B-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5389 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107126 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33131 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23655 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64900 |

---

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

------

#### 406

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$22385 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27809 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49129 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 178200 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2058 | &nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 377772 |
| Westchester County Local Development Corp., Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11199 |
| Westchester County Local Development Corp. (Blood Center), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21940 |
| Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31029 |
| Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 218257 |
| Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46031 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21954346 |
| **North Carolina-0.57%** |  |  |  |  |
| Charlotte (City of), NC, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 264596 |
| Mecklenburg (County of), NC, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23295 |
| North Carolina (State of), Series 2020 B, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55351 |
| North Carolina (State of), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64772 |
| North Carolina (State of), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35242 |
| North Carolina (State of) (Build North Carolina Programs), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17319 |
| Raleigh (City of), NC, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11826 |
| Raleigh (City of), NC Combined Enterprise System, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29701 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40346 |
| Wake (County of), NC, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11698 |
| Wake (County of), NC, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 136626 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690772 |
| **North Dakota-0.13%** |  |  |  |  |
| Grand Forks (City of), ND (Altru Health System), Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 162435 |
| **Ohio-2.44%** |  |  |  |  |
| Allen (County of), OH (Mercy Health), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29161 |
| Columbus (City of), OH, Series 2016 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 135016 |
| Columbus (City of), OH, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46797 |
| Columbus (City of), OH, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58032 |
| Columbus (City of), OH, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51840 |
| Columbus (City of), OH, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28420 |
| Northeast Ohio Regional Sewer District, Series 2019, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 55417 |
| Ohio (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 99668 |
| Ohio (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23164 |
| Ohio (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 207270 |
| Ohio (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80100 |
| Ohio (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29512 |
| Ohio (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52050 |
| Ohio (State of) (Infrastructure Improvement), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52368 |
| Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45377 |
| Ohio (State of) Higher Educational Facility Commission (Oberlin College 2023) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 167791 |
| Ohio (State of) Higher Educational Facility Commission (Oberlin College 2023) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2053 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116087 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23352 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56277 |
| Ohio (State of) Water Development Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11547 |
| Ohio (State of) Water Development Authority (Green Bonds), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53334 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 106068 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 296302 |

---

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

------

#### 407

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Ohio-(continued)** |  |  |  |  |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$17862 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 423905 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50920 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 303495 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5613 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 65495 |
| Ohio State University (The), Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32429 |
| Ohio State University (The) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76075 |
| Ohio State University (The) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5824 |
| Ohio State University (The) (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 103986 |
| Troy City School District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31521 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942075 |
| **Oklahoma-0.42%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5754 |
| Cleveland (County of), OK Educational Facilities Authority (Norman Public Schools), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5769 |
| Grand River Dam Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 188152 |
| Grand River Dam Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56592 |
| Grand River Dam Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22435 |
| Grand River Dam Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5577 |
| Grand River Dam Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60944 |
| Grand River Dam Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22034 |
| Grand River Dam Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21878 |
| Oklahoma (State of) Industries Authority (Oklahoma City Public Schools), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 116342 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505477 |
| **Oregon-1.46%** |  |  |  |  |
| Deschutes County Administrative School District No.1 Bend-La Pine, Series 2017, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 160143 |
| Oregon (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5899 |
| Oregon (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75937 |
| Oregon (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5899 |
| Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17400 |
| Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45663 |
| Oregon (State of) (Article XI - Q State), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 135880 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63354 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106308 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60229 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63676 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 172435 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57051 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50975 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 128775 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 77873 |
| Oregon (State of) Lottery, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11175 |
| Oregon (State of) Lottery, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71430 |
| Portland (City of), OR, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53027 |
| Portland (City of), OR, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41045 |
| Portland (City of), OR, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17460 |
| Portland (City of), OR, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106380 |
| Portland Community College District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 190037 |
| Portland Community College District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28518 |

---

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

------

#### 408

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Oregon-(continued)** |  |  |  |  |
| State of Oregon Department of Transportation, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5892 |
| Tualatin Valley Water District, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5212 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757673 |
| **Pennsylvania-3.59%** |  |  |  |  |
| Allegheny (County of), PA Higher Education Building Authority (Carnegie Mellon University), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41320 |
| Bethel Park School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5350 |
| Delaware Valley Regional Finance Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48425 |
| Pennsylvania (Commonwealth of), First Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64310 |
| Pennsylvania (Commonwealth of), First Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 279742 |
| Pennsylvania (Commonwealth of), First Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80993 |
| Pennsylvania (Commonwealth of), First Series 2023, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 311962 |
| Pennsylvania (Commonwealth of), First Series 2023, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20716 |
| Pennsylvania (Commonwealth of), Second Series 2016, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/15/2033 | &nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 445151 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52210 |
| Pennsylvania (Commonwealth of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5846 |
| Pennsylvania (Commonwealth of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 111014 |
| Pennsylvania (Commonwealth of) (Bid Group B), First Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 155088 |
| Pennsylvania (Commonwealth of) (Bid Group B), First Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 205452 |
| Pennsylvania (Commonwealth of) (Bid Group C), First Series 2023 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28369 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. RB<br>| &nbsp;&nbsp;3.38% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 195997 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46902 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 303065 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 569765 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16773 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29116 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69776 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92647 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94083 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 169870 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63178 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46669 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 235355 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50622 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43826 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 142067 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21580 |
| Philadelphia School District (The), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82620 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29362 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26213 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51369 |
| Temple University-of The Commonwealth System of Higher Education, First Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11691 |
| Westmoreland (County of), PA Municipal Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70227 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4318721 |
| **Rhode Island-0.23%** |  |  |  |  |
| Rhode Island Health & Educational Building Corp. (Brown University), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80937 |
| Rhode Island Health & Educational Building Corp. (Brown University), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52485 |
| Rhode Island Health & Educational Building Corp. (Brown University), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57852 |
| Rhode Island Health & Educational Building Corp. (Providence College), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88995 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280269 |
| **Tennessee-1.07%** |  |  |  |  |
| Johnson City (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79556 |

---

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

------

#### 409

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Tennessee-(continued)** |  |  |  |  |
| Johnson City (City of), TN Health & Educational Facilities Board (Ballad Health Obligated Group), Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | $&nbsp;&nbsp;160 | &nbsp;&nbsp;$182068 |
| Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee), Series 2024 A-1, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;07/01/2059 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 158879 |
| Memphis (City of), TN, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 115906 |
| Memphis (City of), TN, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5470 |
| Memphis (City of), TN, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 140865 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95720 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46434 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2022 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22894 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government (Belmont University), Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46950 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53191 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40944 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29035 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 121037 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 103005 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22746 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22615 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287315 |
| **Texas-12.11%** |  |  |  |  |
| Arlington Higher Education Finance Corp. (Trinity Basin Preparatory, Inc.), Series 2023, RB, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 198694 |
| Austin (City of), TX, Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53154 |
| Austin (City of), TX, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58976 |
| Austin (City of), TX, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92884 |
| Austin (City of), TX, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5756 |
| Austin (City of), TX, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74193 |
| Austin (City of), TX, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56649 |
| Austin (City of), TX, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15819 |
| Austin (City of), TX, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143376 |
| Austin (City of), TX, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17718 |
| Austin (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59015 |
| Austin (City of), TX, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29530 |
| Austin Community College District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42153 |
| Austin Community College District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31793 |
| Austin Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57795 |
| Austin Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 200989 |
| Austin Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56989 |
| Austin Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16963 |
| Austin Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106671 |
| Austin Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39042 |
| Austin Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109463 |
| Austin Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54402 |
| Bastrop Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104754 |
| Bexar (County of), TX, Series 2023, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36979 |
| Birdville Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68010 |
| Board of Regents of the University of Texas System, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 122073 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11797 |
| Board of Regents of the University of Texas System, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58987 |
| Carrollton-Farmers Branch Independent School District, Series 2023, GO Bonds<sup>(b)(c)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17518 |
| Carrollton-Farmers Branch Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110120 |
| Chambers County Justice Center Public Facilities Corp., Series 2024, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 177193 |

---

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

------

#### 410

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Chapel Hill Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | $&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$105242 |
| Collin (County of), TX, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11001 |
| Comal Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29242 |
| Community Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104386 |
| Conroe Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34986 |
| Corpus Christi Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2049 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 167586 |
| Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 92501 |
| Crowley Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2048 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 210474 |
| Cypress-Fairbanks Independent School District, Series 2019 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5032 |
| Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90931 |
| Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28038 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28862 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 329158 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5748 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5621 |
| Dallas (City of), TX, Series 2017, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70043 |
| Dallas (City of), TX, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42621 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23341 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5769 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22907 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56811 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5631 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27972 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33121 |
| Dallas (City of), TX, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29176 |
| Dallas (City of), TX, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29176 |
| Dallas (City of), TX, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29176 |
| Dallas (City of), TX Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38723 |
| Dallas (City of), TX Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49378 |
| Dallas (City of), TX Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108768 |
| Dallas (City of), TX Independent School District, Series 2025 C, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52542 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 94199 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5809 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5770 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 125843 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45479 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11304 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 166200 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 152201 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77939 |
| Dickinson Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.13% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 4895 |
| Duncanville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5227 |
| El Paso (City of), TX, Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85312 |
| Fort Bend (County of), TX, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;03/01/2053 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116956 |
| Fort Bend County Texas Public Facility Corp., Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104969 |

---

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

------

#### 411

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$52542 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34570 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80064 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34058 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56393 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44861 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94707 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11054 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 283001 |
| Greater Texoma Utility Authority (City of Sherman), Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36340 |
| Greenwood Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52060 |
| Harris (County of), TX, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95450 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17596 |
| Harris (County of), TX Port Authority of Houston, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47517 |
| Harris (County of), TX Port Authority of Houston, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2053 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 208470 |
| Harris (County of), TX Toll Road Authority (The), Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63339 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52043 |
| Houston (City of), TX, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 198951 |
| Houston (City of), TX, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76966 |
| Houston (City of), TX, Series 2023, A GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 140321 |
| Houston (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5901 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41004 |
| Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52901 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63676 |
| Kermit Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5184 |
| Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 145539 |
| Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16634 |
| Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44035 |
| Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21829 |
| Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2053 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 258725 |
| Lamar Consolidated Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5537 |
| Lamar Consolidated Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27503 |
| Lamar Consolidated Independent School District, Series 2023, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;02/15/2058 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 181634 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 169549 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 184414 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40041 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79489 |
| Lewisville Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50772 |
| Lower Colorado River Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28776 |
| Lower Colorado River Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91369 |
| Lower Colorado River Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11328 |
| Lower Colorado River Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16750 |
| Lower Colorado River Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49900 |
| Lower Colorado River Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 93748 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 203850 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15904 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52688 |

---

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

------

#### 412

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;$84592 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5719 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11353 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45114 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2047 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 121111 |
| New Caney Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2053 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 208178 |
| Northwest Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141802 |
| Pasadena Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42454 |
| Permanent University Fund - University of Texas System, Series 2022, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 97919 |
| Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 337336 |
| Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5594 |
| Pflugerville Independent School District, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114408 |
| Rockwall Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106744 |
| Round Rock Independent School District, Series 2019 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 75748 |
| Royse (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20951 |
| Royse (City of), TX Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2053 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103611 |
| San Antonio (City of), TX, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63374 |
| San Antonio (City of), TX, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85695 |
| San Antonio (City of), TX, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5660 |
| San Antonio (City of), TX, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 342604 |
| San Antonio (City of), TX, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 134516 |
| San Antonio (City of), TX, Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 123652 |
| San Antonio (City of), TX, Series 2023 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84613 |
| San Antonio (City of), TX, Series 2023 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27668 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23342 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5835 |
| San Marcos Consolidated Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2047 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118206 |
| Seguin (City of), TX, Series 2024, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;09/01/2058 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104738 |
| sherman (City of), TX, Series 2023, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52367 |
| Sherman Independent School District, Series 2023 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2053 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 155144 |
| Splendora Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83019 |
| Spring Independent School District, Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31603 |
| Tarrant County College District, Series 2022, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114519 |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), Series 2016 A, Ref. RB<sup>(b)(c)</sup><br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 225271 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46764 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 145571 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11552 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 125988 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11361 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73328 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50045 |
| Texas (State of) Transportation Commission State Highway Fund, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 456109 |
| Texas (State of) Water Development Board, Series 2019 A, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30150 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17737 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2037 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114958 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;4.60% | &nbsp;&nbsp;10/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27266 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;4.65% | &nbsp;&nbsp;10/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32598 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;10/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64149 |

---

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

------

#### 413

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$16389 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;4.88% | &nbsp;&nbsp;10/15/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103788 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/15/2051 | &nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 438626 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/15/2058 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 145285 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 235235 |
| Texas State University Board of Regents, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5751 |
| Texas State University Board of Regents, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 205631 |
| Texas Water Development Board, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5912 |
| Tomball Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104692 |
| Tomball Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58241 |
| Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10599 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14586689 |
| **Utah-0.43%** |  |  |  |  |
| Intermountain Power Agency, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17226 |
| University of Utah (The), Series 2023 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68869 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11555 |
| University of Utah (The) (Green Bonds), Series 2023 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 251120 |
| Utah (State of) Transit Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84461 |
| Utah (State of) Transit Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41216 |
| Utah Transit Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47440 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521887 |
| **Vermont-0.02%** |  |  |  |  |
| Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26068 |
| **Virginia-1.07%** |  |  |  |  |
| Fairfax (County of), VA, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16300 |
| Fairfax (County of), VA, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57746 |
| Fairfax (County of), VA, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63076 |
| Isle Wight (County of), VA Economic Development Authority (Riverside Health System), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55142 |
| Isle Wight (County of), VA Economic Development Authority (Riverside Health System), Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36719 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81981 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5589 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 185769 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 190264 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94617 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment Programs), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11574 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11488 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 130982 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23423 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17567 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 1), Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75233 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2022, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27281 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76499 |

---

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

------

#### 414

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Virginia-(continued)** |  |  |  |  |
| Virginia Port Authority Commonwealth Port Fund, Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2048 | $&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$107337 |
| Williamsburg Economic Development Authority (William & Mary), Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26395 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294982 |
| **Washington-3.51%** |  |  |  |  |
| Energy Northwest, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 88434 |
| Energy Northwest, Series 2023 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75596 |
| Energy Northwest, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58993 |
| Energy Northwest, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23597 |
| Energy Northwest (Columbia Generating Station), Series 2022, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52049 |
| Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 103786 |
| Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 166035 |
| Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 136432 |
| Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 152509 |
| Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34012 |
| Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16912 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11023 |
| King (County of), WA, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35071 |
| King (County of), WA Public Hospital District No. 2, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16127 |
| King County School District No. 401 Highline, Series 2023, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11572 |
| Seattle (City of), WA, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137000 |
| Seattle (City of), WA, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20775 |
| Seattle (City of), WA, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78814 |
| Seattle (City of), WA, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78242 |
| Seattle (Port of), WA, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115550 |
| Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35468 |
| University of Washington, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11726 |
| Washington (State of), Series 2022 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5793 |
| Washington (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23302 |
| Washington (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28773 |
| Washington (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68263 |
| Washington (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27942 |
| Washington (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26385 |
| Washington (State of), Series 2023 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11195 |
| Washington (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29477 |
| Washington (State of), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23409 |
| Washington (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5888 |
| Washington (State of), Series 2025-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35372 |
| Washington (State of), Series R-2023B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34653 |
| Washington (State of), Series R-2023B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91719 |
| Washington (State of), Series R-2023B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68316 |
| Washington (State of), Series R-2023B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90564 |
| Washington (State of), Series R-2023B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33734 |
| Washington (State of), Series R-2024A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46818 |
| Washington (State of), Series R-2024B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23079 |
| Washington (State of), Series R-2024B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 126083 |
| Washington (State of), Series R-2024B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 102536 |
| Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5776 |
| Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91783 |
| Washington (State of) (Bid Group 1), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5664 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40161 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 205633 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 119095 |

---

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

------

#### 415

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |  |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;$62214 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11251 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 |  | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 150800 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49869 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79508 |
| Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 |  | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 123266 |
| Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5564 |
| Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38502 |
| Washington (State of) (Bid Group 2), Series R-2023A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64849 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2043 |  | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 186202 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2044 |  | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 217024 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16117 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2046 |  | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37288 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2047 |  | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42396 |
| Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34953 |
| Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 |  | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 172093 |
| Washington (State of) (Bid Group 3), Series R-2023A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45578 |
| Whatcom (County of), WA Bellingham School District No. 501, Series 2023, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55921 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224531 |
| **West Virginia-0.45%** |  |  |  |  |  |
| West Virginia (State of) Hospital Finance Authority (Vandalia Health Group), Series 2023 B, RB<br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;09/01/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66051 |
| West Virginia (State of) Hospital Finance Authority (Vandalia Health Group), Series 2023 B, RB<br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;&nbsp;09/01/2053 |  | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21572 |
| West Virginia (State of) Hospital Finance Authority (Vandalia Health Group), Series 2023 B, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.38% | &nbsp;&nbsp;&nbsp;09/01/2053 |  | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 189442 |
| West Virginia (State of) Hospital Finance Authority (Vandalia Health Group), Series 2023, RB<br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;09/01/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28010 |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33009 |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2043 |  | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133162 |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System Obligated Group), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 |  | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65455 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536701 |
| **Wisconsin-0.83%** |  |  |  |  |  |
| Wisconsin (State of), Series 2023 2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 |  | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 143373 |
| Wisconsin (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28874 |
| Wisconsin (State of), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 |  | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 222066 |
| Wisconsin (State of), Series 2023-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 |  | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 186351 |
| Wisconsin (State of), Series 2023-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 |  | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 196352 |
| Wisconsin (State of), Series 2023-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 |  | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 141456 |
| Wisconsin (State of), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11735 |
| Wisconsin (State of), Series 2024-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58811 |
| Wisconsin (State of) Department of Transportation, Series 2023-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5907 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994925 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.75%<br>(Cost $116,876,987) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.75%<br>(Cost $116,876,987) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.75%<br>(Cost $116,876,987) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.75%<br>(Cost $116,876,987) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-98.75%<br>(Cost $116,876,987) | &nbsp;&nbsp;&nbsp;&nbsp;118937265 |
| OTHER ASSETS LESS LIABILITIES-1.25% | OTHER ASSETS LESS LIABILITIES-1.25% | OTHER ASSETS LESS LIABILITIES-1.25% | OTHER ASSETS LESS LIABILITIES-1.25% | OTHER ASSETS LESS LIABILITIES-1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503460 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp;$120440725 |

---

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

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

------

#### 416

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2033 Municipal Bond ETF (BSSX)—(continued)
February 28, 2026

(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;

---

| | |
|:---|:---|
| 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 obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each. |

---

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

------

#### 417

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)
February 28, 2026

(Unaudited)

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Municipal Obligations-98.87%** |  |  |  |  |
| **Alabama-0.25%** |  |  |  |  |
| Jacksonville (City of), FL Building Authority, Series 2024 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$78373 |
| Jefferson (County of), AL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5749 |
| Lower Alabama Gas District (The), Series 2016 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10994 |
| University of South Alabama, Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62713 |
| University of South Alabama, Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;04/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100001 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257830 |
| **Arizona-1.19%** |  |  |  |  |
| Glendale (City of), AZ, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 111377 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39221 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66843 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 150078 |
| Maricopa County High School District No. 214, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11347 |
| Maricopa County Union High School District No. 210-Phoenix (2023), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16408 |
| Phoenix Civic Improvement Corp., Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5877 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22103 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 239462 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;01/01/2053 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 213470 |
| Salt River Project Agricultural Improvement & Power District, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23151 |
| University of Arizona Board of Regents (Green Bonds), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79298 |
| Yuma (City of), AZ Industrial Development Authority (Yuma Regional Medical Center), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 251890 |
| Yuma (City of), AZ Industrial Development Authority (Yuma Regional Medical Center), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15539 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246064 |
| **California-13.42%** |  |  |  |  |
| Alameda (City of), CA Corridor Transportation Authority, Series 2016 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 45012 |
| Bay Area Toll Authority, Series 2024 S-11, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 66513 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6142 |
| California (State of), Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 85959 |
| California (State of), Series 2020, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40636 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 24284 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23900 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35562 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 162086 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17366 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 160596 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33672 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 199206 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66809 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111348 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 188912 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129576 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2053 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 197404 |
| California (State of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108816 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 60711 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17927 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11048 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47417 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53328 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 190847 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29402 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75767 |

---

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

------

#### 418

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$84180 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61521 |
| California (State of) Enterprise Development Authority (Castilleja School Foundation), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21106 |
| California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 178850 |
| California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80469 |
| California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village), Series 2024, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;11/01/2059 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76333 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 35002 |
| California (State of) Health Facilities Financing Authority (Children's Hospital of Orange), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10640 |
| California (State of) Health Facilities Financing Authority (Children's Hospital of Orange), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42349 |
| California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 160367 |
| California (State of) Health Facilities Financing Authority (CommonSpirit Health), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104124 |
| California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 30146 |
| California (State of) Health Facilities Financing Authority(Adventist Health System), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11291 |
| California (State of) Health Facilities Financing Authority(Adventist Health System), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11173 |
| California (State of) Health Facilities Financing Authority(Adventist Health System), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71545 |
| California (State of) Infrastructure & Economic Development Bank(Harvard West lake School), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 118825 |
| California (State of) Municipal Finance Authority (St. Ignatius College Preparatory), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52619 |
| California (State of) Municipal Finance Authority (St. Ignatius College Preparatory), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52561 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 120506 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33750 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44460 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11838 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5868 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23243 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10998 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2049 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 198204 |
| California (State of) Public Works Board (Various Capital), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23860 |
| California (State of) Public Works Board (Various Capital), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69482 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6080 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59878 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59424 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11783 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 221637 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105189 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85637 |
| California State University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18556 |
| California State University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41505 |
| California State University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5831 |
| California State University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 103936 |
| California State University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39932 |
| California State University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50616 |
| California State University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57710 |
| California State University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113696 |
| California State University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84105 |
| Carson (City of), CA Public Financing Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68920 |
| Chino Valley Unified School District (Election of 2016), Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15987 |
| Citrus Community College District (Election of 2020), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21477 |

---

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

------

#### 419

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| College of the Sequoias Community College District (Visalia Area Improvement District No. 2), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10643 |
| College of the Sequoias Community College District (Visalia Area Improvement District No. 2), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5265 |
| Colton Joint Unified School District, Series 2025 A, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47599 |
| East Bay Municipal Utility District, Series 2022 B-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6188 |
| East Bay Municipal Utility District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6188 |
| East Side Union High School District, Series 2024 B, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12337 |
| Glendale (City of), AZ, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62755 |
| Glendale (City of), AZ, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15642 |
| Glendale (City of), CA, Second Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72998 |
| Goleta Union School District (Election of 2020), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 203471 |
| Imperial (County of), CA Community college District (Election of 2022), Series 2024 B, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21160 |
| Irvine (City of), CA Community Facilities District No. 2013-3, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 172431 |
| Lancaster Financing Authority, Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94248 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17394 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22887 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73825 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 101400 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 123217 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63813 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78029 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 315013 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51938 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92201 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5722 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39752 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22868 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 298565 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39440 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11211 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34807 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86564 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44588 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65175 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5507 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64888 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64852 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96368 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23582 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29583 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Measure R), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18512 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Measure R), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6069 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6084 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 36201 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29670 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23415 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68970 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 153979 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32243 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32940 |
| Los Angeles Community College District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 66750 |
| Los Angeles Community College District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11890 |
| Los Angeles County Facilities 2, Inc., Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21524 |
| Los Angeles County Facilities 2, Inc., Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/01/2054 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 127453 |

---

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

------

#### 420

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles Unified School District, Series 2019 A, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;01/01/2034 | $&nbsp;&nbsp;110 | &nbsp;&nbsp;$110858 |
| Los Angeles Unified School District, Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17811 |
| Los Angeles Unified School District (Sustainability Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47014 |
| Los Angeles Unified School District (Sustainability Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11666 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 42618 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 158531 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86222 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57834 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73238 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 251152 |
| Madera Unified School District (Election of 2018), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106086 |
| Metropolitan Water District of Southern California, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18516 |
| Metropolitan Water District of Southern California, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 36526 |
| Metropolitan Water District of Southern California, Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53839 |
| M-S-R Energy Authority, Series 2009 A, RB<br>| &nbsp;&nbsp;7.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12426 |
| M-S-R Energy Authority, Series 2009 C, RB<br>| &nbsp;&nbsp;7.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 124264 |
| Orange (County of), CA Sanitation District, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11987 |
| Rincon Valley Union School District (Election od 2024), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 143322 |
| Riverside (City of), CA, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10736 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 139771 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79792 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12082 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2025-O, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17439 |
| Sacramento (County of), CA, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33619 |
| Sacramento (County of), CA, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31999 |
| Sacramento (County of), CA, Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48854 |
| Sacramento (County of), CA, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52659 |
| Sacramento (County of), CA, Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107203 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 24441 |
| Sacramento (County of), CA Sanitation Districts Financing Authority (Sacramento Area Sewer District Treatment & Resource Recovery System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 24806 |
| Sacramento (County of), CA Sanitation Districts Financing Authority (Sacramento Area Sewer District Treatment & Resource Recovery System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 24239 |
| Sacramento (County of), CA Sanitation Districts Financing Authority (Sacramento Area Sewer District Treatment & Resource Recovery System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47575 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70075 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63791 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6182 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80256 |
| San Diego (County of), CA Regional Transportation Commission, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 36061 |
| San Diego Unified School District (Election of 2018), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16867 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 149136 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28385 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 155830 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5776 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11446 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42764 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 30413 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12425 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23834 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11795 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27901 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 146158 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 239603 |

---

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

------

#### 421

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| San Francisco Bay Area Rapid Transit District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$24708 |
| San Francisco Community College District (Election of 2020), Series 2024 B, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54064 |
| Santa Clara (County of), CA Financing Authority, Series 2016 Q, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 285020 |
| Santa Clara Valley Transportation Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 36149 |
| Santa Clara Valley Water District, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42855 |
| Santa Clara Valley Water District, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21292 |
| Santa Clara Valley Water District, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10620 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47165 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40019 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56342 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11211 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5568 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11015 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105433 |
| University of California, Series 2023 BN, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23546 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29991 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47413 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76247 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34863 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51784 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40124 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11356 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62090 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 145369 |
| University of California, Series 2024 BS, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27672 |
| University of California, Series 2024 BV, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 257927 |
| University of California, Series 2024 BV, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35560 |
| University of California, Series 2024 BV, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41056 |
| University of California, Series 2024 BV, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 226609 |
| University of California, Series 2024 BV, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86307 |
| University of California, Series 2024 BV, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108909 |
| University of California, Series 2024 BV, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28390 |
| University of California, Series 2024 BV, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 146758 |
| University of California, Series 2024 BV, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44276 |
| University of California, Series 2024 BV, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2045 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109512 |
| University of California, Series 2024 BW, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74172 |
| University of California, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50320 |
| Victor Valley Union High School District, Series 2016 A, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30025 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14066829 |
| **Colorado-2.79%** |  |  |  |  |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12439 |
| Adams & Weld Counties School District No. 27J Brighton, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26777 |
| Adams & Weld Counties School District No. 27J Brighton, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106639 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5826 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40346 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45487 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84501 |
| Aurora (City of), CO, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10621 |
| Aurora (City of), CO, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73879 |

---

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

------

#### 422

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Colorado-(continued)** |  |  |  |  |
| Colorado (State of), Series 2024, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;$94886 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42911 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 78020 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23431 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75559 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2025 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10745 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2025 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10659 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 346039 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 294533 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41577 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 198210 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23552 |
| Colorado (State of) Regional Transportation District, Series 2024, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17844 |
| Colorado (State of) Regional Transportation District, Series 2024, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5915 |
| Colorado School of Mines, Series 2024 A, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73244 |
| Colorado Springs (City of), CO, Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2054 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107021 |
| Colorado Springs (City of), CO, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6025 |
| Denver (City & County of), CO, Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25168 |
| Denver (City & County of), CO (Wellington E. Webb Municipal Office Building), Series 2023, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5891 |
| Denver (City & County of), CO Board of Water Commissioners (The), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45793 |
| Denver (City & County of), CO Board of Water Commissioners (The), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10508 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 24116 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5980 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35415 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 82056 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40539 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51466 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34628 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74545 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113695 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61819 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21985 |
| E-470 Public Highway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11339 |
| Grand Junction (City of), CO, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20954 |
| Gypsum (Town of), CO, Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26032 |
| Johnstown (Town of), CO, Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37165 |
| Mesa County Valley School District No. 51 Grand Junction, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73445 |
| Mesa County Valley School District No. 51 Grand Junction, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83723 |
| Mesa County Valley School District No. 51 Grand Junction, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16228 |
| St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12034 |
| St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17771 |
| St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5855 |
| St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81156 |
| Westminster (City of), CO, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31594 |
| Westminster Public Schools, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21228 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928814 |
| **Connecticut-1.75%** |  |  |  |  |
| Connecticut (State of), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 186259 |
| Connecticut (State of), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 144369 |
| Connecticut (State of), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80345 |
| Connecticut (State of), Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39954 |
| Connecticut (State of), Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11255 |
| Connecticut (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 65174 |

---

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

------

#### 423

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5846 |
| Connecticut (State of), Series 2024 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 70584 |
| Connecticut (State of), Series 2024 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 70005 |
| Connecticut (State of), Series 2024 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92748 |
| Connecticut (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 65314 |
| Connecticut (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47873 |
| Connecticut (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41759 |
| Connecticut (State of), Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47725 |
| Connecticut (State of) (Green Bonds), Series 2024 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34578 |
| Connecticut (State of) (Green Bonds), Series 2024 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68626 |
| Connecticut (State of) (Green Bonds), Series 2024 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5693 |
| Connecticut (State of) (Social Bonds), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46386 |
| Connecticut (State of) (Social Bonds), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2038 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 241733 |
| Connecticut (State of) (Social Bonds), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2039 | &nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 355060 |
| Connecticut (State of) (Social Bonds), Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5935 |
| Connecticut (State of) (Transportation Infrastructure), Series 2023 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5769 |
| Connecticut (State of) (Transportation Infrastructure), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5961 |
| Connecticut (State of) (Transportation Infrastructure), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5911 |
| Connecticut (State of) (Transportation Infrastructure), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5821 |
| Connecticut (State of) (Transportation Infrastructure), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28729 |
| Connecticut (State of) (Transportation Infrastructure), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57024 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836436 |
| **Delaware-0.15%** |  |  |  |  |
| Delaware (State of), Series 2020 A, GO Bonds<br>| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 73605 |
| Delaware (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5991 |
| University of Delaware, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11992 |
| University of Delaware, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67845 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159433 |
| **District of Columbia-1.42%** |  |  |  |  |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35578 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5859 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11609 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33836 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95085 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61017 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 76777 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21722 |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 201380 |
| District of Columbia, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23467 |
| District of Columbia, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 145462 |
| District of Columbia, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23719 |
| District of Columbia, Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17849 |
| District of Columbia, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11912 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 140461 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23257 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17331 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40148 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85338 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22671 |
| Washington Metropolitan Area Transit Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/15/2059 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115613 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11627 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 46519 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2049 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104665 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/15/2054 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119009 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491911 |

---

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

------

#### 424

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Florida-3.54%** |  |  |  |  |
| Central Florida Expressway Authority, Series 2017, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2034 | $&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;$195210 |
| Central Florida Expressway Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26321 |
| Collier (County of), FL Industrial Development Authority (NCH Healthcare System), Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20768 |
| Collier (County of), FL Industrial Development Authority (NCH Healthcare System), Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76989 |
| Florida (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp; 8350 |
| Florida (State of) (Capital Outlay), Series 2017 C, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15025 |
| Florida (State of) (Capital Outlay), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47715 |
| Florida (State of) Atlantic University Finance Corp., Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52314 |
| Florida (State of) Atlantic University Finance Corp., Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72770 |
| Florida (State of) Department of Transportation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29913 |
| Florida (State of) Department of Transportation, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53843 |
| Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47365 |
| Florida State Board of Governors, Series 2024 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10860 |
| Halifax Hospital Medical Center (Daytona Beach), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/01/2054 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102988 |
| Hillsborough (County of), FL, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10528 |
| Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 266065 |
| Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 346406 |
| Jacksonville (City of), FL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26720 |
| JEA Electric System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11863 |
| JEA Electric System, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11948 |
| JEA Water & Sewer System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46856 |
| Kissimmee (City of), FL, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52258 |
| Manatee (County of), FL School District, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 104211 |
| Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11749 |
| Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86079 |
| Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5705 |
| Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28304 |
| Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11199 |
| Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16628 |
| Miami-Dade (County of), FL, Series 2017 B, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 125161 |
| Miami-Dade (County of), FL, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10535 |
| Miami-Dade (County of), FL, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 136544 |
| Miami-Dade (County of), FL, Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105844 |
| Miami-Dade (County of), FL, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11551 |
| Miami-Dade (County of), FL, Series 2025 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89628 |
| Miami-Dade (County of), FL, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17786 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11689 |
| Okaloosa County School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36750 |
| Orlando (City of), FL, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21167 |
| Orlando (City of), FL Utilities Commission, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23544 |
| Orlando (City of), FL Utilities Commission, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29196 |
| Orlando (City of), FL Utilities Commission, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 220309 |
| Orlando (City of), FL Utilities Commission, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22991 |
| Orlando (City of), FL Utilities Commission, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11948 |
| Osceola (County of), FL, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63922 |
| Pasco (County of), FL, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 135682 |
| Pasco (County of), FL School Board, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5940 |
| Pasco (County of), FL School Board, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17124 |
| Pasco (County of), FL School Board, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62115 |
| Polk (County of), FL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5255 |
| Pompano Beach (City of), FL, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52645 |
| Sarasota (County of), FL School Board, Series 2023 B, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69953 |
| South Broward Hospital District, Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 107782 |

---

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

------

#### 425

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Florida-(continued)** |  |  |  |  |
| Tallahassee (City of), FL, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$52255 |
| Tallahassee (City of), FL, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45955 |
| Tallahassee (City of), FL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5873 |
| Tallahassee (City of), FL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40411 |
| Tallahassee (City of), FL, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11463 |
| Tampa (City of), FL, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53759 |
| Tampa (City of), FL, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26478 |
| Tampa Bay (City of), FL Water, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43433 |
| Tampa Bay (City of), FL Water, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26489 |
| Tampa Bay (City of), FL Water, Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117406 |
| Volusia (County of), FL Educational Facility Authority (Embry–Riddle Aeronautical University), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45899 |
| Volusia (County of), FL Educational Facility Authority (Embry–Riddle Aeronautical University), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11400 |
| Volusia (County of), FL Educational Facility Authority (Embry–Riddle Aeronautical University), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33906 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706738 |
| **Georgia-0.97%** |  |  |  |  |
| Atlanta (City of), GA, Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41106 |
| Atlanta (City of), GA (Green Bonds), Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100435 |
| Atlanta (City of), GA (Green Bonds), Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52231 |
| Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51315 |
| Atlanta (City of), GA (Green Bonds), Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45429 |
| Augusta (City of), GA, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40342 |
| Augusta (City of), GA, Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22919 |
| Columbia (County of), GA, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10639 |
| Coweta County Water & Sewage Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85112 |
| Coweta County Water & Sewage Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78848 |
| Fayette County Development Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51336 |
| Fulton (County of), GA Development Authority (Curran Street Residence Hall), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67860 |
| Fulton (County of), GA Development Authority (Curran Street Residence Hall), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10440 |
| Georgia (State of), Series 2017 A-2, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15035 |
| Jackson (County of), GA School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5951 |
| Macon Water Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20973 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11866 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29007 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46780 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16286 |
| Rockdale (County of), GA Public Facilities Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68397 |
| Rockdale (County of), GA Public Facilities Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 67710 |
| Upper Oconee Basin Water Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26270 |
| Valdosta & Lowndes County Hospital Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52033 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018320 |
| **Hawaii-0.30%** |  |  |  |  |
| Hawaii (State of), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41040 |
| Honolulu (City & County of), HI, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27737 |
| Honolulu (City & County of), HI, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39786 |
| Honolulu (City & County of), HI, Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5978 |
| Honolulu (City & County of), HI (Second Bond Resolution), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40141 |
| Honolulu (City & County), HI Board of Water Supply (Green Bonds), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 157963 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312645 |
| **Idaho-0.19%** |  |  |  |  |
| Idaho (State of) Housing & Finance Association, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106769 |
| Idaho State Building Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5964 |
| Idaho State Building Authority (School Modernization Facilities), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 83501 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196234 |

---

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

------

#### 426

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Illinois-5.62%** |  |  |  |  |
| Chicago (City of), IL, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$28254 |
| Chicago (City of), IL, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 191355 |
| Chicago (City of), IL, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16814 |
| Chicago (City of), IL, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11094 |
| Chicago (City of), IL, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10907 |
| Chicago (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96042 |
| Chicago (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53842 |
| Chicago (City of), IL, Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10890 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27530 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10905 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60553 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 198287 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;01/01/2053 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 230750 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5863 |
| Chicago (City of), IL (O'Hare International Airport), Series 2025 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5863 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 137287 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84956 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45184 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50256 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 115765 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16326 |
| Chicago (City of), IL Midway International Airport, Series 2023 B, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34554 |
| Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 153799 |
| Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36138 |
| Illinois (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85901 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63648 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 142265 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 264880 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55855 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55362 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27437 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125146 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10955 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48789 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21464 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104274 |
| Illinois (State of), Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 285026 |
| Illinois (State of), Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67260 |
| Illinois (State of), Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5562 |
| Illinois (State of), Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55172 |
| Illinois (State of), Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27373 |
| Illinois (State of), Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27191 |
| Illinois (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 121269 |
| Illinois (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40062 |
| Illinois (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67996 |
| Illinois (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72971 |
| Illinois (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16700 |
| Illinois (State of), Series 2024, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17416 |
| Illinois (State of), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28973 |
| Illinois (State of), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75330 |
| Illinois (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58033 |
| Illinois (State of), Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16913 |

---

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

------

#### 427

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of), Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5591 |
| Illinois (State of), Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80597 |
| Illinois (State of), Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78968 |
| Illinois (State of), Series 2025 F, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79196 |
| Illinois (State of), Series 2025 F, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104866 |
| Illinois (State of), Series 2025 F, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78204 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 89176 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11078 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104273 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 288439 |
| Illinois (State of) Finance Authority (University of Chicago (The)), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52023 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2021 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11795 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22407 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5869 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17198 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96165 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 181294 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 150737 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 155228 |
| Illinois (State of) Toll Highway Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 142674 |
| Sales Tax Securitization Corp., Series 2023 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22831 |
| Sales Tax Securitization Corp., Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 150820 |
| Springdale (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11511 |
| Springdale (City of), IL, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106549 |
| St. Clair County Community Unit School District No. 187, Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 132543 |
| St. Clair County Community Unit School District No. 187, Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50505 |
| University of Illinois Auxiliary Facilities System, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22082 |
| University of Illinois Auxiliary Facilities System, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10918 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885974 |
| **Indiana-1.12%** |  |  |  |  |
| Brownsburg 1999 School Building Corp., Series 2024 A, GO Bonds, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65705 |
| Brownsburg 1999 School Building Corp., Series 2024 A, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2044 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108310 |
| Fishers Town Hall Building Corp., Series 2023 A, RB<br>| &nbsp;&nbsp;5.63% | &nbsp;&nbsp;07/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27654 |
| Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.63% | &nbsp;&nbsp;&nbsp;07/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11001 |
| Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;07/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33192 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17494 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34706 |
| Indiana (State of) Finance Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 207340 |
| Indiana (State of) Finance Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22778 |
| Indiana (State of) Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32410 |
| Indiana (State of) Finance Authority, Series 2025 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59060 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96808 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28247 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111973 |
| Indiana (State of) Finance Authority (Hendricks Regional Health), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;03/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25799 |
| Indiana University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41559 |
| Northern Indiana Commuter Transportation District, Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138480 |
| Northern Indiana Commuter Transportation District, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72974 |
| Westfield-Washington Multi-School Building Corp., Series 2024 A, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38688 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174178 |
| **Iowa-0.14%** |  |  |  |  |
| Iowa (State of) Finance Authority (Green Bonds), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 64714 |
| Iowa (State of) Finance Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 83438 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148152 |

---

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

------

#### 428

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Kansas-0.20%** |  |  |  |  |
| Finney County Unified School District No. 457 Garden City, Series 2016 A, Ref. GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;09/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$60007 |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23976 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47952 |
| Kansas (State of) Development Finance Authority (Green Bonds), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34988 |
| Kansas (State of) Development Finance Authority (Green Bonds), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17233 |
| Kansas (State of) Development Finance Authority (Green Bonds), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22685 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206841 |
| **Kentucky-0.65%** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 130), Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39127 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39841 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17832 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58168 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28649 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5665 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 171619 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11825 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23756 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40734 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 185858 |
| University of Kentucky, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57621 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680695 |
| **Louisiana-0.48%** |  |  |  |  |
| Louisiana (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59166 |
| Louisiana (State of), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23429 |
| Louisiana (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40882 |
| Louisiana (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34497 |
| Louisiana (State of), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52133 |
| Louisiana (State of), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28533 |
| Louisiana (State of), Series 2024 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17855 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39444 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (East Baton Rouge Sewerage Commission), Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83354 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91812 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28502 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499607 |
| **Maine-0.16%** |  |  |  |  |
| Bar Harbor (Town of), ME, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10595 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10648 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52404 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5753 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17136 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45302 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26327 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168165 |
| **Maryland-1.24%** |  |  |  |  |
| Maryland (State of), First Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 205802 |
| Maryland (State of), First Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 202609 |
| Maryland (State of), Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 37332 |
| Maryland (State of) (Bidding Group 2), Series 2023, A GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17566 |
| Maryland (State of) (Bidding Group 3), First Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 186597 |
| Maryland (State of) (Bidding Group 3), First Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92031 |
| Maryland (State of) Department of Transportation, Series 2019, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30056 |
| Maryland (State of) Health & Higher Educational Facilities Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20657 |

---

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

------

#### 429

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Maryland-(continued)** |  |  |  |  |
| Maryland (State of) Health & Higher Educational Facilities Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2054 | $&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;$107610 |
| Maryland (State of) Stadium Authority (Built to Learn), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15979 |
| Maryland (State of) Stadium Authority (Built to Learn), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2054 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104212 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5983 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5876 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23139 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 126449 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22787 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22258 |
| Montgomery (County of), MD, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25184 |
| Prince George's (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15072 |
| Prince George's (County of), MD, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5993 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30055 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303247 |
| **Massachusetts-5.17%** |  |  |  |  |
| Boston (City of), MA, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| Greater Fall River Vocational School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10425 |
| Massachusetts (Commonwealth of), Series 2015 D, GO Bonds<br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 305061 |
| Massachusetts (Commonwealth of), Series 2017 E, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 110291 |
| Massachusetts (Commonwealth of), Series 2019 G, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10066 |
| Massachusetts (Commonwealth of), Series 2020 B, GO Bonds<br>| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 69622 |
| Massachusetts (Commonwealth of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11870 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 255179 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 270851 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68741 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39633 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67337 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2054 | &nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 449667 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5995 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23404 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 248171 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 120467 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17024 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44984 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16503 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66489 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6008 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29644 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17450 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52016 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22970 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79614 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84513 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16732 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11020 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21415 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2054 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 130921 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5997 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11807 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 167093 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51483 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34120 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50708 |
| Massachusetts (Commonwealth of), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23317 |
| Massachusetts (Commonwealth of), Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23005 |
| Massachusetts (Commonwealth of), Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11410 |
| Massachusetts (Commonwealth of), Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5523 |

---

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

------

#### 430

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2024 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2051 | $&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$105399 |
| Massachusetts (Commonwealth of), Series 2024 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2053 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 141787 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17535 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69137 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68754 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62408 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28064 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27705 |
| Massachusetts (Commonwealth of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48769 |
| Massachusetts (Commonwealth of), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10750 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2053 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110188 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2006 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12289 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74884 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22660 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 94079 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10941 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21637 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 122601 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 348538 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 243371 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2024 T, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47577 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2024 T, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;03/01/2054 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 297354 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 71441 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston College), Series 2025 W, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12015 |
| Massachusetts (Commonwealth of) Development Finance Agency (Green Bonds), Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86632 |
| Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27396 |
| Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham, Inc.), Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137374 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5419831 |
| **Michigan-1.02%** |  |  |  |  |
| Berkley School District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2049 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116513 |
| Great Lakes Water Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17252 |
| Great Lakes Water Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34155 |
| Great Lakes Water Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 172520 |
| Great Lakes Water Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 165409 |
| Great Lakes Water Authority, Series 2023 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21345 |
| Great Lakes Water Authority, Series 2023 C, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5336 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5850 |
| Great Lakes Water Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28753 |
| Great Lakes Water Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23216 |
| Great Lakes Water Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5941 |
| Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35058 |
| Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5252 |
| Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108907 |
| Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52972 |
| Michigan (State of) Building Authority (Facilities Program), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48173 |
| Michigan (State of) Hospital Finance Authority (Corewell Health), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11707 |
| Michigan State University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31800 |
| Michigan State University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2054 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 181824 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071983 |
| **Minnesota-1.63%** |  |  |  |  |
| Hennepin (County of), MN, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38725 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103601 |
| Minnesota (State of), Series 2023, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47173 |
| Minnesota (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 107714 |

---

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

------

#### 431

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Minnesota-(continued)** |  |  |  |  |
| Minnesota (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$11585 |
| Minnesota (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80013 |
| Minnesota (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11291 |
| Minnesota (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44239 |
| Minnesota (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 144898 |
| Minnesota (State of), Series 2024 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29920 |
| Minnesota (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35905 |
| Minnesota (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35905 |
| Minnesota (State of), Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 101729 |
| Minnesota (State of), Series 2025 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 77793 |
| Minnesota (State of) (Bidding Group 2), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17732 |
| Minnesota (State of) (Bidding Group 2), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 93326 |
| Minnesota (State of) (Bidding Group 2), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23005 |
| Minnesota (State of) Public Facilities Authority, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52480 |
| Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68896 |
| Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;01/01/2054 | &nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 338244 |
| Minnesota Agricultural & Economic Development Board (HealthPartners Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16915 |
| Minnesota Agricultural & Economic Development Board (HealthPartners Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55514 |
| Minnesota Agricultural & Economic Development Board (HealthPartners Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10740 |
| Rochester (City of), MN, Series 2016 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17866 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27729 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5480 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2054 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108363 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706781 |
| **Mississippi-0.02%** |  |  |  |  |
| Mississippi (State of) Development Bank, Series 2012, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;3.50% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10001 |
| Mississippi (State of) University Educational Building Corp. (New Residence Hall and Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10408 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20409 |
| **Missouri-0.33%** |  |  |  |  |
| Curators of the University of Missouri (The), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 119838 |
| Jackson County School District No. R-IV Blue Springs, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17176 |
| Jackson County School District No. R-IV Blue Springs, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22737 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5907 |
| St Louis Community College District, Series 2024, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33124 |
| St. Louis (City of), MO, Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 148067 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346849 |
| **Nebraska-0.19%** |  |  |  |  |
| Omaha (City of), NE Public Power District, Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85540 |
| Omaha (City of), NE Public Power District, Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82671 |
| Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35065 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203276 |
| **Nevada-0.39%** |  |  |  |  |
| Clark County School District, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34757 |
| Clark County School District, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90547 |
| Clark County School District, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22400 |
| Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23874 |
| Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 70512 |
| Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52435 |
| Las Vegas Valley Water District, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57679 |

---

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

------

#### 432

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Nevada-(continued)** |  |  |  |  |
| North Las Vegas (City of), NV, Series 2024 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;$34678 |
| Reno-Tahoe Airport Authority (Tahoe International Airport), Series 2024 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21025 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407907 |
| **New Hampshire-0.11%** |  |  |  |  |
| Manchester (City of), NH (Green Bonds), Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/01/2054 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 118066 |
| **New Jersey-4.72%** |  |  |  |  |
| Bergen County Improvement Authority (The), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10726 |
| New Jersey (State of), Series 2021, GO Bonds<br>| &nbsp;&nbsp;2.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 123571 |
| New Jersey (State of) Economic Development Authority, Series 2024 SSS, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 111837 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41039 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 145685 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 155613 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16834 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;03/01/2054 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 261818 |
| New Jersey (State of) Educational Facilities Authority (Stevenns Institute Technology), Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 65033 |
| New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44955 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138413 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32365 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45717 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22379 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138474 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11890 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29276 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 203386 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 122928 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 310761 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 261322 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 249753 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 359910 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 AA, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28285 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 AA, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 120101 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 158198 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46424 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115073 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85631 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45256 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44997 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55733 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 209530 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59984 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/15/2055 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 153631 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23653 |
| New Jersey (State of) Turnpike Authority, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 246083 |
| New Jersey (State of) Turnpike Authority, Series 2024 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161319 |
| New Jersey (State of) Turnpike Authority, Series 2024 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;01/01/2054 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106703 |
| New Jersey (State of) Turnpike Authority, Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 185930 |

---

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

------

#### 433

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Turnpike Authority, Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$21676 |
| New Jersey (State of) Turnpike Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 171506 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943398 |
| **New York-20.17%** |  |  |  |  |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 117468 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23325 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11546 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11419 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28417 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11013 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42569 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47315 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;09/01/2054 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106508 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26562 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27957 |
| Metropolitan Transportation Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16897 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 242103 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21254 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46764 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23192 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11483 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28003 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44420 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43296 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42802 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27061 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17177 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5677 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21393 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10618 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 100300 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67883 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5598 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 188177 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82022 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5407 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26316 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2051 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115126 |
| New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 4955 |
| New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47853 |
| New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/15/2054 | &nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 268155 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18097 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 65401 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23560 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17519 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86903 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11415 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22594 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37234 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2054 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115739 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47513 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 186672 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22992 |
| New York (City of), NY, Series 2006 J, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17435 |
| New York (City of), NY, Series 2016 C, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 80001 |
| New York (City of), NY, Series 2017 B-1, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 200251 |
| New York (City of), NY, Series 2021-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11644 |

---

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

------

#### 434

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$17466 |
| New York (City of), NY, Series 2023 F-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 145546 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47271 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29089 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 213329 |
| New York (City of), NY, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39958 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5883 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69624 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57497 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 250464 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67881 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71702 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81806 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48567 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42615 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5889 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34518 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 216433 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56598 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22498 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 147357 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59397 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;04/01/2054 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 189492 |
| New York (City of), NY, Series 2024 E, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17727 |
| New York (City of), NY, Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11818 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5799 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28557 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 272381 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 123949 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11201 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27716 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137122 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2048 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 157449 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23626 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2051 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 283368 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024 AA, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/15/2053 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 180901 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107416 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2048 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 111277 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2049 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137244 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47351 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 133028 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 114241 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/15/2054 | &nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 259681 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53530 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 162342 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 34920 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5690 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60779 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79069 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28083 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109202 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2045 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 140493 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2046 | &nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 246194 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21012 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2049 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 123108 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23235 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45520 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39436 |

---

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

------

#### 435

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2044 | $&nbsp;&nbsp;275 | &nbsp;&nbsp;$300306 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22041 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52352 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48694 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11786 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 237508 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85558 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 169133 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 240521 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67035 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79044 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39260 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72374 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98744 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 211581 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21504 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63903 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5232 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5227 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/01/2053 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 179903 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 310706 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10998 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103310 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63165 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138938 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11535 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91554 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 271444 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 196529 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33514 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2049 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 298786 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2051 | &nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 350546 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72794 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 196791 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34450 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51674 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112499 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23152 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28708 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5672 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67499 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38678 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98256 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128385 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42232 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2053 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 171810 |
| New York (City of), NY Trust for Cultural Resources (The) (American Museum of Natural History), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73813 |
| New York (State of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12062 |
| New York (State of) Dormitory Authority, Series 2019, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 14950 |
| New York (State of) Dormitory Authority, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5948 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11987 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22780 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33371 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43277 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79385 |
| New York (State of) Dormitory Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39399 |
| New York (State of) Dormitory Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2050 | &nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 288880 |

---

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

------

#### 436

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2051 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10473 |
| New York (State of) Dormitory Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36542 |
| New York (State of) Dormitory Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2056 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 208452 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5910 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 93456 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 110016 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11391 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 150678 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 231592 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 201458 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10666 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/15/2048 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 311228 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;03/15/2052 | &nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 265117 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 305770 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 42016 |
| New York (State of) Dormitory Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20452 |
| New York (State of) Dormitory Authority, Series 2025 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75584 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 146918 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 172430 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 389072 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 164797 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30676 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2054 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 124957 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64741 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23542 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17267 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38333 |
| New York (State of) Energy Research & Development Authority (New York State Electric & Gas Corp.), Series 2004 C, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36996 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11026 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11839 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17545 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23173 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5712 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11328 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 71393 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40735 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 109721 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22931 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16850 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55554 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 98765 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90179 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;01/01/2054 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 128057 |
| New York State Environmental Facilities Corp., Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21594 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12009 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 88039 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11491 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50782 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50332 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2049 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107142 |

---

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

------

#### 437

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/15/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10804 |
| New York State Urban Development Corp., Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17721 |
| New York State Urban Development Corp., Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11753 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 250672 |
| New York State Urban Development Corp. (Bidding Group 1), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 312273 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 405215 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55702 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66166 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5529 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 87286 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54657 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10804 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112107 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2051 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 155077 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83171 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2059 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 110635 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2064 | &nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 483398 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23323 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22826 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39555 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16907 |
| Triborough Bridge & Tunnel Authority, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 71075 |
| Triborough Bridge & Tunnel Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59331 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42089 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62474 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 70258 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 87390 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2054 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 238706 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21133160 |
| **North Carolina-1.00%** |  |  |  |  |
| Charlotte (City of), NC, Series 2022 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 36021 |
| Charlotte (City of), NC, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29125 |
| Charlotte (City of), NC, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51735 |
| Charlotte (City of), NC, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11214 |
| Charlotte (City of), NC, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 83182 |
| Charlotte (City of), NC, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 239077 |
| Guildford (City of), NC, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 245312 |
| North Carolina (State of), Series 2020 B, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15088 |
| North Carolina (State of), Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 204054 |
| North Carolina (State of), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17853 |
| North Carolina (State of) Medical Care Commission, Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51211 |
| North Carolina (State of) Turnpike Authority (Monroe Expressway System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22529 |
| North Carolina (State of) Turnpike Authority (Triangle Expressway System), Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20500 |
| Raleigh (City of), NC Combined Enterprise System, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17729 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044630 |
| **Ohio-2.30%** |  |  |  |  |
| Allen (County of), OH, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23524 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74376 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56717 |
| Columbus (City of), OH, Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 94113 |
| Columbus (City of), OH, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5987 |
| Columbus (City of), OH, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63372 |
| Columbus (City of), OH, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45730 |
| Franklin (County of), OH Convention Facilities Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49435 |
| Greater Cincinnati (Port of), OH Development Authority (Duke Energy Corp.), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 76974 |

---

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

------

#### 438

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Ohio-(continued)** |  |  |  |  |
| Hamilton (County of), OH, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$46866 |
| Northeast Ohio Regional Sewer District, Series 2019, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25086 |
| Ohio (State of), Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29152 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11893 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23818 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23438 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17456 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11465 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11392 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73605 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11141 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11038 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 119580 |
| Ohio (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 104464 |
| Ohio (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 253146 |
| Ohio (State of) (Infrastructure Improvement), Series 2023, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46933 |
| Ohio (State of) Water Development Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39869 |
| Ohio (State of) Water Development Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43644 |
| Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72514 |
| Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11034 |
| Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80838 |
| Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84517 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 60444 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22069 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5687 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5967 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5544 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55780 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 367160 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11269 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58155 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40441 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11447 |
| Ohio State University (The), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26518 |
| Shaker Heights City School District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/15/2059 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48078 |
| Wyoming City School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2061 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52117 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2413793 |
| **Oklahoma-0.70%** |  |  |  |  |
| Canadian (County of), OK Educational Facilities Authority (Mustang Public Schools), Series 2023, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76423 |
| Grand River Dam Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 120533 |
| Grand River Dam Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11293 |
| Grand River Dam Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11043 |
| Oklahoma (City of), OK Water Utilities Trust, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84866 |
| Oklahoma (City of), OK Water Utilities Trust, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 210350 |
| Oklahoma (City of), OK Water Utilities Trust, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31524 |
| Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62946 |
| Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60553 |
| Oklahoma (County of), OK Finance Authority (Midwest-City Del City Public Schools), Series 2024, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10871 |

---

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

------

#### 439

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Oklahoma-(continued)** |  |  |  |  |
| University of Oklahoma (The), Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$47686 |
| University of Oklahoma (The), Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10493 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738581 |
| **Oregon-0.41%** |  |  |  |  |
| Oregon (State of), Series 2023, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 94008 |
| Oregon (State of) Department of Transportation (Social Bonds) (Garvee), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23894 |
| Oregon (State of) Department of Transportation (Social Bonds) (Garvee), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52612 |
| Oregon (State of) Department of Transportation (Social Bonds) (Garvee), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17239 |
| Oregon (State of) Tri-County Metropolitan Transportation District (Garvee), Series 2018 A, RB<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10027 |
| State of Oregon Department of Transportation, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52131 |
| State of Oregon Department of Transportation, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5706 |
| State of Oregon Department of Transportation, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 24029 |
| Tualatin Valley Water District, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2054 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 146356 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426002 |
| **Pennsylvania-3.59%** |  |  |  |  |
| Allegheny (County of), PA Sanitary Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105261 |
| Bethel Park School District, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95118 |
| Delaware Valley Regional Finance Authority, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54085 |
| Northampton (County of), PA General Purpose Authority (St. Luke's University Health Network), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 242000 |
| Northampton (County of), PA General Purpose Authority (St. Luke's University Health Network), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51942 |
| Northampton (County of), PA General Purpose Authority (St. Luke's University Health Network), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55458 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 95317 |
| Pennsylvania (Commonwealth of), First Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29280 |
| Pennsylvania (Commonwealth of), First Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5806 |
| Pennsylvania (Commonwealth of), First Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23040 |
| Pennsylvania (Commonwealth of), First Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80065 |
| Pennsylvania (Commonwealth of), First Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5192 |
| Pennsylvania (Commonwealth of), First Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5911 |
| Pennsylvania (Commonwealth of), First Series 2024, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5201 |
| Pennsylvania (Commonwealth of) (Bid Group B), First Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 135018 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Villanova University), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 200138 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5626 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 145012 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 152362 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64490 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74424 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 66930 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29392 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5879 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 105391 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23313 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34703 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17274 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22964 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45506 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17029 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10962 |

---

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

------

#### 440

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | $&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;$74762 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024 C, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 186673 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34698 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34322 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 117770 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44291 |
| Pennsylvania State University (The), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5315 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35359 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52526 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17383 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91982 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22854 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32282 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;09/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58518 |
| Philadelphia (City of), PA, Series 2025 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59213 |
| Philadelphia (City of), PA (1998 General Ordinance), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84825 |
| Philadelphia (City of), PA (1998 General Ordinance), Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 159198 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53865 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 197526 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48339 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), Series 2024, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 156932 |
| Philadelphia School District (The), Series 2007 A, Ref. GO Bonds, (INS - NATL)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 92768 |
| Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5854 |
| Temple University-of The Commonwealth System of Higher Education, First Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53321 |
| University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29653 |
| Westmoreland (County of), PA Municipal Authority, Series 2025 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5671 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765989 |
| **Rhode Island-0.24%** |  |  |  |  |
| Rhode Island Commerce Corp. (Garvee), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5718 |
| Rhode Island Commerce Corp. (Garvee), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 85142 |
| Rhode Island Health & Educational Building Corp., Series 2024 D, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27217 |
| Rhode Island Health & Educational Building Corp., Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48672 |
| Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 79547 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246296 |
| **South Carolina-2.43%** |  |  |  |  |
| Charleston County Airport District, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 210149 |
| Dorchester (County of), SC, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52470 |
| Greenville-Spartanburg Airport District, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31729 |
| South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58517 |
| South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2054 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 138518 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 256171 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 115560 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34089 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 180589 |

---

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

------

#### 441

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **South Carolina-(continued)** |  |  |  |  |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$44898 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 101775 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84703 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33224 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 319494 |
| South Carolina (State of) Jobs-Economic Development Authority (Wofford College), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28854 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28637 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), Series 2024, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32302 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62918 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5666 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 95323 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 162220 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11325 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 72756 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21667 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15849 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 350808 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550211 |
| **South Dakota-0.13%** |  |  |  |  |
| South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 132162 |
| **Tennessee-1.63%** |  |  |  |  |
| Chattanooga (City of), TN Health, Educational & Housing Facility Board (Catholic Health Services), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115565 |
| Chattanooga (City of), TN Health, Educational & Housing Facility Board (Erlanger Health System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17503 |
| Chattanooga (City of), TN Health, Educational & Housing Facility Board (Erlanger Health System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 88594 |
| Hamilton (County of), TN, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96921 |
| Hamilton (County of), TN, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60800 |
| Johnson City (City of), TN Health & Educational Facilities Board, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62221 |
| Knoxville (City of), TN, Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36802 |
| Memphis (City of), TN, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53482 |
| Memphis (City of), TN, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 152273 |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11629 |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17091 |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17003 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54117 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 169943 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39348 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23863 |

---

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

------

#### 442

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Tennessee-(continued)** |  |  |  |  |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$46907 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26650 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5859 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35894 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 255723 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95187 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5926 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5326 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94823 |
| Shelby (County of), TN, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11481 |
| Shelby (County of), TN, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11107 |
| Shelby (County of), TN, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5491 |
| Shelby (County of), TN, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16321 |
| Shelby (County of), TN Health, Educational & Housing Facilities Board (Baptist Memorial Health Care), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28535 |
| Shelby (County of), TN Health, Educational & Housing Facilities Board (Baptist Memorial Health Care), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38432 |
| Tennessee (State of), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5883 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706700 |
| **Texas-11.18%** |  |  |  |  |
| Aldine Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57748 |
| Aldine Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11442 |
| Arlington Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34893 |
| Austin (City of), TX, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40946 |
| Austin (City of), TX, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31620 |
| Austin (City of), TX, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78258 |
| Austin (City of), TX, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5974 |
| Austin (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5965 |
| Austin (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28784 |
| Austin (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39972 |
| Austin (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16994 |
| Austin (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66994 |
| Austin (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31807 |
| Austin (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52388 |
| Austin (City of), TX, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59745 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11901 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 70233 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46435 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74937 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 126001 |
| Board of Regents of the University of North Texas System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11822 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5970 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 104871 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5745 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33350 |
| Board of Regents of the University of Texas System, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40532 |
| Board of Regents of the University of Texas System, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22980 |
| Board of Regents of the University of Texas System, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74104 |
| Board of Regents of the University of Texas System, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 107820 |

---

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

------

#### 443

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Board of Regents of the University of Texas System, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$84336 |
| Canutillo Independent School District, Series 2024 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79731 |
| Cedar Hill Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65009 |
| Clear Creek Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75753 |
| Clifton Higher Education Finance Corp., Series 2025, Ref. RB, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5760 |
| College Station Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10497 |
| Comal Independent School District, Series 2023, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58206 |
| Comal Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5931 |
| Comal Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52655 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 223267 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28425 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45177 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33607 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16511 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 126699 |
| Corpus Christi (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17219 |
| Corpus Christi (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 72970 |
| Crowley Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89443 |
| Cypress-Fairbanks Independent School District, Series 2024 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 115576 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29723 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17503 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40506 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28688 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 135577 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54587 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86670 |
| Dallas (City of), TX, Series 2023 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5802 |
| Dallas (City of), TX Independent School District, Series 2019 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15148 |
| Dallas (City of), TX Independent School District, Series 2025 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62450 |
| Dallas (City of), TX Independent School District, Series 2025 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78886 |
| Dallas (City of), TX Independent School District, Series 2025 B, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16643 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 87785 |
| East Montgomery County Improvement District, Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74911 |
| Ector (County of), TX, Series 2024, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83896 |
| Ector (County of), TX, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5534 |
| Ector (County of), TX, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 141333 |
| Ector (County of), TX, Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64809 |
| El Paso (City of), TX, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10860 |
| El Paso (County of), TX Hospital District, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 116373 |
| El Paso (County of), TX Hospital District, Series 2024, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10790 |
| Fort Worth Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10503 |
| Garland Independent School District, Series 2023 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23184 |
| Harris (County of) & Houston (City of), TX Sports Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39766 |
| Harris (County of) & Houston (City of), TX Sports Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45076 |
| Harris (County of), TX, Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29112 |
| Harris (County of), TX, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94264 |

---

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

------

#### 444

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$11843 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75696 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74998 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45767 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22705 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50685 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 56434 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65770 |
| Harris (County of), TX, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26555 |
| Harris (County of), TX, Series 2024, Ctfs. Of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78554 |
| Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2049 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161518 |
| Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32027 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 93546 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74913 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39912 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22580 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 106278 |
| Highland Park Independent School District, Series 2016, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 29956 |
| Houston (City of), TX, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74615 |
| Houston (City of), TX, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 153639 |
| Houston (City of), TX, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22596 |
| Houston (City of), TX, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22424 |
| Houston (City of), TX, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50083 |
| Houston (City of), TX, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33031 |
| Houston (City of), TX, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109457 |
| Houston (City of), TX, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10845 |
| Houston (City of), TX, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76286 |
| Houston (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46523 |
| Houston (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28818 |
| Houston (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68622 |
| Houston (City of), TX, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91726 |
| Houston Higher Education Finance Corp. (Rice University), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 65483 |
| Huffman Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21424 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17513 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63071 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56929 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15552 |
| Hutto Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37147 |
| Jarrell Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73521 |
| Judson Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 89736 |
| Lamar Consolidated Independent School District, Series 2024, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 73233 |
| Leander Independent School District, Series 2021 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40279 |
| Lewisville Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39878 |
| Liberty Hill Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36523 |
| Lower Colorado River Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22617 |

---

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

------

#### 445

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Lower Colorado River Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$16832 |
| Lower Colorado River Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50190 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34041 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5630 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 67149 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 139313 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11046 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2054 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 177386 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17683 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28271 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11221 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22018 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57925 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2055 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 187572 |
| McGregor Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2054 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 167095 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57891 |
| Montgomery Independent School District, Series 2024 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57767 |
| North Texas Municipal Water District, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 93861 |
| North Texas Municipal Water District, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11881 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 61411 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39645 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22309 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59835 |
| North Texas Tollway Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5719 |
| Northside Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68223 |
| Pampa Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79445 |
| Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 41148 |
| Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17501 |
| Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34684 |
| Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 160713 |
| Permanent University Fund - University of Texas System, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5962 |
| Permanent University Fund - University of Texas System, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52502 |
| Princeton Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2054 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104366 |
| Prosper Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5435 |
| San Antonio (City of), TX, Series 2019, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5026 |
| San Antonio (City of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23193 |
| San Antonio (City of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11476 |
| San Antonio (City of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11388 |
| San Antonio (City of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16934 |
| San Antonio (City of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22293 |
| San Antonio (City of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45098 |
| San Antonio (City of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39168 |
| San Antonio (City of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80859 |
| San Antonio (City of), TX, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11117 |
| San Antonio (City of), TX, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22054 |
| San Antonio (City of), TX, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81049 |
| San Antonio (City of), TX, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53612 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11597 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28224 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33440 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49817 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32964 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2049 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 221016 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57120 |
| San Antonio (City of), TX, Series 2024 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57120 |
| San Antonio Education Facilities Corp. (Trinity University), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59192 |

---

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

------

#### 446

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Sunnyvale Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2050 | $&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;$104573 |
| Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46147 |
| Texas (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17926 |
| Texas (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 148817 |
| Texas (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28557 |
| Texas (State of) Transportation Commission, Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11720 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28930 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5749 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 119802 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5851 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11474 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50403 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33423 |
| Texas (State of) Water Development Board, Series 2019, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10013 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10017 |
| Texas (State of) Water Development Board, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11762 |
| Texas (State of) Water Development Board, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2040 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 136425 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2044 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 193018 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2049 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137944 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/15/2053 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104907 |
| Texas A&M University, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39770 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17871 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 87674 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57963 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51795 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108652 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11302 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33585 |
| Texas State University Board of Regents, Series 2023 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34694 |
| Texas State University Board of Regents, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 80140 |
| Texas State University Board of Regents, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28287 |
| Texas State University Board of Regents, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78698 |
| Texas State University Board of Regents, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5559 |
| Texas State University Board of Regents, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27210 |
| Tuloso-Midway Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 112683 |
| Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 116897 |
| Waco (City of), TX, Series 2024 A, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26402 |
| Weatherford College of the Parker County Junior College District, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 191561 |
| Weatherford College of the Parker County Junior College District, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15623 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11719941 |
| **Utah-0.67%** |  |  |  |  |
| Iron (County of), UT, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2064 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103591 |
| Timpanogos Special Service District, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2054 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 119972 |
| Utah (State of), Series 2020, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 99938 |
| Utah (State of) Transit Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40821 |
| Utah (State of) Transit Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57894 |
| Utah (State of) Transit Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 68981 |
| Utah (State of) Transit Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91170 |
| Utah Transit Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22994 |
| Utah Transit Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39740 |
| Utah Transit Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50406 |
| Utah Transit Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6017 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701524 |
| **Virginia-1.11%** |  |  |  |  |
| Chesterfield (County of), VA Economic Development Authority (County Mobility), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52996 |

---

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

------

#### 447

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Virginia-(continued)** |  |  |  |  |
| Fairfax (County of), VA, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$21385 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11089 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5919 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 99842 |
| Fairfax (County of), VA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 238908 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47396 |
| Hampton Roads Sanitation District, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5715 |
| Hampton Roads Sanitation District, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 89491 |
| Hampton Roads Sanitation District, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10750 |
| Hampton Roads Sanitation District, Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21071 |
| Loudoun (County of), VA Economic Development Authority, Series 2020, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10026 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), Series 2023, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 128217 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52452 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29264 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23201 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22986 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57140 |
| Virginia (Commonwealth of) Public Building Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74589 |
| Virginia (Commonwealth of) Public Building Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21921 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35792 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57739 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28667 |
| Virginia Resources Authority, Series 2024 S, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15904 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162460 |
| **Washington-3.24%** |  |  |  |  |
| Energy Northwest, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57753 |
| Energy Northwest, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 91065 |
| Energy Northwest, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23913 |
| Energy Northwest (Columbia Generating Station), Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58513 |
| Energy Northwest (No. 1), Series 2023 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 216498 |
| Energy Northwest (No. 3), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17501 |
| Grant (County of), WA Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28806 |
| Grant (County of), WA Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5707 |
| Grant (County of), WA Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11296 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 120168 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22782 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5660 |
| King (County of), WA, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23334 |
| King (County of), WA, Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23171 |
| King (County of), WA, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29466 |
| King (County of), WA, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 75364 |
| King (County of), WA, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11517 |
| King (County of), WA, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10606 |
| King (County of), WA, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5867 |

---

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

------

#### 448

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |
| Pierce County School District No. 10 Tacoma, Series 2024, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2048 | $&nbsp;&nbsp;150 | &nbsp;&nbsp;$159392 |
| Pierce County School District No. 403 Bethel, Series 2024, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45096 |
| Seattle (City of), WA, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104590 |
| Seattle (City of), WA, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5925 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17992 |
| Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57066 |
| Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 73891 |
| Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11313 |
| Tacoma (City of), WA (Green Bonds), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45390 |
| University of Washington, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23261 |
| University of Washington, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56437 |
| University of Washington, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11232 |
| Washington (State of), Series 2023 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11641 |
| Washington (State of), Series 2023 R-2024A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5849 |
| Washington (State of), Series 2023 R-2024A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5801 |
| Washington (State of), Series 2023 R-2024A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45680 |
| Washington (State of), Series 2023, A GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11714 |
| Washington (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29794 |
| Washington (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10999 |
| Washington (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32111 |
| Washington (State of), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 185618 |
| Washington (State of), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34547 |
| Washington (State of), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28285 |
| Washington (State of), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11283 |
| Washington (State of), Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48021 |
| Washington (State of), Series 2024 R, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 83424 |
| Washington (State of), Series 2024 R-2024C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 213879 |
| Washington (State of), Series 2024 R-2025A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51991 |
| Washington (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 127171 |
| Washington (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 137551 |
| Washington (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16820 |
| Washington (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21547 |
| Washington (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26633 |
| Washington (State of), Series 2025A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5869 |
| Washington (State of), Series R-2023B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29256 |
| Washington (State of), Series R-2024A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28789 |
| Washington (State of), Series R-2024C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58692 |
| Washington (State of), Series R-2024C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 120357 |
| Washington (State of), Series R-2024C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 125297 |
| Washington (State of) (Bid Group 1), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 74230 |
| Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5580 |
| Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104919 |
| Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16404 |
| Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10837 |
| Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2047 | &nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 224133 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395294 |
| **Wisconsin-0.91%** |  |  |  |  |
| University of Wisconsin Hospitals & Clinics (Green Bonds), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25911 |
| Wisconsin (State of), Series 2023-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 99090 |
| Wisconsin (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 138725 |
| Wisconsin (State of), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11081 |
| Wisconsin (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86703 |

---

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

------

#### 449

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2034 Municipal Bond ETF (BSMY)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Wisconsin-(continued)** |  |  |  |  |  |
| Wisconsin (State of), Series 2024-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$11868 |
| Wisconsin (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29341 |
| Wisconsin (State of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2036 |  | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17747 |
| Wisconsin (State of), Series 2025-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2034 |  | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 219564 |
| Wisconsin (State of) Department of Transportation, Series 2023, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2034 |  | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 158579 |
| Wisconsin (State of) Public Finance Authority, Series 2024, RB<sup>(b)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;07/01/2044 |  | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 158673 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957282 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(c)</sup>-98.87%<br>(Cost $100,381,257) | TOTAL INVESTMENTS IN SECURITIES<sup>(c)</sup>-98.87%<br>(Cost $100,381,257) | TOTAL INVESTMENTS IN SECURITIES<sup>(c)</sup>-98.87%<br>(Cost $100,381,257) | TOTAL INVESTMENTS IN SECURITIES<sup>(c)</sup>-98.87%<br>(Cost $100,381,257) | TOTAL INVESTMENTS IN SECURITIES<sup>(c)</sup>-98.87%<br>(Cost $100,381,257) | &nbsp;&nbsp;&nbsp;&nbsp;103620638 |
| OTHER ASSETS LESS LIABILITIES-1.13% | OTHER ASSETS LESS LIABILITIES-1.13% | OTHER ASSETS LESS LIABILITIES-1.13% | OTHER ASSETS LESS LIABILITIES-1.13% | OTHER ASSETS LESS LIABILITIES-1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180130 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp;$104800768 |

---

&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 |

---

&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 obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each. |

---

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

------

#### 450

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)
February 28, 2026

(Unaudited)

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Municipal Obligations-97.64%** |  |  |  |  |
| **Alabama-1.03%** |  |  |  |  |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5754 |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33181 |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21883 |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5982 |
| Alabama (State of) Federal Aid Highway Finance Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5929 |
| Alabama Highway Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16664 |
| Auburn University, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10468 |
| Birmingham (City of), AL Special Care Facilities Financing Authority (Children's Hospital), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74609 |
| Birmingham (City of), AL Special Care Facilities Financing Authority (Children's Hospital), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 84627 |
| Huntsville (City of), AL Health Care Authority (The), Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58708 |
| Mobile (City of), AL, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17344 |
| Mobile (City of), AL, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16656 |
| Mobile (City of), AL, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48862 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400667 |
| **Arizona-0.78%** |  |  |  |  |
| Maricopa County Pollution Control Corp. (Southern California Edison), Series 2000, Ref. RB<br>| &nbsp;&nbsp;2.40% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 17867 |
| Mesa (City of), AZ, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5836 |
| Mesa (City of), AZ, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17384 |
| Mesa (City of), AZ, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11395 |
| Phoenix Civic Improvement Corp., Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5941 |
| Phoenix Civic Improvement Corp., Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40631 |
| Salt River Project Agricultural Improvement & Power District, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55195 |
| Salt River Project Agricultural Improvement & Power District, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52567 |
| Salt River Project Agricultural Improvement & Power District, Series 2024 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;01/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64356 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29836 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301008 |
| **California-19.47%** |  |  |  |  |
| Antelope Valley Union High School District, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5334 |
| Bay Area Toll Authority, Series 2025 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5866 |
| Bay Area Toll Authority, Series 2025 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11614 |
| Bay Area Toll Authority, Series 2025 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 96331 |
| Bay Area Toll Authority, Series 2025 F-1, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11185 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11858 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17598 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11185 |
| California (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 42180 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6023 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11698 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17248 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28896 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34228 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 90052 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11306 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65068 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108220 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/01/2055 | &nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 251909 |
| California (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109572 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12224 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23782 |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55758 |

---

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

------

#### 451

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2045 | $&nbsp;&nbsp;100 | &nbsp;&nbsp;$111964 |
| California (State of) Educational Facilities Authority (Southern California University), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2055 | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106268 |
| California (State of) Educational Facilities Authority (Southern California University), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 56479 |
| California (State of) Educational Facilities Authority (university of Pacific), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57931 |
| California (State of) Enterprise Development Authority (Campbell Hall (Episcopal)), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5758 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21584 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 37545 |
| California (State of) Health Facilities Financing Authority(Adventist Health System), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 225233 |
| California (State of) Infrastructure & Economic Development Bank (UCSF Clinic and Lifr Science), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11016 |
| California (State of) Infrastructure & Economic Development Bank(Green Bonds), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 37801 |
| California (State of) Infrastructure & Economic Development Bank(Green Bonds), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6164 |
| California (State of) Infrastructure & Economic Development Bank(Green Bonds), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5854 |
| California (State of) Infrastructure & Economic Development Bank(Green Bonds), Series 2025, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51439 |
| California (State of) Public Works Board (Various Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12079 |
| California (State of) Public Works Board (Various Capital), Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6072 |
| California (State of) Public Works Board (Various Capital), Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12016 |
| California (State of) Public Works Board (Various Capital), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22466 |
| California (State of) Public Works Board (Various Capital), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53595 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6157 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6048 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29319 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5581 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26891 |
| California State University, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11900 |
| California State University, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11703 |
| California State University, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 98166 |
| California State University, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62537 |
| California State University, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27680 |
| California State University, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11056 |
| East Bay Municipal Utility District (Green Bonds), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2055 | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107355 |
| Encinitas Union School District, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5330 |
| Fontana Public Facilities Financing Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5295 |
| Foothill-De Anza Community College District, Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11280 |
| Grossmont Healthcare District, Series 2025 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11937 |
| Grossmont Healthcare District, Series 2025 F, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5926 |
| Imperial Irrigation District, Series 2016 C, Ref. RB<br>| &nbsp;&nbsp;3.13% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20001 |
| Irvine (City of), CA Community Facilities District No. 2013-3, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53936 |
| Irvine (City of), CA Community Facilities District No. 2013-3, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53640 |
| Long Beach (City of), CA Bond Finance Authority, Series 2007 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 46698 |
| Long Beach Community College District, Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16046 |
| Los Angeles (City of), CA, Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22036 |
| Los Angeles (City of), CA, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53319 |
| Los Angeles (City of), CA, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6249 |
| Los Angeles (City of), CA, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16767 |
| Los Angeles (City of), CA, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5793 |
| Los Angeles (City of), CA, Series 2025 E, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81383 |
| Los Angeles (City of), CA, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11457 |
| Los Angeles (City of), CA (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11641 |
| Los Angeles (City of), CA (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22748 |
| Los Angeles (City of), CA Department of Airports, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29951 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18125 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17801 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32563 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66768 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54527 |

---

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

------

#### 452

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$17541 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5657 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56675 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112355 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125306 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 137758 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52470 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104637 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5426 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12277 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6139 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 24287 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5893 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33512 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22056 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49263 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16366 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70274 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 187590 |
| Los Angeles Unified School District, Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6170 |
| Los Angeles Unified School District, Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 24429 |
| Los Angeles Unified School District, Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12090 |
| Los Angeles Unified School District, Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5928 |
| Los Angeles Unified School District, Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5907 |
| Los Angeles Unified School District, Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17412 |
| Los Angeles Unified School District (Sustainability Bonds), Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5832 |
| Los Angeles Unified School District (Election of 2024), Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11137 |
| Los Angeles Unified School District (Election of 2024), Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 129467 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23065 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57040 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56140 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 49882 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27384 |
| Metropolitan Water District of Southern California, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12170 |
| Modesto High School District (Election of 2022), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11009 |
| Mt. San Antonio Community College District (Election of 2024), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27311 |
| Municipal Improvement Corp. of Los Angeles, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16500 |
| Municipal Improvement Corp. of Los Angeles, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80747 |
| Municipal Improvement Corp. of Los Angeles, Series 2025, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 104837 |
| Municipal Improvement Corp. of Los Angeles (Los Angeles Convention Center), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78645 |
| Oakland (City of), CA, Series 2025 B-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52799 |
| Ontario (City of), CA Public Financing Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5358 |
| Orange (County of), CA Local Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6219 |
| Orange (County of), CA Local Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18325 |
| Orange (County of), CA Local Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17995 |
| Orange (County of), CA Local Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5893 |
| Orange (County of), CA Sanitation District, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6098 |
| Pajaro Valley Unified School District, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5410 |
| Pasadena Unified School District (Election of 2020), Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5698 |
| Pasadena Unified School District (Election of 2020), Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11246 |
| Peralta Community College District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12462 |
| Peralta Community College District (Election of 2018), Series 2025 C-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5354 |
| Petaluma Joint Union High School District, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5290 |
| Pittsburg Unified School District, Series 2025 A, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10608 |
| Redwoods Community College District (Election of 2024), Series 2025, GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43625 |
| Rio Hondo Community College District (Election of 2024), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32456 |
| Sacramento (City of), CA Unified School District (Measure D) (Election of 2024), Series 2025 A, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74498 |

---

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

------

#### 453

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2025 C, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10696 |
| Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2025 C, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79560 |
| Sacramento (County of), CA Water Financing Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10624 |
| Salinas Union High School District, Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5403 |
| San Bernardino City Unified School District, Series 2025, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5205 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54384 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18209 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17287 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33701 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27722 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42785 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53370 |
| San Diego (County of), CA Regional Airport Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65811 |
| San Diego (County of), CA Regional Airport Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10861 |
| San Diego Community College District, Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6025 |
| San Diego Community College District, Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5908 |
| San Diego Community College District, Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5775 |
| San Diego Community College District, Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5705 |
| San Diego Community College District, Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39217 |
| San Diego Community College District, Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80176 |
| San Diego Unified School District (Election of 2022), Series 2025 C-3, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65877 |
| San Diego Unified School District (Election of 2022), Series 2025 C-3, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43004 |
| San Dieguito Union High School District, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18074 |
| San Francisco (City & County of), CA, Series 2025, Ref. COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29601 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21328 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 31125 |
| San Francisco (City of), CA, Series 2025 E, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27256 |
| San Francisco (City of), CA, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10688 |
| San Francisco Bay Area Rapid Transit District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6265 |
| San Francisco Bay Area Rapid Transit District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6131 |
| San Francisco Bay Area Rapid Transit District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 78082 |
| San Francisco Bay Area Rapid Transit District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5951 |
| San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11306 |
| San Jose (City of), CA, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10774 |
| San Juan Unified School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11463 |
| San Marcos Unified School District (Election of 2024), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16264 |
| San Ysidro School District, Series 2025 A, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5592 |
| Santa Clara Unified School District, Series 2017, Ref. GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15010 |
| Southwestern Community College District, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2051 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108983 |
| Southwestern Community College District (Election of 2024), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 75787 |
| State Center Community College District, Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27685 |
| Sunnyvale School District, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26714 |
| University of California, Series 2025 BZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11917 |
| University of California, Series 2025 BZ, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18207 |
| University of California, Series 2025 BZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17692 |
| University of California, Series 2025 BZ, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53489 |
| University of California, Series 2025 BZ, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17756 |
| University of California, Series 2025 BZ, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40246 |
| University of California, Series 2025 CA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5834 |
| University of California, Series 2025 CA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58098 |
| University of California, Series 2025 CB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5897 |
| University of California, Series 2025 CB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 162674 |
| University of California, Series 2025 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5958 |
| University of California, Series 2025 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11425 |
| University of California, Series 2025 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 78259 |

---

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

------

#### 454

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **California-(continued)** |  |  |  |  |
| University of California, Series 2025 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$66295 |
| University of California, Series 2025 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109308 |
| University of California, Series 2025 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5427 |
| University of California, Series 2025 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79999 |
| University of California, Series 2025 CC, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65106 |
| University of California, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5897 |
| University of California, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 204193 |
| University of California, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29170 |
| University of California, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17543 |
| University of California, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34859 |
| West Sacrament (City of), CA Enhanced Infrastructure Financing District No. 1, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52923 |
| West Sacramento (City of), CA Enhanced Infrastructure Financing District No. 1, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63351 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7546834 |
| **Colorado-1.60%** |  |  |  |  |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29958 |
| Adams & Arapahoe Joint School District No. 28J Aurora, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11559 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 109976 |
| Colorado (State of) Health Facilities Authority (Craig Hospital), Series 2025, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;12/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 63485 |
| Colorado Springs (City of), CO, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6077 |
| Colorado Springs (City of), CO, Series 2022 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 199767 |
| Colorado Springs (City of), CO, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5918 |
| Colorado Springs (City of), CO, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5736 |
| Colorado Springs (City of), CO, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33938 |
| Colorado Springs (City of), CO, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33544 |
| Colorado Springs (City of), CO, Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32548 |
| Colorado Springs (City of), CO, Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43058 |
| St. Vrain Valley School District Re-1J (Boulder, Larimer & Weld Counties and the City and County of Broomfield), Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11956 |
| University of Colorado, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31808 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619328 |
| **Connecticut-0.86%** |  |  |  |  |
| Connecticut (State of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10005 |
| Connecticut (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23561 |
| Connecticut (State of), Series 2024 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 172094 |
| Connecticut (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5894 |
| Connecticut (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5767 |
| Connecticut (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5717 |
| Connecticut (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5659 |
| Connecticut (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11819 |
| Connecticut (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 87942 |
| Connecticut (State of) (Transportation Infrastructure), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6001 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334459 |
| **Delaware-0.37%** |  |  |  |  |
| Delaware (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11818 |
| Delaware (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69240 |
| Delaware (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31697 |
| University of Delaware, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29713 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142468 |
| **District of Columbia-1.68%** |  |  |  |  |
| District of Columbia, Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5907 |
| District of Columbia, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53314 |
| District of Columbia, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5906 |
| District of Columbia, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5889 |

---

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

------

#### 455

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| District of Columbia, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;$40452 |
| District of Columbia, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17198 |
| District of Columbia, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22820 |
| District of Columbia, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55381 |
| District of Columbia, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38341 |
| District of Columbia, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68969 |
| District of Columbia, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 135606 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11794 |
| District of Columbia Water & Sewer Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53676 |
| Washington Metropolitan Area Transit Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58259 |
| Washington Metropolitan Area Transit Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2060 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 77660 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651172 |
| **Florida-3.62%** |  |  |  |  |
| Central Florida Expressway Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5914 |
| Delray Beach (City of), FL, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37507 |
| Florida (State of) (Capital Outlay), Series 2015 F, Ref. GO Bonds<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25005 |
| Florida (State of) Department of Transportation, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 66510 |
| Florida (State of) Department of Transportation, Series 2025 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31671 |
| Florida (State of) Department of Transportation, Series 2025 C, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26198 |
| JEA Electric System, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5828 |
| JEA Electric System, Series 2024-3, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5857 |
| JEA Water & Sewer System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5654 |
| JEA Water & Sewer System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 97573 |
| JEA Water & Sewer System, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 74963 |
| Lee (County of), FL School Board (The), Series 2025 A, COP<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11093 |
| Marion (County of), FL School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35035 |
| Miami-Dade (County of), FL, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;06/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16137 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11389 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11055 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10919 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10802 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5404 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69952 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5896 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23663 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5873 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5833 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17377 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56234 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33329 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11367 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16816 |

---

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

------

#### 456

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Florida-(continued)** |  |  |  |  |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | $&nbsp;&nbsp;205 | &nbsp;&nbsp;$227376 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26365 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62955 |
| Orlando (City of), FL, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54143 |
| Orlando (City of), FL, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27005 |
| Orlando (City of), FL Utilities Commission, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5922 |
| Pasco (City of), FL, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47145 |
| Peace River Manasota Regional Water Supply Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53511 |
| Port St. Lucie (City of), FL, Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24606 |
| South Broward Hospital District, Series 2016, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24298 |
| Tallahassee (City of), FL, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 108080 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402260 |
| **Georgia-1.00%** |  |  |  |  |
| Carroll City-County Hospital Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5233 |
| Cobb-Marietta Coliseum & Exhibit Hall Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55079 |
| DeKalb (County of), GA, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79456 |
| DeKalb (County of), GA, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5250 |
| DeKalb (County of), GA, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10989 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5598 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 70359 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 47365 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11723 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5693 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11249 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;09/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38934 |
| Savannah Georgia Convention Center Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2058 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41129 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388057 |
| **Guam-0.15%** |  |  |  |  |
| Guam (Territory of), Series 2025 G, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56998 |
| **Hawaii-0.51%** |  |  |  |  |
| Hawaii (State of), Series 2016 FB, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| Hawaii (State of), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5909 |
| Hawaii (State of), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5587 |
| Hawaii (State of) Department of Budget & Finance (The Queen's Health System), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11304 |
| Honolulu (City & County of), HI, Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 81375 |
| Honolulu (City & County of), HI, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43186 |
| Honolulu (City & County of), HI, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11837 |
| Honolulu (City & County of), HI, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29358 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198556 |
| **Idaho-0.45%** |  |  |  |  |
| Idaho (State of) Health Facilities Authority (St. Luke's Health System), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22487 |
| Idaho (State of) Health Facilities Authority (St. Luke's Health ystem), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113629 |
| Idaho (State of) Health Facilities Authority (St. Luke's Health ystem), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37308 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173424 |
| **Illinois-3.08%** |  |  |  |  |
| Chicago (City of), IL, Series 2021 A, Ref. GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30106 |
| Chicago (City of), IL (Chicago Works), Series 2023 A, GO Bonds<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15063 |
| Chicago (City of), IL (O'Hare International Airport), Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5581 |
| Chicago (City of), IL Metropolitan Water Reclamation District, Series 2007 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 67356 |
| Chicago (City of), IL Midway International Airport, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22086 |
| Chicago (City of), IL Midway International Airport, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5446 |
| Chicago (City of), IL Midway International Airport, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43143 |

---

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

------

#### 457

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Illinois-(continued)** |  |  |  |  |
| Chicago (City of), IL Midway International Airport, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$10445 |
| Chicago (City of), IL Midway International Airport, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51846 |
| Illinois (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5750 |
| Illinois (State of), Series 2024 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57515 |
| Illinois (State of), Series 2024, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57749 |
| Illinois (State of), Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11434 |
| Illinois (State of), Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50576 |
| Illinois (State of), Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27850 |
| Illinois (State of), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11046 |
| Illinois (State of), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54825 |
| Illinois (State of), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32619 |
| Illinois (State of), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69855 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11725 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113896 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38942 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5922 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5840 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28715 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34263 |
| Illinois (State of) Finance Authority (Silver Cross Hospital & Medical Center), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56802 |
| Illinois (State of) Finance Authority (Silver Cross Hospital & Medical Center), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39391 |
| Illinois (State of) Finance Authority (Silver Cross Hospital & Medical Center), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55344 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11647 |
| Illinois (State of) Toll Highway Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11813 |
| Illinois (State of) Toll Highway Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16320 |
| Illinois (State of) Toll Highway Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10754 |
| Illinois (State of) Toll Highway Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21357 |
| Illinois Municipal Electric Agency, Series 2025 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5933 |
| Sales Tax Securitization Corp., Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39650 |
| Sales Tax Securitization Corp., Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56148 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194753 |
| **Indiana-1.25%** |  |  |  |  |
| Allen County Building Corp., Series 2024, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44142 |
| Allen County Building Corp., Series 2024, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/15/2042 | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102246 |
| Indiana (State of) Finance Authority, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11088 |
| Indiana (State of) Finance Authority, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43822 |
| Indiana (State of) Finance Authority, Series 2025 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17849 |
| Indiana (State of) Finance Authority, Series 2025 E, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5840 |
| Indiana (State of) Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5925 |
| Indiana (State of) Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28900 |
| Indiana (State of) Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58055 |
| Indiana (State of) Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16526 |
| Indianapolis Local Public Improvement Bond Bank, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57029 |
| Purdue University, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11842 |
| Purdue University, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 82170 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485434 |
| **Iowa-0.06%** |  |  |  |  |
| Iowa (State of) Finance Authority (Green Bonds), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21852 |
| **Kansas-0.29%** |  |  |  |  |
| Kansas (State of) Department of Transportation, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35575 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 70038 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5610 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111223 |
| **Kentucky-0.81%** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5920 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11757 |

---

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

------

#### 458

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Kentucky-(continued)** |  |  |  |  |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2040 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$45869 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28492 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11249 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44501 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21974 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23936 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23368 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11592 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60638 |
| University of Kentucky, Series 2018 A, RB, (CEP - Colorado Higher Education Intercept Program)<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24620 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313916 |
| **Louisiana-0.32%** |  |  |  |  |
| Louisiana (State of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11968 |
| Louisiana (State of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11975 |
| Louisiana (State of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11666 |
| Louisiana (State of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17376 |
| Louisiana (State of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28128 |
| Louisiana (State of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11151 |
| Louisiana (State of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22136 |
| Louisiana (State of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10947 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125347 |
| **Maine-0.08%** |  |  |  |  |
| Maine (State of) Finance Authority (Casella Waste Systems, Inc.), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29575 |
| **Maryland-1.19%** |  |  |  |  |
| Maryland (State of), First Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53356 |
| Maryland (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23680 |
| Maryland (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58314 |
| Maryland (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28946 |
| Maryland (State of) Department of Transportation, Series 2021 A, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 25081 |
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 115934 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11866 |
| Maryland Economic Development Corp., Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15747 |
| Maryland Economic Development Corp. (Dept. of Health Heardquarters), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 79813 |
| Montgomery (County of), MD, Series 2019 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 50288 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463025 |
| **Massachusetts-5.28%** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2017 E, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5007 |
| Massachusetts (Commonwealth of), Series 2019 D, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5022 |
| Massachusetts (Commonwealth of), Series 2021 A, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5038 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5954 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59668 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29885 |
| Massachusetts (Commonwealth of), Series 2024 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6010 |
| Massachusetts (Commonwealth of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34917 |
| Massachusetts (Commonwealth of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10865 |
| Massachusetts (Commonwealth of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53048 |
| Massachusetts (Commonwealth of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26249 |
| Massachusetts (Commonwealth of), Series 2025 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29334 |
| Massachusetts (Commonwealth of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5502 |
| Massachusetts (Commonwealth of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10785 |
| Massachusetts (Commonwealth of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10656 |
| Massachusetts (Commonwealth of), Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86664 |
| Massachusetts (Commonwealth of), Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11435 |
| Massachusetts (Commonwealth of), Series 2025 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11019 |
| Massachusetts (Commonwealth of), Series 2025 F, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21782 |

---

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

------

#### 459

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2025 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$5887 |
| Massachusetts (Commonwealth of), Series 2025 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 116730 |
| Massachusetts (Commonwealth of), Series 2025 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21834 |
| Massachusetts (Commonwealth of), Series 2025 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21291 |
| Massachusetts (Commonwealth of), Series 2025 G, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2055 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 157934 |
| Massachusetts (Commonwealth of), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52612 |
| Massachusetts (Commonwealth of), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5535 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11946 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 119492 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 69866 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5933 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2025, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16211 |
| Massachusetts (Commonwealth of) Development Finance Agency (Beth Israel Lahey Health), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53331 |
| Massachusetts (Commonwealth of) Development Finance Agency (Beth Israel Lahey Health), Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53921 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston College), Series 2025 W, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11572 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston College), Series 2025 W, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34275 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston College), Series 2025 W, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57593 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston College), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 201985 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2025 B-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 95902 |
| Massachusetts (Commonwealth of) Development Finance Agency (Umass Memorial Health Care), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57730 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52937 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 131081 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32748 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 53251 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2041 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 174761 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045198 |
| **Michigan-0.79%** |  |  |  |  |
| Grand Rapids (City of), MI, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10431 |
| Great Lakes Water Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23734 |
| Great Lakes Water Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 47608 |
| Great Lakes Water Authority, Series 2025 C, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10663 |
| Great Lakes Water Authority, Series 2025 C, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10599 |
| L'Anse Creuse Public Schools, Series 2025 I, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10534 |
| Michigan (State of) Building Authority (Facilities Program), Series 2025 I, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5991 |
| Michigan (State of) Building Authority (Facilities Program), Series 2025 I, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10639 |
| Michigan (State of) Hospital Finance Authority (Corewell Health), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5882 |
| Michigan (State of) Hospital Finance Authority (Corewell Health), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2045 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 133608 |
| Michigan State University, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15798 |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21974 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307461 |
| **Minnesota-0.38%** |  |  |  |  |
| Minnesota (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 77302 |
| Minnesota (State of), Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5946 |
| Minnesota (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6041 |
| Minnesota (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58568 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147857 |
| **Mississippi-0.15%** |  |  |  |  |
| Mississippi (State of) Development Bank, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10462 |

---

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

------

#### 460

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Mississippi-(continued)** |  |  |  |  |
| Mississippi (State of) Hospital Equipment & Facilities Authority (Ochsner Clinic Foundation), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$41397 |
| Mississippi (State of) Hospital Equipment & Facilities Authority (Ochsner Clinic Foundation), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5341 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57200 |
| **Missouri-0.21%** |  |  |  |  |
| Lindbergh School District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5688 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11872 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11682 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40808 |
| Springfield (City of), MO, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11980 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82030 |
| **Montana-0.08%** |  |  |  |  |
| Montana State Board of Regents, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30275 |
| **Nebraska-0.94%** |  |  |  |  |
| Omaha (City of), NE Public Power District, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11577 |
| Omaha (City of), NE Public Power District, Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/01/2050 | &nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 135196 |
| Omaha (City of), NE Public Power District, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5330 |
| Omaha (City of), NE Public Power District, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2055 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 189832 |
| Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23245 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365180 |
| **Nevada-0.29%** |  |  |  |  |
| Clark County School District, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5845 |
| Clark County School District, Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11638 |
| Clark County School District, Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28359 |
| Clark County School District, Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5552 |
| Clark County School District, Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59809 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111203 |
| **New Hampshire-0.21%** |  |  |  |  |
| New Hampshire (State of) Business Finance Authority (Grace Christian School), Series 2025, RB<br>| &nbsp;&nbsp;6.00% | &nbsp;&nbsp;&nbsp;08/01/2065 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15084 |
| New Hampshire (State of) Health and Education Facilities Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5404 |
| New Hampshire Health and Education Facilities Authority Act, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 60150 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80638 |
| **New Jersey-1.40%** |  |  |  |  |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6098 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59136 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29546 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45810 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33779 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44514 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 65185 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 94209 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2055 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103850 |
| New Jersey (State of) Turnpike Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5544 |
| New Jersey (State of) Turnpike Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;01/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53751 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541422 |
| **New York-21.49%** |  |  |  |  |
| Albany Capital Resource Corp. (Albany Medical Center Hospital), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85440 |
| Albany Capital Resource Corp. (Albany Medical Center Hospital), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 85697 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11432 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27339 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2055 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 162047 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11951 |
| Long Island (City of), NY Power Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11928 |

---

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

------

#### 461

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| Metropolitan Transportation Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$16845 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5610 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20968 |
| Metropolitan Transportation Authority (Green Bonds), Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5474 |
| Metropolitan Transportation Authority (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16764 |
| Metropolitan Transportation Authority (Green Bonds), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54380 |
| Nassau (County of), NY, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;04/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15830 |
| New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 49134 |
| New York & New Jersey (States of) Port Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 86693 |
| New York & New Jersey (States of) Port Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/15/2055 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105050 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifty series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22346 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifty series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 44185 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifty Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11727 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifty Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10840 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Eight series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29255 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Eight series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;01/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31839 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Four Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23950 |
| New York (City of), NY, Series 2006, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11727 |
| New York (City of), NY, Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5851 |
| New York (City of), NY, Series 2024 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58555 |
| New York (City of), NY, Series 2025 A-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11906 |
| New York (City of), NY, Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11699 |
| New York (City of), NY, Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11490 |
| New York (City of), NY, Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5699 |
| New York (City of), NY, Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 112030 |
| New York (City of), NY, Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 103766 |
| New York (City of), NY, Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5349 |
| New York (City of), NY, Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2051 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 117239 |
| New York (City of), NY, Series 2025 D, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15556 |
| New York (City of), NY, Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38961 |
| New York (City of), NY, Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54977 |
| New York (City of), NY, Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27172 |
| New York (City of), NY, Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10753 |
| New York (City of), NY, Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41439 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 207649 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 76311 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 51843 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28277 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16563 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37617 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53381 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18188 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28119 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 BB, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80846 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 BB, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 62952 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 DD, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12125 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 DD, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35744 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 DD, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 30400 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2055 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 157106 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12125 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2025 AA-1, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/15/2055 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106872 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2025 AA-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22275 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2025 AA-2, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26434 |
| New York (City of), NY Transitional Finance Authority, Series 2015, RB<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 9897 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11827 |
| New York (City of), NY Transitional Finance Authority, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5889 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23033 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28557 |

---

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

------

#### 462

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2042 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$11264 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10985 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17510 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17275 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 113489 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 167268 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16321 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2046 | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 161522 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 184389 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 183401 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 78626 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29443 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11871 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11753 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11653 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 109797 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28526 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 62091 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 120580 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55331 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 91249 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107548 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10497 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 116558 |
| New York (City of), NY Transitional Finance Authority, Series 2025 S-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6085 |
| New York (City of), NY Transitional Finance Authority, Series 2025 S-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39851 |
| New York (City of), NY Transitional Finance Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52913 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11848 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 57788 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5779 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39591 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 19303 |
| New York (State of), Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17810 |
| New York (State of) Dormitory Authority, Series 2015 E, Ref. RB<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 40003 |
| New York (State of) Dormitory Authority, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6011 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11914 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 87738 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23187 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 108005 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28069 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2045 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 125313 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57772 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2054 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 120317 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23735 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11754 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17927 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 133735 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11821 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11689 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17150 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33856 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22274 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5622 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43932 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5428 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16168 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2050 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105151 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2051 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104735 |

---

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

------

#### 463

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$52362 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 12038 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5919 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11707 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5808 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27571 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/15/2046 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 109980 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;03/15/2047 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 114659 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41731 |
| New York (State of) Dormitory Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10767 |
| New York (State of) Dormitory Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64459 |
| New York (State of) Dormitory Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42708 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17945 |
| New York (State of) Dormitory Authority (New York University), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10913 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 110408 |
| New York (State of) Thruway Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11457 |
| New York (State of) Thruway Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2044 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 110285 |
| New York (State of) Thruway Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5380 |
| New York (State of) Thruway Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21350 |
| New York (State of) Thruway Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52473 |
| New York (State of) Thruway Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83462 |
| New York (State of) Thruway Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 57327 |
| New York (State of) Thruway Authority (Bidding Group 2), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16980 |
| New York (State of) Thruway Authority (Group 4), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83631 |
| New York City Health and Hospitals Corp., Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17915 |
| New York Liberty Development Corp. (Goldman Sachs Headquarters), Series 2005, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 401884 |
| New York State Environmental Facilities Corp., Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5959 |
| New York State Environmental Facilities Corp., Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21496 |
| New York State Environmental Facilities Corp., Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;06/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37276 |
| Onondaga Civic Development Corp., Series 2025, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;12/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11003 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15007 |
| Triborough Bridge & Tunnel Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 111550 |
| Triborough Bridge & Tunnel Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107748 |
| Triborough Bridge & Tunnel Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21967 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 42108 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 84264 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 132821 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 38271 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21601 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10813 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20977 |
| Utility Debt Securitization Authority, Series 2025 TE-1, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2043 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 114477 |
| Utility Debt Securitization Authority, Series 2025 TE-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 60030 |
| Utility Debt Securitization Authority, Series 2025 TE-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 71160 |
| Utility Debt Securitization Authority, Series 2025 TE-2, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11777 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8329568 |
| **North Carolina-0.42%** |  |  |  |  |
| Guildford (City of), NC, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5945 |
| Guildford (City of), NC, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34903 |
| Nash Health Care Systems, Series 2025, RB<br>| &nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43344 |
| Nash Health Care Systems, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20619 |
| North Carolina (State of), Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23296 |
| North Carolina (State of), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17561 |

---

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

------

#### 464

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **North Carolina-(continued)** |  |  |  |  |
| North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$11471 |
| North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5586 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162725 |
| **North Dakota-0.06%** |  |  |  |  |
| North Dakota (State of) Housing Finance Agency, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23763 |
| **Ohio-1.37%** |  |  |  |  |
| Allen (County of), OH (Mercy Health), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5748 |
| Franklin (County of), OH, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;11/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10575 |
| Greater Cincinnati (Port of), OH Development Authority, Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2055 | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 103439 |
| Ohio (State of), Series 2017, Ref. RB<br>| &nbsp;&nbsp;3.25% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10018 |
| Ohio (State of), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29591 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11995 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6003 |
| Ohio (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11545 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 36108 |
| Ohio (State of), Series 2025 B, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11887 |
| Ohio (State of) Water Development Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11537 |
| Ohio (State of) Water Development Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 86354 |
| Ohio (State of) Water Development Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 55475 |
| Ohio (State of) Water Development Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27545 |
| Summit County Development Finance Authority, Series 2025, RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51870 |
| Toledo City School District, Series 2025, GO Bonds, (CEP - Ohio School District)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5255 |
| Toledo Lucas County Public Library, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21080 |
| Toledo Lucas County Public Library, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 36702 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532727 |
| **Oklahoma-0.96%** |  |  |  |  |
| Oklahoma (State of) Capitol Improvement Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106771 |
| Oklahoma (State of) Turnpike Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 40408 |
| Oklahoma (State of) Turnpike Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11469 |
| Oklahoma (State of) Turnpike Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28388 |
| Oklahoma (State of) Turnpike Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 60301 |
| Oklahoma (State of) Turnpike Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;01/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16179 |
| Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;04/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53749 |
| Oklahoma Water Resources Board, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;04/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53662 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370927 |
| **Oregon-0.57%** |  |  |  |  |
| Clackamas Community College District, Series 2025, Ref. GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5475 |
| Oregon (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17817 |
| Oregon (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17511 |
| Oregon (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5742 |
| Oregon (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5599 |
| Oregon (State of) Department of Transportation, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5913 |
| Oregon (State of) Lottery, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5825 |
| Oregon (State of) Lottery, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5793 |
| Oregon (State of) Lottery, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33590 |
| Oregon City School District No. 62, Series 2025 B, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42790 |
| Portland (City of), OR, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 24039 |
| Portland (City of), OR, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5950 |
| Portland (City of), OR, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17692 |
| Portland (City of), OR, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5850 |
| Portland (City of), OR, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23245 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222831 |

---

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

------

#### 465

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Pennsylvania-2.52%** |  |  |  |  |
| Lehigh (County of), PA (Lehigh Valley Health Network), Series 2016 A, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;07/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;$75045 |
| Pennsylvania (Commonwealth of), First Series 2016, GO Bonds, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 4998 |
| Pennsylvania (Commonwealth of), First Series 2021, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 9925 |
| Pennsylvania (Commonwealth of), First Series 2024, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11808 |
| Pennsylvania (Commonwealth of), Second series 2016, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;09/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24816 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;08/15/2055 | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 195925 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania Health System), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107913 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29635 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 58341 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11579 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5734 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33553 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Second series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5461 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2055 | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106878 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52226 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5836 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5743 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22086 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025-I, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11875 |
| Pennsylvania State University (The), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6026 |
| Pennsylvania State University (The), Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;09/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54258 |
| Pennsylvania Turnpike Commission Registration Fee Revenue, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5979 |
| Pennsylvania Turnpike Commission Registration Fee Revenue, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11586 |
| Philadelphia (City of), PA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23219 |
| Philadelphia (City of), PA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11499 |
| Philadelphia (City of), PA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45670 |
| Philadelphia (City of), PA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11294 |
| Philadelphia (City of), PA, Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28072 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976980 |
| **Rhode Island-0.08%** |  |  |  |  |
| Rhode Island (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32910 |
| **South Carolina-0.57%** |  |  |  |  |
| Charleston (City of), SC, Series 2021, Ref. RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5587 |
| Clemson University, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2055 | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105574 |
| South Carolina (State of) Public Service Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5755 |
| South Carolina (State of) Public Service Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5699 |
| South Carolina (State of) Public Service Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5637 |
| South Carolina (State of) Public Service Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5452 |
| South Carolina (State of) Public Service Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5392 |
| South Carolina (State of) Public Service Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26673 |
| South Carolina (State of) Public Service Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48139 |
| South Carolina (State of) Public Service Authority, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5392 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219300 |
| **Tennessee-0.53%** |  |  |  |  |
| Memphis (City of), TN, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;12/01/2055 | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 104722 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2021 C, GO Bonds<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 89930 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center Authority, Series 2024 B, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11791 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206443 |
| **Texas-15.00%** |  |  |  |  |
| Alvin Independent School District, Series 2025 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10706 |
| Anna Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53428 |
| Argyle Independent School District, Series 2025 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37621 |

---

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

------

#### 466

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Austin (City of), TX, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2042 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$56371 |
| Austin (City of), TX, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11082 |
| Austin (City of), TX, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10987 |
| Austin (City of), TX, Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11082 |
| Austin (City of), TX, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 82887 |
| Austin (City of), TX, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16390 |
| Austin (City of), TX, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52951 |
| Austin (City of), TX, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52293 |
| Bastrop Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53530 |
| Blue Ridge Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21786 |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59270 |
| Board of Regents of the University of Texas System, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18072 |
| Board of Regents of the University of Texas System, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16447 |
| Board of Regents of the University of Texas System, Series 2025 B, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 15916 |
| Carrollton-Farmers Branch Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52508 |
| Celina Independent School District, Series 2025 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16028 |
| Clear Creek Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10842 |
| Conroe Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23218 |
| Conroe Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11520 |
| Conroe Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45641 |
| Conroe Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39233 |
| Corpus Christi (City of), TX, Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;07/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53641 |
| Corpus Christi (City of), TX, Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;07/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31213 |
| Crowley Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37358 |
| Denton Independent School District, Series 2025 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22551 |
| Eagle Mountain & Saginaw Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 68254 |
| Fairfield Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10717 |
| Farmersville Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53428 |
| Ferris Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52319 |
| Forney Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52831 |
| Frenship Independent School District, Series 2025 A, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53381 |
| Georgetown Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;02/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6044 |
| Georgetown Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16028 |
| Harris (County of), TX, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17628 |
| Harris (County of), TX, Series 2025 A, Ref. GO Bonds<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;09/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16081 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 88285 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21741 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10767 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 90521 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 83110 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34879 |
| Hays Consolidated Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 53428 |
| Houston (City of), TX, Series 2025 B, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48651 |
| Hutto Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52691 |
| Iraan Sheffield Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 102058 |
| Leander (City of), TX, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26692 |
| Leander (City of), TX, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52822 |

---

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

------

#### 467

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Leander Independent School District, Series 2025 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2037 | $&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$23528 |
| Leander Independent School District, Series 2025 A, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28594 |
| Liberty Hill Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52310 |
| Lower Colorado River Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5940 |
| Lower Colorado River Authority, Series 2025, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43350 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5849 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5792 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11489 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;05/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43731 |
| Mansfield Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58062 |
| Mansfield Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21386 |
| Medina Valley Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;&nbsp;02/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10171 |
| Medina Valley Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 80142 |
| Medina Valley Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/15/2060 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106304 |
| Mesquite Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16785 |
| Mesquite Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5410 |
| Mesquite Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2052 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107721 |
| Needville Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52148 |
| New Hope Cultural Education Facilities Finance Corp., Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16564 |
| New Hope Cultural Education Facilities Finance Corp., Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16368 |
| North Texas Municipal Water District, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16912 |
| North Texas Municipal Water District, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5596 |
| North Texas Municipal Water District, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22215 |
| North Texas Municipal Water District, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;09/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27524 |
| North Texas Municipal Water District, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;09/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31283 |
| North Texas Tollway Authority, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34914 |
| North Texas Tollway Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 177941 |
| Northwest Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2050 | &nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 142619 |
| Northwest Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52432 |
| Northwest Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26752 |
| Permanent University Fund - University of Texas System, Series 2007 B, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 6127 |
| Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29650 |
| Port Arthur Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5247 |
| Princeton Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52746 |
| Princeton Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5343 |
| Prosper Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58020 |
| Prosper Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 42927 |
| Prosper Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107650 |
| Red Oak Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 58771 |
| Red River Education Finance Corp., Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11886 |
| Round Rock Independent School District, Series 2025 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5890 |
| Round Rock Independent School District, Series 2025 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23031 |

---

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

------

#### 468

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Round Rock Independent School District, Series 2025 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | $&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;$34349 |
| Round Rock Independent School District, Series 2025 B, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28328 |
| Royse (City of), TX Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37400 |
| Royse (City of), TX Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2058 | &nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 175779 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22919 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16933 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 66227 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 48689 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26580 |
| San Antonio (City of), TX, Series 2024 E, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;02/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32459 |
| San Antonio (City of), TX, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28222 |
| San Antonio (City of), TX, Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16808 |
| San Antonio (City of), TX, Series 2025 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11077 |
| Seguin (City of), TX, Series 2025, Ctfs. of Obligations<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;09/01/2059 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54117 |
| Spring Independent School District, Series 2025, Ref. GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5710 |
| Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5821 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17136 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2025 A, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;11/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 81334 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;11/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 26036 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5648 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56158 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27793 |
| Terrell Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16195 |
| Terrell Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 107141 |
| Texas (State of), Series 2025 E, GO Bonds<br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;&nbsp;02/01/2056 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 108701 |
| Texas (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63173 |
| Texas (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28546 |
| Texas (State of), Series 2025, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16715 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11645 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 C, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5810 |
| Texas (State of) Water Development Board, Series 2019, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 49666 |
| Texas (State of) Water Development Board, Series 2020, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 14900 |
| Texas (State of) Water Development Board, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11737 |
| Texas (State of) Water Development Board, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 50084 |
| Texas (State of) Water Development Board, Series 2025, RB<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;10/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 20780 |
| Texas (State of) Water Development Board, Series 2025, RB<br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;&nbsp;10/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 51454 |
| Texas (State of) Water Development Board, Series 2025, RB<br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;&nbsp;10/15/2055 | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 116697 |
| Texas (State of) Water Development Board, Series 2025, RB<br>| &nbsp;&nbsp;4.80% | &nbsp;&nbsp;&nbsp;10/15/2056 | &nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 122025 |
| Texas A&M University, Series 2024 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11784 |
| Texas Transportation Finance Corp., Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 22302 |
| Texas Transportation Finance Corp., Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 35186 |
| Texas Transportation Finance Corp., Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28803 |
| Texas Transportation Finance Corp., Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11421 |
| Texas Transportation Finance Corp., Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27616 |
| Texas Transportation Finance Corp., Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27311 |
| Texas Transportation Finance Corp., Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106260 |
| Texas Transportation Finance Corp., Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 54231 |
| Texas Water Development Board, Series 2025, RB<br>| &nbsp;&nbsp;4.00% | &nbsp;&nbsp;10/15/2039 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 105837 |
| Tomball Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.50% | &nbsp;&nbsp;&nbsp;02/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 24927 |
| Travis County Healthcare District, Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;03/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52425 |
| Venus Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5358 |

---

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

------

#### 469

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Texas-(continued)** |  |  |  |  |
| Waller Consolidated Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/15/2050 | $&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$53822 |
| Willis Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund)<br>| &nbsp;&nbsp;4.75% | &nbsp;&nbsp;&nbsp;02/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 30353 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5812476 |
| **Utah-0.64%** |  |  |  |  |
| Downtown Revitalization Public Infrastructure District (SEG Redevelopment), Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 34125 |
| Downtown Revitalization Public Infrastructure District (SEG Redevelopment), Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5693 |
| Downtown Revitalization Public Infrastructure District (SEG Redevelopment), Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;06/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5501 |
| Downtown Revitalization Public Infrastructure District (SEG Redevelopment), Series 2025, RB, (INS - AGI)<sup>(a)</sup><br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21950 |
| Local Building Authority of Alpine School District (West School District), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 33045 |
| Local Building Authority of Alpine School District (West School District), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 16155 |
| Salt Lake City (City of), UT, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;02/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 52735 |
| Utah (State of) Transit Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11137 |
| Utah Transit Authority, Series 2007 A, Ref. RB, (INS - NATL)<sup>(a)</sup><br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17839 |
| Utah Transit Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11906 |
| Utah Transit Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 39472 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249558 |
| **Virginia-0.37%** |  |  |  |  |
| Henrico (County of), VA Economic Development Authority (Bon Secours Mercy Health), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5920 |
| Henrico (County of), VA Economic Development Authority (Bon Secours Mercy Health), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;11/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10520 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2017, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 70008 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2019 A, RB<br>| &nbsp;&nbsp;3.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10034 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments Programs), Series 2024, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5909 |
| Virginia (Commonwealth of) Public Building Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5717 |
| Virginia (Commonwealth of) Public Building Authority, Series 2025 A, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11192 |
| Virginia (Commonwealth of) Transportation Board (Transportation Capital), Series 2024, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11850 |
| Virginia Small Business Financing Authority, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;06/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 10423 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141573 |
| **Washington-4.14%** |  |  |  |  |
| Energy Northwest, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17795 |
| Energy Northwest, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11643 |
| Energy Northwest, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29615 |
| Energy Northwest, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 152543 |
| Energy Northwest, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11430 |
| Energy Northwest, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 27984 |
| Energy Northwest (Columbia Generating Station), Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 45283 |
| King (County of), WA, Series 2024 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11895 |
| King (County of), WA, Series 2024 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 88849 |
| King County School District No. 401 Highline, Series 2025, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11035 |
| Pierce County School District No. 320 Sumner, Series 2025, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11588 |
| Pierce County School District No. 320 Sumner, Series 2025, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11520 |
| Pierce County School District No. 320 Sumner, Series 2025, GO Bonds, (CEP - Oregon School Bond Guaranty)<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11470 |
| Seattle (City of), WA, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5981 |

---

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

------

#### 470

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)** | &nbsp;&nbsp;**Value** |
| **Washington-(continued)** |  |  |  |  |  |
| Seattle (City of), WA, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;$| &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$11840 |
| Seattle (City of), WA, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11739 |
| Seattle (City of), WA, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23307 |
| Seattle (City of), WA, Series 2025, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;02/01/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59060 |
| Seattle (Port of), WA, Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;10/01/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 59489 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;12/01/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5384 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17564 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;12/01/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 52314 |
| Tacoma (City of), WA, Series 2025 B, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;01/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5937 |
| Tacoma (City of), WA (Green Bonds), Series 2025 A, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;01/01/2055 |  | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 64211 |
| University of Washington, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;04/01/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 59002 |
| Washington (State of), Series 2024 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5921 |
| Washington (State of), Series 2024 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23575 |
| Washington (State of), Series 2024 C, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5921 |
| Washington (State of), Series 2024 R, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5918 |
| Washington (State of), Series 2024 R, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23443 |
| Washington (State of), Series 2024 R, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 11532 |
| Washington (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2043 |  | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp; 56141 |
| Washington (State of), Series 2025 A, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2046 |  | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 43432 |
| Washington (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5981 |
| Washington (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2042 |  | &nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 169177 |
| Washington (State of), Series 2025 C, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;02/01/2045 |  | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 32778 |
| Washington (State of), Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 18011 |
| Washington (State of), Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17420 |
| Washington (State of), Series 2025 D, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;08/01/2040 |  | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 69199 |
| Washington (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2037 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5902 |
| Washington (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2039 |  | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 17402 |
| Washington (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2042 |  | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 28298 |
| Washington (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2046 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5419 |
| Washington (State of), Series 2025, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;06/01/2049 |  | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 37350 |
| Washington (State of) Health Care Facilities Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;09/01/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 31787 |
| Washington (State of) Health Care Facilities Authority, Series 2025 A, Ref. RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;09/01/2055 |  | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 106747 |
| Washington (State of) Health Care Facilities Authority (Providence St. Joseph Health), Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;10/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 63736 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603568 |
| **West Virginia-0.06%** |  |  |  |  |  |
| West Virginia (State of) Hospital Finance Authority (United Health System Obligated), Series 2025, RB<br>| &nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;06/01/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 21506 |
| **Wisconsin-0.53%** |  |  |  |  |  |
| Wisconsin (State of), Series 2024-1, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 23645 |
| Wisconsin (State of), Series 2025-2, Ref. GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2038 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 5860 |
| Wisconsin (State of), Series 2025-3, GO Bonds<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;05/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 29966 |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc.), Series 2025, RB<br>| &nbsp;&nbsp;5.25% | &nbsp;&nbsp;&nbsp;08/15/2050 |  | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 41925 |
| Wisconsin (State of) Public Finance Authority, Series 2025, RB<br>| &nbsp;&nbsp;5.00% | &nbsp;&nbsp;07/01/2035 |  | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 104115 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205511 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-97.64%<br>(Cost $37,254,958) | TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-97.64%<br>(Cost $37,254,958) | TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-97.64%<br>(Cost $37,254,958) | TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-97.64%<br>(Cost $37,254,958) | TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-97.64%<br>(Cost $37,254,958) | &nbsp;&nbsp;&nbsp;&nbsp;37841186 |
| OTHER ASSETS LESS LIABILITIES-2.36% | OTHER ASSETS LESS LIABILITIES-2.36% | OTHER ASSETS LESS LIABILITIES-2.36% | OTHER ASSETS LESS LIABILITIES-2.36% | OTHER ASSETS LESS LIABILITIES-2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915544 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp;$38756730 |

---

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

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

------

#### 471

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)—(continued)
February 28, 2026

(Unaudited)

---

| | |
|:---|:---|
| 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 |

---

&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 obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each. |

---

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

------

#### 472

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

(This Page Intentionally Left Blank)

------

#### 473

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Statements of Assets and Liabilities
February 28, 2026 *(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Invesco<br> BulletShares<br> 2026 Corporate<br> Bond ETF<br> (BSCQ)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2027 Corporate<br> Bond ETF<br> (BSCR)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2028 Corporate<br> Bond ETF<br> (BSCS)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2029 Corporate<br> Bond ETF<br> (BSCT)** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments in securities, at value<sup>(a)</sup><br>| &nbsp;&nbsp;$4181202378 | &nbsp;&nbsp;&nbsp;&nbsp;$4570341240 | &nbsp;&nbsp;&nbsp;&nbsp;$3371354630 | &nbsp;&nbsp;&nbsp;&nbsp;$2803642646 |
| &nbsp;&nbsp;&nbsp;Affiliated investments in securities, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199647607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298406757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356053052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323654972 |
| &nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7122504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Due from broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Deposits with brokers: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash segregated as collateral<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21155 |
| &nbsp;&nbsp;&nbsp;Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41038175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46232415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38224160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32238067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9323867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17089421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9477944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17030061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;4438352389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934829522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775886876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179023273 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143145384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27171549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13072279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22946505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150293857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290460159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355841078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314873617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral upon receipt of securities in-kind<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares repurchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2932928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Accrued unitary management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296717391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320387748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369386431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338054743 |
| **Net Assets<br>**  | &nbsp;&nbsp;$4141634998 | &nbsp;&nbsp;&nbsp;&nbsp;$4614441774 | &nbsp;&nbsp;&nbsp;&nbsp;$3406500445 | &nbsp;&nbsp;&nbsp;&nbsp;$2840968530 |
| **Net assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest<br>| &nbsp;&nbsp;$4139661375 | &nbsp;&nbsp;&nbsp;&nbsp;$4580412274 | &nbsp;&nbsp;&nbsp;&nbsp;$3360647900 | &nbsp;&nbsp;&nbsp;&nbsp;$2790409550 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34029500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45852545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50558980 |
| **Net Assets<br>**  | &nbsp;&nbsp;$4141634998 | &nbsp;&nbsp;&nbsp;&nbsp;$4614441774 | &nbsp;&nbsp;&nbsp;&nbsp;$3406500445 | &nbsp;&nbsp;&nbsp;&nbsp;$2840968530 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165300001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150300001 |
| &nbsp;&nbsp;&nbsp;Net asset value<br>| &nbsp;&nbsp;$19.55 | &nbsp;&nbsp;&nbsp;&nbsp;$19.73 | &nbsp;&nbsp;&nbsp;&nbsp;$20.61 | &nbsp;&nbsp;&nbsp;&nbsp;$18.90 |
| &nbsp;&nbsp;&nbsp;Market price<br>| &nbsp;&nbsp;$19.56 | &nbsp;&nbsp;&nbsp;&nbsp;$19.74 | &nbsp;&nbsp;&nbsp;&nbsp;$20.62 | &nbsp;&nbsp;&nbsp;&nbsp;$18.91 |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments in securities, at cost<br>| &nbsp;&nbsp;$4174315522 | &nbsp;&nbsp;&nbsp;&nbsp;$4536796288 | &nbsp;&nbsp;&nbsp;&nbsp;$3325340720 | &nbsp;&nbsp;&nbsp;&nbsp;$2753013605 |
| &nbsp;&nbsp;&nbsp;Affiliated investments in securities, at cost<br>| &nbsp;&nbsp;$199647607 | &nbsp;&nbsp;&nbsp;&nbsp;$298406757 | &nbsp;&nbsp;&nbsp;&nbsp;$356053052 | &nbsp;&nbsp;&nbsp;&nbsp;$323654972 |
| &nbsp;&nbsp;&nbsp;<sup>(a)</sup>Includes securities on loan with an aggregate value of:<br>| &nbsp;&nbsp;$145302739 | &nbsp;&nbsp;&nbsp;&nbsp;$281334261 | &nbsp;&nbsp;&nbsp;&nbsp;$344705932 | &nbsp;&nbsp;&nbsp;&nbsp;$304297794 |

---

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

------

#### 474

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco<br> BulletShares<br> 2030 Corporate<br> Bond ETF<br> (BSCU)** | **Invesco<br> BulletShares<br> 2031 Corporate<br> Bond ETF<br> (BSCV)** | **Invesco<br> BulletShares<br> 2032 Corporate<br> Bond ETF<br> (BSCW)** | **Invesco<br> BulletShares<br> 2033 Corporate<br> Bond ETF<br> (BSCX)** | **Invesco<br> BulletShares<br> 2034 Corporate<br> Bond ETF (BSCY)** | **Invesco<br> BulletShares<br> 2035 Corporate<br> Bond ETF (BSCZ)** | **Invesco<br> BulletShares<br> 2026 High Yield<br> Corporate<br> Bond ETF<br> (BSJQ)** |
| $2438327526 | $1638452135 | $1398677166 | $929421526 | $472885242 | $192477494 | $886408790 |
| &nbsp;&nbsp;&nbsp;&nbsp;263409767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45452271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72760050 | &nbsp;&nbsp;&nbsp;&nbsp;41092113 | &nbsp;&nbsp;&nbsp;&nbsp;10254882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6748436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248671944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25324638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14509918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17383815 | &nbsp;&nbsp;&nbsp;&nbsp;11626917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6591057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2799800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18129814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34923669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;16552175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31062089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9471016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9536077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;2730196924 | &nbsp;&nbsp;&nbsp;1738472370 | &nbsp;&nbsp;&nbsp;1498308829 | &nbsp;&nbsp;&nbsp;998884434 | &nbsp;&nbsp;&nbsp;499353899 | &nbsp;&nbsp;&nbsp;208341635 | &nbsp;&nbsp;&nbsp;1184312721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40318069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9916100 | &nbsp;&nbsp;&nbsp;&nbsp;16651423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9569860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;263157743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45452271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70630588 | &nbsp;&nbsp;&nbsp;&nbsp;40974979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9702409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6612678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67199296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352994 |
| &nbsp;&nbsp;&nbsp;&nbsp;266179218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85926763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80652337 | &nbsp;&nbsp;&nbsp;&nbsp;57696745 | &nbsp;&nbsp;&nbsp;&nbsp;19306975 | &nbsp;&nbsp;&nbsp;&nbsp;12874730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67552290 |
| $2464017706 | $1652545607 | $1417656492 | $941187689 | $480046924 | $195466905 | $1116760431 |
| $2412182534 | $1611431464 | $1375977578 | $914909428 | $470426658 | $193316878 | $1129959144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51835172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41114143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41678914 | &nbsp;&nbsp;&nbsp;&nbsp;26278261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9620266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13198713) |
| $2464017706 | $1652545607 | $1417656492 | $941187689 | $480046924 | $195466905 | $1116760431 |
| &nbsp;&nbsp;&nbsp;&nbsp;144900001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98400001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67350001 | &nbsp;&nbsp;&nbsp;&nbsp;43500001 | &nbsp;&nbsp;&nbsp;&nbsp;22650001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000001 |
| $17.00 | $16.79 | $21.05 | $21.64 | $21.19 | $21.02 | $23.27 |
| $17.00 | $16.79 | $21.04 | $21.62 | $21.20 | $21.02 | $23.25 |
| $2384496778 | $1597143522 | $1356188517 | $902796002 | $463318471 | $190533039 | $885217654 |
| $263409767 | $45452271 | $72760050 | $41092113 | $10254882 | $6748436 | $248671944 |
| $254313694 | $44058933 | $68298105 | $38004267 | $9357614 | $6401284 | $64036191 |

---

------

#### 475

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Statements of Assets and Liabilities—(continued)
February 28, 2026 *(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Invesco<br> BulletShares<br> 2027 High Yield<br> Corporate<br> Bond ETF<br> (BSJR)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2028 High Yield<br> Corporate<br> Bond ETF<br> (BSJS)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2029 High Yield<br> Corporate<br> Bond ETF<br> (BSJT)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2030 High Yield<br> Corporate<br> Bond ETF<br> (BSJU)** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments in securities, at value<sup>(a)</sup><br>| &nbsp;&nbsp;$758256122 | &nbsp;&nbsp;&nbsp;&nbsp;$632785240 | &nbsp;&nbsp;&nbsp;&nbsp;$457443374 | &nbsp;&nbsp;&nbsp;&nbsp;$248321693 |
| &nbsp;&nbsp;&nbsp;Affiliated investments in securities, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;154843561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156827007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32952516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18169899 |
| &nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23287 |
| &nbsp;&nbsp;&nbsp;Due from broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Deposits with brokers: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash segregated as collateral<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12761542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9728374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8196632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15777682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10961766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8493763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7774733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;941665431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815745111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508147083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279003130 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Due to broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15634144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27656760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15473569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98989826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140523891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24692066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17205358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral upon receipt of securities in-kind<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Accrued unitary management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;114898240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168967721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40921672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24984453 |
| **Net Assets<br>**  | &nbsp;&nbsp;$826767191 | &nbsp;&nbsp;&nbsp;&nbsp;$646777390 | &nbsp;&nbsp;&nbsp;&nbsp;$467225411 | &nbsp;&nbsp;&nbsp;&nbsp;$254018677 |
| **Net assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest<br>| &nbsp;&nbsp;$827484596 | &nbsp;&nbsp;&nbsp;&nbsp;$643453692 | &nbsp;&nbsp;&nbsp;&nbsp;$470014984 | &nbsp;&nbsp;&nbsp;&nbsp;$252255925 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(717405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2789573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762752 |
| **Net Assets<br>**  | &nbsp;&nbsp;$826767191 | &nbsp;&nbsp;&nbsp;&nbsp;$646777390 | &nbsp;&nbsp;&nbsp;&nbsp;$467225411 | &nbsp;&nbsp;&nbsp;&nbsp;$254018677 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36700001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800001 |
| &nbsp;&nbsp;&nbsp;Net asset value<br>| &nbsp;&nbsp;$22.53 | &nbsp;&nbsp;&nbsp;&nbsp;$21.92 | &nbsp;&nbsp;&nbsp;&nbsp;$21.24 | &nbsp;&nbsp;&nbsp;&nbsp;$25.92 |
| &nbsp;&nbsp;&nbsp;Market price<br>| &nbsp;&nbsp;$22.54 | &nbsp;&nbsp;&nbsp;&nbsp;$21.93 | &nbsp;&nbsp;&nbsp;&nbsp;$21.25 | &nbsp;&nbsp;&nbsp;&nbsp;$25.96 |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments in securities, at cost<br>| &nbsp;&nbsp;$756374145 | &nbsp;&nbsp;&nbsp;&nbsp;$627263390 | &nbsp;&nbsp;&nbsp;&nbsp;$456849589 | &nbsp;&nbsp;&nbsp;&nbsp;$247142910 |
| &nbsp;&nbsp;&nbsp;Affiliated investments in securities, at cost<br>| &nbsp;&nbsp;$154843561 | &nbsp;&nbsp;&nbsp;&nbsp;$156827007 | &nbsp;&nbsp;&nbsp;&nbsp;$32952516 | &nbsp;&nbsp;&nbsp;&nbsp;$18169899 |
| &nbsp;&nbsp;&nbsp;<sup>(a)</sup>Includes securities on loan with an aggregate value of:<br>| &nbsp;&nbsp;$95500321 | &nbsp;&nbsp;&nbsp;&nbsp;$134978822 | &nbsp;&nbsp;&nbsp;&nbsp;$23126666 | &nbsp;&nbsp;&nbsp;&nbsp;$16432144 |

---

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

------

#### 476

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco<br> BulletShares<br> 2031 High Yield<br> Corporate<br> Bond ETF<br> (BSJV)** | **Invesco<br> BulletShares<br> 2032 High Yield<br> Corporate Bond<br> ETF (BSJW)** | **Invesco<br> BulletShares<br> 2033 High Yield<br> Corporate Bond<br> ETF (BSJX)** | **Invesco<br> BulletShares<br> 2026 Municipal<br> Bond ETF<br> (BSMQ)** | **Invesco<br> BulletShares<br> 2027 Municipal<br> Bond ETF<br> (BSMR)** | **Invesco<br> BulletShares<br> 2028 Municipal<br> Bond ETF<br> (BSMS)** | **Invesco<br> BulletShares<br> 2029 Municipal<br> Bond ETF<br> (BSMT)** |
| $80118947 | $35197254 | $7484447 | $285511587 | $314763775 | $275352063 | $251383044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612841 | &nbsp;&nbsp;&nbsp;&nbsp;3327184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6307871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;1286398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;2341411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92798 |
| &nbsp;&nbsp;&nbsp;&nbsp;2645471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;87005068 | &nbsp;&nbsp;&nbsp;39561575 | &nbsp;&nbsp;&nbsp;8281796 | &nbsp;&nbsp;&nbsp;296014589 | &nbsp;&nbsp;&nbsp;320659692 | &nbsp;&nbsp;&nbsp;278608504 | &nbsp;&nbsp;&nbsp;254651312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;4957689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;3255467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34895 |
| &nbsp;&nbsp;&nbsp;&nbsp;4983129 | &nbsp;&nbsp;&nbsp;&nbsp;3686096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294173 |
| $82021939 | $35875479 | $7636746 | $295485521 | $320364959 | $278571168 | $254357139 |
| $81719322 | $35510574 | $7553836 | $295968268 | $319292648 | $276781876 | $252629171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727968 |
| $82021939 | $35875479 | $7636746 | $295485521 | $320364959 | $278571168 | $254357139 |
| &nbsp;&nbsp;&nbsp;&nbsp;3100001 | &nbsp;&nbsp;&nbsp;&nbsp;1400001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300001 | &nbsp;&nbsp;&nbsp;&nbsp;12500001 | &nbsp;&nbsp;&nbsp;&nbsp;13500001 | &nbsp;&nbsp;&nbsp;&nbsp;11800001 | &nbsp;&nbsp;&nbsp;&nbsp;10900001 |
| $26.46 | $25.63 | $25.46 | $23.64 | $23.73 | $23.61 | $23.34 |
| $26.57 | $25.67 | $25.50 | $23.65 | $23.79 | $23.68 | $23.38 |
| $79617743 | $34901163 | $7417614 | $284842829 | $312713844 | $272407836 | $248124476 |
| $612841 | $3327184 | $388797 | $- | $- | $- | $- |
| $- | $3127821 | $352936 | $- | $- | $- | $- |

---

------

#### 477

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Statements of Assets and Liabilities—(continued)
February 28, 2026 *(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Invesco<br> BulletShares<br> 2030 Municipal<br> Bond ETF<br> (BSMU)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2031 Municipal<br> Bond ETF<br> (BSMV)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2032 Municipal<br> Bond ETF<br> (BSMW)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2033 Municipal<br> Bond ETF<br> (BSSX)** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value<br>| &nbsp;&nbsp;$241472863 | &nbsp;&nbsp;&nbsp;&nbsp;$173465059 | &nbsp;&nbsp;&nbsp;&nbsp;$163803639 | &nbsp;&nbsp;&nbsp;&nbsp;$118937265 |
| &nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325699 |
| &nbsp;&nbsp;&nbsp;Due from broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;244902333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175509157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166117396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120798185 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9206 |
| &nbsp;&nbsp;&nbsp;Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332013 |
| &nbsp;&nbsp;&nbsp;Accrued unitary management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357460 |
| **Net Assets<br>**  | &nbsp;&nbsp;$244723631 | &nbsp;&nbsp;&nbsp;&nbsp;$175363281 | &nbsp;&nbsp;&nbsp;&nbsp;$165652638 | &nbsp;&nbsp;&nbsp;&nbsp;$120440725 |
| **Net assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest<br>| &nbsp;&nbsp;$242552148 | &nbsp;&nbsp;&nbsp;&nbsp;$173162170 | &nbsp;&nbsp;&nbsp;&nbsp;$162693342 | &nbsp;&nbsp;&nbsp;&nbsp;$118531869 |
| &nbsp;&nbsp;&nbsp;Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908856 |
| **Net Assets<br>**  | &nbsp;&nbsp;$244723631 | &nbsp;&nbsp;&nbsp;&nbsp;$175363281 | &nbsp;&nbsp;&nbsp;&nbsp;$165652638 | &nbsp;&nbsp;&nbsp;&nbsp;$120440725 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600001 |
| &nbsp;&nbsp;&nbsp;Net asset value<br>| &nbsp;&nbsp;$22.25 | &nbsp;&nbsp;&nbsp;&nbsp;$21.39 | &nbsp;&nbsp;&nbsp;&nbsp;$25.49 | &nbsp;&nbsp;&nbsp;&nbsp;$26.18 |
| &nbsp;&nbsp;&nbsp;Market price<br>| &nbsp;&nbsp;$22.27 | &nbsp;&nbsp;&nbsp;&nbsp;$21.44 | &nbsp;&nbsp;&nbsp;&nbsp;$25.52 | &nbsp;&nbsp;&nbsp;&nbsp;$26.24 |
| &nbsp;&nbsp;&nbsp;Investments in securities, at cost<br>| &nbsp;&nbsp;$237418207 | &nbsp;&nbsp;&nbsp;&nbsp;$169604174 | &nbsp;&nbsp;&nbsp;&nbsp;$160374640 | &nbsp;&nbsp;&nbsp;&nbsp;$116876987 |

---

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

------

#### 478

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | |
|:---|:---|
| **Invesco<br> BulletShares<br> 2034 Municipal<br> Bond ETF<br> (BSMY)** | **Invesco<br> BulletShares<br> 2035 Municipal<br> Bond ETF<br> (BSMZ)** |
| $103620638 | $37841186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;104815168 | &nbsp;&nbsp;&nbsp;38990639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233909 |
| $104800768 | $38756730 |
| $101636537 | $38107120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649610 |
| $104800768 | $38756730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200001 | &nbsp;&nbsp;&nbsp;&nbsp;1500001 |
| $24.95 | $25.84 |
| $24.99 | $25.88 |
| $100381257 | $37254958 |

---

------

#### 479

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Statements of Operations
For the six months ended February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Invesco<br> BulletShares<br> 2026 Corporate<br> Bond ETF<br> (BSCQ)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2027 Corporate<br> Bond ETF<br> (BSCR)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2028 Corporate<br> Bond ETF<br> (BSCS)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2029 Corporate<br> Bond ETF<br> (BSCT)** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated interest income<br>| &nbsp;&nbsp;$87026725 | &nbsp;&nbsp;&nbsp;&nbsp;$92711016 | &nbsp;&nbsp;&nbsp;&nbsp;$68279220 | &nbsp;&nbsp;&nbsp;&nbsp;$56906375 |
| &nbsp;&nbsp;&nbsp;Affiliated dividend income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142370 |
| &nbsp;&nbsp;&nbsp;Securities lending income, net<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;88504931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93366777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68834252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57341714 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unitary management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245086 |
| &nbsp;&nbsp;&nbsp;Less: Waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;86434348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91228625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67322507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56100307 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159829 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5779111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5099787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11951850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15070) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5759425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11936780 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7469136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6964251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13096609 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations<br>| &nbsp;&nbsp;$89895143 | &nbsp;&nbsp;&nbsp;&nbsp;$98697761 | &nbsp;&nbsp;&nbsp;&nbsp;$74286758 | &nbsp;&nbsp;&nbsp;&nbsp;$69196916 |

---

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

------

#### 480

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco<br> BulletShares<br> 2030 Corporate<br> Bond ETF<br> (BSCU)** | **Invesco<br> BulletShares<br> 2031 Corporate<br> Bond ETF<br> (BSCV)** | **Invesco<br> BulletShares<br> 2032 Corporate<br> Bond ETF<br> (BSCW)** | **Invesco<br> BulletShares<br> 2033 Corporate<br> Bond ETF<br> (BSCX)** | **Invesco<br> BulletShares<br> 2034 Corporate<br> Bond ETF (BSCY)** | **Invesco<br> BulletShares<br> 2035 Corporate<br> Bond ETF (BSCZ)** | **Invesco<br> BulletShares<br> 2026 High Yield<br> Corporate<br> Bond ETF<br> (BSJQ)** |
| $49273726 | $33436544 | $28914020 | $19785241 | $9022792 | $2056950 | $32600226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4658 | &nbsp;&nbsp;&nbsp;&nbsp;2069267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221861 |
| &nbsp;&nbsp;49655044 | &nbsp;&nbsp;&nbsp;33537166 | &nbsp;&nbsp;&nbsp;29032736 | &nbsp;&nbsp;&nbsp;19932419 | &nbsp;&nbsp;&nbsp;&nbsp;9066889 | &nbsp;&nbsp;&nbsp;2076290 | &nbsp;&nbsp;&nbsp;34891354 |
| &nbsp;&nbsp;&nbsp;&nbsp;1062755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41377 | &nbsp;&nbsp;&nbsp;&nbsp;2418798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1045) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54217) |
| &nbsp;&nbsp;&nbsp;&nbsp;1060452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41253 | &nbsp;&nbsp;&nbsp;&nbsp;2364581 |
| &nbsp;&nbsp;48594592 | &nbsp;&nbsp;&nbsp;32833103 | &nbsp;&nbsp;&nbsp;28439469 | &nbsp;&nbsp;&nbsp;19529999 | &nbsp;&nbsp;&nbsp;&nbsp;8885732 | &nbsp;&nbsp;&nbsp;2035037 | &nbsp;&nbsp;&nbsp;32526773 |
| &nbsp;&nbsp;&nbsp;(1005388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(847530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28575) | &nbsp;&nbsp;&nbsp;&nbsp;(2458437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6423 |
| &nbsp;&nbsp;&nbsp;&nbsp;1760240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28574) | &nbsp;&nbsp;&nbsp;&nbsp;(1822688) |
| &nbsp;&nbsp;14537224 | &nbsp;&nbsp;&nbsp;12673633 | &nbsp;&nbsp;&nbsp;17141149 | &nbsp;&nbsp;&nbsp;12852227 | &nbsp;&nbsp;&nbsp;&nbsp;5803525 | &nbsp;&nbsp;&nbsp;1769753 | &nbsp;&nbsp;&nbsp;&nbsp;(4507154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5815) |
| &nbsp;&nbsp;14524400 | &nbsp;&nbsp;&nbsp;12673160 | &nbsp;&nbsp;&nbsp;17140779 | &nbsp;&nbsp;&nbsp;12851117 | &nbsp;&nbsp;&nbsp;&nbsp;5803243 | &nbsp;&nbsp;&nbsp;1769728 | &nbsp;&nbsp;&nbsp;&nbsp;(4512969) |
| &nbsp;&nbsp;15293349 | &nbsp;&nbsp;&nbsp;12765354 | &nbsp;&nbsp;&nbsp;17399257 | &nbsp;&nbsp;&nbsp;12618804 | &nbsp;&nbsp;&nbsp;&nbsp;5790247 | &nbsp;&nbsp;&nbsp;1741154 | &nbsp;&nbsp;&nbsp;&nbsp;(6335657) |
| $63887941 | $45598457 | $45838726 | $32148803 | $14675979 | $3776191 | $26191116 |

---

------

#### 481

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Statements of Operations—(continued)
For the six months ended February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Invesco<br> BulletShares<br> 2027 High Yield<br> Corporate<br> Bond ETF<br> (BSJR)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2028 High Yield<br> Corporate<br> Bond ETF<br> (BSJS)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2029 High Yield<br> Corporate<br> Bond ETF<br> (BSJT)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2030 High Yield<br> Corporate<br> Bond ETF<br> (BSJU)** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated interest income<br>| &nbsp;&nbsp;$20521065 | &nbsp;&nbsp;&nbsp;&nbsp;$17873256 | &nbsp;&nbsp;&nbsp;&nbsp;$13429059 | &nbsp;&nbsp;&nbsp;&nbsp;$6971983 |
| &nbsp;&nbsp;&nbsp;Unaffiliated dividend income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Affiliated dividend income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25208 |
| &nbsp;&nbsp;&nbsp;Securities lending income, net<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;21115320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18175389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13570295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7048349 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unitary management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415285 |
| &nbsp;&nbsp;&nbsp;Less: Waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;19680405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17034901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12776512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6633722 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1927613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(924003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(849824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342917 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1625491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(621401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713919 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated investment securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;(4125615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2607389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4756521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2316031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investment securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(4131323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2610624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4757374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2316548) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(5756814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3069868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5378775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1602629) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations<br>| &nbsp;&nbsp;$13923591 | &nbsp;&nbsp;&nbsp;&nbsp;$13965033 | &nbsp;&nbsp;&nbsp;&nbsp;$7397737 | &nbsp;&nbsp;&nbsp;&nbsp;$5031093 |

---

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

------

#### 482

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco<br> BulletShares<br> 2031 High Yield<br> Corporate<br> Bond ETF<br> (BSJV)** | **Invesco<br> BulletShares<br> 2032 High Yield<br> Corporate Bond<br> ETF (BSJW)** | **Invesco<br> BulletShares<br> 2033 High Yield<br> Corporate Bond<br> ETF (BSJX)** | **Invesco<br> BulletShares<br> 2026 Municipal<br> Bond ETF<br> (BSMQ)** | **Invesco<br> BulletShares<br> 2027 Municipal<br> Bond ETF<br> (BSMR)** | **Invesco<br> BulletShares<br> 2028 Municipal<br> Bond ETF<br> (BSMS)** | **Invesco<br> BulletShares<br> 2029 Municipal<br> Bond ETF<br> (BSMT)** |
| $2080055 | $968718 | $181690 | $4298957 | $4197766 | $3567272 | $3256648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;2087501 | &nbsp;&nbsp;&nbsp;&nbsp;980036 | &nbsp;&nbsp;&nbsp;183502 | &nbsp;&nbsp;&nbsp;4298957 | &nbsp;&nbsp;&nbsp;4197766 | &nbsp;&nbsp;&nbsp;3567272 | &nbsp;&nbsp;&nbsp;3256648 |
| &nbsp;&nbsp;&nbsp;&nbsp;124960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59819 | &nbsp;&nbsp;&nbsp;&nbsp;11925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;124765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59760 | &nbsp;&nbsp;&nbsp;&nbsp;11905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202179 |
| &nbsp;&nbsp;1962736 | &nbsp;&nbsp;&nbsp;&nbsp;920276 | &nbsp;&nbsp;&nbsp;171597 | &nbsp;&nbsp;&nbsp;4033297 | &nbsp;&nbsp;&nbsp;3936565 | &nbsp;&nbsp;&nbsp;3349877 | &nbsp;&nbsp;&nbsp;3054469 |
| &nbsp;&nbsp;&nbsp;&nbsp;(208293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96467 | &nbsp;&nbsp;&nbsp;&nbsp;32455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;(208293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96496 | &nbsp;&nbsp;&nbsp;&nbsp;32452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;(168975) | &nbsp;&nbsp;&nbsp;(187573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792107 | &nbsp;&nbsp;&nbsp;2292876 | &nbsp;&nbsp;&nbsp;3495043 | &nbsp;&nbsp;&nbsp;4475690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;(168975) | &nbsp;&nbsp;&nbsp;(187645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792107 | &nbsp;&nbsp;&nbsp;2292876 | &nbsp;&nbsp;&nbsp;3495043 | &nbsp;&nbsp;&nbsp;4475690 |
| &nbsp;&nbsp;&nbsp;&nbsp;(377268) | &nbsp;&nbsp;&nbsp;&nbsp;(91149) | &nbsp;&nbsp;&nbsp;&nbsp;25017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724971 | &nbsp;&nbsp;&nbsp;2330303 | &nbsp;&nbsp;&nbsp;3414822 | &nbsp;&nbsp;&nbsp;4477558 |
| $1585468 | $829127 | $196614 | $4758268 | $6266868 | $6764699 | $7532027 |

---

------

#### 483

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Statements of Operations—(continued)
For the six months ended February 28, 2026

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Invesco<br> BulletShares<br> 2030 Municipal<br> Bond ETF<br> (BSMU)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2031 Municipal<br> Bond ETF<br> (BSMV)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2032 Municipal<br> Bond ETF<br> (BSMW)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2033 Municipal<br> Bond ETF<br> (BSSX)** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income<br>| &nbsp;&nbsp;$3053831 | &nbsp;&nbsp;&nbsp;&nbsp;$2213964 | &nbsp;&nbsp;&nbsp;&nbsp;$2365880 | &nbsp;&nbsp;&nbsp;&nbsp;$1820346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;3053831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820346 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unitary management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;2867474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727515 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from unaffiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37911) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation on unaffiliated investment securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;5657437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4502885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5636448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4906365 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain<br>| &nbsp;&nbsp;&nbsp;&nbsp;5490292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5544599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868454 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations<br>| &nbsp;&nbsp;$8357766 | &nbsp;&nbsp;&nbsp;&nbsp;$6617568 | &nbsp;&nbsp;&nbsp;&nbsp;$7786521 | &nbsp;&nbsp;&nbsp;&nbsp;$6595969 |

---

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

<sup>(a)</sup> For the period September 15, 2025 (commencement of investment operations) through February 28, 2026.

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

------

#### 484

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | |
|:---|:---|
| **Invesco<br> BulletShares<br> 2034 Municipal<br> Bond ETF<br> (BSMY)** | **Invesco<br> BulletShares<br> 2035 Municipal<br> Bond ETF<br> (BSMZ)<sup>(a)</sup>** |
| $1601161 | $288502 |
| &nbsp;&nbsp;1601161 | &nbsp;&nbsp;&nbsp;288502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74906 | &nbsp;&nbsp;&nbsp;&nbsp;13621 |
| &nbsp;&nbsp;1526255 | &nbsp;&nbsp;&nbsp;274881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4178 |
| &nbsp;&nbsp;3992098 | &nbsp;&nbsp;&nbsp;586228 |
| &nbsp;&nbsp;4026510 | &nbsp;&nbsp;&nbsp;590406 |
| $5552765 | $865287 |

---

------

#### 485

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Statements of Changes in Net Assets
For the six months ended February 28, 2026 and the year ended August 31, 2025

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Invesco BulletShares 2026<br> Corporate Bond ETF (BSCQ)** | &nbsp;&nbsp;**Invesco BulletShares 2026<br> Corporate Bond ETF (BSCQ)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco BulletShares 2027<br> Corporate Bond ETF (BSCR)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco BulletShares 2027<br> Corporate Bond ETF (BSCR)** |
|  | &nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;$86434348 | &nbsp;&nbsp;&nbsp;&nbsp;$173002677 | &nbsp;&nbsp;&nbsp;&nbsp;$91228625 | &nbsp;&nbsp;&nbsp;&nbsp;$129355331 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3757171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651790 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15505628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5759425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23356830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89895143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192265476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98697761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154363951 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87550541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173573303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92191350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129228697) |
| **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126220922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829922333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630411143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857259464 |
| &nbsp;&nbsp;&nbsp;Value of shares repurchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232017571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315689385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5920138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47203181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105796649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514232948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624491005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810056283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103452047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532925121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630997416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835191537 |
| **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;4245087045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712161924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983444358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148252821 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$4141634998 | &nbsp;&nbsp;&nbsp;&nbsp;$4245087045 | &nbsp;&nbsp;&nbsp;&nbsp;$4614441774 | &nbsp;&nbsp;&nbsp;&nbsp;$3983444358 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94950000 |
| &nbsp;&nbsp;&nbsp;Shares repurchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11850000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2400000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109650000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202200000 |

---

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

------

#### 486

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco BulletShares 2028<br> Corporate Bond ETF (BSCS)** | **Invesco BulletShares 2028<br> Corporate Bond ETF (BSCS)** | **Invesco BulletShares 2029<br> Corporate Bond ETF (BSCT)** | **Invesco BulletShares 2029<br> Corporate Bond ETF (BSCT)** | **Invesco BulletShares 2030<br> Corporate Bond ETF (BSCU)** | **Invesco BulletShares 2030<br> Corporate Bond ETF (BSCU)** | **Invesco BulletShares 2031<br> Corporate Bond ETF (BSCV)** | **Invesco BulletShares 2031<br> Corporate Bond ETF (BSCV)** |
| **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** |
| $67322507 | $107682216 | $56100307 | $81982172 | $48594592 | $64448411 | $32833103 | $42336845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(875886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3269390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24569777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11936780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26673279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14524400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24438485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12673160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16229541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74286758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133598361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69196916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109075515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63887941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88011010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45598457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61835776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67547033) | &nbsp;&nbsp;&nbsp;&nbsp;(107729419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56168712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82179581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48439824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64479850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32834055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42298292) |
| &nbsp;&nbsp;&nbsp;&nbsp;676349099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882803452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579496512 | &nbsp;&nbsp;&nbsp;1090577131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642500626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939472527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441363090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675552780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33988345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42618635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44149919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40563195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31992168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17519606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61700478) |
| &nbsp;&nbsp;&nbsp;&nbsp;642360754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840184817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579496512 | &nbsp;&nbsp;&nbsp;1046427212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601937431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907480359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423843484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613852302 |
| &nbsp;&nbsp;&nbsp;&nbsp;649100479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866053759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592524716 | &nbsp;&nbsp;&nbsp;1073323146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617385548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931011519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436607886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633389786 |
| &nbsp;&nbsp;2757399966 | &nbsp;&nbsp;&nbsp;1891346207 | &nbsp;&nbsp;&nbsp;2248443814 | &nbsp;&nbsp;&nbsp;1175120668 | &nbsp;&nbsp;&nbsp;1846632158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915620639 | &nbsp;&nbsp;&nbsp;1215937721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582547935 |
| $3406500445 | $2757399966 | $2840968530 | $2248443814 | $2464017706 | $1846632158 | $1652545607 | $1215937721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1650000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1950000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1050000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3750000) |
| &nbsp;&nbsp;&nbsp;&nbsp;134100001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92700001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119550001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109350001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54600001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73050001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35400001 |
| &nbsp;&nbsp;&nbsp;&nbsp;165300001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134100001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150300001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119550001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144900001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109350001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98400001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73050001 |

---

------

#### 487

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Statements of Changes in Net Assets—(continued)
For the six months ended February 28, 2026 and the year ended August 31, 2025

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Invesco BulletShares 2032<br> Corporate Bond ETF (BSCW)** | &nbsp;&nbsp;**Invesco BulletShares 2032<br> Corporate Bond ETF (BSCW)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco BulletShares 2033<br> Corporate Bond ETF (BSCX)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco BulletShares 2033<br> Corporate Bond ETF (BSCX)** |
|  | &nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;$28439469 | &nbsp;&nbsp;&nbsp;&nbsp;$38648841 | &nbsp;&nbsp;&nbsp;&nbsp;$19529999 | &nbsp;&nbsp;&nbsp;&nbsp;$24838593 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221496 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17140779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8444465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12851117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6394647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45838726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47980479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32148803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31454736 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28506668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38548678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19600471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24853668) |
| **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379556829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483513524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254892935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338046628 |
| &nbsp;&nbsp;&nbsp;Value of shares repurchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36675604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12362463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379556829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446837920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254892935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325684165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396888887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456269721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267441267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332285233 |
| **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;1020767605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564497884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673746422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341461189 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$1417656492 | &nbsp;&nbsp;&nbsp;&nbsp;$1020767605 | &nbsp;&nbsp;&nbsp;&nbsp;$941187689 | &nbsp;&nbsp;&nbsp;&nbsp;$673746422 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200000 |
| &nbsp;&nbsp;&nbsp;Shares repurchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1800000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600000) |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27300001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31650001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16050001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67350001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49200001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43500001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31650001 |

---

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

<sup>(a)</sup> For the period June 9, 2025 (commencement of investment operations) through August 31, 2025.

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

------

#### 488

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco<br> BulletShares<br> 2034 Corporate<br> Bond ETF (BSCY)** | **Invesco<br> BulletShares<br> 2034 Corporate<br> Bond ETF (BSCY)** | **Invesco<br> BulletShares<br> 2035 Corporate<br> Bond ETF (BSCZ)** | **Invesco<br> BulletShares<br> 2035 Corporate<br> Bond ETF (BSCZ)** | **Invesco<br> BulletShares<br> 2026 High Yield<br> Corporate Bond ETF (BSJQ)** | **Invesco<br> BulletShares<br> 2026 High Yield<br> Corporate Bond ETF (BSJQ)** | **Invesco<br> BulletShares<br> 2027 High Yield<br> Corporate Bond ETF (BSJR)** | **Invesco<br> BulletShares<br> 2027 High Yield<br> Corporate Bond ETF (BSJR)** |
| **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Period Ended<br> August 31,<br> 2025<sup>(a)</sup>** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** |
| $8885732 | $7562654 | $2035037 | $99170 | $32526773 | $59715436 | $19680405 | $27320793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1822688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1625491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5803243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4512969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4131323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032717 |
| &nbsp;&nbsp;&nbsp;&nbsp;14675979 | &nbsp;&nbsp;&nbsp;&nbsp;11080177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26191116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61406410 | &nbsp;&nbsp;&nbsp;&nbsp;13923591 | &nbsp;&nbsp;&nbsp;&nbsp;32447011 |
| &nbsp;&nbsp;&nbsp;&nbsp;(8790034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7550455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1809022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32867123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59709285) | &nbsp;&nbsp;&nbsp;&nbsp;(19978073) | &nbsp;&nbsp;&nbsp;&nbsp;(27294598) |
| &nbsp;&nbsp;215078491 | &nbsp;&nbsp;&nbsp;246051707 | &nbsp;&nbsp;&nbsp;178099714 | &nbsp;&nbsp;&nbsp;15217164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81938108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574571242 | &nbsp;&nbsp;&nbsp;239883244 | &nbsp;&nbsp;&nbsp;309323890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6077389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;(100379982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75715637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9051460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;215078491 | &nbsp;&nbsp;&nbsp;239974318 | &nbsp;&nbsp;&nbsp;178099714 | &nbsp;&nbsp;&nbsp;15217164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18441874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498855605 | &nbsp;&nbsp;&nbsp;230831784 | &nbsp;&nbsp;&nbsp;309323890 |
| &nbsp;&nbsp;220964436 | &nbsp;&nbsp;&nbsp;243504040 | &nbsp;&nbsp;&nbsp;180066883 | &nbsp;&nbsp;&nbsp;15400022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25117881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500552730 | &nbsp;&nbsp;&nbsp;224777302 | &nbsp;&nbsp;&nbsp;314476303 |
| &nbsp;&nbsp;259082488 | &nbsp;&nbsp;&nbsp;&nbsp;15578448 | &nbsp;&nbsp;&nbsp;&nbsp;15400022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;1141878312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641325582 | &nbsp;&nbsp;&nbsp;601989889 | &nbsp;&nbsp;&nbsp;287513586 |
| $480046924 | $259082488 | $195466905 | $15400022 | $1116760431 | $1141878312 | $826767191 | $601989889 |
| &nbsp;&nbsp;&nbsp;&nbsp;10200000 | &nbsp;&nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600000 | &nbsp;&nbsp;&nbsp;&nbsp;10600000 | &nbsp;&nbsp;&nbsp;&nbsp;13700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;12450001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48800001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27500001 | &nbsp;&nbsp;&nbsp;&nbsp;26500001 | &nbsp;&nbsp;&nbsp;&nbsp;12800001 |
| &nbsp;&nbsp;&nbsp;&nbsp;22650001 | &nbsp;&nbsp;&nbsp;&nbsp;12450001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48000001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48800001 | &nbsp;&nbsp;&nbsp;&nbsp;36700001 | &nbsp;&nbsp;&nbsp;&nbsp;26500001 |

---

------

#### 489

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Statements of Changes in Net Assets—(continued)
For the six months ended February 28, 2026 and the year ended August 31, 2025

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Invesco<br> BulletShares<br> 2028 High Yield<br> Corporate Bond ETF (BSJS)** | &nbsp;&nbsp;**Invesco<br> BulletShares<br> 2028 High Yield<br> Corporate Bond ETF (BSJS)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2029 High Yield<br> Corporate Bond ETF (BSJT)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2029 High Yield<br> Corporate Bond ETF (BSJT)** |
|  | &nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;$17034901 | &nbsp;&nbsp;&nbsp;&nbsp;$24207700 | &nbsp;&nbsp;&nbsp;&nbsp;$12776512 | &nbsp;&nbsp;&nbsp;&nbsp;$14864610 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(621401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2366863) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2610624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4757374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13965033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28386312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7397737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16153075 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;(17133571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24261379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12762698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14891499) |
| **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;204739155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192452500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150241658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222304076 |
| &nbsp;&nbsp;&nbsp;Value of shares repurchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;(10991256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4248738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4301534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;193747899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188203762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145940124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222304076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;190579361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192328695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140575163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223565652 |
| **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;456198029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263869334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326650248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103084596 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$646777390 | &nbsp;&nbsp;&nbsp;&nbsp;$456198029 | &nbsp;&nbsp;&nbsp;&nbsp;$467225411 | &nbsp;&nbsp;&nbsp;&nbsp;$326650248 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10400000 |
| &nbsp;&nbsp;&nbsp;Shares repurchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20700001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15200001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20700001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15200001 |

---

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

<sup>(a)</sup> For the period June 9, 2025 (commencement of investment operations) through August 31, 2025.

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

------

#### 490

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco<br> BulletShares<br> 2030 High Yield<br> Corporate Bond ETF (BSJU)** | **Invesco<br> BulletShares<br> 2030 High Yield<br> Corporate Bond ETF (BSJU)** | **Invesco<br> BulletShares<br> 2031 High Yield<br> Corporate Bond ETF (BSJV)** | **Invesco<br> BulletShares<br> 2031 High Yield<br> Corporate Bond ETF (BSJV)** | **Invesco<br> BulletShares<br> 2032 High Yield<br> Corporate Bond<br> ETF (BSJW)** | **Invesco<br> BulletShares<br> 2032 High Yield<br> Corporate Bond<br> ETF (BSJW)** | **Invesco<br> BulletShares<br> 2033 High Yield<br> Corporate Bond<br> ETF (BSJX)** | **Invesco<br> BulletShares<br> 2033 High Yield<br> Corporate Bond<br> ETF (BSJX)** |
| **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Period Ended<br> August 31,<br> 2025<sup>(a)</sup>** |
| $6633722 | $7418810 | $1962736 | $2232557 | $920276 | $882881 | $171597 | $69034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17372 |
| &nbsp;&nbsp;&nbsp;&nbsp;(2316548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51073) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8312989 | &nbsp;&nbsp;&nbsp;&nbsp;1585468 | &nbsp;&nbsp;&nbsp;&nbsp;2249040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829127 | &nbsp;&nbsp;&nbsp;&nbsp;1243120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160674 |
| &nbsp;&nbsp;&nbsp;&nbsp;(6475144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7532240) | &nbsp;&nbsp;&nbsp;&nbsp;(1977611) | &nbsp;&nbsp;&nbsp;&nbsp;(2233576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(962426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(909148) | &nbsp;&nbsp;&nbsp;&nbsp;(221356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53022) |
| &nbsp;&nbsp;&nbsp;&nbsp;88648562 | &nbsp;&nbsp;&nbsp;113750431 | &nbsp;&nbsp;&nbsp;42520029 | &nbsp;&nbsp;&nbsp;10561744 | &nbsp;&nbsp;&nbsp;10292388 | &nbsp;&nbsp;&nbsp;20218161 | &nbsp;&nbsp;&nbsp;2553811 | &nbsp;&nbsp;&nbsp;5000025 |
| &nbsp;&nbsp;&nbsp;&nbsp;(7791916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;80856646 | &nbsp;&nbsp;&nbsp;113750431 | &nbsp;&nbsp;&nbsp;42520029 | &nbsp;&nbsp;&nbsp;10561744 | &nbsp;&nbsp;&nbsp;10292388 | &nbsp;&nbsp;&nbsp;20218161 | &nbsp;&nbsp;&nbsp;2553811 | &nbsp;&nbsp;&nbsp;5000025 |
| &nbsp;&nbsp;&nbsp;&nbsp;79412595 | &nbsp;&nbsp;&nbsp;114531180 | &nbsp;&nbsp;&nbsp;42127886 | &nbsp;&nbsp;&nbsp;10577208 | &nbsp;&nbsp;&nbsp;10159089 | &nbsp;&nbsp;&nbsp;20552133 | &nbsp;&nbsp;&nbsp;2529069 | &nbsp;&nbsp;&nbsp;5107677 |
| &nbsp;&nbsp;174606082 | &nbsp;&nbsp;&nbsp;&nbsp;60074902 | &nbsp;&nbsp;&nbsp;39894053 | &nbsp;&nbsp;&nbsp;29316845 | &nbsp;&nbsp;&nbsp;25716390 | &nbsp;&nbsp;&nbsp;&nbsp;5164257 | &nbsp;&nbsp;&nbsp;5107677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| $254018677 | $174606082 | $82021939 | $39894053 | $35875479 | $25716390 | $7636746 | $5107677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300001 | &nbsp;&nbsp;&nbsp;&nbsp;1500001 | &nbsp;&nbsp;&nbsp;&nbsp;1100001 | &nbsp;&nbsp;&nbsp;&nbsp;1000001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700001 | &nbsp;&nbsp;&nbsp;&nbsp;3100001 | &nbsp;&nbsp;&nbsp;&nbsp;1500001 | &nbsp;&nbsp;&nbsp;&nbsp;1400001 | &nbsp;&nbsp;&nbsp;&nbsp;1000001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200001 |

---

------

#### 491

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Statements of Changes in Net Assets—(continued)
For the six months ended February 28, 2026 and the year ended August 31, 2025

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Invesco<br> BulletShares<br> 2026 Municipal<br> Bond ETF (BSMQ)** | &nbsp;&nbsp;**Invesco<br> BulletShares<br> 2026 Municipal<br> Bond ETF (BSMQ)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2027 Municipal<br> Bond ETF (BSMR)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2027 Municipal<br> Bond ETF (BSMR)** |
|  | &nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;$4033297 | &nbsp;&nbsp;&nbsp;&nbsp;$7113266 | &nbsp;&nbsp;&nbsp;&nbsp;$3936565 | &nbsp;&nbsp;&nbsp;&nbsp;$6281732 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(600696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(992058) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8685) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6438593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6266868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280989 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3982656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7156280) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3931676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6307267) |
| **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16527797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75437520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49676933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101180004 |
| &nbsp;&nbsp;&nbsp;Value of shares repurchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;(11827215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Transaction fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75514186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49718328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101256640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5476194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74796499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52053520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100230362 |
| **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;290009327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215212828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268311439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168081077 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$295485521 | &nbsp;&nbsp;&nbsp;&nbsp;$290009327 | &nbsp;&nbsp;&nbsp;&nbsp;$320364959 | &nbsp;&nbsp;&nbsp;&nbsp;$268311439 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300000 |
| &nbsp;&nbsp;&nbsp;Shares repurchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13500001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400001 |

---

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

------

#### 492

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco<br> BulletShares<br> 2028 Municipal<br> Bond ETF (BSMS)** | **Invesco<br> BulletShares<br> 2028 Municipal<br> Bond ETF (BSMS)** | **Invesco<br> BulletShares<br> 2029 Municipal<br> Bond ETF (BSMT)** | **Invesco<br> BulletShares<br> 2029 Municipal<br> Bond ETF (BSMT)** | **Invesco<br> BulletShares<br> 2030 Municipal<br> Bond ETF (BSMU)** | **Invesco<br> BulletShares<br> 2030 Municipal<br> Bond ETF (BSMU)** | **Invesco<br> BulletShares<br> 2031 Municipal<br> Bond ETF (BSMV)** | **Invesco<br> BulletShares<br> 2031 Municipal<br> Bond ETF (BSMV)** |
| **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** | **Six Months Ended<br> February 28,<br> 2026** | **Year Ended<br> August 31,<br> 2025** |
| $3349877 | $4586336 | $3054469 | $4837862 | $2867474 | $4249243 | $2085825 | $2843264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(971899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(828165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(820650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5657437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1571160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4502885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1154742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7532027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8357766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6617568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860357 |
| &nbsp;&nbsp;&nbsp;&nbsp;(3329674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4595976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3017782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4858255) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2806861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4281667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2039026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2835124) |
| &nbsp;&nbsp;&nbsp;&nbsp;60942812 | &nbsp;&nbsp;&nbsp;&nbsp;92875807 | &nbsp;&nbsp;&nbsp;&nbsp;48568036 | &nbsp;&nbsp;&nbsp;&nbsp;80218356 | &nbsp;&nbsp;&nbsp;&nbsp;63762563 | &nbsp;&nbsp;&nbsp;&nbsp;65306133 | &nbsp;&nbsp;&nbsp;&nbsp;56885858 | &nbsp;&nbsp;&nbsp;&nbsp;41603620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52076 |
| &nbsp;&nbsp;&nbsp;&nbsp;61001402 | &nbsp;&nbsp;&nbsp;&nbsp;92980202 | &nbsp;&nbsp;&nbsp;&nbsp;48620066 | &nbsp;&nbsp;&nbsp;&nbsp;80304447 | &nbsp;&nbsp;&nbsp;&nbsp;63833925 | &nbsp;&nbsp;&nbsp;&nbsp;65360844 | &nbsp;&nbsp;&nbsp;&nbsp;56954271 | &nbsp;&nbsp;&nbsp;&nbsp;41655696 |
| &nbsp;&nbsp;&nbsp;&nbsp;64436427 | &nbsp;&nbsp;&nbsp;&nbsp;92209068 | &nbsp;&nbsp;&nbsp;&nbsp;53134311 | &nbsp;&nbsp;&nbsp;&nbsp;78491505 | &nbsp;&nbsp;&nbsp;&nbsp;69384830 | &nbsp;&nbsp;&nbsp;&nbsp;63068324 | &nbsp;&nbsp;&nbsp;&nbsp;61532813 | &nbsp;&nbsp;&nbsp;&nbsp;39680929 |
| &nbsp;&nbsp;214134741 | &nbsp;&nbsp;&nbsp;121925673 | &nbsp;&nbsp;&nbsp;201222828 | &nbsp;&nbsp;&nbsp;122731323 | &nbsp;&nbsp;&nbsp;175338801 | &nbsp;&nbsp;&nbsp;112270477 | &nbsp;&nbsp;&nbsp;113830468 | &nbsp;&nbsp;&nbsp;&nbsp;74149539 |
| $278571168 | $214134741 | $254357139 | $201222828 | $244723631 | $175338801 | $175363281 | $113830468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500001 |
| &nbsp;&nbsp;&nbsp;&nbsp;11800001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200001 | &nbsp;&nbsp;&nbsp;&nbsp;10900001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800001 | &nbsp;&nbsp;&nbsp;&nbsp;11000001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500001 |

---

------

#### 493

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Statements of Changes in Net Assets—(continued)
For the six months ended February 28, 2026 and the year ended August 31, 2025

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Invesco<br> BulletShares<br> 2032 Municipal<br> Bond ETF (BSMW)** | &nbsp;&nbsp;**Invesco<br> BulletShares<br> 2032 Municipal<br> Bond ETF (BSMW)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2033 Municipal<br> Bond ETF (BSSX)** | &nbsp;&nbsp;&nbsp;&nbsp;**Invesco<br> BulletShares<br> 2033 Municipal<br> Bond ETF (BSSX)** |
|  | &nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31,<br> 2025** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;$2241922 | &nbsp;&nbsp;&nbsp;&nbsp;$3233453 | &nbsp;&nbsp;&nbsp;&nbsp;$1727515 | &nbsp;&nbsp;&nbsp;&nbsp;$2309159 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136393) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5636448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3267422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4906365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3089257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7786521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(453044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6595969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(916491) |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2203603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3291904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1712575) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2302434) |
| **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45208561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42294459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25775423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43285976 |
| &nbsp;&nbsp;&nbsp;Transaction fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45265009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42338130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25807647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43362649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50847927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38593182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30691041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40143724 |
| **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;114804711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76211529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89749684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49605960 |
| &nbsp;&nbsp;&nbsp;End of period<br>| &nbsp;&nbsp;$165652638 | &nbsp;&nbsp;&nbsp;&nbsp;$114804711 | &nbsp;&nbsp;&nbsp;&nbsp;$120440725 | &nbsp;&nbsp;&nbsp;&nbsp;$89749684 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900001 |
| &nbsp;&nbsp;&nbsp;Shares outstanding, end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600001 |

---

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

<sup>(a)</sup> For the period September 9, 2024 (commencement of investment operations) through August 31, 2025. <br> <sup>(b)</sup> For the period September 15, 2025 (commencement of investment operations) through February 28, 2026.

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

------

#### 494

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | |
|:---|:---|:---|
| **Invesco<br> BulletShares<br> 2034 Municipal<br> Bond ETF (BSMY)** | **Invesco<br> BulletShares<br> 2034 Municipal<br> Bond ETF (BSMY)** | **Invesco<br> BulletShares<br> 2035 Municipal<br> Bond ETF (BSMZ)** |
| **Six Months Ended<br> February 28,<br> 2026** | **Period Ended<br> August 31,<br> 2025<sup>(a)</sup>** | **Period Ended<br> February 28,<br> 2026<sup>(b)</sup>** |
| $1526255 | $800365 | $274881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3992098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(752717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5552765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865287 |
| &nbsp;&nbsp;&nbsp;&nbsp;(1514652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(753959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215677) |
| &nbsp;&nbsp;&nbsp;&nbsp;44032872 | &nbsp;&nbsp;&nbsp;57440784 | &nbsp;&nbsp;&nbsp;38037248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69872 |
| &nbsp;&nbsp;&nbsp;&nbsp;44100022 | &nbsp;&nbsp;&nbsp;57536515 | &nbsp;&nbsp;&nbsp;38107120 |
| &nbsp;&nbsp;&nbsp;&nbsp;48138135 | &nbsp;&nbsp;&nbsp;56662633 | &nbsp;&nbsp;&nbsp;38756730 |
| &nbsp;&nbsp;&nbsp;&nbsp;56662633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| $104800768 | $56662633 | $38756730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;2400001 | &nbsp;&nbsp;&nbsp;&nbsp;1500001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200001 | &nbsp;&nbsp;&nbsp;&nbsp;2400001 | &nbsp;&nbsp;&nbsp;&nbsp;1500001 |

---

------

#### 495

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights

Invesco BulletShares 2026 Corporate Bond ETF (BSCQ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$19.54 | &nbsp;&nbsp;&nbsp;&nbsp;$19.46 | &nbsp;&nbsp;&nbsp;&nbsp;$18.93 | &nbsp;&nbsp;&nbsp;&nbsp;$19.26 | &nbsp;&nbsp;&nbsp;&nbsp;$21.56 | &nbsp;&nbsp;&nbsp;&nbsp;$21.75 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;&nbsp;Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$19.55 | &nbsp;&nbsp;&nbsp;&nbsp;$19.54 | &nbsp;&nbsp;&nbsp;&nbsp;$19.46 | &nbsp;&nbsp;&nbsp;&nbsp;$18.93 | &nbsp;&nbsp;&nbsp;&nbsp;$19.26 | &nbsp;&nbsp;&nbsp;&nbsp;$21.56 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$19.56 | &nbsp;&nbsp;&nbsp;&nbsp;$19.55 | &nbsp;&nbsp;&nbsp;&nbsp;$19.48 | &nbsp;&nbsp;&nbsp;&nbsp;$18.94 | &nbsp;&nbsp;&nbsp;&nbsp;$19.21 | &nbsp;&nbsp;&nbsp;&nbsp;$21.58 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.79)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4141635 | &nbsp;&nbsp;&nbsp;&nbsp;$4245087 | &nbsp;&nbsp;&nbsp;&nbsp;$3712162 | &nbsp;&nbsp;&nbsp;&nbsp;$1982408 | &nbsp;&nbsp;&nbsp;&nbsp;$1178455 | &nbsp;&nbsp;&nbsp;&nbsp;$578885 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount represents less than $0.005.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 496

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2027 Corporate Bond ETF (BSCR)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$19.70 | &nbsp;&nbsp;&nbsp;&nbsp;$19.59 | &nbsp;&nbsp;&nbsp;&nbsp;$18.99 | &nbsp;&nbsp;&nbsp;&nbsp;$19.37 | &nbsp;&nbsp;&nbsp;&nbsp;$22.01 | &nbsp;&nbsp;&nbsp;&nbsp;$22.06 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) |
| &nbsp;&nbsp;&nbsp;Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$19.73 | &nbsp;&nbsp;&nbsp;&nbsp;$19.70 | &nbsp;&nbsp;&nbsp;&nbsp;$19.59 | &nbsp;&nbsp;&nbsp;&nbsp;$18.99 | &nbsp;&nbsp;&nbsp;&nbsp;$19.37 | &nbsp;&nbsp;&nbsp;&nbsp;$22.01 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$19.74 | &nbsp;&nbsp;&nbsp;&nbsp;$19.70 | &nbsp;&nbsp;&nbsp;&nbsp;$19.61 | &nbsp;&nbsp;&nbsp;&nbsp;$19.00 | &nbsp;&nbsp;&nbsp;&nbsp;$19.29 | &nbsp;&nbsp;&nbsp;&nbsp;$22.04 |
| **Net Asset Value Total Return<sup>(c)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.99)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% |
| **Market Price Total Return<sup>(c)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.48)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4614442 | &nbsp;&nbsp;&nbsp;&nbsp;$3983444 | &nbsp;&nbsp;&nbsp;&nbsp;$2148253 | &nbsp;&nbsp;&nbsp;&nbsp;$1062506 | &nbsp;&nbsp;&nbsp;&nbsp;$479527 | &nbsp;&nbsp;&nbsp;&nbsp;$353298 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 497

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2028 Corporate Bond ETF (BSCS)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$20.56 | &nbsp;&nbsp;&nbsp;&nbsp;$20.40 | &nbsp;&nbsp;&nbsp;&nbsp;$19.68 | &nbsp;&nbsp;&nbsp;&nbsp;$20.03 | &nbsp;&nbsp;&nbsp;&nbsp;$23.17 | &nbsp;&nbsp;&nbsp;&nbsp;$23.25 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) |
| &nbsp;&nbsp;&nbsp;Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$20.61 | &nbsp;&nbsp;&nbsp;&nbsp;$20.56 | &nbsp;&nbsp;&nbsp;&nbsp;$20.40 | &nbsp;&nbsp;&nbsp;&nbsp;$19.68 | &nbsp;&nbsp;&nbsp;&nbsp;$20.03 | &nbsp;&nbsp;&nbsp;&nbsp;$23.17 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$20.62 | &nbsp;&nbsp;&nbsp;&nbsp;$20.56 | &nbsp;&nbsp;&nbsp;&nbsp;$20.43 | &nbsp;&nbsp;&nbsp;&nbsp;$19.69 | &nbsp;&nbsp;&nbsp;&nbsp;$19.96 | &nbsp;&nbsp;&nbsp;&nbsp;$23.18 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.62)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.96)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3406500 | &nbsp;&nbsp;&nbsp;&nbsp;$2757400 | &nbsp;&nbsp;&nbsp;&nbsp;$1891346 | &nbsp;&nbsp;&nbsp;&nbsp;$720429 | &nbsp;&nbsp;&nbsp;&nbsp;$273454 | &nbsp;&nbsp;&nbsp;&nbsp;$225925 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% |

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

<sup>(g)</sup> Amount represents less than 0.5%.

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

------

#### 498

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2029 Corporate Bond ETF (BSCT)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$18.81 | &nbsp;&nbsp;&nbsp;&nbsp;$18.65 | &nbsp;&nbsp;&nbsp;&nbsp;$17.89 | &nbsp;&nbsp;&nbsp;&nbsp;$18.22 | &nbsp;&nbsp;&nbsp;&nbsp;$21.37 | &nbsp;&nbsp;&nbsp;&nbsp;$21.51 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| &nbsp;&nbsp;&nbsp;Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$18.90 | &nbsp;&nbsp;&nbsp;&nbsp;$18.81 | &nbsp;&nbsp;&nbsp;&nbsp;$18.65 | &nbsp;&nbsp;&nbsp;&nbsp;$17.89 | &nbsp;&nbsp;&nbsp;&nbsp;$18.22 | &nbsp;&nbsp;&nbsp;&nbsp;$21.37 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$18.91 | &nbsp;&nbsp;&nbsp;&nbsp;$18.81 | &nbsp;&nbsp;&nbsp;&nbsp;$18.68 | &nbsp;&nbsp;&nbsp;&nbsp;$17.90 | &nbsp;&nbsp;&nbsp;&nbsp;$18.14 | &nbsp;&nbsp;&nbsp;&nbsp;$21.39 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.84)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.30)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2840969 | &nbsp;&nbsp;&nbsp;&nbsp;$2248444 | &nbsp;&nbsp;&nbsp;&nbsp;$1175121 | &nbsp;&nbsp;&nbsp;&nbsp;$394520 | &nbsp;&nbsp;&nbsp;&nbsp;$128462 | &nbsp;&nbsp;&nbsp;&nbsp;$112209 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%<sup>(g)</sup> |

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount represents less than $0.005.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

<sup>(g)</sup> Amount represents less than 0.5%.

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

------

#### 499

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2030 Corporate Bond ETF (BSCU)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 14, 2020<sup>(a)</sup><br> Through<br> August 31,<br> 2021** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 14, 2020<sup>(a)</sup><br> Through<br> August 31,<br> 2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$16.89 | &nbsp;&nbsp;&nbsp;&nbsp;$16.77 | &nbsp;&nbsp;&nbsp;&nbsp;$16.04 | &nbsp;&nbsp;&nbsp;&nbsp;$16.48 | &nbsp;&nbsp;&nbsp;&nbsp;$19.77 | &nbsp;&nbsp;&nbsp;&nbsp;$20.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$17.00 | &nbsp;&nbsp;&nbsp;&nbsp;$16.89 | &nbsp;&nbsp;&nbsp;&nbsp;$16.77 | &nbsp;&nbsp;&nbsp;&nbsp;$16.04 | &nbsp;&nbsp;&nbsp;&nbsp;$16.48 | &nbsp;&nbsp;&nbsp;&nbsp;$19.77 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$17.00 | &nbsp;&nbsp;&nbsp;&nbsp;$16.89 | &nbsp;&nbsp;&nbsp;&nbsp;$16.79 | &nbsp;&nbsp;&nbsp;&nbsp;$16.03 | &nbsp;&nbsp;&nbsp;&nbsp;$16.38 | &nbsp;&nbsp;&nbsp;&nbsp;$19.79 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.67)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.27)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2464018 | &nbsp;&nbsp;&nbsp;&nbsp;$1846632 | &nbsp;&nbsp;&nbsp;&nbsp;$915621 | &nbsp;&nbsp;&nbsp;&nbsp;$257396 | &nbsp;&nbsp;&nbsp;&nbsp;$101365 | &nbsp;&nbsp;&nbsp;&nbsp;$26691 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

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

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

<sup>(h)</sup> Amount represents less than 0.5%.

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

------

#### 500

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2031 Corporate Bond ETF (BSCV)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 13, 2021<sup>(a)</sup><br> Through<br> August 31,<br> 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 13, 2021<sup>(a)</sup><br> Through<br> August 31,<br> 2022** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$16.65 | &nbsp;&nbsp;&nbsp;&nbsp;$16.46 | &nbsp;&nbsp;&nbsp;&nbsp;$15.77 | &nbsp;&nbsp;&nbsp;&nbsp;$16.36 | &nbsp;&nbsp;&nbsp;&nbsp;$20.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.21) |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$16.79 | &nbsp;&nbsp;&nbsp;&nbsp;$16.65 | &nbsp;&nbsp;&nbsp;&nbsp;$16.46 | &nbsp;&nbsp;&nbsp;&nbsp;$15.77 | &nbsp;&nbsp;&nbsp;&nbsp;$16.36 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$16.79 | &nbsp;&nbsp;&nbsp;&nbsp;$16.65 | &nbsp;&nbsp;&nbsp;&nbsp;$16.48 | &nbsp;&nbsp;&nbsp;&nbsp;$15.77 | &nbsp;&nbsp;&nbsp;&nbsp;$16.30 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.17)%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.48)%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1652546 | &nbsp;&nbsp;&nbsp;&nbsp;$1215938 | &nbsp;&nbsp;&nbsp;&nbsp;$582548 | &nbsp;&nbsp;&nbsp;&nbsp;$193984 | &nbsp;&nbsp;&nbsp;&nbsp;$39269 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

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

<sup>(f)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 501

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2032 Corporate Bond ETF (BSCW)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 6, 2022<sup>(a)</sup><br> Through<br> August 31,<br> 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 6, 2022<sup>(a)</sup><br> Through<br> August 31,<br> 2023** |
| **Per Share Operating Performance:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$20.75 | &nbsp;&nbsp;&nbsp;&nbsp;$20.68 | &nbsp;&nbsp;&nbsp;&nbsp;$19.86 | &nbsp;&nbsp;&nbsp;&nbsp;$20.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.05 | &nbsp;&nbsp;&nbsp;&nbsp;$20.75 | &nbsp;&nbsp;&nbsp;&nbsp;$20.68 | &nbsp;&nbsp;&nbsp;&nbsp;$19.86 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.04 | &nbsp;&nbsp;&nbsp;&nbsp;$20.75 | &nbsp;&nbsp;&nbsp;&nbsp;$20.71 | &nbsp;&nbsp;&nbsp;&nbsp;$19.86 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1417656 | &nbsp;&nbsp;&nbsp;&nbsp;$1020768 | &nbsp;&nbsp;&nbsp;&nbsp;$564498 | &nbsp;&nbsp;&nbsp;&nbsp;$143018 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to August 31, 2023 was 3.40%. The market price total return from Fund Inception to August 31, 2023 was 3.43%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 502

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2033 Corporate Bond ETF (BSCX)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 18, 2023<sup>(a)</sup><br> Through<br> August 31,<br> 2024** |
| **Per Share Operating Performance:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.29 | &nbsp;&nbsp;&nbsp;&nbsp;$21.27 | &nbsp;&nbsp;&nbsp;&nbsp;$20.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.64 | &nbsp;&nbsp;&nbsp;&nbsp;$21.29 | &nbsp;&nbsp;&nbsp;&nbsp;$21.27 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.62 | &nbsp;&nbsp;&nbsp;&nbsp;$21.28 | &nbsp;&nbsp;&nbsp;&nbsp;$21.31 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.36%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$941188 | &nbsp;&nbsp;&nbsp;&nbsp;$673746 | &nbsp;&nbsp;&nbsp;&nbsp;$341461 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> The net asset value total return from Fund Inception (September 20, 2023, the first day of trading on the exchange) to August 31, 2024 was 11.44%. The market price total return from Fund Inception to August 31, 2024 was 11.53%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 503

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2034 Corporate Bond ETF (BSCY)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> June 10, 2024<sup>(a)</sup><br> Through<br> August 31,<br> 2024** |
| **Per Share Operating Performance:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$20.81 | &nbsp;&nbsp;&nbsp;&nbsp;$20.77 | &nbsp;&nbsp;&nbsp;&nbsp;$20.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.19 | &nbsp;&nbsp;&nbsp;&nbsp;$20.81 | &nbsp;&nbsp;&nbsp;&nbsp;$20.77 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.20 | &nbsp;&nbsp;&nbsp;&nbsp;$20.81 | &nbsp;&nbsp;&nbsp;&nbsp;$20.83 |
| **Net Asset Value Total Return<sup>(e)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99%<sup>(f)</sup> |
| **Market Price Total Return<sup>(e)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%<sup>(f)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$480047 | &nbsp;&nbsp;&nbsp;&nbsp;$259082 | &nbsp;&nbsp;&nbsp;&nbsp;$15578 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%<sup>(i)</sup> |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments.

<sup>(d)</sup> The mean between the last bid and ask prices.

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

<sup>(f)</sup> The net asset value total return from Fund Inception (June 12, 2024, the first day of trading on the exchange) to August 31, 2024 was 3.95%. The market price total return from Fund Inception to August 31, 2024 was 4.15%.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

<sup>(i)</sup> Amount represents less than 0.5%.

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

------

#### 504

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2035 Corporate Bond ETF (BSCZ)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> June 9, 2025<sup>(a)</sup><br> Through<br> August 31,<br> 2025** |
| **Per Share Operating Performance:** |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$20.53 | &nbsp;&nbsp;&nbsp;&nbsp;$20.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.02 | &nbsp;&nbsp;&nbsp;&nbsp;$20.53 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.02 | &nbsp;&nbsp;&nbsp;&nbsp;$20.54 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$195467 | &nbsp;&nbsp;&nbsp;&nbsp;$15400 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> The net asset value total return from Fund Inception (June 11, 2025, the first day of trading on the exchange) to August 31, 2025 was 2.96%. The market price total return from Fund Inception to August 31, 2025 was 2.91%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 505

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.40 | &nbsp;&nbsp;&nbsp;&nbsp;$23.32 | &nbsp;&nbsp;&nbsp;&nbsp;$22.87 | &nbsp;&nbsp;&nbsp;&nbsp;$22.72 | &nbsp;&nbsp;&nbsp;&nbsp;$25.73 | &nbsp;&nbsp;&nbsp;&nbsp;$24.93 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.27 | &nbsp;&nbsp;&nbsp;&nbsp;$23.40 | &nbsp;&nbsp;&nbsp;&nbsp;$23.32 | &nbsp;&nbsp;&nbsp;&nbsp;$22.87 | &nbsp;&nbsp;&nbsp;&nbsp;$22.72 | &nbsp;&nbsp;&nbsp;&nbsp;$25.73 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.25 | &nbsp;&nbsp;&nbsp;&nbsp;$23.40 | &nbsp;&nbsp;&nbsp;&nbsp;$23.32 | &nbsp;&nbsp;&nbsp;&nbsp;$22.90 | &nbsp;&nbsp;&nbsp;&nbsp;$22.59 | &nbsp;&nbsp;&nbsp;&nbsp;$25.74 |
| **Net Asset Value Total Return<sup>(c)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.33)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.86% |
| **Market Price Total Return<sup>(c)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.89)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1116760 | &nbsp;&nbsp;&nbsp;&nbsp;$1141878 | &nbsp;&nbsp;&nbsp;&nbsp;$641326 | &nbsp;&nbsp;&nbsp;&nbsp;$304199 | &nbsp;&nbsp;&nbsp;&nbsp;$190829 | &nbsp;&nbsp;&nbsp;&nbsp;$115768 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, after Waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses, prior to Waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 506

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$22.72 | &nbsp;&nbsp;&nbsp;&nbsp;$22.46 | &nbsp;&nbsp;&nbsp;&nbsp;$21.70 | &nbsp;&nbsp;&nbsp;&nbsp;$21.61 | &nbsp;&nbsp;&nbsp;&nbsp;$25.59 | &nbsp;&nbsp;&nbsp;&nbsp;$24.91 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$22.53 | &nbsp;&nbsp;&nbsp;&nbsp;$22.72 | &nbsp;&nbsp;&nbsp;&nbsp;$22.46 | &nbsp;&nbsp;&nbsp;&nbsp;$21.70 | &nbsp;&nbsp;&nbsp;&nbsp;$21.61 | &nbsp;&nbsp;&nbsp;&nbsp;$25.59 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$22.54 | &nbsp;&nbsp;&nbsp;&nbsp;$22.73 | &nbsp;&nbsp;&nbsp;&nbsp;$22.48 | &nbsp;&nbsp;&nbsp;&nbsp;$21.74 | &nbsp;&nbsp;&nbsp;&nbsp;$21.48 | &nbsp;&nbsp;&nbsp;&nbsp;$25.61 |
| **Net Asset Value Total Return<sup>(c)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.14)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29% |
| **Market Price Total Return<sup>(c)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.75)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.68% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$826767 | &nbsp;&nbsp;&nbsp;&nbsp;$601990 | &nbsp;&nbsp;&nbsp;&nbsp;$287514 | &nbsp;&nbsp;&nbsp;&nbsp;$106308 | &nbsp;&nbsp;&nbsp;&nbsp;$45380 | &nbsp;&nbsp;&nbsp;&nbsp;$43509 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 507

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 14, 2020<sup>(a)</sup><br> Through<br> August 31,<br> 2021** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 14, 2020<sup>(a)</sup><br> Through<br> August 31,<br> 2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$22.04 | &nbsp;&nbsp;&nbsp;&nbsp;$21.81 | &nbsp;&nbsp;&nbsp;&nbsp;$20.98 | &nbsp;&nbsp;&nbsp;&nbsp;$21.20 | &nbsp;&nbsp;&nbsp;&nbsp;$25.58 | &nbsp;&nbsp;&nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) |
| &nbsp;&nbsp;&nbsp;Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.92 | &nbsp;&nbsp;&nbsp;&nbsp;$22.04 | &nbsp;&nbsp;&nbsp;&nbsp;$21.81 | &nbsp;&nbsp;&nbsp;&nbsp;$20.98 | &nbsp;&nbsp;&nbsp;&nbsp;$21.20 | &nbsp;&nbsp;&nbsp;&nbsp;$25.58 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.93 | &nbsp;&nbsp;&nbsp;&nbsp;$22.05 | &nbsp;&nbsp;&nbsp;&nbsp;$21.90 | &nbsp;&nbsp;&nbsp;&nbsp;$21.02 | &nbsp;&nbsp;&nbsp;&nbsp;$21.13 | &nbsp;&nbsp;&nbsp;&nbsp;$25.61 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.60)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.99)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$646777 | &nbsp;&nbsp;&nbsp;&nbsp;$456198 | &nbsp;&nbsp;&nbsp;&nbsp;$263869 | &nbsp;&nbsp;&nbsp;&nbsp;$65038 | &nbsp;&nbsp;&nbsp;&nbsp;$23319 | &nbsp;&nbsp;&nbsp;&nbsp;$15347 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

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

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 508

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 13, 2021<sup>(a)</sup><br> Through<br> August 31,<br> 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 13, 2021<sup>(a)</sup><br> Through<br> August 31,<br> 2022** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.49 | &nbsp;&nbsp;&nbsp;&nbsp;$21.48 | &nbsp;&nbsp;&nbsp;&nbsp;$20.33 | &nbsp;&nbsp;&nbsp;&nbsp;$20.46 | &nbsp;&nbsp;&nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.52) |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.02) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.24 | &nbsp;&nbsp;&nbsp;&nbsp;$21.49 | &nbsp;&nbsp;&nbsp;&nbsp;$21.48 | &nbsp;&nbsp;&nbsp;&nbsp;$20.33 | &nbsp;&nbsp;&nbsp;&nbsp;$20.46 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.25 | &nbsp;&nbsp;&nbsp;&nbsp;$21.50 | &nbsp;&nbsp;&nbsp;&nbsp;$21.61 | &nbsp;&nbsp;&nbsp;&nbsp;$20.38 | &nbsp;&nbsp;&nbsp;&nbsp;$20.41 |
| **Net Asset Value Total Return<sup>(e)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.35)%<sup>(f)</sup> |
| **Market Price Total Return<sup>(e)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.56)%<sup>(f)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$467225 | &nbsp;&nbsp;&nbsp;&nbsp;$326650 | &nbsp;&nbsp;&nbsp;&nbsp;$103085 | &nbsp;&nbsp;&nbsp;&nbsp;$20330 | &nbsp;&nbsp;&nbsp;&nbsp;$8182 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments.

<sup>(d)</sup> The mean between the last bid and ask prices.

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

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

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 509

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 6, 2022<sup>(a)</sup><br> Through<br> August 31,<br> 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 6, 2022<sup>(a)</sup><br> Through<br> August 31,<br> 2023** |
| **Per Share Operating Performance:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$26.06 | &nbsp;&nbsp;&nbsp;&nbsp;$26.12 | &nbsp;&nbsp;&nbsp;&nbsp;$24.69 | &nbsp;&nbsp;&nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) |
| &nbsp;&nbsp;&nbsp;Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.71) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$25.92 | &nbsp;&nbsp;&nbsp;&nbsp;$26.06 | &nbsp;&nbsp;&nbsp;&nbsp;$26.12 | &nbsp;&nbsp;&nbsp;&nbsp;$24.69 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$25.96 | &nbsp;&nbsp;&nbsp;&nbsp;$26.08 | &nbsp;&nbsp;&nbsp;&nbsp;$26.15 | &nbsp;&nbsp;&nbsp;&nbsp;$24.73 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.06%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$254019 | &nbsp;&nbsp;&nbsp;&nbsp;$174606 | &nbsp;&nbsp;&nbsp;&nbsp;$60075 | &nbsp;&nbsp;&nbsp;&nbsp;$12344 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> The net asset value total return from Fund Inception (September 8, 2022, the first day of trading on the exchange) to August 31, 2023 was 5.19%. The market price total return from Fund Inception to August 31, 2023 was 4.76%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 510

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 18, 2023<sup>(a)</sup><br> Through<br> August 31,<br> 2024** |
| **Per Share Operating Performance:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$26.60 | &nbsp;&nbsp;&nbsp;&nbsp;$26.65 | &nbsp;&nbsp;&nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) |
| &nbsp;&nbsp;&nbsp;Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$26.46 | &nbsp;&nbsp;&nbsp;&nbsp;$26.60 | &nbsp;&nbsp;&nbsp;&nbsp;$26.65 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$26.57 | &nbsp;&nbsp;&nbsp;&nbsp;$26.65 | &nbsp;&nbsp;&nbsp;&nbsp;$26.76 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.31%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.75%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$82022 | &nbsp;&nbsp;&nbsp;&nbsp;$39894 | &nbsp;&nbsp;&nbsp;&nbsp;$29317 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.74%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> The net asset value total return from Fund Inception (September 20, 2023, the first day of trading on the exchange) to August 31, 2024 was 13.53%. The market price total return from Fund Inception to August 31, 2024 was 13.85%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 511

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> June 10, 2024<sup>(a)</sup><br> Through<br> August 31,<br> 2024** |
| **Per Share Operating Performance:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$25.72 | &nbsp;&nbsp;&nbsp;&nbsp;$25.82 | &nbsp;&nbsp;&nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;&nbsp;Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$25.63 | &nbsp;&nbsp;&nbsp;&nbsp;$25.72 | &nbsp;&nbsp;&nbsp;&nbsp;$25.82 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$25.67 | &nbsp;&nbsp;&nbsp;&nbsp;$25.71 | &nbsp;&nbsp;&nbsp;&nbsp;$25.85 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$35875 | &nbsp;&nbsp;&nbsp;&nbsp;$25716 | &nbsp;&nbsp;&nbsp;&nbsp;$5164 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.46%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> The net asset value total return from Fund Inception (June 12, 2024, the first day of trading on the exchange) to August 31, 2024 was 4.02%. The market price total return from Fund Inception to August 31, 2024 was 4.06%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 512

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> June 9, 2025<sup>(a)</sup><br> Through<br> August 31,<br> 2025** |
| **Per Share Operating Performance:** |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$25.54 | &nbsp;&nbsp;&nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;&nbsp;Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$25.46 | &nbsp;&nbsp;&nbsp;&nbsp;$25.54 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$25.50 | &nbsp;&nbsp;&nbsp;&nbsp;$25.54 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7637 | &nbsp;&nbsp;&nbsp;&nbsp;$5108 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> The net asset value total return from Fund Inception (June 11, 2025, the first day of trading on the exchange) to August 31, 2025 was 2.86%. The market price total return from Fund Inception to August 31, 2025 was 2.74%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 513

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2026 Municipal Bond ETF (BSMQ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.58 | &nbsp;&nbsp;&nbsp;&nbsp;$23.65 | &nbsp;&nbsp;&nbsp;&nbsp;$23.29 | &nbsp;&nbsp;&nbsp;&nbsp;$23.58 | &nbsp;&nbsp;&nbsp;&nbsp;$25.99 | &nbsp;&nbsp;&nbsp;&nbsp;$25.48 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;&nbsp;Transaction fees<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.64 | &nbsp;&nbsp;&nbsp;&nbsp;$23.58 | &nbsp;&nbsp;&nbsp;&nbsp;$23.65 | &nbsp;&nbsp;&nbsp;&nbsp;$23.29 | &nbsp;&nbsp;&nbsp;&nbsp;$23.58 | &nbsp;&nbsp;&nbsp;&nbsp;$25.99 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.65 | &nbsp;&nbsp;&nbsp;&nbsp;$23.55 | &nbsp;&nbsp;&nbsp;&nbsp;$23.68 | &nbsp;&nbsp;&nbsp;&nbsp;$23.36 | &nbsp;&nbsp;&nbsp;&nbsp;$23.61 | &nbsp;&nbsp;&nbsp;&nbsp;$26.07 |
| **Net Asset Value Total Return<sup>(c)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.16)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27% |
| **Market Price Total Return<sup>(c)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.32)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$295486 | &nbsp;&nbsp;&nbsp;&nbsp;$290009 | &nbsp;&nbsp;&nbsp;&nbsp;$215213 | &nbsp;&nbsp;&nbsp;&nbsp;$114135 | &nbsp;&nbsp;&nbsp;&nbsp;$42441 | &nbsp;&nbsp;&nbsp;&nbsp;$23391 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 514

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2027 Municipal Bond ETF (BSMR)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.54 | &nbsp;&nbsp;&nbsp;&nbsp;$23.67 | &nbsp;&nbsp;&nbsp;&nbsp;$23.31 | &nbsp;&nbsp;&nbsp;&nbsp;$23.56 | &nbsp;&nbsp;&nbsp;&nbsp;$25.91 | &nbsp;&nbsp;&nbsp;&nbsp;$25.34 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;&nbsp;Transaction fees<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.73 | &nbsp;&nbsp;&nbsp;&nbsp;$23.54 | &nbsp;&nbsp;&nbsp;&nbsp;$23.67 | &nbsp;&nbsp;&nbsp;&nbsp;$23.31 | &nbsp;&nbsp;&nbsp;&nbsp;$23.56 | &nbsp;&nbsp;&nbsp;&nbsp;$25.91 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.79 | &nbsp;&nbsp;&nbsp;&nbsp;$23.55 | &nbsp;&nbsp;&nbsp;&nbsp;$23.68 | &nbsp;&nbsp;&nbsp;&nbsp;$23.36 | &nbsp;&nbsp;&nbsp;&nbsp;$23.58 | &nbsp;&nbsp;&nbsp;&nbsp;$25.95 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.03)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32% |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.09)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$320365 | &nbsp;&nbsp;&nbsp;&nbsp;$268311 | &nbsp;&nbsp;&nbsp;&nbsp;$168081 | &nbsp;&nbsp;&nbsp;&nbsp;$90900 | &nbsp;&nbsp;&nbsp;&nbsp;$25919 | &nbsp;&nbsp;&nbsp;&nbsp;$18140 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71%<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount represents less than $0.005.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 515

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2028 Municipal Bond ETF (BSMS)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.28 | &nbsp;&nbsp;&nbsp;&nbsp;$23.45 | &nbsp;&nbsp;&nbsp;&nbsp;$23.05 | &nbsp;&nbsp;&nbsp;&nbsp;$23.27 | &nbsp;&nbsp;&nbsp;&nbsp;$26.31 | &nbsp;&nbsp;&nbsp;&nbsp;$25.70 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| &nbsp;&nbsp;&nbsp;Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| &nbsp;&nbsp;&nbsp;Transaction fees<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.61 | &nbsp;&nbsp;&nbsp;&nbsp;$23.28 | &nbsp;&nbsp;&nbsp;&nbsp;$23.45 | &nbsp;&nbsp;&nbsp;&nbsp;$23.05 | &nbsp;&nbsp;&nbsp;&nbsp;$23.27 | &nbsp;&nbsp;&nbsp;&nbsp;$26.31 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.68 | &nbsp;&nbsp;&nbsp;&nbsp;$23.34 | &nbsp;&nbsp;&nbsp;&nbsp;$23.40 | &nbsp;&nbsp;&nbsp;&nbsp;$23.12 | &nbsp;&nbsp;&nbsp;&nbsp;$23.27 | &nbsp;&nbsp;&nbsp;&nbsp;$26.36 |
| **Net Asset Value Total Return<sup>(c)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.23)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% |
| **Market Price Total Return<sup>(c)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.41)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$278571 | &nbsp;&nbsp;&nbsp;&nbsp;$214135 | &nbsp;&nbsp;&nbsp;&nbsp;$121926 | &nbsp;&nbsp;&nbsp;&nbsp;$69137 | &nbsp;&nbsp;&nbsp;&nbsp;$20942 | &nbsp;&nbsp;&nbsp;&nbsp;$18419 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% |

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 516

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2029 Municipal Bond ETF (BSMT)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$22.87 | &nbsp;&nbsp;&nbsp;&nbsp;$23.16 | &nbsp;&nbsp;&nbsp;&nbsp;$22.67 | &nbsp;&nbsp;&nbsp;&nbsp;$22.89 | &nbsp;&nbsp;&nbsp;&nbsp;$26.18 | &nbsp;&nbsp;&nbsp;&nbsp;$25.67 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;&nbsp;Transaction fees<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.34 | &nbsp;&nbsp;&nbsp;&nbsp;$22.87 | &nbsp;&nbsp;&nbsp;&nbsp;$23.16 | &nbsp;&nbsp;&nbsp;&nbsp;$22.67 | &nbsp;&nbsp;&nbsp;&nbsp;$22.89 | &nbsp;&nbsp;&nbsp;&nbsp;$26.18 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.38 | &nbsp;&nbsp;&nbsp;&nbsp;$22.89 | &nbsp;&nbsp;&nbsp;&nbsp;$23.16 | &nbsp;&nbsp;&nbsp;&nbsp;$22.70 | &nbsp;&nbsp;&nbsp;&nbsp;$22.91 | &nbsp;&nbsp;&nbsp;&nbsp;$26.24 |
| **Net Asset Value Total Return<sup>(c)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.28)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52% |
| **Market Price Total Return<sup>(c)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.41)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$254357 | &nbsp;&nbsp;&nbsp;&nbsp;$201223 | &nbsp;&nbsp;&nbsp;&nbsp;$122731 | &nbsp;&nbsp;&nbsp;&nbsp;$47616 | &nbsp;&nbsp;&nbsp;&nbsp;$18314 | &nbsp;&nbsp;&nbsp;&nbsp;$15711 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

<sup>(f)</sup> Amount represents less than 0.5%.

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

------

#### 517

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2030 Municipal Bond ETF (BSMU)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 14, 2020<sup>(a)</sup><br> Through<br> August 31,<br> 2021** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 14, 2020<sup>(a)</sup><br> Through<br> August 31,<br> 2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.65 | &nbsp;&nbsp;&nbsp;&nbsp;$22.01 | &nbsp;&nbsp;&nbsp;&nbsp;$21.52 | &nbsp;&nbsp;&nbsp;&nbsp;$21.71 | &nbsp;&nbsp;&nbsp;&nbsp;$25.61 | &nbsp;&nbsp;&nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) |
| &nbsp;&nbsp;&nbsp;Transaction fees<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$22.25 | &nbsp;&nbsp;&nbsp;&nbsp;$21.65 | &nbsp;&nbsp;&nbsp;&nbsp;$22.01 | &nbsp;&nbsp;&nbsp;&nbsp;$21.52 | &nbsp;&nbsp;&nbsp;&nbsp;$21.71 | &nbsp;&nbsp;&nbsp;&nbsp;$25.61 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$22.27 | &nbsp;&nbsp;&nbsp;&nbsp;$21.64 | &nbsp;&nbsp;&nbsp;&nbsp;$21.98 | &nbsp;&nbsp;&nbsp;&nbsp;$21.56 | &nbsp;&nbsp;&nbsp;&nbsp;$21.72 | &nbsp;&nbsp;&nbsp;&nbsp;$25.69 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.72)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.95)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$244724 | &nbsp;&nbsp;&nbsp;&nbsp;$175339 | &nbsp;&nbsp;&nbsp;&nbsp;$112270 | &nbsp;&nbsp;&nbsp;&nbsp;$51639 | &nbsp;&nbsp;&nbsp;&nbsp;$23878 | &nbsp;&nbsp;&nbsp;&nbsp;$7684 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

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

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 518

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2031 Municipal Bond ETF (BSMV)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 13, 2021<sup>(a)</sup><br> Through<br> August 31,<br> 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 13, 2021<sup>(a)</sup><br> Through<br> August 31,<br> 2022** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$20.70 | &nbsp;&nbsp;&nbsp;&nbsp;$21.19 | &nbsp;&nbsp;&nbsp;&nbsp;$20.67 | &nbsp;&nbsp;&nbsp;&nbsp;$20.72 | &nbsp;&nbsp;&nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.96) |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;&nbsp;Transaction fees<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.39 | &nbsp;&nbsp;&nbsp;&nbsp;$20.70 | &nbsp;&nbsp;&nbsp;&nbsp;$21.19 | &nbsp;&nbsp;&nbsp;&nbsp;$20.67 | &nbsp;&nbsp;&nbsp;&nbsp;$20.72 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$21.44 | &nbsp;&nbsp;&nbsp;&nbsp;$20.76 | &nbsp;&nbsp;&nbsp;&nbsp;$21.15 | &nbsp;&nbsp;&nbsp;&nbsp;$20.71 | &nbsp;&nbsp;&nbsp;&nbsp;$20.70 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.72)%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.80)%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$175363 | &nbsp;&nbsp;&nbsp;&nbsp;$113830 | &nbsp;&nbsp;&nbsp;&nbsp;$74150 | &nbsp;&nbsp;&nbsp;&nbsp;$28943 | &nbsp;&nbsp;&nbsp;&nbsp;$12433 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

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

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 519

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2032 Municipal Bond ETF (BSMW)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Years Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> February 27, 2023<sup>(a)</sup><br> Through<br> August 31,<br> 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> February 27, 2023<sup>(a)</sup><br> Through<br> August 31,<br> 2023** |
| **Per Share Operating Performance:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$24.43 | &nbsp;&nbsp;&nbsp;&nbsp;$25.40 | &nbsp;&nbsp;&nbsp;&nbsp;$24.79 | &nbsp;&nbsp;&nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;&nbsp;Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;&nbsp;Transaction fees<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$25.49 | &nbsp;&nbsp;&nbsp;&nbsp;$24.43 | &nbsp;&nbsp;&nbsp;&nbsp;$25.40 | &nbsp;&nbsp;&nbsp;&nbsp;$24.79 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$25.52 | &nbsp;&nbsp;&nbsp;&nbsp;$24.47 | &nbsp;&nbsp;&nbsp;&nbsp;$25.42 | &nbsp;&nbsp;&nbsp;&nbsp;$24.82 |
| **Net Asset Value Total Return<sup>(e)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%<sup>(f)</sup> |
| **Market Price Total Return<sup>(e)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(f)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$165653 | &nbsp;&nbsp;&nbsp;&nbsp;$114805 | &nbsp;&nbsp;&nbsp;&nbsp;$76212 | &nbsp;&nbsp;&nbsp;&nbsp;$19835 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Amount represents less than $(0.005).

<sup>(d)</sup> The mean between the last bid and ask prices.

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

<sup>(f)</sup> The net asset value total return from Fund Inception (March 1, 2023, the first day of trading on the exchange) to August 31, 2023 was 0.78%. The market price total return from Fund Inception to August 31, 2023 was 0.90%.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 520

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2033 Municipal Bond ETF (BSSX)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31,<br> 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 18, 2023<sup>(a)</sup><br> Through<br> August 31,<br> 2024** |
| **Per Share Operating Performance:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$24.93 | &nbsp;&nbsp;&nbsp;&nbsp;$26.11 | &nbsp;&nbsp;&nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81) |
| &nbsp;&nbsp;&nbsp;Transaction fees<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$26.18 | &nbsp;&nbsp;&nbsp;&nbsp;$24.93 | &nbsp;&nbsp;&nbsp;&nbsp;$26.11 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$26.24 | &nbsp;&nbsp;&nbsp;&nbsp;$25.00 | &nbsp;&nbsp;&nbsp;&nbsp;$26.20 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.34)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$120441 | &nbsp;&nbsp;&nbsp;&nbsp;$89750 | &nbsp;&nbsp;&nbsp;&nbsp;$49606 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> The net asset value total return from Fund Inception (September 20, 2023, the first day of trading on the exchange) to August 31, 2024 was 7.84%. The market price total return from Fund Inception to August 31, 2024 was 8.08%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 521

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2034 Municipal Bond ETF (BSMY)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> February 28,<br> 2026<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 9, 2024<sup>(a)</sup><br> Through<br> August 31,<br> 2025** |
| **Per Share Operating Performance:** |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23.61 | &nbsp;&nbsp;&nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) |
| &nbsp;&nbsp;&nbsp;Transaction fees<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$24.95 | &nbsp;&nbsp;&nbsp;&nbsp;$23.61 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$24.99 | &nbsp;&nbsp;&nbsp;&nbsp;$23.67 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.71)%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.47)%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$104801 | &nbsp;&nbsp;&nbsp;&nbsp;$56663 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> The net asset value total return from Fund Inception (September 11, 2024, the first day of trading on the exchange) to August 31, 2025 was (2.95)%. The market price total return from Fund Inception to August 31, 2025 was (3.06)%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 522

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Financial Highlights—(continued)

Invesco BulletShares 2035 Municipal Bond ETF (BSMZ)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**For the Period<br> September 15, 2025<sup>(a)</sup><br> Through<br> February 28,<br> 2026<br> (Unaudited)** |
| **Per Share Operating Performance:** |  |
| &nbsp;&nbsp;&nbsp;Net asset value at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders from:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;&nbsp;Transaction fees<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;&nbsp;Net asset value at end of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;$25.84 |
| &nbsp;&nbsp;&nbsp;Market price at end of period<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$25.88 |
| **Net Asset Value Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07%<sup>(e)</sup> |
| **Market Price Total Return<sup>(d)</sup><br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%<sup>(e)</sup> |
| **Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets at end of period (000's omitted)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$38757 |
| &nbsp;&nbsp;&nbsp;Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

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

<sup>(e)</sup> The net asset value total return from Fund Inception (September 17, 2025, the first day of trading on the exchange) to February 28, 2026 was 4.07%. The market price total return from Fund Inception to February 28, 2026 was 4.06%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions.

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

------

#### 523

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

### Notes to Financial Statements
Invesco Exchange-Traded Self-Indexed Fund Trust

February 28, 2026

(Unaudited)

#### NOTE 1—Organization
Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust") was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolios:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Full Name** | &nbsp;&nbsp;&nbsp;&nbsp;**Short Name** |
| &nbsp;&nbsp;Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2026 Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2027 Corporate Bond ETF (BSCR) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2027 Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2028 Corporate Bond ETF (BSCS) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2028 Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2029 Corporate Bond ETF (BSCT) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2029 Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2030 Corporate Bond ETF (BSCU) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2030 Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2031 Corporate Bond ETF (BSCV) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2031 Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2032 Corporate Bond ETF (BSCW) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2032 Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2033 Corporate Bond ETF (BSCX) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2033 Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2034 Corporate Bond ETF (BSCY) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2034 Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2035 Corporate Bond ETF (BSCZ) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2035 Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2026 High Yield Corporate Bond ETF (BSJQ) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2026 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2027 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2028 High Yield Corporate Bond ETF (BSJS) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2028 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2029 High Yield Corporate Bond ETF (BSJT) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2029 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2030 High Yield Corporate Bond ETF (BSJU) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2030 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2031 High Yield Corporate Bond ETF (BSJV) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2031 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2032 High Yield Corporate Bond ETF (BSJW) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2032 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2033 High Yield Corporate Bond ETF (BSJX) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2033 High Yield Corporate Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2026 Municipal Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2027 Municipal Bond ETF (BSMR) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2027 Municipal Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2028 Municipal Bond ETF (BSMS) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2028 Municipal Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2029 Municipal Bond ETF (BSMT) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2029 Municipal Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2030 Municipal Bond ETF (BSMU) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2030 Municipal Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2031 Municipal Bond ETF (BSMV) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2031 Municipal Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2032 Municipal Bond ETF (BSMW) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2032 Municipal Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2033 Municipal Bond ETF (BSSX) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2033 Municipal Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2034 Municipal Bond ETF (BSMY) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2034 Municipal Bond ETF" |
| &nbsp;&nbsp;Invesco BulletShares 2035 Municipal Bond ETF (BSMZ) | &nbsp;&nbsp;&nbsp;&nbsp;"BulletShares 2035 Municipal Bond ETF" |

---

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on The Nasdaq Stock Market LLC.

BulletShares 2026 Corporate Bond ETF, BulletShares 2026 High Yield Corporate Bond ETF and BulletShares 2026 Municipal Bond ETF will terminate on or about December 15, 2026. In connection with the termination of the Funds, each Fund will make a cash distribution of its net assets to then-current shareholders after making appropriate provisions for any of its liabilities. The Funds do not seek to distribute any predetermined amount of cash at maturity.

The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in each Fund's prospectus. Creation Units of each Fund (except for BulletShares 2026 Municipal Bond ETF, BulletShares 2027 Municipal Bond ETF, BulletShares 2028 Municipal Bond ETF, BulletShares 2029 Municipal Bond ETF, BulletShares 2030 Municipal Bond ETF, BulletShares 2031 Municipal Bond ETF, BulletShares 2032 Municipal Bond ETF, BulletShares 2033 Municipal Bond ETF, BulletShares 2034 Municipal Bond ETF and BulletShares 2035 Municipal Bond ETF (collectively, the "BulletShares Municipal Bond ETFs")) are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Creation Units of the BulletShares Municipal Bond ETFs are issued and redeemed

------

#### 524

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

principally in exchange for the deposit or delivery of cash, though each Fund reserves the right to issue and redeem Creation Units in exchange for Deposit Securities. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an "Underlying Index"):

---

| |
|:---|
| &nbsp;&nbsp;**Fund** |
| &nbsp;&nbsp;BulletShares 2026 Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD Corporate Bond 2026 Index |
| &nbsp;&nbsp;BulletShares 2027 Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD Corporate Bond 2027 Index |
| &nbsp;&nbsp;BulletShares 2028 Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD Corporate Bond 2028 Index |
| &nbsp;&nbsp;BulletShares 2029 Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD Corporate Bond 2029 Index |
| &nbsp;&nbsp;BulletShares 2030 Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD Corporate Bond 2030 Index |
| &nbsp;&nbsp;BulletShares 2031 Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD Corporate Bond 2031 Index |
| &nbsp;&nbsp;BulletShares 2032 Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD Corporate Bond 2032 Index |
| &nbsp;&nbsp;BulletShares 2033 Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD Corporate Bond 2033 Index |
| &nbsp;&nbsp;BulletShares 2034 Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD Corporate Bond 2034 Index |
| &nbsp;&nbsp;BulletShares 2035 Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD Corporate Bond 2035 Index |
| &nbsp;&nbsp;BulletShares 2026 High Yield Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2026 Index |
| &nbsp;&nbsp;BulletShares 2027 High Yield Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2027 Index |
| &nbsp;&nbsp;BulletShares 2028 High Yield Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2028 Index |
| &nbsp;&nbsp;BulletShares 2029 High Yield Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2029 Index |
| &nbsp;&nbsp;BulletShares 2030 High Yield Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2030 Index |
| &nbsp;&nbsp;BulletShares 2031 High Yield Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2031 Index |
| &nbsp;&nbsp;BulletShares 2032 High Yield Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2032 Index |
| &nbsp;&nbsp;BulletShares 2033 High Yield Corporate Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> USD High Yield Corporate Bond 2033 Index |
| &nbsp;&nbsp;BulletShares 2026 Municipal Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> Municipal Bond 2026 Index |
| &nbsp;&nbsp;BulletShares 2027 Municipal Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> Municipal Bond 2027 Index |
| &nbsp;&nbsp;BulletShares 2028 Municipal Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> Municipal Bond 2028 Index |
| &nbsp;&nbsp;BulletShares 2029 Municipal Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> Municipal Bond 2029 Index |
| &nbsp;&nbsp;BulletShares 2030 Municipal Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> Municipal Bond 2030 Index |
| &nbsp;&nbsp;BulletShares 2031 Municipal Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> Municipal Bond 2031 Index |
| &nbsp;&nbsp;BulletShares 2032 Municipal Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> Municipal Bond 2032 Index |
| &nbsp;&nbsp;BulletShares 2033 Municipal Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> Municipal Bond 2033 Index |
| &nbsp;&nbsp;BulletShares 2034 Municipal Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> Municipal Bond 2034 Index |
| &nbsp;&nbsp;BulletShares 2035 Municipal Bond ETF &nbsp;&nbsp;&nbsp;&nbsp;Invesco BulletShares<sup>®</sup> Municipal Bond 2035 Index |

---

#### NOTE 2—Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services—Investment Companies.*

**A.** **Security Valuation - Securities, including restricted securities, are valued according to the following policies:** 

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

------

#### 525

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a

------

#### 526

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

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

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

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

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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

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

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of

------

#### 527

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Funds' financial statements.

**F.** **Expenses - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).** 

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

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

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

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

**I.** **Segment Reporting — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.** 

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

------

#### 528

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNY") also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2026, there were no affiliated securities lending transactions with Invesco.

**K.** **Other Risks** 

*AP Concentration Risk. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.*

*Call Risk. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will "call" (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund's net investment income could fall.*

*Cash Transaction Risk. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the BulletShares Municipal Bond ETFs currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Funds' investments. As such, each BulletShares Municipal Bond ETF may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the BulletShares Municipal Bond ETFs may recognize a capital gain on these sales and/or incur brokerage fees that might not have been incurred if the BulletShares Municipal Bond ETFs had made a redemption in-kind, which may decrease the tax efficiency of the BulletShares Municipal Bond ETFs compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between such Funds and conventional ETFs. Also, to the extent any transaction costs are not offset by transaction fees imposed on APs, such costs will decrease a BulletShares Municipal Bond ETF's NAV.* 

*Changing Fixed-Income Market Conditions Risk. Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact a Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets, which could result in higher than normal redemptions by APs, which could potentially increase a Fund's portfolio turnover rate and transaction costs.*

*Fixed-Income Securities Risk. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.*

*Foreign Fixed-Income Investment Risk. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively*

------

#### 529

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

*Index Risk. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index's rebalance schedule will result in corresponding changes to each Fund's rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.*

*Industry Concentration Risk. In following its methodology, each Fund's Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.*

*Market Risk. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.*

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Municipal Securities Risk. The BulletShares Municipal Bond ETFs invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. The secondary market for municipal securities also tends to be less well-developed and less liquid than many other securities markets, which may limit a Fund's ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value accurately. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service ("IRS") determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.*

*Non-Correlation Risk. Each Fund's return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. Additionally, a Fund's use of a*

------

#### 530

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund's portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

*Non-Diversified Fund Risk. If a Fund is non-diversified, the Fund can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund's performance.*

*Non-Investment Grade Securities Risk. Non-investment grade securities (commonly known as "junk bonds" or "high yield bonds") and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.* 

*Rule 144A Securities Risk. Certain Funds may invest in securities that are normally purchased or resold pursuant to Rule 144A under the Securities Act of 1933. Rule 144A securities are restricted securities that are not publicly traded. As such Rule 144A securities may be subject to legal restrictions on resale. Rule 144A securities are generally not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to a Fund.*

*Sampling Risk. Certain Funds' use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.*

*U.S. Government Obligations Risk. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the "full faith and credit" of the United States, which may be negatively affected by an actual or threatened failure of the U.S. Government to pay its obligation. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.*

#### NOTE 3—Investment Advisory Agreement and Other Agreements
The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Unitary Management Fees<br> (as a % of average daily net assets)** |
| &nbsp;&nbsp;BulletShares 2026 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;BulletShares 2027 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;BulletShares 2028 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;BulletShares 2029 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;BulletShares 2030 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.10% |

---

------

#### 531

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Unitary Management Fees<br> (as a % of average daily net assets)** |
| &nbsp;&nbsp;BulletShares 2031 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;BulletShares 2032 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;BulletShares 2033 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;BulletShares 2034 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;BulletShares 2035 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;BulletShares 2026 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;BulletShares 2027 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;BulletShares 2028 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;BulletShares 2029 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;BulletShares 2030 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;BulletShares 2031 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;BulletShares 2032 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;BulletShares 2033 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;BulletShares 2026 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;BulletShares 2027 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;BulletShares 2028 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;BulletShares 2029 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;BulletShares 2030 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;BulletShares 2031 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;BulletShares 2032 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;BulletShares 2033 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;BulletShares 2034 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;BulletShares 2035 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;0.18% |

---

Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2026, the Adviser waived fees for each Fund in the following amounts:

---

| | |
|:---|:---|
| &nbsp;&nbsp;BulletShares 2026 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;$35009 |
| &nbsp;&nbsp;BulletShares 2027 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8612 |
| &nbsp;&nbsp;BulletShares 2028 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089 |
| &nbsp;&nbsp;BulletShares 2029 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679 |
| &nbsp;&nbsp;BulletShares 2030 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303 |
| &nbsp;&nbsp;BulletShares 2031 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 |
| &nbsp;&nbsp;BulletShares 2032 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 |
| &nbsp;&nbsp;BulletShares 2033 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940 |
| &nbsp;&nbsp;BulletShares 2034 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 |
| &nbsp;&nbsp;BulletShares 2035 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| &nbsp;&nbsp;BulletShares 2026 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;54217 |
| &nbsp;&nbsp;BulletShares 2027 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;11337 |
| &nbsp;&nbsp;BulletShares 2028 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4057 |
| &nbsp;&nbsp;BulletShares 2029 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709 |
| &nbsp;&nbsp;BulletShares 2030 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 |
| &nbsp;&nbsp;BulletShares 2031 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |
| &nbsp;&nbsp;BulletShares 2032 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;BulletShares 2033 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;BulletShares 2026 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2027 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2028 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2029 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

------

#### 532

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;BulletShares 2030 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;BulletShares 2031 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2032 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2033 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2034 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2035 Municipal Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

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

<sup>(a)</sup> For the period September 15, 2025 (commencement of investment operations) through February 28, 2026.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into licensing agreements on behalf of each Fund with Invesco Indexing LLC (the "Licensor").

"BulletShares<sup>®</sup>" and the name of each Underlying Index are trademarks of the Licensor and have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

#### NOTE 4—Security Transactions with Affiliated Funds
Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7.

For the six months ended February 28, 2026, the following Funds engaged in transactions with affiliates as listed below:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Securities Purchases** | &nbsp;&nbsp;&nbsp;**Securities Sales** | &nbsp;&nbsp;&nbsp;**Net Realized Gains (Losses)\*** |
| &nbsp;&nbsp;BulletShares 2026 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;$10213541 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;BulletShares 2027 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5959264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8396) |
| &nbsp;&nbsp;BulletShares 2028 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2029 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4254277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 |
| &nbsp;&nbsp;BulletShares 2026 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;18405590 | &nbsp;&nbsp;&nbsp;&nbsp;11123912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17632 |
| &nbsp;&nbsp;BulletShares 2027 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;15328255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20189) |
| &nbsp;&nbsp;BulletShares 2028 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538161 | &nbsp;&nbsp;&nbsp;&nbsp;14543785 | &nbsp;&nbsp;&nbsp;&nbsp;154520 |
| &nbsp;&nbsp;BulletShares 2029 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94520 |
| &nbsp;&nbsp;BulletShares 2030 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200262 | &nbsp;&nbsp;&nbsp;&nbsp;158971 |
| &nbsp;&nbsp;BulletShares 2031 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58919 |
| &nbsp;&nbsp;BulletShares 2032 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64625 |
| &nbsp;&nbsp;BulletShares 2033 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5716 |
| &nbsp;&nbsp;BulletShares 2026 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;13843144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83913) |
| &nbsp;&nbsp;BulletShares 2027 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4672786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27212) |
| &nbsp;&nbsp;BulletShares 2028 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73804) |
| &nbsp;&nbsp;BulletShares 2029 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60248) |
| &nbsp;&nbsp;BulletShares 2030 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9609) |
| &nbsp;&nbsp;BulletShares 2031 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17512 |
| &nbsp;&nbsp;BulletShares 2032 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1456) |
| &nbsp;&nbsp;BulletShares 2033 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834 |
| &nbsp;&nbsp;BulletShares 2034 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16025 |
| &nbsp;&nbsp;BulletShares 2035 Municipal Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 |

---

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

\* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations. <br> <sup>(a)</sup> For the period September 15, 2025 (commencement of investment operations) through February 28, 2026.

------

#### 533

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

#### NOTE 5—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 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 the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2026, for each Fund (except for the BulletShares Municipal Bond ETFs). As of February 28, 2026, all of the securities in the BulletShares Municipal Bond ETFs were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;BulletShares 2026 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$4181202378 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$4181202378 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49353750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150293857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199647607 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$49353750 | &nbsp;&nbsp;&nbsp;$4331496235 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$4380849985 |
| &nbsp;&nbsp;BulletShares 2027 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$4570341240 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$4570341240 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7946598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290460159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298406757 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$7946598 | &nbsp;&nbsp;&nbsp;$4860801399 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$4868747997 |
| &nbsp;&nbsp;BulletShares 2028 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$3371354630 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$3371354630 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355841078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356053052 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$211974 | &nbsp;&nbsp;&nbsp;$3727195708 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$3727407682 |
| &nbsp;&nbsp;BulletShares 2029 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$2803642646 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$2803642646 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8781355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314873617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323654972 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$8781355 | &nbsp;&nbsp;&nbsp;$3118516263 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$3127297618 |
| &nbsp;&nbsp;BulletShares 2030 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$2438327526 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$2438327526 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263157743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263409767 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$252024 | &nbsp;&nbsp;&nbsp;$2701485269 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$2701737293 |

---

------

#### 534

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;BulletShares 2031 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$1638452135 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$1638452135 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45452271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45452271 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$1683904406 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$1683904406 |
| &nbsp;&nbsp;BulletShares 2032 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$1398677166 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$1398677166 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70630588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72760050 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$2129462 | &nbsp;&nbsp;&nbsp;$1469307754 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$1471437216 |
| &nbsp;&nbsp;BulletShares 2033 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$929421526 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$929421526 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40974979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41092113 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$117134 | &nbsp;&nbsp;&nbsp;$970396505 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$970513639 |
| &nbsp;&nbsp;BulletShares 2034 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$472885242 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$472885242 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9702409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10254882 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$552473 | &nbsp;&nbsp;&nbsp;$482587651 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$483140124 |
| &nbsp;&nbsp;BulletShares 2035 Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$192477494 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$192477494 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6612678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6748436 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$135758 | &nbsp;&nbsp;&nbsp;$199090172 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$199225930 |
| &nbsp;&nbsp;BulletShares 2026 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$886408790 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$886408790 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;181472648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67199296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248671944 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$181472648 | &nbsp;&nbsp;&nbsp;$953608086 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$1135080734 |
| &nbsp;&nbsp;BulletShares 2027 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$758256122 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$758256122 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55853735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98989826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154843561 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$55853735 | &nbsp;&nbsp;&nbsp;$857245948 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$913099683 |
| &nbsp;&nbsp;BulletShares 2028 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$632784815 | &nbsp;&nbsp;&nbsp;$425 | &nbsp;&nbsp;&nbsp;$632785240 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16303116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140523891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156827007 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$16303116 | &nbsp;&nbsp;&nbsp;$773308706 | &nbsp;&nbsp;&nbsp;$425 | &nbsp;&nbsp;&nbsp;$789612247 |
| &nbsp;&nbsp;BulletShares 2029 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$457443153 | &nbsp;&nbsp;&nbsp;$221 | &nbsp;&nbsp;&nbsp;$457443374 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8260450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24692066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32952516 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$8260450 | &nbsp;&nbsp;&nbsp;$482135219 | &nbsp;&nbsp;&nbsp;$221 | &nbsp;&nbsp;&nbsp;$490395890 |
| &nbsp;&nbsp;BulletShares 2030 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$248321693 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$248321693 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17205358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18169899 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$964541 | &nbsp;&nbsp;&nbsp;$265527051 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$266491592 |

---

------

#### 535

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;BulletShares 2031 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$80118947 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$80118947 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612841 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$612841 | &nbsp;&nbsp;&nbsp;$80118947 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$80731788 |
| &nbsp;&nbsp;BulletShares 2032 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$35197254 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$35197254 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327184 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$71717 | &nbsp;&nbsp;&nbsp;$38452721 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$38524438 |
| &nbsp;&nbsp;BulletShares 2033 High Yield Corporate Bond ETF |  |  |  |  |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$7484447 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$7484447 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388797 |
| &nbsp;&nbsp;&nbsp;**Total Investments** | &nbsp;&nbsp;&nbsp;$18663 | &nbsp;&nbsp;&nbsp;$7854581 | &nbsp;&nbsp;&nbsp;$- | &nbsp;&nbsp;&nbsp;$7873244 |

---

#### NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds then in existence had capital loss carryforwards as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**No expiration** | &nbsp;&nbsp;&nbsp;**No expiration** |  |
|  | &nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;**Long-Term** | &nbsp;&nbsp;&nbsp;**Total\*** |
| &nbsp;&nbsp;BulletShares 2026 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;$1586997 | &nbsp;&nbsp;&nbsp;$3426638 | &nbsp;&nbsp;&nbsp;$5013635 |
| &nbsp;&nbsp;BulletShares 2027 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364542 |
| &nbsp;&nbsp;BulletShares 2028 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51009 | &nbsp;&nbsp;&nbsp;&nbsp;1553707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604716 |
| &nbsp;&nbsp;BulletShares 2029 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1201612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201612 |
| &nbsp;&nbsp;BulletShares 2030 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588239 | &nbsp;&nbsp;&nbsp;&nbsp;2453667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041906 |
| &nbsp;&nbsp;BulletShares 2031 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491495 |
| &nbsp;&nbsp;BulletShares 2032 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187272 |
| &nbsp;&nbsp;BulletShares 2033 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156847 |
| &nbsp;&nbsp;BulletShares 2034 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46257 |
| &nbsp;&nbsp;BulletShares 2035 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;BulletShares 2026 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;8024824 | &nbsp;&nbsp;&nbsp;&nbsp;4289427 | &nbsp;&nbsp;&nbsp;&nbsp;12314251 |
| &nbsp;&nbsp;BulletShares 2027 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765880 |
| &nbsp;&nbsp;BulletShares 2028 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;1170753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719428 |
| &nbsp;&nbsp;BulletShares 2029 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;2372198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814352 |
| &nbsp;&nbsp;BulletShares 2030 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345782 |
| &nbsp;&nbsp;BulletShares 2026 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134457 |
| &nbsp;&nbsp;BulletShares 2027 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019936 |
| &nbsp;&nbsp;BulletShares 2028 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101814 |
| &nbsp;&nbsp;BulletShares 2029 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477067 | &nbsp;&nbsp;&nbsp;&nbsp;1092088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569155 |
| &nbsp;&nbsp;BulletShares 2030 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776641 |
| &nbsp;&nbsp;BulletShares 2031 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;1181731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697445 |
| &nbsp;&nbsp;BulletShares 2032 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410586 |

---

------

#### 536

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**No expiration** | &nbsp;&nbsp;&nbsp;**No expiration** |  |
|  | &nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;**Long-Term** | &nbsp;&nbsp;&nbsp;**Total\*** |
| &nbsp;&nbsp;BulletShares 2033 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;$76080 | &nbsp;&nbsp;&nbsp;$72307 | &nbsp;&nbsp;&nbsp;$148387 |
| &nbsp;&nbsp;BulletShares 2034 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146973 |

---

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

\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

#### NOTE 7—Investment Transactions
For the six months ended February 28, 2026, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;BulletShares 2026 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;$1053209904 | &nbsp;&nbsp;&nbsp;$1162616254 |
| &nbsp;&nbsp;BulletShares 2027 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152062370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163129006 |
| &nbsp;&nbsp;BulletShares 2028 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75209731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67361953 |
| &nbsp;&nbsp;BulletShares 2029 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55596701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54521753 |
| &nbsp;&nbsp;BulletShares 2030 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72285784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64091274 |
| &nbsp;&nbsp;BulletShares 2031 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76499782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76533536 |
| &nbsp;&nbsp;BulletShares 2032 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36221454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34404098 |
| &nbsp;&nbsp;BulletShares 2033 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45668619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38993749 |
| &nbsp;&nbsp;BulletShares 2034 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019649 |
| &nbsp;&nbsp;BulletShares 2035 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330267 |
| &nbsp;&nbsp;BulletShares 2026 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390768792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602812869 |
| &nbsp;&nbsp;BulletShares 2027 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270859446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316211008 |
| &nbsp;&nbsp;BulletShares 2028 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134678066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136951358 |
| &nbsp;&nbsp;BulletShares 2029 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63106199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61926928 |
| &nbsp;&nbsp;BulletShares 2030 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25072703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25400907 |
| &nbsp;&nbsp;BulletShares 2031 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91182033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8786586 |
| &nbsp;&nbsp;BulletShares 2032 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6941258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6861278 |
| &nbsp;&nbsp;BulletShares 2033 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678332 |
| &nbsp;&nbsp;BulletShares 2026 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35676070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38441063 |
| &nbsp;&nbsp;BulletShares 2027 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58348049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29363474 |
| &nbsp;&nbsp;BulletShares 2028 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46403498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10745882 |
| &nbsp;&nbsp;BulletShares 2029 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55338266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26100022 |
| &nbsp;&nbsp;BulletShares 2030 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44239892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11876737 |
| &nbsp;&nbsp;BulletShares 2031 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33710343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254302 |
| &nbsp;&nbsp;BulletShares 2032 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29994047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181978 |
| &nbsp;&nbsp;BulletShares 2033 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21439112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6961771 |
| &nbsp;&nbsp;BulletShares 2034 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28805575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654517 |
| &nbsp;&nbsp;BulletShares 2035 Municipal Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33612226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397317 |

---

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

<sup>(a)</sup> For the period September 15, 2025 (commencement of investment operations) through February 28, 2026.

For the six months ended February 28, 2026, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**In-kind<br> Purchases** | &nbsp;&nbsp;&nbsp;**In-kind<br> Sales** |
| &nbsp;&nbsp;BulletShares 2026 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;$119975621 | &nbsp;&nbsp;&nbsp;$49403337 |
| &nbsp;&nbsp;BulletShares 2027 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;602824675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5825414 |
| &nbsp;&nbsp;BulletShares 2028 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;658325623 | &nbsp;&nbsp;&nbsp;&nbsp;33385355 |
| &nbsp;&nbsp;BulletShares 2029 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;567050732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2030 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;628758054 | &nbsp;&nbsp;&nbsp;&nbsp;39967302 |
| &nbsp;&nbsp;BulletShares 2031 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;431110005 | &nbsp;&nbsp;&nbsp;&nbsp;17355896 |
| &nbsp;&nbsp;BulletShares 2032 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;368042541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2033 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;246312010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2034 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;210128376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2035 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;174387576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

------

#### 537

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**In-kind<br> Purchases** | &nbsp;&nbsp;&nbsp;**In-kind<br> Sales** |
| &nbsp;&nbsp;BulletShares 2026 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;$56057897 | &nbsp;&nbsp;&nbsp;$74275162 |
| &nbsp;&nbsp;BulletShares 2027 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;228864185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8873525 |
| &nbsp;&nbsp;BulletShares 2028 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;198642904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9492612 |
| &nbsp;&nbsp;BulletShares 2029 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;146435569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183330 |
| &nbsp;&nbsp;BulletShares 2030 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86312575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7577428 |
| &nbsp;&nbsp;BulletShares 2031 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41269940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2032 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9939519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2033 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2026 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8024554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2027 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35139859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2028 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37950542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2029 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28770883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2030 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37107649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2031 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32699598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2032 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23943762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2033 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12843782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2034 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16907127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;BulletShares 2035 Municipal Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5084891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

---

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

<sup>(a)</sup> For the period September 15, 2025 (commencement of investment operations) through February 28, 2026.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;**Cost** |
| &nbsp;&nbsp;BulletShares 2026 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;$6973040 | &nbsp;&nbsp;&nbsp;$(557472) | &nbsp;&nbsp;&nbsp;$6415568 | &nbsp;&nbsp;&nbsp;$4374434417 |
| &nbsp;&nbsp;BulletShares 2027 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;33594000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340353) | &nbsp;&nbsp;&nbsp;&nbsp;33253647 | &nbsp;&nbsp;&nbsp;&nbsp;4835494350 |
| &nbsp;&nbsp;BulletShares 2028 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;46291705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(638467) | &nbsp;&nbsp;&nbsp;&nbsp;45653238 | &nbsp;&nbsp;&nbsp;&nbsp;3681754444 |
| &nbsp;&nbsp;BulletShares 2029 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;51209239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586243) | &nbsp;&nbsp;&nbsp;&nbsp;50622996 | &nbsp;&nbsp;&nbsp;&nbsp;3076674622 |
| &nbsp;&nbsp;BulletShares 2030 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;54608037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(777289) | &nbsp;&nbsp;&nbsp;&nbsp;53830748 | &nbsp;&nbsp;&nbsp;&nbsp;2647906545 |
| &nbsp;&nbsp;BulletShares 2031 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;41865178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556565) | &nbsp;&nbsp;&nbsp;&nbsp;41308613 | &nbsp;&nbsp;&nbsp;&nbsp;1642595793 |
| &nbsp;&nbsp;BulletShares 2032 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;42741429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262800) | &nbsp;&nbsp;&nbsp;&nbsp;42478629 | &nbsp;&nbsp;&nbsp;&nbsp;1428958587 |
| &nbsp;&nbsp;BulletShares 2033 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;26796873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171349) | &nbsp;&nbsp;&nbsp;&nbsp;26625524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943888115 |
| &nbsp;&nbsp;BulletShares 2034 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9901181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9566771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473573353 |
| &nbsp;&nbsp;BulletShares 2035 Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197281475 |
| &nbsp;&nbsp;BulletShares 2026 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662109 | &nbsp;&nbsp;&nbsp;&nbsp;(1518534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143575 | &nbsp;&nbsp;&nbsp;&nbsp;1133937159 |
| &nbsp;&nbsp;BulletShares 2027 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871638 | &nbsp;&nbsp;&nbsp;&nbsp;(2991464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911219509 |
| &nbsp;&nbsp;BulletShares 2028 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8669679 | &nbsp;&nbsp;&nbsp;&nbsp;(3150353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5519326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784092921 |
| &nbsp;&nbsp;BulletShares 2029 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6881494 | &nbsp;&nbsp;&nbsp;&nbsp;(6287709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489802105 |
| &nbsp;&nbsp;BulletShares 2030 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4462995 | &nbsp;&nbsp;&nbsp;&nbsp;(3284212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265312809 |
| &nbsp;&nbsp;BulletShares 2031 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80230584 |
| &nbsp;&nbsp;BulletShares 2032 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38228347 |
| &nbsp;&nbsp;BulletShares 2033 High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36954) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7806411 |
| &nbsp;&nbsp;BulletShares 2026 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284843382 |
| &nbsp;&nbsp;BulletShares 2027 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312713844 |
| &nbsp;&nbsp;BulletShares 2028 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272409629 |
| &nbsp;&nbsp;BulletShares 2029 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3618185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248124476 |
| &nbsp;&nbsp;BulletShares 2030 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237418207 |
| &nbsp;&nbsp;BulletShares 2031 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4109082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169655707 |
| &nbsp;&nbsp;BulletShares 2032 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(456197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160383129 |
| &nbsp;&nbsp;BulletShares 2033 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116876987 |

---

------

#### 538

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;**Gross<br> Unrealized<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;**Net<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;**Cost** |
| &nbsp;&nbsp;BulletShares 2034 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;$3379951 | &nbsp;&nbsp;&nbsp;$(161168) | &nbsp;&nbsp;&nbsp;$3218783 | &nbsp;&nbsp;&nbsp;$100401855 |
| &nbsp;&nbsp;BulletShares 2035 Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4949) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37254958 |

---

#### NOTE 8—Trustees' and Officer's Fees
The Adviser, as a result of each Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

#### NOTE 9—Capital
Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.

------

#### 539

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Approval of Investment Advisory Contracts

At a meeting held on June 25, 2025, the Board of Trustees of the Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust"), including the Independent Trustees, approved the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for Invesco BulletShares 2035 Municipal Bond ETF (the "Fund").

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services to be provided, (ii) the proposed unitary advisory fee for the Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as the Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser's relationship with the Fund.

*Nature, Extent and Quality of Services. In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for the Fund, including the persons who will be responsible for the day-to-day management of the Fund, and they considered the quality of services provided by the Adviser to other exchange-traded funds ("ETFs") managed by the Adviser and overseen by the Board. The Trustees noted that the portfolio managers of the Fund also manage other ETFs on behalf of the Adviser that are overseen by the Board and that the Board is familiar with the background and experience of the portfolio managers of the Fund. The Trustees also noted other information the Board received and considered in connection with its March 13, 2025 and April 24, 2025 meetings describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser's portfolio transaction policies and procedures, as well as reports on the correlation and tracking error between the underlying indexes and the performance of other ETFs for which the Adviser serves as investment adviser and that are overseen by the Board. Because the Fund had not yet commenced operations, the Trustees noted that no performance information for the Fund could be provided.*

The Trustees considered the services to be provided by the Adviser in its oversight of the Fund's administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and overseen by the Board and that was expected to be provided for the Fund.

Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to the Fund under the Investment Advisory Agreement were expected to be appropriate and reasonable.

*Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on the Fund's proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the median net expense ratios of comparable ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds. The Trustees noted that the proposed annual advisory fee to be charged to the Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of the Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted the Fund's proposed unitary advisory fee as compared to the median net expense ratio of its Lipper peer groups and a select peer group as shown below:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Passive<br> ETF Peer<br> Group<br> (Number of Peers)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End<br> Index Fund<br> Peer Group<br> (Number of Peers)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End<br> Active Fund<br> Peer Group<br> (Number of Peers)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Select<br> Peer Group<br> (Number of Peers)** |
| &nbsp;&nbsp;Invesco BulletShares 2035 Municipal Bond ETF | &nbsp;&nbsp;Higher than<br> median (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higher than<br> median (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower than<br> median (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same as<br> median (7) |

---

Based on all of the information provided, the Board concluded that the Fund's proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

In conjunction with their review of the unitary advisory fee, the Trustees considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Fund because the Fund had not yet commenced operations. However, the Trustees noted other information the Board received and considered in connection with its March 13, 2025 and April 24, 2025 meetings regarding the Adviser's overall profitability from its relationship with other ETFs for which it serves as investment adviser.

------

#### 540

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Approval of Investment Advisory Contracts—(continued)

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees noted that any reduction in fixed costs associated with the management of the Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Fund. The Board considered whether the proposed unitary advisory fee rate for the Fund was reasonable in relation to the proposed services and product strategy of the Fund, and it concluded that the unitary advisory fee rate was reasonable and appropriate.*

*Fall-out Benefits. The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Fund, and noted that the Adviser will not be a party to any soft dollar, commission recapture or directed brokerage arrangements with respect to the Fund. The Trustees considered benefits to be received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Fund, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Fund's securities lending agent. The Trustees also considered that Invesco Distributors, Inc. and Invesco Indexing LLC, affiliates of the Adviser, will serve as the Fund's distributor and index provider and will be paid a distribution fee and a licensing fee, respectively, by the Adviser. The Board concluded that the Fund's proposed unitary advisory fee was reasonable, taking into account any ancillary benefits expected to be received by affiliates of the Adviser.*

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the Investment Advisory Agreement for the Fund. No single factor was determinative in the Board's analysis.

------

#### 541

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

------

Other Information Required in Form N-CSR (Items 8-11)

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

#### Statement Regarding Basis for Approval of Investment Advisory Contracts
The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory Contracts section of this report.

------

#### 542

------

[**Table of Contents**](#JOB_BNYM__a6aa62de-49b7-460c-8126-655cf6c1983e_TOC)

####©2026 Invesco Capital Management LLC

#### 3500 Lacey Road, Suite 700

---

| | | |
|:---|:---|:---|
| **Downers Grove, IL 60515** | P-BS-NCSRS | invesco.com/ETFs |

---

------

![](img59a29da01.jpg)

------

**Invesco Semi-Annual Financial Statements and Other Information**

February 28, 2026

---

| | |
|:---|:---|
| **IIGD** | Invesco Investment Grade Defensive ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_ee1ae81c-22aa-468f-bea8-32ca40f705a6_SOI-Continued-458_1) | **3** |
| [Statement of Assets and Liabilities](#xx_ee1ae81c-22aa-468f-bea8-32ca40f705a6_FS-Continued-458_1) | **7** |
| [Statement of Operations](#xx_ee1ae81c-22aa-468f-bea8-32ca40f705a6_FS-Continued-458_2) | **8** |
| [Statement of Changes in Net Assets](#xx_ee1ae81c-22aa-468f-bea8-32ca40f705a6_FS-Continued-458_3) | **9** |
| [Financial Highlights](#xx_ee1ae81c-22aa-468f-bea8-32ca40f705a6_FIHI-Continued-458_1) | **10** |
| [Notes to Financial Statements](#xx_ee1ae81c-22aa-468f-bea8-32ca40f705a6_NTF-Continued-458_1) | **11** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_ee1ae81c-22aa-468f-bea8-32ca40f705a6_OIRSR-Continued-458_1) | **19** |

---

------

**2**

------

**Invesco Investment Grade Defensive ETF (IIGD)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.99%** | **U.S. Dollar Denominated Bonds & Notes-98.99%** | **U.S. Dollar Denominated Bonds & Notes-98.99%** |
| **Aerospace & Defense-3.00%** | **Aerospace & Defense-3.00%** | **Aerospace & Defense-3.00%** |
| General Dynamics Corp., 3.75%, 05/15/2028 | $180000 | &nbsp;&nbsp; $180638 |
| General Electric Co., 4.30%, 07/29/2030 | 190000 | &nbsp;&nbsp; 193076 |
| HEICO Corp., 5.25%, 08/01/2028 | 190000 | &nbsp;&nbsp; 195679 |
| Howmet Aerospace, Inc., 3.00%, 01/15/2029 | 190000 | &nbsp;&nbsp; 185500 |
| RTX Corp., 4.13%, 11/16/2028 | 180000 | &nbsp;&nbsp; 181146 |
|  |  | &nbsp;&nbsp; 936039 |
| **Air Freight & Logistics-0.58%** | **Air Freight & Logistics-0.58%** | **Air Freight & Logistics-0.58%** |
| C.H. Robinson Worldwide, Inc., 4.20%, <br> 04/15/2028<br>| 179000 | &nbsp;&nbsp; 179543 |
| **Automobile Components-0.64%** | **Automobile Components-0.64%** | **Automobile Components-0.64%** |
| ERAC USA Finance LLC, 4.60%, 05/01/2028<sup>(b)</sup> | 195000 | &nbsp;&nbsp; 198104 |
| **Automobiles-0.62%** | **Automobiles-0.62%** | **Automobiles-0.62%** |
| PACCAR Financial Corp., 4.55%, 03/03/2028 | 190000 | &nbsp;&nbsp; 193597 |
| **Banks-7.37%** | **Banks-7.37%** | **Banks-7.37%** |
| Capital One N.A., 4.65%, 09/13/2028 | 190000 | &nbsp;&nbsp; 193047 |
| Citibank N.A., 5.80%, 09/29/2028 | 185000 | &nbsp;&nbsp; 193784 |
| Fifth Third Bancorp, 3.95%, 03/14/2028 | 186000 | &nbsp;&nbsp; 186107 |
| Huntington National Bank (The), 5.65%, <br> 01/10/2030<br>| 190000 | &nbsp;&nbsp; 200173 |
| KeyCorp, 4.10%, 04/30/2028 | 190000 | &nbsp;&nbsp; 190615 |
| National Securities Clearing Corp., 4.90%, <br> 06/26/2029<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 195956 |
| PNC Bank N.A., 4.05%, 07/26/2028 | 200000 | &nbsp;&nbsp; 200400 |
| PNC Financial Services Group, Inc. (The), 2.55%, <br> 01/22/2030<sup>(c)</sup><br>| 200000 | &nbsp;&nbsp; 189743 |
| Regions Financial Corp., 1.80%, 08/12/2028 | 200000 | &nbsp;&nbsp; 189442 |
| Truist Bank, 2.25%, 03/11/2030 | 210000 | &nbsp;&nbsp; 194144 |
| U.S. Bancorp, 1.38%, 07/22/2030 | 205000 | &nbsp;&nbsp; 183596 |
| Wells Fargo & Co., 4.15%, 01/24/2029 | 180000 | &nbsp;&nbsp; 181150 |
|  |  | &nbsp;&nbsp; 2298157 |
| **Beverages-1.86%** | **Beverages-1.86%** | **Beverages-1.86%** |
| Coca-Cola Co. (The), 2.25%, 01/05/2032<sup>(c)</sup> | 220000 | &nbsp;&nbsp; 200727 |
| Keurig Dr Pepper, Inc., 4.60%, 05/25/2028 | 195000 | &nbsp;&nbsp; 197101 |
| PepsiCo, Inc., 2.75%, 03/19/2030 | 190000 | &nbsp;&nbsp; 181911 |
|  |  | &nbsp;&nbsp; 579739 |
| **Biotechnology-0.63%** | **Biotechnology-0.63%** | **Biotechnology-0.63%** |
| AbbVie, Inc., 3.20%, 11/21/2029 | 200000 | &nbsp;&nbsp; 195390 |
| **Capital Markets-7.22%** | **Capital Markets-7.22%** | **Capital Markets-7.22%** |
| Apollo Management Holdings L.P., 4.87%, <br> 02/15/2029<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 192959 |
| Bank of New York Mellon Corp. (The), 3.85%, <br> 04/28/2028<br>| 190000 | &nbsp;&nbsp; 190948 |
| BlackRock, Inc., 1.90%, 01/28/2031 | 205000 | &nbsp;&nbsp; 186555 |
| Charles Schwab Corp. (The), 2.00%, <br> 03/20/2028<br>| 188000 | &nbsp;&nbsp; 181675 |
| CME Group, Inc., 4.40%, 03/15/2030 | 195000 | &nbsp;&nbsp; 198683 |
| FMR LLC, 7.57%, 06/15/2029<sup>(b)</sup> | 170000 | &nbsp;&nbsp; 187702 |
| Franklin Resources, Inc., 1.60%, 10/30/2030 | 220000 | &nbsp;&nbsp; 197942 |
| Goldman Sachs Group, Inc. (The), 3.80%, <br> 03/15/2030<br>| 180000 | &nbsp;&nbsp; 178306 |
| KKR Group Finance Co. VI LLC, 3.75%, <br> 07/01/2029<sup>(b)</sup><br>| 180000 | &nbsp;&nbsp; 177385 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** |
| Morgan Stanley, 3.59% (3 mo. USD LIBOR + <br> 1.34%), 07/22/2028<sup>(d)</sup><br>| $| 180000 | &nbsp;&nbsp; $178923 |
| Northern Trust Corp., 1.95%, 05/01/2030 |  | 195000 | &nbsp;&nbsp; 180182 |
| State Street Corp., 4.54%, 02/28/2028 |  | 195000 | &nbsp;&nbsp; 198114 |
|  |  |  | &nbsp;&nbsp; 2249374 |
| **Chemicals-3.00%** | **Chemicals-3.00%** | **Chemicals-3.00%** | **Chemicals-3.00%** |
| DuPont de Nemours, Inc., 4.73%, 11/15/2028<sup>(b)</sup> |  | 190000 | &nbsp;&nbsp; 192711 |
| Ecolab, Inc., 4.80%, 03/24/2030 |  | 180000 | &nbsp;&nbsp; 185501 |
| Linde, Inc., 1.10%, 08/10/2030 |  | 205000 | &nbsp;&nbsp; 182551 |
| Momentive Performance Materials, Inc. (South <br> Korea), 4.13%, 10/22/2028<sup>(b)</sup><br>|  | 200000 | &nbsp;&nbsp; 200590 |
| PPG Industries, Inc., 3.75%, 03/15/2028 |  | 175000 | &nbsp;&nbsp; 174935 |
|  |  |  | &nbsp;&nbsp; 936288 |
| **Commercial Services & Supplies-0.61%** | **Commercial Services & Supplies-0.61%** | **Commercial Services & Supplies-0.61%** | **Commercial Services & Supplies-0.61%** |
| Republic Services, Inc., 3.95%, 05/15/2028 |  | 190000 | &nbsp;&nbsp; 190656 |
| **Communications Equipment-0.58%** | **Communications Equipment-0.58%** | **Communications Equipment-0.58%** | **Communications Equipment-0.58%** |
| Cisco Systems, Inc., 4.85%, 02/26/2029 |  | 175000 | &nbsp;&nbsp; 180244 |
| **Consumer Finance-0.58%** | **Consumer Finance-0.58%** | **Consumer Finance-0.58%** | **Consumer Finance-0.58%** |
| American Express Co., 4.05%, 05/03/2029 |  | 180000 | &nbsp;&nbsp; 181575 |
| **Consumer Staples Distribution & Retail-1.85%** | **Consumer Staples Distribution & Retail-1.85%** | **Consumer Staples Distribution & Retail-1.85%** | **Consumer Staples Distribution & Retail-1.85%** |
| Costco Wholesale Corp., 1.60%, 04/20/2030 |  | 220000 | &nbsp;&nbsp; 201459 |
| Target Corp., 3.38%, 04/15/2029 |  | 180000 | &nbsp;&nbsp; 178115 |
| Walmart, Inc., 1.80%, 09/22/2031<sup>(c)</sup> |  | 220000 | &nbsp;&nbsp; 198443 |
|  |  |  | &nbsp;&nbsp; 578017 |
| **Distributors-0.65%** | **Distributors-0.65%** | **Distributors-0.65%** | **Distributors-0.65%** |
| Ferguson Finance PLC, 4.50%, 10/24/2028<sup>(b)</sup> |  | 200000 | &nbsp;&nbsp; 201866 |
| **Electric Utilities-6.08%** | **Electric Utilities-6.08%** | **Electric Utilities-6.08%** | **Electric Utilities-6.08%** |
| Alabama Power Co., 3.05%, 03/15/2032 |  | 195000 | &nbsp;&nbsp; 183112 |
| Duke Energy Florida LLC, 2.50%, 12/01/2029 |  | 200000 | &nbsp;&nbsp; 190570 |
| Entergy Texas, Inc., 1.75%, 03/15/2031 |  | 220000 | &nbsp;&nbsp; 196679 |
| Florida Power & Light Co., 2.45%, 02/03/2032 |  | 220000 | &nbsp;&nbsp; 200984 |
| MidAmerican Energy Co., 3.65%, 04/15/2029 |  | 192000 | &nbsp;&nbsp; 191231 |
| Mid-Atlantic Interstate Transmission LLC, 4.10%, <br> 05/15/2028<sup>(b)</sup><br>|  | 195000 | &nbsp;&nbsp; 195754 |
| Narragansett Electric Co. (The), 3.40%, <br> 04/09/2030<sup>(b)</sup><br>|  | 190000 | &nbsp;&nbsp; 184741 |
| National Rural Utilities Cooperative Finance Corp., <br> Series D, 4.15%, 08/25/2028<br>|  | 190000 | &nbsp;&nbsp; 191378 |
| Trans-Allegheny Interstate Line Co., 5.00%, <br> 01/15/2031<sup>(b)</sup><br>|  | 160000 | &nbsp;&nbsp; 165449 |
| Virginia Power Fuel Securitization LLC, <br> Series A-2, 4.88%, 05/01/2031<br>|  | 190000 | &nbsp;&nbsp; 195910 |
|  |  |  | &nbsp;&nbsp; 1895808 |
| **Electrical Equipment-1.25%** | **Electrical Equipment-1.25%** | **Electrical Equipment-1.25%** | **Electrical Equipment-1.25%** |
| Emerson Electric Co., 2.00%, 12/21/2028 |  | 208000 | &nbsp;&nbsp; 198531 |
| Molex Electronic Technologies LLC, 4.75%, <br> 04/30/2028<sup>(b)</sup><br>|  | 190000 | &nbsp;&nbsp; 192686 |
|  |  |  | &nbsp;&nbsp; 391217 |

---

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

------

**3**

------

**Invesco Investment Grade Defensive ETF (IIGD)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Energy Equipment & Services-1.22%** | **Energy Equipment & Services-1.22%** | **Energy Equipment & Services-1.22%** |
| Halliburton Co., 2.92%, 03/01/2030 | $200000 | &nbsp;&nbsp; $191691 |
| Schlumberger Holdings Corp., 3.90%, <br> 05/17/2028<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 190213 |
|  |  | &nbsp;&nbsp; 381904 |
| **Entertainment-1.21%** | **Entertainment-1.21%** | **Entertainment-1.21%** |
| Netflix, Inc., 5.88%, 11/15/2028 | 170000 | &nbsp;&nbsp; 178882 |
| Walt Disney Co. (The), 2.65%, 01/13/2031<sup>(c)</sup> | 211000 | &nbsp;&nbsp; 199896 |
|  |  | &nbsp;&nbsp; 378778 |
| **Financial Services-3.67%** | **Financial Services-3.67%** | **Financial Services-3.67%** |
| Atlas Warehouse Lending Co. L.P., 4.63%, <br> 11/15/2028<sup>(b)</sup><br>| 200000 | &nbsp;&nbsp; 200069 |
| Equitable Holdings, Inc., 4.35%, 04/20/2028 | 190000 | &nbsp;&nbsp; 191057 |
| Mastercard, Inc., 3.35%, 03/26/2030 | 195000 | &nbsp;&nbsp; 191706 |
| Nuveen LLC, 4.00%, 11/01/2028<sup>(b)</sup> | 189000 | &nbsp;&nbsp; 189451 |
| PayPal Holdings, Inc., 2.85%, 10/01/2029 | 190000 | &nbsp;&nbsp; 183147 |
| Visa, Inc., 2.05%, 04/15/2030 | 200000 | &nbsp;&nbsp; 186999 |
|  |  | &nbsp;&nbsp; 1142429 |
| **Food Products-1.81%** | **Food Products-1.81%** | **Food Products-1.81%** |
| Archer-Daniels-Midland Co., 3.25%, 03/27/2030 | 200000 | &nbsp;&nbsp; 194801 |
| Hormel Foods Corp., 1.80%, 06/11/2030<sup>(c)</sup> | 215000 | &nbsp;&nbsp; 196262 |
| Kellanova, Series B, 7.45%, 04/01/2031 | 150000 | &nbsp;&nbsp; 172884 |
|  |  | &nbsp;&nbsp; 563947 |
| **Gas Utilities-1.80%** | **Gas Utilities-1.80%** | **Gas Utilities-1.80%** |
| CenterPoint Energy Resources Corp., 5.25%, <br> 03/01/2028<br>| 170000 | &nbsp;&nbsp; 174669 |
| Piedmont Natural Gas Co., Inc., 3.50%, <br> 06/01/2029<br>| 190000 | &nbsp;&nbsp; 187498 |
| Southern California Gas Co., Series XX, 2.55%, <br> 02/01/2030<br>| 210000 | &nbsp;&nbsp; 199455 |
|  |  | &nbsp;&nbsp; 561622 |
| **Ground Transportation-1.85%** | **Ground Transportation-1.85%** | **Ground Transportation-1.85%** |
| CSX Corp., 4.25%, 03/15/2029 | 190000 | &nbsp;&nbsp; 192571 |
| Norfolk Southern Corp., 3.80%, 08/01/2028 | 190000 | &nbsp;&nbsp; 189892 |
| Ryder System, Inc., 5.25%, 06/01/2028 | 190000 | &nbsp;&nbsp; 195239 |
|  |  | &nbsp;&nbsp; 577702 |
| **Health Care Equipment & Supplies-1.85%** | **Health Care Equipment & Supplies-1.85%** | **Health Care Equipment & Supplies-1.85%** |
| Abbott Laboratories, 1.40%, 06/30/2030 | 210000 | &nbsp;&nbsp; 189615 |
| DH Europe Finance II S.a.r.l., 2.60%, <br> 11/15/2029<sup>(c)</sup><br>| 205000 | &nbsp;&nbsp; 195653 |
| Medtronic Global Holdings S.C.A., 4.25%, <br> 03/30/2028<br>| 189000 | &nbsp;&nbsp; 190876 |
|  |  | &nbsp;&nbsp; 576144 |
| **Health Care Providers & Services-3.50%** | **Health Care Providers & Services-3.50%** | **Health Care Providers & Services-3.50%** |
| Ascension Health, Series B, 2.53%, 11/15/2029 | 189000 | &nbsp;&nbsp; 180402 |
| Cigna Group (The), 4.38%, 10/15/2028 | 170000 | &nbsp;&nbsp; 171801 |
| CommonSpirit Health, 3.35%, 10/01/2029 | 185000 | &nbsp;&nbsp; 180283 |
| Elevance Health, Inc., 4.10%, 03/01/2028 | 180000 | &nbsp;&nbsp; 180600 |
| Health Care Service Corp., a Mutual Legacy <br> Reserve Co., 5.20%, 06/15/2029<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 195539 |
| Providence St. Joseph Health Obligated Group, <br> Series 19-A, 2.53%, 10/01/2029<br>| 191000 | &nbsp;&nbsp; 180992 |
|  |  | &nbsp;&nbsp; 1089617 |
| **Health Care REITs-0.58%** | **Health Care REITs-0.58%** | **Health Care REITs-0.58%** |
| Ventas Realty L.P., 4.40%, 01/15/2029 | 180000 | &nbsp;&nbsp; 181820 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Hotels, Restaurants & Leisure-0.63%** | **Hotels, Restaurants & Leisure-0.63%** | **Hotels, Restaurants & Leisure-0.63%** |
| McDonald's Corp., 3.80%, 04/01/2028 | $195000 | &nbsp;&nbsp; $195230 |
| **Household Durables-0.62%** | **Household Durables-0.62%** | **Household Durables-0.62%** |
| Mohawk Industries, Inc., 5.85%, 09/18/2028 | 185000 | &nbsp;&nbsp; 192901 |
| **Household Products-1.23%** | **Household Products-1.23%** | **Household Products-1.23%** |
| Kimberly-Clark Corp., 3.10%, 03/26/2030 | 195000 | &nbsp;&nbsp; 189000 |
| Procter & Gamble Co. (The), 3.00%, <br> 03/25/2030<br>| 200000 | &nbsp;&nbsp; 194594 |
|  |  | &nbsp;&nbsp; 383594 |
| **Industrial Conglomerates-0.58%** | **Industrial Conglomerates-0.58%** | **Industrial Conglomerates-0.58%** |
| 3M Co., 2.38%, 08/26/2029 | 190000 | &nbsp;&nbsp; 180528 |
| **Insurance-13.92%** | **Insurance-13.92%** | **Insurance-13.92%** |
| Aflac, Inc., 3.60%, 04/01/2030 | 190000 | &nbsp;&nbsp; 187237 |
| AIG SunAmerica Global Financing X, 6.90%, <br> 03/15/2032<sup>(b)</sup><br>| 170000 | &nbsp;&nbsp; 190852 |
| Athene Global Funding, 5.58%, 01/09/2029<sup>(b)</sup> | 185000 | &nbsp;&nbsp; 189208 |
| Berkshire Hathaway Finance Corp., 2.88%, <br> 03/15/2032<br>| 193000 | &nbsp;&nbsp; 182058 |
| Corebridge Global Funding, 4.85%, <br> 06/06/2030<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 193701 |
| Equitable America Global Funding, 4.95%, <br> 06/09/2030<sup>(b)</sup><br>| 170000 | &nbsp;&nbsp; 173797 |
| Equitable Financial Life Global Funding, 1.80%, <br> 03/08/2028<sup>(b)</sup><br>| 210000 | &nbsp;&nbsp; 200780 |
| F&G Global Funding, 4.50%, 01/09/2029<sup>(b)</sup> | 190000 | &nbsp;&nbsp; 188582 |
| GA Global Funding Trust, 5.50%, 01/08/2029<sup>(b)</sup> | 180000 | &nbsp;&nbsp; 184592 |
| Guardian Life Global Funding, 4.80%, <br> 04/28/2030<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 195130 |
| Hartford Insurance Group, Inc. (The), 2.80%, <br> 08/19/2029<br>| 200000 | &nbsp;&nbsp; 192617 |
| MassMutual Global Funding II, 4.55%, <br> 05/07/2030<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 193470 |
| Met Tower Global Funding, 4.00%, <br> 01/14/2029<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 190376 |
| MetLife, Inc., 4.55%, 03/23/2030 | 170000 | &nbsp;&nbsp; 174003 |
| Metropolitan Life Global Funding I, 2.95%, <br> 04/09/2030<sup>(b)</sup><br>| 210000 | &nbsp;&nbsp; 201489 |
| New York Life Global Funding, 5.00%, <br> 01/09/2034<sup>(b)</sup><br>| 180000 | &nbsp;&nbsp; 185447 |
| New York Life Insurance Co., 5.88%, <br> 05/15/2033<sup>(b)</sup><br>| 187000 | &nbsp;&nbsp; 200293 |
| Northwestern Mutual Global Funding |  |  |
| 4.49%, 03/21/2028<sup>(b)</sup> | 180000 | &nbsp;&nbsp; 182119 |
| 4.90%, 06/12/2028<sup>(b)</sup> | 185000 | &nbsp;&nbsp; 189017 |
| Pacific Life Global Funding II, 4.45%, <br> 05/01/2028<sup>(b)</sup><br>| 175000 | &nbsp;&nbsp; 176934 |
| Pricoa Global Funding I, 4.70%, 05/28/2030<sup>(b)</sup> | 190000 | &nbsp;&nbsp; 194345 |
| Principal Life Global Funding II, 4.45%, <br> 01/13/2031<sup>(b)</sup><br>| 190000 | &nbsp;&nbsp; 191566 |
| RGA Global Funding, 4.35%, 08/25/2028<sup>(b)</sup> | 180000 | &nbsp;&nbsp; 181074 |
|  |  | &nbsp;&nbsp; 4338687 |
| **Interactive Media & Services-0.62%** | **Interactive Media & Services-0.62%** | **Interactive Media & Services-0.62%** |
| Alphabet, Inc., 4.80%, 02/15/2036 | 190000 | &nbsp;&nbsp; 193195 |
| **IT Services-0.63%** | **IT Services-0.63%** | **IT Services-0.63%** |
| International Business Machines Corp., 3.50%, <br> 05/15/2029<br>| 200000 | &nbsp;&nbsp; 197230 |

---

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

------

**4**

------

**Invesco Investment Grade Defensive ETF (IIGD)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Machinery-3.03%** | **Machinery-3.03%** | **Machinery-3.03%** |
| Caterpillar Financial Services Corp., 3.95%, <br> 11/14/2028<br>| $180000 | &nbsp;&nbsp; $181028 |
| CNH Industrial Capital LLC, 4.55%, 04/10/2028 | 190000 | &nbsp;&nbsp; 191957 |
| John Deere Capital Corp., 4.95%, 07/14/2028 | 190000 | &nbsp;&nbsp; 195408 |
| Parker-Hannifin Corp., 3.25%, 06/14/2029 | 200000 | &nbsp;&nbsp; 196151 |
| Trane Technologies Financing Ltd., 3.80%, <br> 03/21/2029<br>| 180000 | &nbsp;&nbsp; 180200 |
|  |  | &nbsp;&nbsp; 944744 |
| **Media-0.61%** | **Media-0.61%** | **Media-0.61%** |
| Comcast Corp., 4.15%, 10/15/2028 | 190000 | &nbsp;&nbsp; 191404 |
| **Multi-Utilities-0.63%** | **Multi-Utilities-0.63%** | **Multi-Utilities-0.63%** |
| Consumers Energy Co., 4.70%, 01/15/2030 | 190000 | &nbsp;&nbsp; 195224 |
| **Oil, Gas & Consumable Fuels-4.82%** | **Oil, Gas & Consumable Fuels-4.82%** | **Oil, Gas & Consumable Fuels-4.82%** |
| Chevron Corp., 2.24%, 05/11/2030 | 209000 | &nbsp;&nbsp; 195905 |
| Chevron USA, Inc., 4.50%, 10/15/2032 | 180000 | &nbsp;&nbsp; 184503 |
| ConocoPhillips Co. |  |  |
| 6.95%, 04/15/2029 | 175000 | &nbsp;&nbsp; 190922 |
| 4.70%, 01/15/2030 | 190000 | &nbsp;&nbsp; 194684 |
| Exxon Mobil Corp., 3.48%, 03/19/2030 | 200000 | &nbsp;&nbsp; 197357 |
| Hess Corp., 7.30%, 08/15/2031 | 160000 | &nbsp;&nbsp; 185148 |
| Pioneer Natural Resources Co., 1.90%, <br> 08/15/2030<br>| 200000 | &nbsp;&nbsp; 183489 |
| TotalEnergies Capital USA LLC (France), 4.25%, <br> 01/13/2031<br>| 170000 | &nbsp;&nbsp; 171560 |
|  |  | &nbsp;&nbsp; 1503568 |
| **Paper & Forest Products-0.64%** | **Paper & Forest Products-0.64%** | **Paper & Forest Products-0.64%** |
| Georgia-Pacific LLC, 2.30%, 04/30/2030<sup>(b)</sup> | 215000 | &nbsp;&nbsp; 200792 |
| **Passenger Airlines-0.56%** | **Passenger Airlines-0.56%** | **Passenger Airlines-0.56%** |
| Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, <br> 10/20/2028<sup>(b)</sup><br>| 174167 | &nbsp;&nbsp; 175733 |
| **Personal Care Products-0.62%** | **Personal Care Products-0.62%** | **Personal Care Products-0.62%** |
| Estee Lauder Cos., Inc. (The), 4.38%, <br> 05/15/2028<br>| 190000 | &nbsp;&nbsp; 192155 |
| **Pharmaceuticals-2.49%** | **Pharmaceuticals-2.49%** | **Pharmaceuticals-2.49%** |
| Eli Lilly and Co., 4.70%, 02/09/2034 | 170000 | &nbsp;&nbsp; 173989 |
| Johnson & Johnson, 1.30%, 09/01/2030<sup>(c)</sup> | 225000 | &nbsp;&nbsp; 203266 |
| Merck & Co., Inc., 2.15%, 12/10/2031 | 220000 | &nbsp;&nbsp; 198876 |
| Pfizer, Inc., 3.45%, 03/15/2029 | 200000 | &nbsp;&nbsp; 198669 |
|  |  | &nbsp;&nbsp; 774800 |
| **Professional Services-0.60%** | **Professional Services-0.60%** | **Professional Services-0.60%** |
| Automatic Data Processing, Inc., 1.70%, <br> 05/15/2028<br>| 195000 | &nbsp;&nbsp; 186893 |
| **Residential REITs-1.20%** | **Residential REITs-1.20%** | **Residential REITs-1.20%** |
| AvalonBay Communities, Inc., 2.30%, <br> 03/01/2030<br>| 190000 | &nbsp;&nbsp; 178077 |
| ERP Operating L.P., 3.00%, 07/01/2029 | 200000 | &nbsp;&nbsp; 194484 |
|  |  | &nbsp;&nbsp; 372561 |
| **Retail REITs-0.59%** | **Retail REITs-0.59%** | **Retail REITs-0.59%** |
| Simon Property Group L.P., 2.45%, 09/13/2029 | 192000 | &nbsp;&nbsp; 182588 |
| **Semiconductors & Semiconductor Equipment-4.22%** | **Semiconductors & Semiconductor Equipment-4.22%** | **Semiconductors & Semiconductor Equipment-4.22%** |
| Advanced Micro Devices, Inc., 4.32%, <br> 03/24/2028<br>| 180000 | &nbsp;&nbsp; 182349 |
| Applied Materials, Inc., 1.75%, 06/01/2030 | 200000 | &nbsp;&nbsp; 182792 |
| Lam Research Corp., 4.00%, 03/15/2029 | 170000 | &nbsp;&nbsp; 170768 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Microchip Technology, Inc., 4.90%, 03/15/2028 | 190000 | &nbsp;&nbsp; $193178 |
| NVIDIA Corp., 2.85%, 04/01/2030 | 200000 | &nbsp;&nbsp; 192447 |
| Texas Instruments, Inc., 4.90%, 03/14/2033 | 185000 | &nbsp;&nbsp; 192255 |
| Xilinx, Inc., 2.38%, 06/01/2030 | 215000 | &nbsp;&nbsp; 201712 |
|  |  | &nbsp;&nbsp; 1315501 |
| **Software-3.06%** | **Software-3.06%** | **Software-3.06%** |
| Adobe, Inc., 2.30%, 02/01/2030 | 210000 | &nbsp;&nbsp; 196814 |
| Cadence Design Systems, Inc., 4.30%, <br> 09/10/2029<br>| 190000 | &nbsp;&nbsp; 191978 |
| Microsoft Corp., 3.50%, 02/12/2035 | 190000 | &nbsp;&nbsp; 180644 |
| Salesforce, Inc., 3.70%, 04/11/2028 | 190000 | &nbsp;&nbsp; 189616 |
| ServiceNow, Inc., 1.40%, 09/01/2030 | 220000 | &nbsp;&nbsp; 194954 |
|  |  | &nbsp;&nbsp; 954006 |
| **Specialized REITs-1.26%** | **Specialized REITs-1.26%** | **Specialized REITs-1.26%** |
| Extra Space Storage L.P., 5.70%, 04/01/2028 | 190000 | &nbsp;&nbsp; 196266 |
| Prologis L.P., 2.25%, 04/15/2030 | 210000 | &nbsp;&nbsp; 196761 |
|  |  | &nbsp;&nbsp; 393027 |
| **Specialty Retail-0.63%** | **Specialty Retail-0.63%** | **Specialty Retail-0.63%** |
| Home Depot, Inc. (The), 2.95%, 06/15/2029 | 200000 | &nbsp;&nbsp; 195053 |
| **Technology Hardware, Storage & Peripherals-0.64%** | **Technology Hardware, Storage & Peripherals-0.64%** | **Technology Hardware, Storage & Peripherals-0.64%** |
| Apple, Inc., 1.65%, 02/08/2031 | 220000 | &nbsp;&nbsp; 198970 |
| **Textiles, Apparel & Luxury Goods-0.56%** | **Textiles, Apparel & Luxury Goods-0.56%** | **Textiles, Apparel & Luxury Goods-0.56%** |
| NIKE, Inc., 2.85%, 03/27/2030 | 180000 | &nbsp;&nbsp; 173175 |
| **Wireless Telecommunication Services-0.59%** | **Wireless Telecommunication Services-0.59%** | **Wireless Telecommunication Services-0.59%** |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. <br> II LLC/Sprint Spectrum Co. III LLC, 5.15%, <br> 03/20/2028<sup>(b)</sup><br>| 182250 | &nbsp;&nbsp; 183565 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $30,471,363) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $30,471,363) | &nbsp;&nbsp; 30854701 |
|  | **Shares** |  |
| **Money Market Funds-0.06%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(e)(f)</sup> <br>(Cost $18,896)<br>| 18896 | &nbsp;&nbsp; 18896 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.05% <br>(Cost $30,490,259) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.05% <br>(Cost $30,490,259) | &nbsp;&nbsp; 30873597 |
| **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-4.26%** | **Money Market Funds-4.26%** | **Money Market Funds-4.26%** |
| Invesco Private Government Fund, 3.64%<sup>(e)(f)(g)</sup> | 369746 | &nbsp;&nbsp; 369746 |
| Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup> | 957947 | &nbsp;&nbsp; 958234 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,327,980) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,327,980) | &nbsp;&nbsp; 1327980 |
| TOTAL INVESTMENTS IN SECURITIES-103.31% <br>(Cost $31,818,239) | TOTAL INVESTMENTS IN SECURITIES-103.31% <br>(Cost $31,818,239) | &nbsp;&nbsp; 32201577 |
| OTHER ASSETS LESS LIABILITIES-(3.31)% | OTHER ASSETS LESS LIABILITIES-(3.31)% | &nbsp;&nbsp; (1032783)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $31168794 |

---

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

------

**5**

------

**Invesco Investment Grade Defensive ETF (IIGD)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| LIBOR | -London Interbank Offered Rate |
| REIT | -Real Estate Investment Trust |
| USD | -U.S. Dollar |

---

---

| | |
|:---|:---|
| 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> February 28, 2026 was $7,224,037, which represented 23.18% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <sup>(d)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2026. |
| <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 six months ended February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**(Loss)**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $28996 | &nbsp;&nbsp; $1171078 | &nbsp;&nbsp; $(1181178)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $18896 | &nbsp;&nbsp; $1333 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 109121 | &nbsp;&nbsp; 3419343 | &nbsp;&nbsp; (3158718)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 369746 | &nbsp;&nbsp; 8,879<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 283804 | &nbsp;&nbsp; 6628785 | &nbsp;&nbsp; (5954324)<br>| &nbsp;&nbsp; (28)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 958234 | &nbsp;&nbsp; 24,069<br> \*<br>|
| Total | &nbsp;&nbsp; $421921 | &nbsp;&nbsp; $11219206 | &nbsp;&nbsp; $(10294220)<br>| &nbsp;&nbsp; $(28)<br>| &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $1346876 | &nbsp;&nbsp; $34281 |

---

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

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J. 

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

------

**6**

------

**Statement of Assets and Liabilities**

February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
|  | **Invesco Investment** <br>**Grade Defensive** <br>**ETF (IIGD)**<br>|
| **Assets:** |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $30854701 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 1346876 |
| Cash | &nbsp;&nbsp; 4423 |
| Foreign currencies, at value | &nbsp;&nbsp; 97 |
| Receivable for: |  |
| Dividends and interest | &nbsp;&nbsp; 338045 |
| Securities lending | &nbsp;&nbsp; 107 |
| Investments sold | &nbsp;&nbsp; 1281407 |
| **Total assets** | &nbsp;&nbsp; 33825656 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 1325780 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 1327980 |
| Accrued unitary management fees | &nbsp;&nbsp; 3102 |
| **Total liabilities** | &nbsp;&nbsp; 2656862 |
| **Net Assets** | &nbsp;&nbsp; $31168794 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $34766847 |
| Distributable earnings (loss) | &nbsp;&nbsp; (3598053)<br>|
| **Net Assets** | &nbsp;&nbsp; $31168794 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 1250001 |
| Net asset value | &nbsp;&nbsp; $24.94 |
| Market price | &nbsp;&nbsp; $24.94 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $30471363 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $1346876 |
| Foreign currencies, at cost | &nbsp;&nbsp; $98 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $1292502 |

---

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

------

**7**

------

**Statement of Operations**

For the six months ended February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
|  | **Invesco Investment** <br>**Grade Defensive** <br>**ETF (IIGD)**<br>|
| **Investment income:** |  |
| Unaffiliated interest income | &nbsp;&nbsp; $647596 |
| Affiliated dividend income | &nbsp;&nbsp; 1333 |
| Securities lending income, net | &nbsp;&nbsp; 1533 |
| Total investment income | &nbsp;&nbsp; 650462 |
| **Expenses:** |  |
| Unitary management fees | &nbsp;&nbsp; 19730 |
| Less: Waivers | &nbsp;&nbsp; (34)<br>|
| Net expenses | &nbsp;&nbsp; 19696 |
| Net investment income | &nbsp;&nbsp; 630766 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 35013 |
| Affiliated investment securities | &nbsp;&nbsp; (3)<br>|
| Net realized gain | &nbsp;&nbsp; 35010 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 134415 |
| Affiliated investment securities | &nbsp;&nbsp; (28)<br>|
| Foreign currencies | &nbsp;&nbsp; (1)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 134386 |
| Net realized and unrealized gain | &nbsp;&nbsp; 169396 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $800162 |

---

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

------

**8**

------

**Statement of Changes in Net Assets**

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Invesco Investment Grade** <br>**Defensive ETF (IIGD)** | **Invesco Investment Grade** <br>**Defensive ETF (IIGD)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $630766 | &nbsp;&nbsp;&nbsp; $1434721 |
| Net realized gain (loss) | &nbsp;&nbsp; 35010 | &nbsp;&nbsp;&nbsp; (231212)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 134386 | &nbsp;&nbsp;&nbsp; 287183 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 800162 | &nbsp;&nbsp;&nbsp; 1490692 |
| **Distributions to Shareholders from:** |  |  |
| Distributable earnings | &nbsp;&nbsp; (642601)<br>| &nbsp;&nbsp;&nbsp; (1428849)<br>|
| **Shareholder Transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 3724661 | &nbsp;&nbsp;&nbsp; 2443324 |
| Value of shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (20660676)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 3724661 | &nbsp;&nbsp;&nbsp; (18217352)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 3882222 | &nbsp;&nbsp;&nbsp; (18155509)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 27286572 | &nbsp;&nbsp;&nbsp; 45442081 |
| End of period | &nbsp;&nbsp; $31168794 | &nbsp;&nbsp;&nbsp; $27286572 |
| **Changes in Shares Outstanding:** |  |  |
| Shares sold | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 100000 |
| Shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (850000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 1100001 | &nbsp;&nbsp;&nbsp; 1850001 |
| Shares outstanding, end of period | &nbsp;&nbsp; 1250001 | &nbsp;&nbsp;&nbsp; 1100001 |

---

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

------

**9**

------

**Financial Highlights**

Invesco Investment Grade Defensive ETF (IIGD)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $24.81 | &nbsp;&nbsp;&nbsp; $24.56 | &nbsp;&nbsp;&nbsp; $23.73 | &nbsp;&nbsp;&nbsp; $24.27 | &nbsp;&nbsp;&nbsp; $26.75 | &nbsp;&nbsp;&nbsp; $27.43 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $24.94 | &nbsp;&nbsp;&nbsp; $24.81 | &nbsp;&nbsp;&nbsp; $24.56 | &nbsp;&nbsp;&nbsp; $23.73 | &nbsp;&nbsp;&nbsp; $24.27 | &nbsp;&nbsp;&nbsp; $26.75 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $24.94 | &nbsp;&nbsp;&nbsp; $24.81 | &nbsp;&nbsp;&nbsp; $24.57 | &nbsp;&nbsp;&nbsp; $23.73 | &nbsp;&nbsp;&nbsp; $24.20 | &nbsp;&nbsp;&nbsp; $26.76 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp; (7.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp; (7.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $31169 | &nbsp;&nbsp;&nbsp; $27287 | &nbsp;&nbsp;&nbsp; $45442 | &nbsp;&nbsp;&nbsp; $73574 | &nbsp;&nbsp;&nbsp; $57041 | &nbsp;&nbsp;&nbsp; $97655 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.16 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**10**

------

**Notes to Financial Statements**

Invesco Exchange-Traded Self-Indexed Fund Trust

February 28, 2026

*(Unaudited)*

**NOTE 1—Organization**

Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust") was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolio:

---

| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco Investment Grade Defensive ETF (IIGD) | "Investment Grade Defensive ETF" |

---

The portfolio (the "Fund") represents a separate series of the Trust. The shares of the Fund are referred to herein as "Shares" or "Fund's Shares." The Fund's Shares are listed and traded on the NYSE Arca, Inc.

The market price of a Share may differ to some degree from the Fund's net asset value ("NAV"). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in the Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though the Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Fund.

The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the Invesco Investment Grade Defensive Index (the "Underlying Index").

**NOTE 2—Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Fund in preparation of its financial statements.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services—Investment Companies.*

**A.** **Security Valuation** - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may

------

**11**

------

become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of

------

**12**

------

capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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

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

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

**F.** **Expenses** - The Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

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

------

**13**

------

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

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

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

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

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

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon ("BNY") also serves as a securities lending agent. To the extent the Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2026, there were no affiliated securities lending transactions with Invesco.

**K.** **Other Risks**

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by the Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other AP is able to step forward to

------

**14**

------

create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to the Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that the Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that the Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Call Risk*. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will "call" (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, the Fund may have to replace such called security with a lower yielding security. If that were to happen, the Fund's net investment income could fall.

*Changing Fixed-Income Market Conditions Risk*. Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets, which could result in higher than normal redemptions by APs, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

*Fixed-Income Securities Risk*. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

*Index Risk*. Unlike many investment companies that are "actively managed", the Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from the Underlying Index, the Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. The Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, the Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index's rebalance schedule will result in corresponding changes to the Fund's rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, the Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*Industry Concentration Risk*. In following its methodology, the Fund's Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, the Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Non-Correlation Risk*. The Fund's return may not match the return of its Underlying Index for a number of reasons. For example, the Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in its Underlying Index. Additionally, the Fund's use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its Underlying Index as would be the case if the Fund purchased all of the securities in its Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset

------

**15**

------

valuation differences and differences between the Fund's portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.

*Sampling Risk*. The Fund's use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of the Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Fund's investments, managing the Fund's business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.13% of the Fund's average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to the Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2026, the Adviser waived fees of $34.

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for the Fund. The Distributor does not maintain a secondary market in the Shares. The Fund is not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of the Fund with Invesco Indexing LLC (the "Licensor").

The Underlying Index name trademark is owned by the Licensor. This trademark has been licensed to the Adviser for use by the Fund. The Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Fund is not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in the Fund.

The Trust has entered into service agreements whereby BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for the Fund.

**NOTE 4—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 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 the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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

------

**16**

------

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** |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $30854701 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $30854701 |
| Money Market Funds | &nbsp;&nbsp; 18896 | &nbsp;&nbsp; 1327980 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1346876 |
| **Total Investments** | &nbsp;&nbsp; $18896 | &nbsp;&nbsp; $32182681 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $32201577 |

---

**NOTE 5—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Fund to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of August 31, 2025, as follows:

---

| | | |
|:---|:---|:---|
| **No expiration** | **No expiration** |  |
| **Short-Term** | **Long-Term** | **Total\*** |
| &nbsp;&nbsp; $1254229 | &nbsp;&nbsp; $2748648 | &nbsp;&nbsp; $4002877 |

---

\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

**NOTE 6—Investment Transactions**

For the six months ended February 28, 2026, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were $8,042,438 and $8,090,589, respectively.

For the six months ended February 28, 2026, in-kind transactions associated with creations and redemptions were $3,678,988 and $0, respectively.

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $476794 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp; (101178)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp; $375616 |

---

Cost of investments for tax purposes is $31,825,961.

**NOTE 7—Trustees' and Officer's Fees**

The Adviser, as a result of the Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Fund. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Fund.

**NOTE 8—Capital**

Shares are issued and redeemed by the Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Fund.

To the extent that the Fund permits transactions in exchange for Deposit Securities, the Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement,

------

**17**

------

Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Fund for creations and redemptions, which are treated as increases in capital.

Transactions in the Fund's Shares are disclosed in detail in the Statement of Changes in Net Assets.

------

**18**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Fund's trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

------

**19**

------

**©2026 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-FIF-NCSRS

invesco.com/ETFs

------

![](img191b1c011.jpg)

------

**Invesco Semi-Annual Financial Statements and Other Information**

February 28, 2026

---

| | |
|:---|:---|
| **POWA** | Invesco Bloomberg Pricing Power ETF |
| **IUS** | Invesco RAFI<sup>TM</sup> Strategic US ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco Bloomberg Pricing Power ETF (POWA)](#xx_8df7bcfc-630b-444e-88b0-ee17cf4c1216_SOI-Continued-393_1) | **3** |
| [Invesco RAFI](#xx_8df7bcfc-630b-444e-88b0-ee17cf4c1216_SOI-Continued-393_3)<sup>TM</sup>[Strategic US ETF (IUS)](#xx_8df7bcfc-630b-444e-88b0-ee17cf4c1216_SOI-Continued-393_3) | **5** |
| [Statements of Assets and Liabilities](#xx_8df7bcfc-630b-444e-88b0-ee17cf4c1216_FS-Continued-393_1) | **11** |
| [Statements of Operations](#xx_8df7bcfc-630b-444e-88b0-ee17cf4c1216_FS-Continued-393_2) | **12** |
| [Statements of Changes in Net Assets](#xx_8df7bcfc-630b-444e-88b0-ee17cf4c1216_FS-Continued-393_3) | **13** |
| [Financial Highlights](#xx_8df7bcfc-630b-444e-88b0-ee17cf4c1216_FIHI-Continued-393_1) | **14** |
| [Notes to Financial Statements](#xx_8df7bcfc-630b-444e-88b0-ee17cf4c1216_NTF-Continued-393_1) | **16** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_8df7bcfc-630b-444e-88b0-ee17cf4c1216_OIRSR-Continued-393_1) | **25** |

---

------

**2**

------

**Invesco Bloomberg Pricing Power ETF (POWA)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** |
| **Communication Services-1.78%** | **Communication Services-1.78%** | **Communication Services-1.78%** |
| Warner Music Group Corp., Class A<sup>(b)</sup> | 122314 | &nbsp;&nbsp; $3498180 |
| **Consumer Discretionary-11.47%** | **Consumer Discretionary-11.47%** | **Consumer Discretionary-11.47%** |
| AutoZone, Inc.<sup>(c)</sup> | 979 | &nbsp;&nbsp; 3676713 |
| Best Buy Co., Inc. | 50155 | &nbsp;&nbsp; 3108105 |
| Home Depot, Inc. (The) | 11152 | &nbsp;&nbsp; 4245790 |
| Lowe's Cos., Inc. | 16332 | &nbsp;&nbsp; 4320957 |
| O'Reilly Automotive, Inc.<sup>(c)</sup> | 37796 | &nbsp;&nbsp; 3548289 |
| Tractor Supply Co. | 71004 | &nbsp;&nbsp; 3680847 |
|  |  | &nbsp;&nbsp; 22580701 |
| **Consumer Staples-19.77%** | **Consumer Staples-19.77%** | **Consumer Staples-19.77%** |
| Archer-Daniels-Midland Co. | 64066 | &nbsp;&nbsp; 4423117 |
| Costco Wholesale Corp. | 4188 | &nbsp;&nbsp; 4233188 |
| General Mills, Inc. | 78323 | &nbsp;&nbsp; 3542549 |
| Hormel Foods Corp. | 168119 | &nbsp;&nbsp; 4303846 |
| Kroger Co. (The) | 55341 | &nbsp;&nbsp; 3776470 |
| PepsiCo, Inc. | 25358 | &nbsp;&nbsp; 4304267 |
| Sysco Corp. | 49261 | &nbsp;&nbsp; 4490633 |
| US Foods Holding Corp.<sup>(c)</sup> | 52639 | &nbsp;&nbsp; 5085454 |
| Walmart, Inc. | 37079 | &nbsp;&nbsp; 4744258 |
|  |  | &nbsp;&nbsp; 38903782 |
| **Financials-1.94%** | **Financials-1.94%** | **Financials-1.94%** |
| MSCI, Inc. | 6667 | &nbsp;&nbsp; 3812391 |
| **Health Care-19.82%** | **Health Care-19.82%** | **Health Care-19.82%** |
| Cardinal Health, Inc. | 17976 | &nbsp;&nbsp; 4120639 |
| Cencora, Inc. | 10341 | &nbsp;&nbsp; 3848300 |
| Cooper Cos., Inc. (The)<sup>(c)</sup> | 51705 | &nbsp;&nbsp; 4326157 |
| McKesson Corp. | 4376 | &nbsp;&nbsp; 4320731 |
| Mettler-Toledo International, Inc.<sup>(c)</sup> | 2656 | &nbsp;&nbsp; 3629929 |
| Neurocrine Biosciences, Inc.<sup>(b)(c)</sup> | 27021 | &nbsp;&nbsp; 3573527 |
| Regeneron Pharmaceuticals, Inc. | 5308 | &nbsp;&nbsp; 4149104 |
| STERIS PLC | 14645 | &nbsp;&nbsp; 3695666 |
| Waters Corp.<sup>(c)</sup> | 9915 | &nbsp;&nbsp; 3166653 |
| Zoetis, Inc. | 31863 | &nbsp;&nbsp; 4177239 |
|  |  | &nbsp;&nbsp; 39007945 |
| **Industrials-21.07%** | **Industrials-21.07%** | **Industrials-21.07%** |
| AMETEK, Inc. | 19473 | &nbsp;&nbsp; 4658331 |
| Cummins, Inc. | 7882 | &nbsp;&nbsp; 4602063 |
| Fastenal Co. | 94325 | &nbsp;&nbsp; 4342723 |
| Ferguson Enterprises, Inc. | 15760 | &nbsp;&nbsp; 4109578 |
| General Dynamics Corp. | 10874 | &nbsp;&nbsp; 3882562 |
| HEICO Corp.<sup>(b)</sup> | 12136 | &nbsp;&nbsp; 3876966 |
| Otis Worldwide Corp. | 43087 | &nbsp;&nbsp; 3988133 |
| Quanta Services, Inc. | 8374 | &nbsp;&nbsp; 4715232 |
| Rollins, Inc. | 62857 | &nbsp;&nbsp; 3827363 |
| Xylem, Inc. | 26842 | &nbsp;&nbsp; 3477649 |
|  |  | &nbsp;&nbsp; 41480600 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-17.26%** | **Information Technology-17.26%** | **Information Technology-17.26%** |
| Accenture PLC, Class A | 15474 | &nbsp;&nbsp; $3229733 |
| Adobe, Inc.<sup>(c)</sup> | 11727 | &nbsp;&nbsp; 3077282 |
| Autodesk, Inc.<sup>(c)</sup> | 12811 | &nbsp;&nbsp; 3149841 |
| Gartner, Inc.<sup>(c)</sup> | 16514 | &nbsp;&nbsp; 2596001 |
| GoDaddy, Inc., Class A<sup>(c)</sup> | 30017 | &nbsp;&nbsp; 2616282 |
| Jabil, Inc. | 18644 | &nbsp;&nbsp; 4940473 |
| KLA Corp. | 3195 | &nbsp;&nbsp; 4870937 |
| Microsoft Corp. | 7658 | &nbsp;&nbsp; 3007603 |
| ServiceNow, Inc.<sup>(c)</sup> | 23039 | &nbsp;&nbsp; 2488442 |
| Synopsys, Inc.<sup>(c)</sup> | 9657 | &nbsp;&nbsp; 3997998 |
|  |  | &nbsp;&nbsp; 33974592 |
| **Materials-2.27%** | **Materials-2.27%** | **Materials-2.27%** |
| International Paper Co. | 102516 | &nbsp;&nbsp; 4464572 |
| **Real Estate-4.42%** | **Real Estate-4.42%** | **Real Estate-4.42%** |
| Iron Mountain, Inc. | 43028 | &nbsp;&nbsp; 4661223 |
| Lamar Advertising Co., Class A<sup>(b)</sup> | 29289 | &nbsp;&nbsp; 4034267 |
|  |  | &nbsp;&nbsp; 8695490 |
| Total Common Stocks & Other Equity Interests <br>(Cost $169,828,765) | Total Common Stocks & Other Equity Interests <br>(Cost $169,828,765) | &nbsp;&nbsp; 196418253 |
| **Money Market Funds-0.10%** | **Money Market Funds-0.10%** | **Money Market Funds-0.10%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $196,525)<br>| 196525 | &nbsp;&nbsp; 196525 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.90% <br>(Cost $170,025,290) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.90% <br>(Cost $170,025,290) | &nbsp;&nbsp; 196614778 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-4.08%** | **Money Market Funds-4.08%** | **Money Market Funds-4.08%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 2233770 | &nbsp;&nbsp; 2233770 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 5782871 | &nbsp;&nbsp; 5784606 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,018,376) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,018,376) | &nbsp;&nbsp; 8018376 |
| TOTAL INVESTMENTS IN SECURITIES-103.98% <br>(Cost $178,043,666) | TOTAL INVESTMENTS IN SECURITIES-103.98% <br>(Cost $178,043,666) | &nbsp;&nbsp; 204633154 |
| OTHER ASSETS LESS LIABILITIES-(3.98)% | OTHER ASSETS LESS LIABILITIES-(3.98)% | &nbsp;&nbsp; (7828840)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $196804314 |

---

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

------

**3**

------

**Invesco Bloomberg Pricing Power ETF (POWA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <sup>(c)</sup> | Non-income producing security. |
| <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 six months ended February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**(Loss)**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $152543 | &nbsp;&nbsp; $2400999 | &nbsp;&nbsp; $(2357017)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $196525 | &nbsp;&nbsp; $1828 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 8820 | &nbsp;&nbsp; 65762348 | &nbsp;&nbsp; (63537398)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2233770 | &nbsp;&nbsp; 61,567<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 7993424 | &nbsp;&nbsp; 122180109 | &nbsp;&nbsp; (124388539)<br>| &nbsp;&nbsp; (158)<br>| &nbsp;&nbsp; (230)<br>| &nbsp;&nbsp; 5784606 | &nbsp;&nbsp; 165,148<br> \*<br>|
| Total | &nbsp;&nbsp; $8154787 | &nbsp;&nbsp; $190343456 | &nbsp;&nbsp; $(190282954)<br>| &nbsp;&nbsp; $(158)<br>| &nbsp;&nbsp; $(230)<br>| &nbsp;&nbsp; $8214901 | &nbsp;&nbsp; $228543 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J. 

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

------

**4**

------

**Invesco RAFI**<sup>TM</sup> **Strategic US ETF (IUS)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.79%** | **Common Stocks & Other Equity Interests-99.79%** | **Common Stocks & Other Equity Interests-99.79%** |
| **Communication Services-14.13%** | **Communication Services-14.13%** | **Communication Services-14.13%** |
| Alphabet, Inc., Class A | 152734 | &nbsp;&nbsp; $47616352 |
| AT&T, Inc. | 238400 | &nbsp;&nbsp; 6677584 |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 3199 | &nbsp;&nbsp; 750581 |
| Comcast Corp., Class A | 175349 | &nbsp;&nbsp; 5428805 |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 21622 | &nbsp;&nbsp; 2497990 |
| Electronic Arts, Inc. | 3463 | &nbsp;&nbsp; 694574 |
| Fox Corp., Class A<sup>(c)</sup> | 10736 | &nbsp;&nbsp; 604866 |
| GCI Liberty, Inc., Class C<sup>(b)(c)</sup> | 349 | &nbsp;&nbsp; 13733 |
| Liberty Broadband Corp., Class C<sup>(b)</sup> | 1742 | &nbsp;&nbsp; 95131 |
| Liberty Global Ltd., Class A (Belgium)<sup>(b)(c)</sup> | 68138 | &nbsp;&nbsp; 868078 |
| Liberty Media Corp.-Liberty Formula One<sup>(b)</sup> | 1933 | &nbsp;&nbsp; 177043 |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 1503 | &nbsp;&nbsp; 243696 |
| Lumen Technologies, Inc.<sup>(b)</sup> | 89577 | &nbsp;&nbsp; 636892 |
| Match Group, Inc. | 6373 | &nbsp;&nbsp; 201387 |
| Meta Platforms, Inc., Class A | 23994 | &nbsp;&nbsp; 15552431 |
| Netflix, Inc.<sup>(b)</sup> | 17876 | &nbsp;&nbsp; 1720386 |
| News Corp., Class A | 11814 | &nbsp;&nbsp; 286962 |
| Nexstar Media Group, Inc., Class A | 1319 | &nbsp;&nbsp; 331095 |
| Omnicom Group, Inc. | 5400 | &nbsp;&nbsp; 460566 |
| Paramount Skydance Corp.<sup>(c)</sup> | 58592 | &nbsp;&nbsp; 791578 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 7561 | &nbsp;&nbsp; 129520 |
| Sirius XM Holdings, Inc.<sup>(c)</sup> | 10862 | &nbsp;&nbsp; 238530 |
| TEGNA, Inc. | 10313 | &nbsp;&nbsp; 216057 |
| Telephone and Data Systems, Inc. | 5624 | &nbsp;&nbsp; 251674 |
| T-Mobile US, Inc. | 8207 | &nbsp;&nbsp; 1781658 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 2213 | &nbsp;&nbsp; 52714 |
| Verizon Communications, Inc. | 152434 | &nbsp;&nbsp; 7643041 |
| Versant Media Group, Inc.<sup>(b)</sup> | 7006 | &nbsp;&nbsp; 233440 |
| Walt Disney Co. (The) | 35338 | &nbsp;&nbsp; 3747242 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 147177 | &nbsp;&nbsp; 4145976 |
|  |  | &nbsp;&nbsp; 104089582 |
| **Consumer Discretionary-10.83%** | **Consumer Discretionary-10.83%** | **Consumer Discretionary-10.83%** |
| Adient PLC<sup>(b)</sup> | 14724 | &nbsp;&nbsp; 358088 |
| Airbnb, Inc., Class A<sup>(b)</sup> | 6880 | &nbsp;&nbsp; 929557 |
| Amazon.com, Inc.<sup>(b)</sup> | 75093 | &nbsp;&nbsp; 15769530 |
| Aptiv PLC<sup>(b)</sup> | 12435 | &nbsp;&nbsp; 914470 |
| Aramark | 7141 | &nbsp;&nbsp; 298851 |
| Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 1131 | &nbsp;&nbsp; 241785 |
| Autoliv, Inc. (Sweden)<sup>(c)</sup> | 2786 | &nbsp;&nbsp; 330197 |
| AutoNation, Inc.<sup>(b)</sup> | 1490 | &nbsp;&nbsp; 290788 |
| AutoZone, Inc.<sup>(b)</sup> | 173 | &nbsp;&nbsp; 649715 |
| Bath & Body Works, Inc. | 5059 | &nbsp;&nbsp; 115143 |
| Best Buy Co., Inc. | 9145 | &nbsp;&nbsp; 566716 |
| Booking Holdings, Inc. | 333 | &nbsp;&nbsp; 1411704 |
| BorgWarner, Inc. | 11470 | &nbsp;&nbsp; 660328 |
| Burlington Stores, Inc.<sup>(b)</sup> | 793 | &nbsp;&nbsp; 243348 |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 8735 | &nbsp;&nbsp; 218812 |
| CarMax, Inc.<sup>(b)(c)</sup> | 6631 | &nbsp;&nbsp; 286260 |
| Carnival Corp. | 29652 | &nbsp;&nbsp; 935521 |
| Carvana Co.<sup>(b)(c)</sup> | 581 | &nbsp;&nbsp; 194147 |
| Chewy, Inc., Class A<sup>(b)</sup> | 4838 | &nbsp;&nbsp; 132658 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 7713 | &nbsp;&nbsp; 287078 |
| Coupang, Inc. (South Korea)<sup>(b)</sup> | 13259 | &nbsp;&nbsp; 252982 |
| Crocs, Inc.<sup>(b)</sup> | 1472 | &nbsp;&nbsp; 133525 |
| D.R. Horton, Inc. | 8808 | &nbsp;&nbsp; 1412715 |
| Darden Restaurants, Inc.<sup>(c)</sup> | 1819 | &nbsp;&nbsp; 388993 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Deckers Outdoor Corp.<sup>(b)</sup> | 1598 | &nbsp;&nbsp; $187397 |
| Dick's Sporting Goods, Inc.<sup>(c)</sup> | 1944 | &nbsp;&nbsp; 395857 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 1606 | &nbsp;&nbsp; 283411 |
| eBay, Inc. | 10201 | &nbsp;&nbsp; 926863 |
| Expedia Group, Inc. | 3473 | &nbsp;&nbsp; 749091 |
| Flutter Entertainment PLC (Ireland)<sup>(b)(c)</sup> | 1340 | &nbsp;&nbsp; 142228 |
| Ford Motor Co. | 363150 | &nbsp;&nbsp; 5116784 |
| Gap, Inc. (The) | 7835 | &nbsp;&nbsp; 219693 |
| Garmin Ltd. | 1450 | &nbsp;&nbsp; 366604 |
| General Motors Co. | 110495 | &nbsp;&nbsp; 8697061 |
| Genuine Parts Co. | 3681 | &nbsp;&nbsp; 438996 |
| Goodyear Tire & Rubber Co. (The)<sup>(b)</sup> | 26807 | &nbsp;&nbsp; 221158 |
| Group 1 Automotive, Inc. | 608 | &nbsp;&nbsp; 198050 |
| Harley-Davidson, Inc. | 9471 | &nbsp;&nbsp; 170478 |
| Hilton Worldwide Holdings, Inc. | 2144 | &nbsp;&nbsp; 668456 |
| Home Depot, Inc. (The) | 11241 | &nbsp;&nbsp; 4279674 |
| Hyatt Hotels Corp., Class A<sup>(c)</sup> | 2134 | &nbsp;&nbsp; 344641 |
| KB Home<sup>(c)</sup> | 3734 | &nbsp;&nbsp; 237408 |
| Kohl's Corp.<sup>(c)</sup> | 35189 | &nbsp;&nbsp; 576044 |
| Las Vegas Sands Corp. | 15153 | &nbsp;&nbsp; 859478 |
| Lear Corp. | 4705 | &nbsp;&nbsp; 617531 |
| Lennar Corp., Class A | 11548 | &nbsp;&nbsp; 1320629 |
| Lithia Motors, Inc., Class A | 1491 | &nbsp;&nbsp; 416854 |
| LKQ Corp.<sup>(c)</sup> | 8922 | &nbsp;&nbsp; 295407 |
| Lowe's Cos., Inc. | 8473 | &nbsp;&nbsp; 2241702 |
| lululemon athletica, Inc.<sup>(b)</sup> | 1366 | &nbsp;&nbsp; 252942 |
| Macy's, Inc. | 32403 | &nbsp;&nbsp; 640931 |
| Marriott International, Inc., Class A | 3099 | &nbsp;&nbsp; 1059021 |
| Mattel, Inc.<sup>(b)</sup> | 9624 | &nbsp;&nbsp; 163127 |
| McDonald's Corp. | 5530 | &nbsp;&nbsp; 1886062 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 278 | &nbsp;&nbsp; 488607 |
| MGM Resorts International<sup>(b)</sup> | 13468 | &nbsp;&nbsp; 496431 |
| Mohawk Industries, Inc.<sup>(b)(c)</sup> | 2393 | &nbsp;&nbsp; 299771 |
| Murphy USA, Inc. | 603 | &nbsp;&nbsp; 235616 |
| Newell Brands, Inc. | 32202 | &nbsp;&nbsp; 146519 |
| NIKE, Inc., Class B | 30350 | &nbsp;&nbsp; 1887163 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 12399 | &nbsp;&nbsp; 307371 |
| NVR, Inc.<sup>(b)</sup> | 63 | &nbsp;&nbsp; 473621 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 6590 | &nbsp;&nbsp; 618669 |
| Pool Corp. | 539 | &nbsp;&nbsp; 122450 |
| PulteGroup, Inc. | 5846 | &nbsp;&nbsp; 802071 |
| PVH Corp. | 3402 | &nbsp;&nbsp; 233377 |
| Ralph Lauren Corp. | 947 | &nbsp;&nbsp; 343382 |
| Ross Stores, Inc. | 4092 | &nbsp;&nbsp; 841479 |
| Royal Caribbean Cruises Ltd. | 2140 | &nbsp;&nbsp; 665454 |
| Service Corp. International | 2429 | &nbsp;&nbsp; 204473 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 3431 | &nbsp;&nbsp; 330028 |
| Starbucks Corp. | 12406 | &nbsp;&nbsp; 1216036 |
| Tapestry, Inc. | 3969 | &nbsp;&nbsp; 617060 |
| Taylor Morrison Home Corp., Class A<sup>(b)</sup> | 3470 | &nbsp;&nbsp; 228638 |
| Tesla, Inc.<sup>(b)</sup> | 7277 | &nbsp;&nbsp; 2929065 |
| Thor Industries, Inc.<sup>(c)</sup> | 2554 | &nbsp;&nbsp; 245516 |
| TJX Cos., Inc. (The) | 11784 | &nbsp;&nbsp; 1905001 |
| Toll Brothers, Inc. | 3539 | &nbsp;&nbsp; 556472 |
| TopBuild Corp.<sup>(b)(c)</sup> | 746 | &nbsp;&nbsp; 334432 |
| Tractor Supply Co. | 7446 | &nbsp;&nbsp; 386001 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 872 | &nbsp;&nbsp; 597137 |
| V.F. Corp. | 12356 | &nbsp;&nbsp; 239954 |

---

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

------

**5**

------

**Invesco RAFI**<sup>TM</sup> **Strategic US ETF (IUS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Whirlpool Corp.<sup>(c)</sup> | 3807 | &nbsp;&nbsp; $260513 |
| Williams-Sonoma, Inc. | 1706 | &nbsp;&nbsp; 350839 |
| Wynn Resorts Ltd. | 1736 | &nbsp;&nbsp; 187818 |
| Yum! Brands, Inc. | 1207 | &nbsp;&nbsp; 202969 |
|  |  | &nbsp;&nbsp; 79750422 |
| **Consumer Staples-8.03%** | **Consumer Staples-8.03%** | **Consumer Staples-8.03%** |
| Albertson's Cos., Inc., Class A<sup>(c)</sup> | 33738 | &nbsp;&nbsp; 603910 |
| Altria Group, Inc. | 32235 | &nbsp;&nbsp; 2225504 |
| Andersons, Inc. (The) | 4634 | &nbsp;&nbsp; 302554 |
| Archer-Daniels-Midland Co. | 39183 | &nbsp;&nbsp; 2705194 |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 2604 | &nbsp;&nbsp; 257249 |
| Brown-Forman Corp., Class B | 5775 | &nbsp;&nbsp; 166666 |
| Bunge Global S.A. | 12007 | &nbsp;&nbsp; 1448645 |
| Campbell's Co. (The) | 5689 | &nbsp;&nbsp; 153319 |
| Casey's General Stores, Inc. | 603 | &nbsp;&nbsp; 413411 |
| Church & Dwight Co., Inc. | 2636 | &nbsp;&nbsp; 276411 |
| Clorox Co. (The) | 1578 | &nbsp;&nbsp; 200658 |
| Coca-Cola Co. (The) | 35576 | &nbsp;&nbsp; 2901579 |
| Colgate-Palmolive Co. | 9457 | &nbsp;&nbsp; 937567 |
| Conagra Brands, Inc. | 20475 | &nbsp;&nbsp; 394144 |
| Constellation Brands, Inc., Class A | 2729 | &nbsp;&nbsp; 430800 |
| Costco Wholesale Corp. | 4526 | &nbsp;&nbsp; 4574836 |
| Darling Ingredients, Inc.<sup>(b)</sup> | 5493 | &nbsp;&nbsp; 292008 |
| Dollar General Corp. | 8259 | &nbsp;&nbsp; 1290386 |
| Dollar Tree, Inc.<sup>(b)</sup> | 6699 | &nbsp;&nbsp; 847290 |
| Estee Lauder Cos., Inc. (The), Class A | 7323 | &nbsp;&nbsp; 801649 |
| General Mills, Inc. | 16869 | &nbsp;&nbsp; 762985 |
| Hershey Co. (The) | 3192 | &nbsp;&nbsp; 754206 |
| Hormel Foods Corp. | 12942 | &nbsp;&nbsp; 331315 |
| Ingredion, Inc. | 1729 | &nbsp;&nbsp; 203088 |
| J.M. Smucker Co. (The) | 3175 | &nbsp;&nbsp; 368141 |
| Kenvue, Inc. | 27186 | &nbsp;&nbsp; 519796 |
| Keurig Dr Pepper, Inc. | 25166 | &nbsp;&nbsp; 762026 |
| Kimberly-Clark Corp. | 5142 | &nbsp;&nbsp; 573024 |
| Kraft Heinz Co. (The) | 60334 | &nbsp;&nbsp; 1484820 |
| Kroger Co. (The) | 32949 | &nbsp;&nbsp; 2248440 |
| Lamb Weston Holdings, Inc. | 3519 | &nbsp;&nbsp; 169581 |
| Maplebear, Inc.<sup>(b)</sup> | 5010 | &nbsp;&nbsp; 187925 |
| McCormick & Co., Inc. | 3718 | &nbsp;&nbsp; 264127 |
| Molson Coors Beverage Co., Class B<sup>(c)</sup> | 9873 | &nbsp;&nbsp; 483678 |
| Mondelez International, Inc., Class A | 25762 | &nbsp;&nbsp; 1586424 |
| Monster Beverage Corp.<sup>(b)</sup> | 7848 | &nbsp;&nbsp; 669434 |
| PepsiCo, Inc. | 22895 | &nbsp;&nbsp; 3886197 |
| Performance Food Group Co.<sup>(b)(c)</sup> | 8013 | &nbsp;&nbsp; 777742 |
| Philip Morris International, Inc. | 11386 | &nbsp;&nbsp; 2127246 |
| Post Holdings, Inc.<sup>(b)(c)</sup> | 2037 | &nbsp;&nbsp; 216533 |
| Procter & Gamble Co. (The) | 29210 | &nbsp;&nbsp; 4883912 |
| Sysco Corp. | 17284 | &nbsp;&nbsp; 1575609 |
| Target Corp. | 21263 | &nbsp;&nbsp; 2419517 |
| Tyson Foods, Inc., Class A | 18606 | &nbsp;&nbsp; 1209204 |
| United Natural Foods, Inc.<sup>(b)</sup> | 10932 | &nbsp;&nbsp; 417712 |
| US Foods Holding Corp.<sup>(b)</sup> | 7642 | &nbsp;&nbsp; 738294 |
| Walmart, Inc. | 64775 | &nbsp;&nbsp; 8287961 |
|  |  | &nbsp;&nbsp; 59132717 |
| **Energy-10.27%** | **Energy-10.27%** | **Energy-10.27%** |
| Antero Resources Corp.<sup>(b)</sup> | 5195 | &nbsp;&nbsp; 191228 |
| APA Corp. | 25860 | &nbsp;&nbsp; 785368 |
| Baker Hughes Co., Class A | 24112 | &nbsp;&nbsp; 1573549 |
| Cheniere Energy, Inc. | 3912 | &nbsp;&nbsp; 922176 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-(continued)** | **Energy-(continued)** | **Energy-(continued)** |
| Chevron Corp. | 69674 | &nbsp;&nbsp; $13012246 |
| Chord Energy Corp. | 4157 | &nbsp;&nbsp; 450494 |
| ConocoPhillips | 42355 | &nbsp;&nbsp; 4805598 |
| Coterra Energy, Inc. | 23396 | &nbsp;&nbsp; 715684 |
| Delek US Holdings, Inc. | 9135 | &nbsp;&nbsp; 348135 |
| Devon Energy Corp. | 24853 | &nbsp;&nbsp; 1081851 |
| Diamondback Energy, Inc. | 5377 | &nbsp;&nbsp; 936028 |
| EOG Resources, Inc. | 18177 | &nbsp;&nbsp; 2255402 |
| Expand Energy Corp. | 3361 | &nbsp;&nbsp; 362719 |
| Exxon Mobil Corp. | 138694 | &nbsp;&nbsp; 21150835 |
| Halliburton Co. | 38817 | &nbsp;&nbsp; 1397412 |
| HF Sinclair Corp. | 17410 | &nbsp;&nbsp; 870674 |
| Kinder Morgan, Inc. | 42919 | &nbsp;&nbsp; 1427915 |
| Marathon Petroleum Corp. | 22341 | &nbsp;&nbsp; 4428210 |
| Matador Resources Co. | 5609 | &nbsp;&nbsp; 288303 |
| Murphy Oil Corp.<sup>(c)</sup> | 12707 | &nbsp;&nbsp; 421237 |
| Northern Oil and Gas, Inc.<sup>(c)</sup> | 6002 | &nbsp;&nbsp; 165595 |
| NOV, Inc. | 21745 | &nbsp;&nbsp; 440554 |
| Occidental Petroleum Corp. | 39148 | &nbsp;&nbsp; 2077976 |
| ONEOK, Inc. | 12496 | &nbsp;&nbsp; 1034294 |
| Ovintiv, Inc. | 16691 | &nbsp;&nbsp; 844398 |
| Patterson-UTI Energy, Inc. | 36600 | &nbsp;&nbsp; 311466 |
| PBF Energy, Inc., Class A | 16840 | &nbsp;&nbsp; 599504 |
| Peabody Energy Corp. | 12000 | &nbsp;&nbsp; 378480 |
| Permian Resources Corp. | 24675 | &nbsp;&nbsp; 451306 |
| Phillips 66 | 23020 | &nbsp;&nbsp; 3552676 |
| SLB Ltd. | 42834 | &nbsp;&nbsp; 2199097 |
| SM Energy Co. | 9288 | &nbsp;&nbsp; 214831 |
| Targa Resources Corp. | 3442 | &nbsp;&nbsp; 811624 |
| TechnipFMC PLC (United Kingdom) | 8599 | &nbsp;&nbsp; 570200 |
| Valero Energy Corp. | 20156 | &nbsp;&nbsp; 4124724 |
| World Kinect Corp.<sup>(c)</sup> | 16800 | &nbsp;&nbsp; 419160 |
|  |  | &nbsp;&nbsp; 75620949 |
| **Financials-7.51%** | **Financials-7.51%** | **Financials-7.51%** |
| Affiliated Managers Group, Inc. | 1171 | &nbsp;&nbsp; 358537 |
| Allstate Corp. (The) | 7340 | &nbsp;&nbsp; 1574577 |
| American Express Co. | 9567 | &nbsp;&nbsp; 2955246 |
| American Financial Group, Inc. | 2233 | &nbsp;&nbsp; 296944 |
| Aon PLC, Class A | 1824 | &nbsp;&nbsp; 611897 |
| Arch Capital Group Ltd.<sup>(b)</sup> | 10318 | &nbsp;&nbsp; 1033348 |
| Assurant, Inc. | 1682 | &nbsp;&nbsp; 386170 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 33020 | &nbsp;&nbsp; 16673449 |
| Blackstone, Inc., Class A | 7504 | &nbsp;&nbsp; 850729 |
| Block, Inc., Class A<sup>(b)</sup> | 12163 | &nbsp;&nbsp; 774783 |
| Brown & Brown, Inc.<sup>(c)</sup> | 1795 | &nbsp;&nbsp; 128917 |
| Cboe Global Markets, Inc. | 1179 | &nbsp;&nbsp; 353370 |
| Chubb Ltd. | 9944 | &nbsp;&nbsp; 3389512 |
| Cincinnati Financial Corp. | 3601 | &nbsp;&nbsp; 590492 |
| Corpay, Inc.<sup>(b)</sup> | 1032 | &nbsp;&nbsp; 335503 |
| Everest Group Ltd. | 1693 | &nbsp;&nbsp; 567985 |
| Fidelity National Information Services, Inc. | 13369 | &nbsp;&nbsp; 681284 |
| First American Financial Corp. | 3385 | &nbsp;&nbsp; 237322 |
| Fiserv, Inc.<sup>(b)</sup> | 10306 | &nbsp;&nbsp; 641961 |
| Franklin Resources, Inc. | 11280 | &nbsp;&nbsp; 299371 |
| Hartford Insurance Group, Inc. (The) | 8493 | &nbsp;&nbsp; 1196069 |
| Invesco Ltd.<sup>(d)</sup> | 26156 | &nbsp;&nbsp; 686857 |
| Janus Henderson Group PLC | 5091 | &nbsp;&nbsp; 265241 |
| LPL Financial Holdings, Inc. | 662 | &nbsp;&nbsp; 198852 |
| Markel Group, Inc.<sup>(b)</sup> | 341 | &nbsp;&nbsp; 706712 |

---

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

------

**6**

------

**Invesco RAFI**<sup>TM</sup> **Strategic US ETF (IUS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Marsh & McLennan Cos., Inc. | 4538 | &nbsp;&nbsp; $847426 |
| Mastercard, Inc., Class A | 4751 | &nbsp;&nbsp; 2457265 |
| Moody's Corp. | 1038 | &nbsp;&nbsp; 495739 |
| MSCI, Inc. | 417 | &nbsp;&nbsp; 238453 |
| Nasdaq, Inc. | 3930 | &nbsp;&nbsp; 344189 |
| NU Holdings Ltd., Class A (Brazil)<sup>(b)</sup> | 26041 | &nbsp;&nbsp; 390094 |
| Old Republic International Corp.<sup>(c)</sup> | 10151 | &nbsp;&nbsp; 435173 |
| OneMain Holdings, Inc. | 6720 | &nbsp;&nbsp; 369734 |
| PayPal Holdings, Inc. | 24949 | &nbsp;&nbsp; 1152893 |
| Progressive Corp. (The) | 7795 | &nbsp;&nbsp; 1665480 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 2144 | &nbsp;&nbsp; 648474 |
| S&P Global, Inc. | 2974 | &nbsp;&nbsp; 1314151 |
| Selective Insurance Group, Inc. | 1896 | &nbsp;&nbsp; 159340 |
| StoneX Group, Inc.<sup>(b)</sup> | 8972 | &nbsp;&nbsp; 1143930 |
| T. Rowe Price Group, Inc.<sup>(c)</sup> | 5198 | &nbsp;&nbsp; 491887 |
| TPG, Inc.<sup>(c)</sup> | 3549 | &nbsp;&nbsp; 154098 |
| Tradeweb Markets, Inc., Class A | 1255 | &nbsp;&nbsp; 154685 |
| Travelers Cos., Inc. (The) | 6063 | &nbsp;&nbsp; 1871284 |
| Visa, Inc., Class A | 13341 | &nbsp;&nbsp; 4270988 |
| W.R. Berkley Corp. | 6369 | &nbsp;&nbsp; 456657 |
| Willis Towers Watson PLC | 1556 | &nbsp;&nbsp; 474845 |
|  |  | &nbsp;&nbsp; 55331913 |
| **Health Care-14.00%** | **Health Care-14.00%** | **Health Care-14.00%** |
| Abbott Laboratories | 16161 | &nbsp;&nbsp; 1880332 |
| AbbVie, Inc. | 18596 | &nbsp;&nbsp; 4315760 |
| Agilent Technologies, Inc. | 3836 | &nbsp;&nbsp; 465614 |
| Align Technology, Inc.<sup>(b)</sup> | 978 | &nbsp;&nbsp; 185918 |
| Amgen, Inc. | 5900 | &nbsp;&nbsp; 2290144 |
| Avantor, Inc.<sup>(b)(c)</sup> | 15493 | &nbsp;&nbsp; 140212 |
| Baxter International, Inc. | 11510 | &nbsp;&nbsp; 234459 |
| Becton, Dickinson and Co. | 6086 | &nbsp;&nbsp; 1074057 |
| Biogen, Inc.<sup>(b)</sup> | 3984 | &nbsp;&nbsp; 764211 |
| Bio-Rad Laboratories, Inc., Class A<sup>(b)(c)</sup> | 744 | &nbsp;&nbsp; 207159 |
| Boston Scientific Corp.<sup>(b)</sup> | 6599 | &nbsp;&nbsp; 507133 |
| Bristol-Myers Squibb Co. | 51592 | &nbsp;&nbsp; 3217793 |
| Cardinal Health, Inc. | 15477 | &nbsp;&nbsp; 3547793 |
| Cencora, Inc. | 10607 | &nbsp;&nbsp; 3947289 |
| Centene Corp.<sup>(b)</sup> | 38301 | &nbsp;&nbsp; 1718949 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup><br>| 1171 | &nbsp;&nbsp; 209012 |
| Cigna Group (The) | 13650 | &nbsp;&nbsp; 3956043 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 2589 | &nbsp;&nbsp; 216622 |
| CVS Health Corp. | 96870 | &nbsp;&nbsp; 7739913 |
| Danaher Corp. | 9841 | &nbsp;&nbsp; 2072908 |
| DaVita, Inc.<sup>(b)</sup> | 2713 | &nbsp;&nbsp; 424042 |
| Dexcom, Inc.<sup>(b)</sup> | 2639 | &nbsp;&nbsp; 193782 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 4513 | &nbsp;&nbsp; 390239 |
| Elanco Animal Health, Inc.<sup>(b)(c)</sup> | 13737 | &nbsp;&nbsp; 362657 |
| Elevance Health, Inc. | 7709 | &nbsp;&nbsp; 2466880 |
| Eli Lilly and Co. | 2080 | &nbsp;&nbsp; 2188139 |
| GE HealthCare Technologies, Inc. | 6313 | &nbsp;&nbsp; 531996 |
| Gilead Sciences, Inc. | 17828 | &nbsp;&nbsp; 2655481 |
| HCA Healthcare, Inc. | 3768 | &nbsp;&nbsp; 1995910 |
| Henry Schein, Inc.<sup>(b)</sup> | 3310 | &nbsp;&nbsp; 272711 |
| Hologic, Inc.<sup>(b)</sup> | 5345 | &nbsp;&nbsp; 402799 |
| Humana, Inc. | 6370 | &nbsp;&nbsp; 1213740 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 389 | &nbsp;&nbsp; 255468 |
| Illumina, Inc.<sup>(b)</sup> | 1994 | &nbsp;&nbsp; 268113 |
| Incyte Corp.<sup>(b)</sup> | 5056 | &nbsp;&nbsp; 512021 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 869 | &nbsp;&nbsp; $437550 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 3779 | &nbsp;&nbsp; 675723 |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> | 2029 | &nbsp;&nbsp; 385551 |
| Johnson & Johnson | 35739 | &nbsp;&nbsp; 8878640 |
| Labcorp Holdings, Inc. | 1805 | &nbsp;&nbsp; 521862 |
| McKesson Corp. | 5383 | &nbsp;&nbsp; 5315013 |
| Medtronic PLC | 28835 | &nbsp;&nbsp; 2816026 |
| Merck & Co., Inc. | 48253 | &nbsp;&nbsp; 5974686 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 175 | &nbsp;&nbsp; 239171 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 1706 | &nbsp;&nbsp; 262809 |
| Pfizer, Inc. | 173908 | &nbsp;&nbsp; 4808556 |
| Quest Diagnostics, Inc. | 2020 | &nbsp;&nbsp; 428058 |
| Regeneron Pharmaceuticals, Inc. | 2096 | &nbsp;&nbsp; 1638380 |
| ResMed, Inc. | 1104 | &nbsp;&nbsp; 282911 |
| STERIS PLC | 1060 | &nbsp;&nbsp; 267491 |
| Stryker Corp. | 2265 | &nbsp;&nbsp; 877597 |
| Teleflex, Inc. | 1386 | &nbsp;&nbsp; 169175 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 2970 | &nbsp;&nbsp; 710988 |
| Thermo Fisher Scientific, Inc. | 5407 | &nbsp;&nbsp; 2817642 |
| United Therapeutics Corp.<sup>(b)</sup> | 958 | &nbsp;&nbsp; 482736 |
| UnitedHealth Group, Inc. | 28517 | &nbsp;&nbsp; 8363181 |
| Universal Health Services, Inc., Class B | 2181 | &nbsp;&nbsp; 449504 |
| Veeva Systems, Inc., Class A<sup>(b)</sup> | 727 | &nbsp;&nbsp; 132321 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 1226 | &nbsp;&nbsp; 609114 |
| Viatris, Inc. | 79998 | &nbsp;&nbsp; 1194370 |
| Waters Corp.<sup>(b)</sup> | 822 | &nbsp;&nbsp; 262530 |
| West Pharmaceutical Services, Inc. | 913 | &nbsp;&nbsp; 232212 |
| Zimmer Biomet Holdings, Inc. | 5224 | &nbsp;&nbsp; 514251 |
| Zoetis, Inc. | 3914 | &nbsp;&nbsp; 513125 |
|  |  | &nbsp;&nbsp; 103086472 |
| **Industrials-10.57%** | **Industrials-10.57%** | **Industrials-10.57%** |
| 3M Co. | 6345 | &nbsp;&nbsp; 1048955 |
| A.O. Smith Corp. | 2423 | &nbsp;&nbsp; 188994 |
| AECOM | 2855 | &nbsp;&nbsp; 279733 |
| AGCO Corp. | 2300 | &nbsp;&nbsp; 313950 |
| AMETEK, Inc. | 2069 | &nbsp;&nbsp; 494946 |
| API Group Corp.<sup>(b)</sup> | 6183 | &nbsp;&nbsp; 274896 |
| Automatic Data Processing, Inc. | 3096 | &nbsp;&nbsp; 663659 |
| Avis Budget Group, Inc.<sup>(b)(c)</sup> | 3730 | &nbsp;&nbsp; 363339 |
| Boise Cascade Co. | 2029 | &nbsp;&nbsp; 167879 |
| Booz Allen Hamilton Holding Corp. | 2078 | &nbsp;&nbsp; 163809 |
| Broadridge Financial Solutions, Inc. | 1055 | &nbsp;&nbsp; 196093 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 4387 | &nbsp;&nbsp; 457520 |
| C.H. Robinson Worldwide, Inc. | 2618 | &nbsp;&nbsp; 484984 |
| CACI International, Inc., Class A<sup>(b)(c)</sup> | 376 | &nbsp;&nbsp; 229424 |
| Carlisle Cos., Inc.<sup>(c)</sup> | 875 | &nbsp;&nbsp; 345424 |
| Carrier Global Corp. | 8921 | &nbsp;&nbsp; 574512 |
| Caterpillar, Inc. | 8864 | &nbsp;&nbsp; 6584445 |
| Cintas Corp. | 1832 | &nbsp;&nbsp; 368470 |
| CNH Industrial N.V. | 20223 | &nbsp;&nbsp; 248743 |
| Copart, Inc.<sup>(b)</sup> | 3861 | &nbsp;&nbsp; 147065 |
| Core & Main, Inc., Class A<sup>(b)</sup> | 4667 | &nbsp;&nbsp; 252765 |
| CSX Corp. | 35005 | &nbsp;&nbsp; 1494363 |
| Cummins, Inc. | 2186 | &nbsp;&nbsp; 1276340 |
| Deere & Co. | 3888 | &nbsp;&nbsp; 2448312 |
| Delta Air Lines, Inc. | 6388 | &nbsp;&nbsp; 419692 |
| Dover Corp. | 1705 | &nbsp;&nbsp; 384478 |
| Eaton Corp. PLC | 3616 | &nbsp;&nbsp; 1359327 |
| EMCOR Group, Inc. | 668 | &nbsp;&nbsp; 484046 |

---

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

------

**7**

------

**Invesco RAFI**<sup>TM</sup> **Strategic US ETF (IUS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Emerson Electric Co. | 7604 | &nbsp;&nbsp; $1146303 |
| Equifax, Inc. | 860 | &nbsp;&nbsp; 179706 |
| Expeditors International of Washington, Inc. | 2717 | &nbsp;&nbsp; 394047 |
| Fastenal Co. | 8009 | &nbsp;&nbsp; 368734 |
| FedEx Corp. | 9156 | &nbsp;&nbsp; 3543372 |
| Ferguson Enterprises, Inc. | 3616 | &nbsp;&nbsp; 942908 |
| Fluor Corp.<sup>(b)</sup> | 6232 | &nbsp;&nbsp; 325996 |
| Fortive Corp. | 5637 | &nbsp;&nbsp; 333710 |
| Fortune Brands Innovations, Inc. | 3110 | &nbsp;&nbsp; 168997 |
| General Dynamics Corp. | 4665 | &nbsp;&nbsp; 1665638 |
| General Electric Co. | 8280 | &nbsp;&nbsp; 2833913 |
| GXO Logistics, Inc.<sup>(b)(c)</sup> | 4556 | &nbsp;&nbsp; 286253 |
| Hertz Global Holdings, Inc.<sup>(b)(c)</sup> | 56026 | &nbsp;&nbsp; 254358 |
| Honeywell International, Inc. | 7972 | &nbsp;&nbsp; 1941899 |
| Howmet Aerospace, Inc. | 1763 | &nbsp;&nbsp; 462840 |
| Hubbell, Inc. | 514 | &nbsp;&nbsp; 262978 |
| Huntington Ingalls Industries, Inc. | 1127 | &nbsp;&nbsp; 500974 |
| Illinois Tool Works, Inc. | 3201 | &nbsp;&nbsp; 930307 |
| Ingersoll Rand, Inc. | 4314 | &nbsp;&nbsp; 406120 |
| J.B. Hunt Transport Services, Inc. | 1908 | &nbsp;&nbsp; 445346 |
| Jacobs Solutions, Inc. | 2619 | &nbsp;&nbsp; 361055 |
| Johnson Controls International PLC | 9316 | &nbsp;&nbsp; 1344299 |
| Knight-Swift Transportation Holdings, Inc. | 5406 | &nbsp;&nbsp; 340146 |
| L3Harris Technologies, Inc. | 3576 | &nbsp;&nbsp; 1303595 |
| Leidos Holdings, Inc. | 2277 | &nbsp;&nbsp; 398703 |
| Lockheed Martin Corp. | 4934 | &nbsp;&nbsp; 3246967 |
| ManpowerGroup, Inc.<sup>(c)</sup> | 5893 | &nbsp;&nbsp; 164827 |
| Masco Corp. | 3869 | &nbsp;&nbsp; 277098 |
| MasTec, Inc.<sup>(b)</sup> | 1162 | &nbsp;&nbsp; 346299 |
| Norfolk Southern Corp. | 2896 | &nbsp;&nbsp; 911487 |
| Northrop Grumman Corp. | 2784 | &nbsp;&nbsp; 2016674 |
| Old Dominion Freight Line, Inc. | 1830 | &nbsp;&nbsp; 371582 |
| Oshkosh Corp. | 2017 | &nbsp;&nbsp; 342930 |
| Otis Worldwide Corp. | 3508 | &nbsp;&nbsp; 324700 |
| Owens Corning | 2756 | &nbsp;&nbsp; 336425 |
| PACCAR, Inc. | 12046 | &nbsp;&nbsp; 1518880 |
| Parker-Hannifin Corp. | 1138 | &nbsp;&nbsp; 1148447 |
| Paychex, Inc. | 2404 | &nbsp;&nbsp; 225135 |
| Pentair PLC | 1682 | &nbsp;&nbsp; 166838 |
| Quanta Services, Inc. | 1416 | &nbsp;&nbsp; 797321 |
| Regal Rexnord Corp. | 1560 | &nbsp;&nbsp; 344729 |
| Republic Services, Inc. | 1894 | &nbsp;&nbsp; 433726 |
| Rockwell Automation, Inc. | 1128 | &nbsp;&nbsp; 459604 |
| RTX Corp. | 26923 | &nbsp;&nbsp; 5455138 |
| Ryder System, Inc. | 2350 | &nbsp;&nbsp; 520666 |
| Science Applications International Corp. | 1599 | &nbsp;&nbsp; 147524 |
| Snap-on, Inc. | 871 | &nbsp;&nbsp; 335527 |
| SS&C Technologies Holdings, Inc. | 3857 | &nbsp;&nbsp; 290394 |
| Stanley Black & Decker, Inc. | 5681 | &nbsp;&nbsp; 491350 |
| Textron, Inc. | 5892 | &nbsp;&nbsp; 581246 |
| Trane Technologies PLC | 1690 | &nbsp;&nbsp; 781321 |
| TransDigm Group, Inc. | 360 | &nbsp;&nbsp; 469004 |
| TransUnion | 1850 | &nbsp;&nbsp; 145318 |
| Uber Technologies, Inc.<sup>(b)</sup> | 12217 | &nbsp;&nbsp; 921406 |
| UFP Industries, Inc. | 1864 | &nbsp;&nbsp; 191824 |
| Union Pacific Corp. | 7000 | &nbsp;&nbsp; 1854860 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 4005 | &nbsp;&nbsp; 425732 |
| United Parcel Service, Inc., Class B | 25520 | &nbsp;&nbsp; 2959299 |
| United Rentals, Inc. | 1128 | &nbsp;&nbsp; 947520 |
| Verisk Analytics, Inc. | 772 | &nbsp;&nbsp; 160244 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Vertiv Holdings Co., Class A | 2313 | &nbsp;&nbsp; $589561 |
| W.W. Grainger, Inc. | 470 | &nbsp;&nbsp; 538023 |
| Wabtec Corp. | 2423 | &nbsp;&nbsp; 639551 |
| Waste Connections, Inc. | 2089 | &nbsp;&nbsp; 359580 |
| Waste Management, Inc. | 3930 | &nbsp;&nbsp; 946501 |
| Watsco, Inc.<sup>(c)</sup> | 427 | &nbsp;&nbsp; 178200 |
| WESCO International, Inc. | 2371 | &nbsp;&nbsp; 686404 |
| Xylem, Inc. | 2883 | &nbsp;&nbsp; 373521 |
| ZIM Integrated Shipping Services Ltd. <br> (Israel)<sup>(c)</sup><br>| 19218 | &nbsp;&nbsp; 554055 |
|  |  | &nbsp;&nbsp; 77835798 |
| **Information Technology-19.13%** | **Information Technology-19.13%** | **Information Technology-19.13%** |
| Accenture PLC, Class A | 8319 | &nbsp;&nbsp; 1736342 |
| Adobe, Inc.<sup>(b)</sup> | 4754 | &nbsp;&nbsp; 1247497 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 12939 | &nbsp;&nbsp; 2590517 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 3794 | &nbsp;&nbsp; 373292 |
| Amdocs Ltd. | 2687 | &nbsp;&nbsp; 187553 |
| Amkor Technology, Inc. | 10344 | &nbsp;&nbsp; 494650 |
| Amphenol Corp., Class A | 7066 | &nbsp;&nbsp; 1032060 |
| Apple, Inc. | 123817 | &nbsp;&nbsp; 32709975 |
| Applied Materials, Inc. | 10378 | &nbsp;&nbsp; 3863729 |
| AppLovin Corp., Class A<sup>(b)</sup> | 814 | &nbsp;&nbsp; 353903 |
| Arista Networks, Inc.<sup>(b)</sup> | 4003 | &nbsp;&nbsp; 534401 |
| Arrow Electronics, Inc.<sup>(b)</sup> | 3983 | &nbsp;&nbsp; 606053 |
| Autodesk, Inc.<sup>(b)</sup> | 976 | &nbsp;&nbsp; 239969 |
| Avnet, Inc. | 7648 | &nbsp;&nbsp; 503544 |
| Broadcom, Inc. | 22739 | &nbsp;&nbsp; 7266247 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 897 | &nbsp;&nbsp; 270356 |
| CDW Corp. | 2277 | &nbsp;&nbsp; 279251 |
| Cisco Systems, Inc. | 59185 | &nbsp;&nbsp; 4702840 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 8717 | &nbsp;&nbsp; 561636 |
| Coherent Corp.<sup>(b)</sup> | 2241 | &nbsp;&nbsp; 580262 |
| Corning, Inc. | 11368 | &nbsp;&nbsp; 1709520 |
| Dell Technologies, Inc., Class C | 14259 | &nbsp;&nbsp; 2111473 |
| DocuSign, Inc.<sup>(b)</sup> | 2209 | &nbsp;&nbsp; 99560 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup> | 7030 | &nbsp;&nbsp; 175680 |
| DXC Technology Co.<sup>(b)</sup> | 20879 | &nbsp;&nbsp; 262867 |
| EPAM Systems, Inc.<sup>(b)</sup> | 1002 | &nbsp;&nbsp; 141282 |
| F5, Inc.<sup>(b)</sup> | 666 | &nbsp;&nbsp; 180726 |
| First Solar, Inc.<sup>(b)</sup> | 1158 | &nbsp;&nbsp; 228358 |
| Flex Ltd.<sup>(b)</sup> | 14441 | &nbsp;&nbsp; 910072 |
| Fortinet, Inc.<sup>(b)</sup> | 2515 | &nbsp;&nbsp; 198760 |
| Gartner, Inc.<sup>(b)</sup> | 556 | &nbsp;&nbsp; 87403 |
| Gen Digital, Inc. | 9710 | &nbsp;&nbsp; 219155 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 1345 | &nbsp;&nbsp; 117230 |
| Hewlett Packard Enterprise Co. | 59790 | &nbsp;&nbsp; 1283691 |
| HP, Inc. | 34983 | &nbsp;&nbsp; 664327 |
| Insight Enterprises, Inc.<sup>(b)</sup> | 1253 | &nbsp;&nbsp; 104701 |
| Intel Corp.<sup>(b)</sup> | 147584 | &nbsp;&nbsp; 6731306 |
| International Business Machines Corp. | 10240 | &nbsp;&nbsp; 2459750 |
| Intuit, Inc. | 1933 | &nbsp;&nbsp; 790655 |
| Jabil, Inc. | 3975 | &nbsp;&nbsp; 1053335 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 1680 | &nbsp;&nbsp; 516314 |
| KLA Corp. | 923 | &nbsp;&nbsp; 1407160 |
| Kyndryl Holdings, Inc.<sup>(b)</sup> | 5250 | &nbsp;&nbsp; 64733 |
| Lam Research Corp. | 12859 | &nbsp;&nbsp; 3007592 |
| Marvell Technology, Inc. | 8209 | &nbsp;&nbsp; 670593 |
| Microchip Technology, Inc. | 7659 | &nbsp;&nbsp; 571668 |

---

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

------

**8**

------

**Invesco RAFI**<sup>TM</sup> **Strategic US ETF (IUS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Micron Technology, Inc. | 16317 | &nbsp;&nbsp; $6728641 |
| Microsoft Corp. | 42987 | &nbsp;&nbsp; 16882714 |
| Motorola Solutions, Inc. | 978 | &nbsp;&nbsp; 471650 |
| NetApp, Inc. | 3661 | &nbsp;&nbsp; 362549 |
| NVIDIA Corp. | 71392 | &nbsp;&nbsp; 12649948 |
| Okta, Inc.<sup>(b)</sup> | 1425 | &nbsp;&nbsp; 103313 |
| ON Semiconductor Corp.<sup>(b)</sup> | 9468 | &nbsp;&nbsp; 629433 |
| Oracle Corp. | 10294 | &nbsp;&nbsp; 1496748 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 2244 | &nbsp;&nbsp; 334176 |
| Qnity Electronics, Inc. | 5892 | &nbsp;&nbsp; 746870 |
| Qorvo, Inc.<sup>(b)</sup> | 2473 | &nbsp;&nbsp; 205012 |
| QUALCOMM, Inc. | 17784 | &nbsp;&nbsp; 2531730 |
| Ralliant Corp. | 1878 | &nbsp;&nbsp; 86181 |
| Roper Technologies, Inc. | 909 | &nbsp;&nbsp; 317905 |
| Salesforce, Inc. | 11199 | &nbsp;&nbsp; 2181453 |
| Seagate Technology Holdings PLC | 1676 | &nbsp;&nbsp; 683540 |
| ServiceNow, Inc.<sup>(b)</sup> | 3284 | &nbsp;&nbsp; 354705 |
| Skyworks Solutions, Inc. | 4498 | &nbsp;&nbsp; 267991 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 2118 | &nbsp;&nbsp; 356692 |
| Synopsys, Inc.<sup>(b)</sup> | 641 | &nbsp;&nbsp; 265374 |
| TD SYNNEX Corp. | 6100 | &nbsp;&nbsp; 956541 |
| TE Connectivity PLC (Switzerland) | 5439 | &nbsp;&nbsp; 1251786 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 610 | &nbsp;&nbsp; 415471 |
| Texas Instruments, Inc. | 7974 | &nbsp;&nbsp; 1691365 |
| Trimble, Inc.<sup>(b)</sup> | 2594 | &nbsp;&nbsp; 173461 |
| Twilio, Inc., Class A<sup>(b)</sup> | 3688 | &nbsp;&nbsp; 446100 |
| VeriSign, Inc. | 635 | &nbsp;&nbsp; 144742 |
| Western Digital Corp. | 5850 | &nbsp;&nbsp; 1636245 |
| Workday, Inc., Class A<sup>(b)</sup> | 1870 | &nbsp;&nbsp; 250131 |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 4682 | &nbsp;&nbsp; 346187 |
|  |  | &nbsp;&nbsp; 140870642 |
| **Materials-3.69%** | **Materials-3.69%** | **Materials-3.69%** |
| Air Products and Chemicals, Inc. | 2827 | &nbsp;&nbsp; 779319 |
| Albemarle Corp. | 4932 | &nbsp;&nbsp; 881200 |
| Alcoa Corp. | 7607 | &nbsp;&nbsp; 472243 |
| Amcor PLC<sup>(c)</sup> | 8005 | &nbsp;&nbsp; 387682 |
| Avery Dennison Corp. | 1291 | &nbsp;&nbsp; 253488 |
| Ball Corp. | 7617 | &nbsp;&nbsp; 511329 |
| Celanese Corp. | 6292 | &nbsp;&nbsp; 314222 |
| CF Industries Holdings, Inc. | 5604 | &nbsp;&nbsp; 557822 |
| Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 59514 | &nbsp;&nbsp; 634419 |
| Commercial Metals Co. | 4933 | &nbsp;&nbsp; 361589 |
| Corteva, Inc. | 12979 | &nbsp;&nbsp; 1039878 |
| Crown Holdings, Inc. | 2825 | &nbsp;&nbsp; 323745 |
| Dow, Inc. | 42134 | &nbsp;&nbsp; 1294778 |
| DuPont de Nemours, Inc. | 11785 | &nbsp;&nbsp; 589721 |
| Eastman Chemical Co. | 4083 | &nbsp;&nbsp; 308307 |
| Ecolab, Inc. | 2217 | &nbsp;&nbsp; 683612 |
| FMC Corp.<sup>(c)</sup> | 4395 | &nbsp;&nbsp; 64782 |
| Freeport-McMoRan, Inc. | 28307 | &nbsp;&nbsp; 1927141 |
| Graphic Packaging Holding Co.<sup>(c)</sup> | 9659 | &nbsp;&nbsp; 118130 |
| International Flavors & Fragrances, Inc. | 6478 | &nbsp;&nbsp; 532686 |
| International Paper Co. | 10267 | &nbsp;&nbsp; 447128 |
| Linde PLC | 5266 | &nbsp;&nbsp; 2675549 |
| LyondellBasell Industries N.V., Class A | 14294 | &nbsp;&nbsp; 822191 |
| Martin Marietta Materials, Inc. | 673 | &nbsp;&nbsp; 455332 |
| Mosaic Co. (The) | 13898 | &nbsp;&nbsp; 386920 |
| Newmont Corp. | 23830 | &nbsp;&nbsp; 3097900 |
| Nucor Corp. | 11053 | &nbsp;&nbsp; 1955055 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Olin Corp. | 9706 | &nbsp;&nbsp; $246241 |
| Packaging Corp. of America | 1452 | &nbsp;&nbsp; 337067 |
| PPG Industries, Inc. | 4844 | &nbsp;&nbsp; 597120 |
| Reliance, Inc. | 1667 | &nbsp;&nbsp; 526172 |
| RPM International, Inc. | 1854 | &nbsp;&nbsp; 211578 |
| Sherwin-Williams Co. (The) | 2185 | &nbsp;&nbsp; 792259 |
| Solstice Advanced Materials, Inc. | 1982 | &nbsp;&nbsp; 155607 |
| Sonoco Products Co. | 3665 | &nbsp;&nbsp; 206963 |
| Steel Dynamics, Inc. | 4620 | &nbsp;&nbsp; 892261 |
| Ternium S.A., ADR (Mexico)<sup>(c)</sup> | 21955 | &nbsp;&nbsp; 954384 |
| Vulcan Materials Co. | 1260 | &nbsp;&nbsp; 390600 |
|  |  | &nbsp;&nbsp; 27186420 |
| **Real Estate-0.48%** | **Real Estate-0.48%** | **Real Estate-0.48%** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 4507 | &nbsp;&nbsp; 665504 |
| CoStar Group, Inc.<sup>(b)</sup> | 2291 | &nbsp;&nbsp; 102247 |
| Equinix, Inc. | 671 | &nbsp;&nbsp; 653728 |
| Host Hotels & Resorts, Inc. | 17956 | &nbsp;&nbsp; 351758 |
| Iron Mountain, Inc. | 2792 | &nbsp;&nbsp; 302457 |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 1438 | &nbsp;&nbsp; 453761 |
| Public Storage | 1912 | &nbsp;&nbsp; 587099 |
| SBA Communications Corp., Class A | 942 | &nbsp;&nbsp; 189493 |
| Weyerhaeuser Co. | 10874 | &nbsp;&nbsp; 266739 |
|  |  | &nbsp;&nbsp; 3572786 |
| **Utilities-1.15%** | **Utilities-1.15%** | **Utilities-1.15%** |
| AES Corp. (The) | 32514 | &nbsp;&nbsp; 561842 |
| CMS Energy Corp. | 5710 | &nbsp;&nbsp; 445780 |
| Consolidated Edison, Inc. | 8139 | &nbsp;&nbsp; 915800 |
| Constellation Energy Corp. | 1161 | &nbsp;&nbsp; 382991 |
| DTE Energy Co. | 4579 | &nbsp;&nbsp; 678791 |
| Exelon Corp. | 27254 | &nbsp;&nbsp; 1348255 |
| FirstEnergy Corp. | 14448 | &nbsp;&nbsp; 739160 |
| National Fuel Gas Co. | 2051 | &nbsp;&nbsp; 186702 |
| NRG Energy, Inc. | 4048 | &nbsp;&nbsp; 724430 |
| OGE Energy Corp.<sup>(c)</sup> | 4679 | &nbsp;&nbsp; 229926 |
| PPL Corp. | 15454 | &nbsp;&nbsp; 602397 |
| Southwest Gas Holdings, Inc. | 2775 | &nbsp;&nbsp; 244672 |
| Talen Energy Corp.<sup>(b)</sup> | 876 | &nbsp;&nbsp; 324970 |
| UGI Corp. | 7595 | &nbsp;&nbsp; 284129 |
| Vistra Corp. | 4517 | &nbsp;&nbsp; 785461 |
|  |  | &nbsp;&nbsp; 8455306 |
| Total Common Stocks & Other Equity Interests <br>(Cost $595,739,256) | Total Common Stocks & Other Equity Interests <br>(Cost $595,739,256) | &nbsp;&nbsp; 734933007 |
| **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $647,414)<br>| 647414 | &nbsp;&nbsp; 647414 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.88% <br>(Cost $596,386,670) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.88% <br>(Cost $596,386,670) | &nbsp;&nbsp; 735580421 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-2.11%** | **Money Market Funds-2.11%** | **Money Market Funds-2.11%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 4342951 | &nbsp;&nbsp; 4342951 |

---

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

------

**9**

------

**Invesco RAFI**<sup>TM</sup> **Strategic US ETF (IUS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 11245535 | &nbsp;&nbsp; $11248909 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $15,591,860) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $15,591,860) | &nbsp;&nbsp; 15591860 |
| TOTAL INVESTMENTS IN SECURITIES-101.99% <br>(Cost $611,978,530) | TOTAL INVESTMENTS IN SECURITIES-101.99% <br>(Cost $611,978,530) | &nbsp;&nbsp; 751172281 |
| OTHER ASSETS LESS LIABILITIES-(1.99)% | OTHER ASSETS LESS LIABILITIES-(1.99)% | &nbsp;&nbsp; (14686690)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $736485591 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt

---

| | |
|:---|:---|
| 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> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 six months ended February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $571044 | &nbsp;&nbsp; $19019 | &nbsp;&nbsp; $(17404)<br>| &nbsp;&nbsp; $107197 | &nbsp;&nbsp; $7001 | &nbsp;&nbsp; $686857 | &nbsp;&nbsp; $11042 |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 287957 | &nbsp;&nbsp; 7824259 | &nbsp;&nbsp; (7464802)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 647414 | &nbsp;&nbsp; 10378 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 4596480 | &nbsp;&nbsp; 16605299 | &nbsp;&nbsp; (16858828)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4342951 | &nbsp;&nbsp; 77,306<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 12115901 | &nbsp;&nbsp; 36868853 | &nbsp;&nbsp; (37735575)<br>| &nbsp;&nbsp; (816)<br>| &nbsp;&nbsp; 546 | &nbsp;&nbsp; 11248909 | &nbsp;&nbsp; 208,065<br> \*<br>|
| Total | &nbsp;&nbsp; $17571382 | &nbsp;&nbsp; $61317430 | &nbsp;&nbsp; $(62076609)<br>| &nbsp;&nbsp; $106381 | &nbsp;&nbsp; $7547 | &nbsp;&nbsp; $16926131 | &nbsp;&nbsp; $306791 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J. 

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

------

**10**

------

**Statements of Assets and Liabilities**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Invesco** <br>**Bloomberg** <br>**Pricing Power** <br>**ETF (POWA)**<br>| **Invesco** <br>**RAFI**<sup>TM</sup> <br>**Strategic US** <br>**ETF (IUS)**<br>|
| **Assets:** |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $196418253 | &nbsp;&nbsp;&nbsp; $734246150 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 8214901 | &nbsp;&nbsp;&nbsp; 16926131 |
| Receivable for: |  |  |
| Dividends | &nbsp;&nbsp; 249331 | &nbsp;&nbsp;&nbsp; 1011114 |
| Securities lending | &nbsp;&nbsp; 476 | &nbsp;&nbsp;&nbsp; 2245 |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1691 |
| **Total assets** | &nbsp;&nbsp; 204882961 | &nbsp;&nbsp;&nbsp; 752187331 |
| **Liabilities:** |  |  |
| Payable for: |  |  |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 8018376 | &nbsp;&nbsp;&nbsp; 15591860 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2979 |
| Accrued unitary management fees | &nbsp;&nbsp; 60271 | &nbsp;&nbsp;&nbsp; 106901 |
| **Total liabilities** | &nbsp;&nbsp; 8078647 | &nbsp;&nbsp;&nbsp; 15701740 |
| **Net Assets** | &nbsp;&nbsp; $196804314 | &nbsp;&nbsp;&nbsp; $736485591 |
| **Net assets consist of:** |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $244548776 | &nbsp;&nbsp;&nbsp; $614815890 |
| Distributable earnings (loss) | &nbsp;&nbsp; (47744462)<br>| &nbsp;&nbsp;&nbsp; 121669701 |
| **Net Assets** | &nbsp;&nbsp; $196804314 | &nbsp;&nbsp;&nbsp; $736485591 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp; 12150001 |
| Net asset value | &nbsp;&nbsp; $93.27 | &nbsp;&nbsp;&nbsp; $60.62 |
| Market price | &nbsp;&nbsp; $93.24 | &nbsp;&nbsp;&nbsp; $60.61 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $169828765 | &nbsp;&nbsp;&nbsp; $595342332 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $8214901 | &nbsp;&nbsp;&nbsp; $16636198 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $7990621 | &nbsp;&nbsp;&nbsp; $15342889 |

---

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

------

**11**

------

**Statements of Operations**

For the six months ended February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Invesco** <br>**Bloomberg** <br>**Pricing Power** <br>**ETF (POWA)**<br>| **Invesco** <br>**RAFI**<sup>TM</sup> <br>**Strategic US** <br>**ETF (IUS)**<br>|
| **Investment income:** |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $1357106 | &nbsp;&nbsp;&nbsp; $5692882 |
| Affiliated dividend income | &nbsp;&nbsp; 1828 | &nbsp;&nbsp;&nbsp; 21420 |
| Securities lending income, net | &nbsp;&nbsp; 9213 | &nbsp;&nbsp;&nbsp; 23026 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2013)<br>|
| Total investment income | &nbsp;&nbsp; 1368147 | &nbsp;&nbsp;&nbsp; 5735315 |
| **Expenses:** |  |  |
| Unitary management fees | &nbsp;&nbsp; 380973 | &nbsp;&nbsp;&nbsp; 653494 |
| Less: Waivers | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; (270)<br>|
| Net expenses | &nbsp;&nbsp; 380925 | &nbsp;&nbsp;&nbsp; 653224 |
| Net investment income | &nbsp;&nbsp; 987222 | &nbsp;&nbsp;&nbsp; 5082091 |
| **Realized and unrealized gain (loss) from:** |  |  |
| Net realized gain (loss) from: |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (1118627)<br>| &nbsp;&nbsp;&nbsp; (770912)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (230)<br>| &nbsp;&nbsp;&nbsp; 546 |
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 6916646 | &nbsp;&nbsp;&nbsp; 5490602 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7001 |
| Net realized gain | &nbsp;&nbsp; 5797789 | &nbsp;&nbsp;&nbsp; 4727237 |
| Change in net unrealized appreciation (depreciation) of: |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 2369585 | &nbsp;&nbsp;&nbsp; 75908470 |
| Affiliated investment securities | &nbsp;&nbsp; (158)<br>| &nbsp;&nbsp;&nbsp; 106381 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 2369427 | &nbsp;&nbsp;&nbsp; 76014851 |
| Net realized and unrealized gain | &nbsp;&nbsp; 8167216 | &nbsp;&nbsp;&nbsp; 80742088 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $9154438 | &nbsp;&nbsp;&nbsp; $85824179 |

---

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

------

**12**

------

**Statements of Changes in Net Assets**

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Bloomberg Pricing** <br>**Power ETF (POWA)** | **Invesco Bloomberg Pricing** <br>**Power ETF (POWA)** | **Invesco RAFI**<sup>TM</sup> <br>**Strategic US ETF (IUS)** | **Invesco RAFI**<sup>TM</sup> <br>**Strategic US ETF (IUS)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $987222 | &nbsp;&nbsp;&nbsp; $1675596 | &nbsp;&nbsp;&nbsp; $5082091 | &nbsp;&nbsp;&nbsp; $10127434 |
| Net realized gain | &nbsp;&nbsp; 5797789 | &nbsp;&nbsp;&nbsp; 14662593 | &nbsp;&nbsp;&nbsp; 4727237 | &nbsp;&nbsp;&nbsp; 32884056 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 2369427 | &nbsp;&nbsp;&nbsp; (292200)<br>| &nbsp;&nbsp;&nbsp; 76014851 | &nbsp;&nbsp;&nbsp; 19515088 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 9154438 | &nbsp;&nbsp;&nbsp; 16045989 | &nbsp;&nbsp;&nbsp; 85824179 | &nbsp;&nbsp;&nbsp; 62526578 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (1774857)<br>| &nbsp;&nbsp;&nbsp; (1465470)<br>| &nbsp;&nbsp;&nbsp; (5150734)<br>| &nbsp;&nbsp;&nbsp; (10051037)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 30131301 | &nbsp;&nbsp;&nbsp; 80760009 | &nbsp;&nbsp;&nbsp; 17163859 | &nbsp;&nbsp;&nbsp; 192396921 |
| Value of shares repurchased | &nbsp;&nbsp; (30182693)<br>| &nbsp;&nbsp;&nbsp; (101292509)<br>| &nbsp;&nbsp;&nbsp; (18457736)<br>| &nbsp;&nbsp;&nbsp; (152152947)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; (51392)<br>| &nbsp;&nbsp;&nbsp; (20532500)<br>| &nbsp;&nbsp;&nbsp; (1293877)<br>| &nbsp;&nbsp;&nbsp; 40243974 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 7328189 | &nbsp;&nbsp;&nbsp; (5951981)<br>| &nbsp;&nbsp;&nbsp; 79379568 | &nbsp;&nbsp;&nbsp; 92719515 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 189476125 | &nbsp;&nbsp;&nbsp; 195428106 | &nbsp;&nbsp;&nbsp; 657106023 | &nbsp;&nbsp;&nbsp; 564386508 |
| End of period | &nbsp;&nbsp; $196804314 | &nbsp;&nbsp;&nbsp; $189476125 | &nbsp;&nbsp;&nbsp; $736485591 | &nbsp;&nbsp;&nbsp; $657106023 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 3825000 |
| Shares repurchased | &nbsp;&nbsp; (330000)<br>| &nbsp;&nbsp;&nbsp; (1200000)<br>| &nbsp;&nbsp;&nbsp; (325000)<br>| &nbsp;&nbsp;&nbsp; (3025000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; 12175001 | &nbsp;&nbsp;&nbsp; 11375001 |
| Shares outstanding, end of period | &nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp; 12150001 | &nbsp;&nbsp;&nbsp; 12175001 |

---

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

------

**13**

------

**Financial Highlights**

Invesco Bloomberg Pricing Power ETF (POWA)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $89.80 | &nbsp;&nbsp;&nbsp; $83.16 | &nbsp;&nbsp;&nbsp; $68.77 | &nbsp;&nbsp;&nbsp; $65.62 | &nbsp;&nbsp;&nbsp; $69.50 | &nbsp;&nbsp;&nbsp; $56.99 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp; (4.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.66 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;&nbsp;&nbsp;15.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.30 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $93.27 | &nbsp;&nbsp;&nbsp; $89.80 | &nbsp;&nbsp;&nbsp; $83.16 | &nbsp;&nbsp;&nbsp; $68.77 | &nbsp;&nbsp;&nbsp; $65.62 | &nbsp;&nbsp;&nbsp; $69.50 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $93.24 | &nbsp;&nbsp;&nbsp; $89.78 | &nbsp;&nbsp;&nbsp; $83.16 | &nbsp;&nbsp;&nbsp; $68.79 | &nbsp;&nbsp;&nbsp; $65.68 | &nbsp;&nbsp;&nbsp; $69.47 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.36<br> %<br>| &nbsp;&nbsp;&nbsp; (4.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.61<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.29<br> %<br>| &nbsp;&nbsp;&nbsp; (4.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.36<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $196804 | &nbsp;&nbsp;&nbsp; $189476 | &nbsp;&nbsp;&nbsp; $195428 | &nbsp;&nbsp;&nbsp; $217317 | &nbsp;&nbsp;&nbsp; $265114 | &nbsp;&nbsp;&nbsp; $300920 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.04 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp;&nbsp; 195<br> %<br>| &nbsp;&nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 121<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended August 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund's portfolio holdings due to the underlying index change. 

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

------

**14**

------

**Financial Highlights—(continued)**

Invesco RAFI<sup>TM</sup> Strategic US ETF (IUS)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $53.97 | &nbsp;&nbsp;&nbsp; $49.62 | &nbsp;&nbsp;&nbsp; $41.34 | &nbsp;&nbsp;&nbsp; $36.75 | &nbsp;&nbsp;&nbsp; $38.50 | &nbsp;&nbsp;&nbsp; $28.08 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;6.65 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.40 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.96 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $60.62 | &nbsp;&nbsp;&nbsp; $53.97 | &nbsp;&nbsp;&nbsp; $49.62 | &nbsp;&nbsp;&nbsp; $41.34 | &nbsp;&nbsp;&nbsp; $36.75 | &nbsp;&nbsp;&nbsp; $38.50 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $60.61 | &nbsp;&nbsp;&nbsp; $53.98 | &nbsp;&nbsp;&nbsp; $49.62 | &nbsp;&nbsp;&nbsp; $41.34 | &nbsp;&nbsp;&nbsp; $36.79 | &nbsp;&nbsp;&nbsp; $38.52 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.46<br> %<br>| &nbsp;&nbsp;&nbsp; (2.84)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.47<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.34<br> %<br>| &nbsp;&nbsp;&nbsp; (2.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.25<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $736486 | &nbsp;&nbsp;&nbsp; $657106 | &nbsp;&nbsp;&nbsp; $564387 | &nbsp;&nbsp;&nbsp; $222220 | &nbsp;&nbsp;&nbsp; $151601 | &nbsp;&nbsp;&nbsp; $180010 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

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

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

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

------

**15**

------

**Notes to Financial Statements**

Invesco Exchange-Traded Self-Indexed Fund Trust

February 28, 2026

*(Unaudited)*

**NOTE 1—Organization**

Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust") was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolios:

---

| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco Bloomberg Pricing Power ETF (POWA) | "Bloomberg Pricing Power ETF" |
| Invesco RAFI<sup>TM</sup> Strategic US ETF (IUS) | "RAFI<sup>TM</sup> Strategic US ETF" |

---

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Bloomberg Pricing Power ETF's Shares are listed and traded on the NYSE Arca, Inc. RAFI<sup>TM</sup> Strategic US ETF's Shares are listed and traded on The Nasdaq Stock Market LLC.

The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an "Underlying Index"):

---

| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| Bloomberg Pricing Power ETF | Bloomberg Pricing Power Index |
| RAFI<sup>TM</sup> Strategic US ETF | Invesco Strategic US Index |

---

**NOTE 2—Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services—Investment Companies.*

**A.** **Security Valuation** - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly.

------

**16**

------

Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of

------

**17**

------

withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

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

**D.** **Dividends and Distributions to Shareholders** - Bloomberg Pricing Power ETF declares and pays dividends from net investment income, if any, to its shareholders annually and records such dividends on the ex-dividend date. RAFI<sup>TM</sup> Strategic US ETF declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. In addition, the Funds intend to distribute any capital gains to shareholders as capital gain dividends at least annually. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund's financial statements as a tax return of capital at fiscal year or period-end.

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

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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

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

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Funds' financial statements.

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

------

**18**

------

(except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

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

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

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

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

**I.** **Segment Reporting** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.

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

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNY") also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2026, each Fund had affiliated securities lending transactions with Invesco. Fees

------

**19**

------

paid to Invesco for securities lending agent services, which are included in *Securities lending income, net* on the Statements of Operations, were incurred by each Fund as listed below:

---

| | |
|:---|:---|
|  | **Amount** |
| Bloomberg Pricing Power ETF | $827 |
| RAFI<sup>TM</sup> Strategic US ETF | 1714 |

---

**K.** **Other Risks**

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

*Index Risk*. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index's rebalance schedule will result in corresponding changes to each Fund's rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*Industry Concentration Risk*. In following its methodology, each Fund's Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

------

**20**

------

*Market Risk*. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Non-Correlation Risk*. Each Fund's return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund's portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

*REIT Risk*. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT's shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

*Small- and Mid-Capitalization Companies Risk*. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Stocks of small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies' securities may be more volatile and less liquid than those of more established companies. They may be more sensitive to changes in a company's earnings expectations and may experience more abrupt and erratic price movements. Smaller companies' securities often trade in lower volumes and in many instances, are traded over-the-counter or on a regional securities exchange, where the frequency and volume of trading is substantially less than is typical for securities of larger companies traded on national securities exchanges. Therefore, the securities of smaller companies may be subject to wider price fluctuations and it might be harder for a Fund to dispose of its holdings at an acceptable price when it wants to sell them. Since small- and mid-capitalization companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. It may take a substantial period of time to realize a gain on an investment in a small- or mid-capitalization company, if any gain is realized at all.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

---

| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| Bloomberg Pricing Power ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|

---

Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver

------

**21**

------

does not apply to a Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2026, the Adviser waived fees for each Fund in the following amounts:

---

| | |
|:---|:---|
| Bloomberg Pricing Power ETF | &nbsp;&nbsp;&nbsp; $48 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp;&nbsp; 270 |

---

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a "Licensor"):

---

| | |
|:---|:---|
| **Fund** | **Licensor** |
| Bloomberg Pricing Power ETF | Bloomberg Index Services Limited |
| RAFI<sup>TM</sup> Strategic US ETF | Invesco Indexing LLC |

---

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended February 28, 2026, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

---

| | |
|:---|:---|
| Bloomberg Pricing Power ETF | &nbsp;&nbsp;&nbsp; $6216 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp;&nbsp; 375 |

---

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption *Investments sold - affiliated broker* and/or payable caption *Investments purchased - affiliated broker*.

**NOTE 4—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 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 the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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

------

**22**

------

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** |
| Bloomberg Pricing Power ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $196418253 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $196418253 |
| Money Market Funds | &nbsp;&nbsp; 196525 | &nbsp;&nbsp; 8018376 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8214901 |
| **Total Investments** | &nbsp;&nbsp; $196614778 | &nbsp;&nbsp; $8018376 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $204633154 |
| RAFI<sup>TM</sup> Strategic US ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $734933007 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $734933007 |
| Money Market Funds | &nbsp;&nbsp; 647414 | &nbsp;&nbsp; 15591860 | &nbsp;&nbsp; - | &nbsp;&nbsp; 16239274 |
| **Total Investments** | &nbsp;&nbsp; $735580421 | &nbsp;&nbsp; $15591860 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $751172281 |

---

**NOTE 5—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| Bloomberg Pricing Power ETF | &nbsp;&nbsp; $79176585 | &nbsp;&nbsp; $470938 | &nbsp;&nbsp; $79647523 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp; 10870046 | &nbsp;&nbsp; 12235211 | &nbsp;&nbsp; 23105257 |

---

\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

**NOTE 6—Investment Transactions**

For the six months ended February 28, 2026, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Bloomberg Pricing Power ETF | &nbsp;&nbsp; $83722306 | &nbsp;&nbsp; $83898933 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp; 4842105 | &nbsp;&nbsp; 5105745 |

---

For the six months ended February 28, 2026, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| Bloomberg Pricing Power ETF | &nbsp;&nbsp; $30082616 | &nbsp;&nbsp; $30810341 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp; 17109423 | &nbsp;&nbsp; 18408224 |

---

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation**<br>| **Cost** |
| Bloomberg Pricing Power ETF | &nbsp;&nbsp; $36170085 | &nbsp;&nbsp; $(10484606)<br>| &nbsp;&nbsp; $25685479 | &nbsp;&nbsp; $178947675 |
| RAFI<sup>TM</sup> Strategic US ETF | &nbsp;&nbsp; 171710788 | &nbsp;&nbsp; (33425640)<br>| &nbsp;&nbsp; 138285148 | &nbsp;&nbsp; 612887133 |

---

------

**23**

------

**NOTE 7—Trustees' and Officer's Fees**

The Adviser, as a result of each Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 8—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.

------

**24**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

------

**25**

------

**©2026 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SIEI-NCSRS

invesco.com/ETFs

------

![](img42ba39ad1.jpg)

------

**Invesco Semi-Annual Financial Statements and Other Information**

February 28, 2026

---

| |
|:---|
| **IMFL** |
| **OMFL**<br> Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF |
| **OMFS**<br> Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco International Developed Dynamic Multifactor ETF (IMFL)](#xx_523d6db3-116d-46cb-8559-7d8e3881dc64_SOI-Continued-609_1) | **3** |
| [Invesco Russell 1000](#xx_523d6db3-116d-46cb-8559-7d8e3881dc64_SOI-Continued-609_11)<sup>®</sup>[Dynamic Multifactor ETF (OMFL)](#xx_523d6db3-116d-46cb-8559-7d8e3881dc64_SOI-Continued-609_11) | **13** |
| [Invesco Russell 2000](#xx_523d6db3-116d-46cb-8559-7d8e3881dc64_SOI-Continued-609_21)<sup>®</sup>[Dynamic Multifactor ETF (OMFS)](#xx_523d6db3-116d-46cb-8559-7d8e3881dc64_SOI-Continued-609_21) | **23** |
| [Statements of Assets and Liabilities](#xx_523d6db3-116d-46cb-8559-7d8e3881dc64_FS-Continued-609_1) | **39** |
| [Statements of Operations](#xx_523d6db3-116d-46cb-8559-7d8e3881dc64_FS-Continued-609_2) | **40** |
| [Statements of Changes in Net Assets](#xx_523d6db3-116d-46cb-8559-7d8e3881dc64_FS-Continued-609_3) | **41** |
| [Financial Highlights](#xx_523d6db3-116d-46cb-8559-7d8e3881dc64_FIHI-Continued-609_1) | **42** |
| [Notes to Financial Statements](#xx_523d6db3-116d-46cb-8559-7d8e3881dc64_NTF-Continued-609_1) | **45** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_523d6db3-116d-46cb-8559-7d8e3881dc64_OIRSR-Continued-813_1) | **55** |

---

------

**2**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)**

February 28, 2026

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.74%** | **Common Stocks & Other Equity Interests-99.74%** | **Common Stocks & Other Equity Interests-99.74%** |
| **Australia-5.09%** | **Australia-5.09%** | **Australia-5.09%** |
| ALS Ltd. | 60871 | &nbsp;&nbsp; $1108861 |
| AMP Ltd. | 600608 | &nbsp;&nbsp; 555615 |
| Ampol Ltd. | 23975 | &nbsp;&nbsp; 482033 |
| Ansell Ltd.<sup>(a)</sup> | 7193 | &nbsp;&nbsp; 166848 |
| ANZ Group Holdings Ltd. | 19567 | &nbsp;&nbsp; 557673 |
| APA Group | 83749 | &nbsp;&nbsp; 548902 |
| Aristocrat Leisure Ltd. | 10478 | &nbsp;&nbsp; 358712 |
| Atlas Arteria Ltd. | 56840 | &nbsp;&nbsp; 194324 |
| Aurizon Holdings Ltd. | 103872 | &nbsp;&nbsp; 307135 |
| Bank of Queensland Ltd. | 85217 | &nbsp;&nbsp; 424770 |
| Beach Energy Ltd.<sup>(a)</sup> | 242808 | &nbsp;&nbsp; 189987 |
| Bendigo & Adelaide Bank Ltd.<sup>(a)</sup> | 41681 | &nbsp;&nbsp; 317874 |
| BlueScope Steel Ltd. | 50447 | &nbsp;&nbsp; 1006358 |
| Brambles Ltd. | 54650 | &nbsp;&nbsp; 976004 |
| CAR Group Ltd. | 7221 | &nbsp;&nbsp; 136514 |
| Challenger Ltd. | 91424 | &nbsp;&nbsp; 581450 |
| Charter Hall Group | 42038 | &nbsp;&nbsp; 660739 |
| Cochlear Ltd. | 1343 | &nbsp;&nbsp; 190442 |
| Coles Group Ltd. | 49491 | &nbsp;&nbsp; 726825 |
| Computershare Ltd. | 68012 | &nbsp;&nbsp; 1501699 |
| Deterra Royalties Ltd. | 69054 | &nbsp;&nbsp; 212341 |
| Downer EDI Ltd. | 230632 | &nbsp;&nbsp; 1411403 |
| EBOS Group Ltd. | 38421 | &nbsp;&nbsp; 551871 |
| Evolution Mining Ltd. | 539016 | &nbsp;&nbsp; 6403903 |
| Fortescue Ltd. | 43997 | &nbsp;&nbsp; 661817 |
| Harvey Norman Holdings Ltd. | 83327 | &nbsp;&nbsp; 341595 |
| HUB24 Ltd. | 9480 | &nbsp;&nbsp; 659562 |
| Insignia Financial Ltd.<sup>(b)</sup> | 111266 | &nbsp;&nbsp; 369898 |
| Insurance Australia Group Ltd. | 149429 | &nbsp;&nbsp; 709005 |
| JB Hi-Fi Ltd. | 22882 | &nbsp;&nbsp; 1339435 |
| Lottery Corp. Ltd. (The) | 65314 | &nbsp;&nbsp; 256520 |
| Lynas Rare Earths Ltd.<sup>(b)</sup> | 80457 | &nbsp;&nbsp; 1067896 |
| Magellan Financial Group Ltd. | 28461 | &nbsp;&nbsp; 171365 |
| Medibank Pvt. Ltd. | 375780 | &nbsp;&nbsp; 1172799 |
| Metcash Ltd. | 391025 | &nbsp;&nbsp; 919154 |
| Netwealth Group Ltd. | 12021 | &nbsp;&nbsp; 220471 |
| Northern Star Resources Ltd. | 59959 | &nbsp;&nbsp; 1316134 |
| Orica Ltd. | 73499 | &nbsp;&nbsp; 1277782 |
| Origin Energy Ltd. | 156732 | &nbsp;&nbsp; 1357627 |
| Pro Medicus Ltd. | 2838 | &nbsp;&nbsp; 262281 |
| Qantas Airways Ltd. | 388732 | &nbsp;&nbsp; 2755115 |
| QBE Insurance Group Ltd. | 174820 | &nbsp;&nbsp; 2718665 |
| Qube Holdings Ltd. | 80501 | &nbsp;&nbsp; 287113 |
| Ramsay Health Care Ltd. | 15107 | &nbsp;&nbsp; 464403 |
| REA Group Ltd.<sup>(a)</sup> | 1045 | &nbsp;&nbsp; 123805 |
| Rio Tinto Ltd. | 9585 | &nbsp;&nbsp; 1141067 |
| Rio Tinto PLC | 5168 | &nbsp;&nbsp; 510777 |
| Santos Ltd. | 195099 | &nbsp;&nbsp; 941535 |
| Scentre Group | 121473 | &nbsp;&nbsp; 330657 |
| SGH Ltd. | 5520 | &nbsp;&nbsp; 183435 |
| Sigma Healthcare Ltd. | 226831 | &nbsp;&nbsp; 457858 |
| Sonic Healthcare Ltd. | 41635 | &nbsp;&nbsp; 707559 |
| South32 Ltd. | 110332 | &nbsp;&nbsp; 361943 |
| Steadfast Group Ltd.<sup>(a)</sup> | 72485 | &nbsp;&nbsp; 227327 |
| Stockland | 92301 | &nbsp;&nbsp; 336134 |
| Suncorp Group Ltd. | 92560 | &nbsp;&nbsp; 964761 |
| Technology One Ltd. | 25464 | &nbsp;&nbsp; 472300 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Australia-(continued)** | **Australia-(continued)** | **Australia-(continued)** |
| Telstra Group Ltd. | 107526 | &nbsp;&nbsp; $396929 |
| Transurban Group | 18329 | &nbsp;&nbsp; 187121 |
| Vicinity Ltd. | 293257 | &nbsp;&nbsp; 511893 |
| Washington H Soul Pattinson & Co. Ltd.<sup>(a)</sup> | 12317 | &nbsp;&nbsp; 335547 |
| Wesfarmers Ltd. | 8385 | &nbsp;&nbsp; 475704 |
| Whitehaven Coal Ltd. | 193703 | &nbsp;&nbsp; 1077135 |
| Woodside Energy Group Ltd. | 59925 | &nbsp;&nbsp; 1225207 |
| Woolworths Group Ltd. | 16153 | &nbsp;&nbsp; 414684 |
| Yancoal Australia Ltd.<sup>(a)</sup> | 128788 | &nbsp;&nbsp; 537443 |
|  |  | &nbsp;&nbsp; 49821741 |
| **Austria-0.71%** | **Austria-0.71%** | **Austria-0.71%** |
| BAWAG Group AG<sup>(c)</sup> | 12816 | &nbsp;&nbsp; 1983470 |
| Erste Group Bank AG | 13142 | &nbsp;&nbsp; 1558693 |
| OMV AG | 4368 | &nbsp;&nbsp; 282744 |
| Raiffeisen Bank International AG | 41009 | &nbsp;&nbsp; 2035775 |
| Strabag SE, BR | 9650 | &nbsp;&nbsp; 1087656 |
|  |  | &nbsp;&nbsp; 6948338 |
| **Belgium-0.75%** | **Belgium-0.75%** | **Belgium-0.75%** |
| Ackermans & van Haaren N.V. | 3193 | &nbsp;&nbsp; 1094073 |
| Ageas S.A./N.V. | 32796 | &nbsp;&nbsp; 2432484 |
| D'Ieteren Group | 4603 | &nbsp;&nbsp; 994508 |
| Groupe Bruxelles Lambert N.V. | 3820 | &nbsp;&nbsp; 383008 |
| KBC Group N.V. | 12708 | &nbsp;&nbsp; 1719772 |
| Sofina S.A.<sup>(a)</sup> | 970 | &nbsp;&nbsp; 287911 |
| Syensqo S.A.<sup>(a)</sup> | 2368 | &nbsp;&nbsp; 134910 |
| UCB S.A. | 1045 | &nbsp;&nbsp; 313662 |
|  |  | &nbsp;&nbsp; 7360328 |
| **Brazil-0.05%** | **Brazil-0.05%** | **Brazil-0.05%** |
| Yara International ASA | 10147 | &nbsp;&nbsp; 513388 |
| **Canada-4.71%** | **Canada-4.71%** | **Canada-4.71%** |
| Agnico Eagle Mines Ltd. | 5761 | &nbsp;&nbsp; 1447294 |
| Alamos Gold, Inc., Class A | 12829 | &nbsp;&nbsp; 695420 |
| AltaGas Ltd. | 35884 | &nbsp;&nbsp; 1219769 |
| ARC Resources Ltd. | 38393 | &nbsp;&nbsp; 712207 |
| AtkinsRealis Group, Inc.<sup>(a)</sup> | 25155 | &nbsp;&nbsp; 1743891 |
| Bank of Nova Scotia (The) | 3311 | &nbsp;&nbsp; 251217 |
| Barrick Mining Corp. | 17475 | &nbsp;&nbsp; 886787 |
| Bombardier, Inc., Class B<sup>(b)</sup> | 13964 | &nbsp;&nbsp; 2886177 |
| Brookfield Corp. | 4390 | &nbsp;&nbsp; 192550 |
| CAE, Inc.<sup>(b)</sup> | 54897 | &nbsp;&nbsp; 1628173 |
| Cameco Corp. | 9688 | &nbsp;&nbsp; 1146350 |
| Canadian Imperial Bank of Commerce | 8583 | &nbsp;&nbsp; 867142 |
| Canadian Tire Corp. Ltd., Class A<sup>(a)</sup> | 3868 | &nbsp;&nbsp; 542629 |
| Celestica, Inc.<sup>(b)</sup> | 8962 | &nbsp;&nbsp; 2489003 |
| Dollarama, Inc. | 4296 | &nbsp;&nbsp; 632564 |
| Element Fleet Management Corp. | 16663 | &nbsp;&nbsp; 396950 |
| Emera, Inc. | 18748 | &nbsp;&nbsp; 975581 |
| Enbridge, Inc. | 5158 | &nbsp;&nbsp; 274077 |
| Fairfax Financial Holdings Ltd. | 1183 | &nbsp;&nbsp; 2036432 |
| Fortis, Inc. | 10177 | &nbsp;&nbsp; 585540 |
| Franco-Nevada Corp. | 2441 | &nbsp;&nbsp; 682338 |
| George Weston Ltd. | 6150 | &nbsp;&nbsp; 451470 |
| Gildan Activewear, Inc. | 10577 | &nbsp;&nbsp; 721006 |
| Great-West Lifeco, Inc.<sup>(a)</sup> | 4971 | &nbsp;&nbsp; 240194 |
| iA Financial Corp., Inc.<sup>(a)</sup> | 16850 | &nbsp;&nbsp; 1916589 |
| Imperial Oil Ltd.<sup>(a)</sup> | 2849 | &nbsp;&nbsp; 333290 |

---

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

------

**3**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Intact Financial Corp. | 1182 | &nbsp;&nbsp; $228236 |
| Keyera Corp. | 9349 | &nbsp;&nbsp; 356864 |
| Kinross Gold Corp. | 122669 | &nbsp;&nbsp; 4534935 |
| Loblaw Cos. Ltd. | 8323 | &nbsp;&nbsp; 385805 |
| Lundin Gold, Inc. | 10631 | &nbsp;&nbsp; 1002183 |
| Magna International, Inc.<sup>(a)</sup> | 17351 | &nbsp;&nbsp; 1094226 |
| Manulife Financial Corp. | 15345 | &nbsp;&nbsp; 546473 |
| Metro, Inc. | 7679 | &nbsp;&nbsp; 547217 |
| Nutrien Ltd. | 16147 | &nbsp;&nbsp; 1214592 |
| Pan American Silver Corp. | 24541 | &nbsp;&nbsp; 1683871 |
| Power Corp. of Canada | 54504 | &nbsp;&nbsp; 2738288 |
| RB Global, Inc.<sup>(a)</sup> | 5798 | &nbsp;&nbsp; 584157 |
| Saputo, Inc. | 6390 | &nbsp;&nbsp; 203996 |
| Shopify, Inc., Class A<sup>(b)</sup> | 1679 | &nbsp;&nbsp; 202721 |
| Stantec, Inc. | 5483 | &nbsp;&nbsp; 507756 |
| Sun Life Financial, Inc. | 6838 | &nbsp;&nbsp; 448229 |
| Suncor Energy, Inc.<sup>(a)</sup> | 10122 | &nbsp;&nbsp; 571837 |
| TC Energy Corp. | 15529 | &nbsp;&nbsp; 997996 |
| TMX Group Ltd. | 12788 | &nbsp;&nbsp; 431408 |
| Toronto-Dominion Bank (The) | 3155 | &nbsp;&nbsp; 307392 |
| Tourmaline Oil Corp. | 3872 | &nbsp;&nbsp; 181811 |
| Wheaton Precious Metals Corp. | 5675 | &nbsp;&nbsp; 924869 |
| Whitecap Resources, Inc. | 23796 | &nbsp;&nbsp; 237637 |
| WSP Global, Inc. | 1286 | &nbsp;&nbsp; 217880 |
|  |  | &nbsp;&nbsp; 46105019 |
| **Chile-0.12%** | **Chile-0.12%** | **Chile-0.12%** |
| Antofagasta PLC | 9101 | &nbsp;&nbsp; 521636 |
| Lundin Mining Corp. | 19277 | &nbsp;&nbsp; 614275 |
|  |  | &nbsp;&nbsp; 1135911 |
| **China-0.78%** | **China-0.78%** | **China-0.78%** |
| AAC Technologies Holdings, Inc. | 195157 | &nbsp;&nbsp; 927804 |
| BOC Aviation Ltd.<sup>(c)</sup> | 24174 | &nbsp;&nbsp; 268512 |
| BOC Hong Kong (Holdings) Ltd. | 203804 | &nbsp;&nbsp; 1165896 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(a)</sup> | 276026 | &nbsp;&nbsp; 461140 |
| Lenovo Group Ltd.<sup>(a)</sup> | 407544 | &nbsp;&nbsp; 503121 |
| MMG Ltd.<sup>(a)(b)</sup> | 1293937 | &nbsp;&nbsp; 1776830 |
| Nexteer Automotive Group Ltd. | 599017 | &nbsp;&nbsp; 570801 |
| SITC International Holdings Co. Ltd. | 316542 | &nbsp;&nbsp; 1350491 |
| Wilmar International Ltd. | 99570 | &nbsp;&nbsp; 276824 |
| Xinyi Glass Holdings Ltd.<sup>(a)</sup> | 247940 | &nbsp;&nbsp; 327971 |
|  |  | &nbsp;&nbsp; 7629390 |
| **Denmark-0.57%** | **Denmark-0.57%** | **Denmark-0.57%** |
| Carlsberg A/S, Class B | 9071 | &nbsp;&nbsp; 1410165 |
| Danske Bank A/S | 18605 | &nbsp;&nbsp; 970032 |
| Demant A/S<sup>(b)</sup> | 6014 | &nbsp;&nbsp; 187434 |
| DSV A/S | 2166 | &nbsp;&nbsp; 558702 |
| Genmab A/S<sup>(b)</sup> | 2704 | &nbsp;&nbsp; 795576 |
| H. Lundbeck A/S | 32773 | &nbsp;&nbsp; 201194 |
| Novonesis (Novozymes) B, Class B | 3837 | &nbsp;&nbsp; 228042 |
| Pandora A/S<sup>(a)</sup> | 1878 | &nbsp;&nbsp; 148353 |
| Rockwool A/S | 11360 | &nbsp;&nbsp; 376408 |
| Tryg A/S | 18567 | &nbsp;&nbsp; 459431 |
| Vestas Wind Systems A/S | 10021 | &nbsp;&nbsp; 256002 |
|  |  | &nbsp;&nbsp; 5591339 |
| **Finland-0.90%** | **Finland-0.90%** | **Finland-0.90%** |
| Fortum OYJ<sup>(a)</sup> | 28462 | &nbsp;&nbsp; 664981 |
| Kesko OYJ, Class B<sup>(a)</sup> | 21433 | &nbsp;&nbsp; 527748 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Finland-(continued)** | **Finland-(continued)** | **Finland-(continued)** |
| Kone OYJ, Class B | 3434 | &nbsp;&nbsp; $258703 |
| Metso OYJ | 50606 | &nbsp;&nbsp; 1051285 |
| Nokia OYJ | 50610 | &nbsp;&nbsp; 388137 |
| Nordea Bank Abp | 156985 | &nbsp;&nbsp; 3035433 |
| Orion OYJ, Class B | 13354 | &nbsp;&nbsp; 1068939 |
| Sampo OYJ | 44877 | &nbsp;&nbsp; 496998 |
| Valmet OYJ<sup>(a)</sup> | 18373 | &nbsp;&nbsp; 614738 |
| Wartsila OYJ Abp | 17281 | &nbsp;&nbsp; 749850 |
|  |  | &nbsp;&nbsp; 8856812 |
| **France-4.85%** | **France-4.85%** | **France-4.85%** |
| Accor S.A. | 15227 | &nbsp;&nbsp; 883181 |
| Aeroports de Paris S.A.<sup>(a)</sup> | 1677 | &nbsp;&nbsp; 233821 |
| Airbus SE | 1270 | &nbsp;&nbsp; 275574 |
| Alstom S.A.<sup>(b)</sup> | 46729 | &nbsp;&nbsp; 1553345 |
| Amundi S.A.<sup>(c)</sup> | 2341 | &nbsp;&nbsp; 223145 |
| AXA S.A. | 16795 | &nbsp;&nbsp; 820686 |
| Ayvens S.A.<sup>(c)</sup> | 196099 | &nbsp;&nbsp; 2487437 |
| bioMerieux | 2056 | &nbsp;&nbsp; 242818 |
| BNP Paribas S.A. | 5800 | &nbsp;&nbsp; 650738 |
| Bouygues S.A. | 43411 | &nbsp;&nbsp; 2684498 |
| Carrefour S.A. | 24603 | &nbsp;&nbsp; 466249 |
| Cie de Saint-Gobain S.A. | 10175 | &nbsp;&nbsp; 1030368 |
| Cie Generale des Etablissements Michelin <br> S.C.A.<br>| 11052 | &nbsp;&nbsp; 446616 |
| Covivio S.A. | 2964 | &nbsp;&nbsp; 217090 |
| Credit Agricole S.A. | 39750 | &nbsp;&nbsp; 877528 |
| Danone S.A. | 6667 | &nbsp;&nbsp; 572919 |
| Dassault Aviation S.A. | 1274 | &nbsp;&nbsp; 511299 |
| Eiffage S.A. | 30442 | &nbsp;&nbsp; 5245503 |
| ENGIE S.A. | 95124 | &nbsp;&nbsp; 3247257 |
| EssilorLuxottica S.A. | 629 | &nbsp;&nbsp; 166361 |
| Getlink SE | 12482 | &nbsp;&nbsp; 270806 |
| Ipsen S.A. | 1251 | &nbsp;&nbsp; 244013 |
| Kering S.A. | 673 | &nbsp;&nbsp; 225511 |
| Klepierre S.A.<sup>(a)</sup> | 33065 | &nbsp;&nbsp; 1390434 |
| Legrand S.A. | 4638 | &nbsp;&nbsp; 839428 |
| Orange S.A. | 159183 | &nbsp;&nbsp; 3426600 |
| Renault S.A. | 7206 | &nbsp;&nbsp; 272310 |
| Rexel S.A. | 25164 | &nbsp;&nbsp; 1088971 |
| SCOR SE | 106725 | &nbsp;&nbsp; 3886818 |
| Societe Generale S.A. | 73000 | &nbsp;&nbsp; 6321410 |
| SPIE S.A. | 37183 | &nbsp;&nbsp; 2300148 |
| STMicroelectronics N.V. | 7680 | &nbsp;&nbsp; 256049 |
| Thales S.A. | 2194 | &nbsp;&nbsp; 665410 |
| Unibail-Rodamco-Westfield | 5051 | &nbsp;&nbsp; 632346 |
| Veolia Environnement S.A. | 29623 | &nbsp;&nbsp; 1253483 |
| Vinci S.A. | 8042 | &nbsp;&nbsp; 1333845 |
| Wendel SE | 2453 | &nbsp;&nbsp; 255947 |
|  |  | &nbsp;&nbsp; 47499962 |
| **Germany-3.27%** | **Germany-3.27%** | **Germany-3.27%** |
| Allianz SE | 1251 | &nbsp;&nbsp; 561368 |
| Aumovio SE<sup>(b)</sup> | 12251 | &nbsp;&nbsp; 607212 |
| BASF SE | 6338 | &nbsp;&nbsp; 362765 |
| Bayerische Motoren Werke AG | 7151 | &nbsp;&nbsp; 748880 |
| Bechtle AG | 4450 | &nbsp;&nbsp; 178665 |
| Commerzbank AG | 30833 | &nbsp;&nbsp; 1249932 |
| Continental AG | 24384 | &nbsp;&nbsp; 2099667 |
| Daimler Truck Holding AG | 25452 | &nbsp;&nbsp; 1283181 |
| Deutsche Bank AG | 10146 | &nbsp;&nbsp; 359434 |

---

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

------

**4**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| Deutsche Boerse AG | 1096 | &nbsp;&nbsp; $299301 |
| Deutsche Lufthansa AG | 186945 | &nbsp;&nbsp; 1995325 |
| Deutsche Post AG | 14623 | &nbsp;&nbsp; 860423 |
| Deutsche Telekom AG | 5251 | &nbsp;&nbsp; 210721 |
| DWS Group GmbH & Co. KGaA<sup>(c)</sup> | 4152 | &nbsp;&nbsp; 292445 |
| E.ON SE | 65132 | &nbsp;&nbsp; 1513870 |
| Fraport AG Frankfurt Airport Services <br> Worldwide<sup>(b)</sup><br>| 14477 | &nbsp;&nbsp; 1415464 |
| Fresenius Medical Care AG | 20774 | &nbsp;&nbsp; 966917 |
| Fresenius SE & Co. KGaA | 20418 | &nbsp;&nbsp; 1223058 |
| GEA Group AG | 17619 | &nbsp;&nbsp; 1365026 |
| Heidelberg Materials AG | 7445 | &nbsp;&nbsp; 1657429 |
| Hensoldt AG | 5010 | &nbsp;&nbsp; 439166 |
| HOCHTIEF AG | 4483 | &nbsp;&nbsp; 2160781 |
| Infineon Technologies AG | 9113 | &nbsp;&nbsp; 490770 |
| KION Group AG | 33627 | &nbsp;&nbsp; 2280485 |
| Mercedes-Benz Group AG | 6161 | &nbsp;&nbsp; 425947 |
| MTU Aero Engines AG | 1663 | &nbsp;&nbsp; 716269 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG in Muenchen, Class R<br>| 695 | &nbsp;&nbsp; 453228 |
| Nemetschek SE | 1332 | &nbsp;&nbsp; 106037 |
| RENK Group AG | 7128 | &nbsp;&nbsp; 479945 |
| Rheinmetall AG | 178 | &nbsp;&nbsp; 351847 |
| RWE AG | 27320 | &nbsp;&nbsp; 1756123 |
| Scout24 SE<sup>(c)</sup> | 4549 | &nbsp;&nbsp; 386345 |
| Siemens AG | 635 | &nbsp;&nbsp; 183467 |
| Siemens Energy AG, Class A | 5494 | &nbsp;&nbsp; 1063256 |
| Talanx AG | 8076 | &nbsp;&nbsp; 1015031 |
| Volkswagen AG, Preference Shares | 3426 | &nbsp;&nbsp; 407044 |
|  |  | &nbsp;&nbsp; 31966824 |
| **Greece-0.05%** | **Greece-0.05%** | **Greece-0.05%** |
| Metlen Energy & Metals PLC<sup>(a)(b)</sup> | 11371 | &nbsp;&nbsp; 476529 |
| **Hong Kong-1.75%** | **Hong Kong-1.75%** | **Hong Kong-1.75%** |
| AIA Group Ltd. | 54146 | &nbsp;&nbsp; 597409 |
| Bank of East Asia Ltd. (The) | 292831 | &nbsp;&nbsp; 569182 |
| Cathay Pacific Airways Ltd. | 277803 | &nbsp;&nbsp; 498112 |
| CK Asset Holdings Ltd. | 59369 | &nbsp;&nbsp; 376743 |
| CK Hutchison Holdings Ltd. | 97589 | &nbsp;&nbsp; 803657 |
| Dah Sing Banking Group Ltd. | 138287 | &nbsp;&nbsp; 231324 |
| DFI Retail Group Holdings Ltd. | 153230 | &nbsp;&nbsp; 640972 |
| Hang Lung Group Ltd.<sup>(a)</sup> | 535056 | &nbsp;&nbsp; 1147182 |
| Hang Lung Properties Ltd. | 350344 | &nbsp;&nbsp; 458965 |
| Hong Kong Exchanges & Clearing Ltd. | 9992 | &nbsp;&nbsp; 533907 |
| Hutchison Port Holdings Trust, Class U | 3305820 | &nbsp;&nbsp; 744173 |
| Johnson Electric Holdings Ltd. | 249015 | &nbsp;&nbsp; 983980 |
| Kerry Properties Ltd. | 94688 | &nbsp;&nbsp; 304955 |
| Orient Overseas International Ltd.<sup>(a)</sup> | 45157 | &nbsp;&nbsp; 862562 |
| PCCW Ltd. | 351647 | &nbsp;&nbsp; 266898 |
| Prudential PLC | 352239 | &nbsp;&nbsp; 5382260 |
| Sun Hung Kai Properties Ltd. | 15193 | &nbsp;&nbsp; 282493 |
| VTech Holdings Ltd.<sup>(a)</sup> | 27402 | &nbsp;&nbsp; 225733 |
| WH Group Ltd. | 1733072 | &nbsp;&nbsp; 2179074 |
|  |  | &nbsp;&nbsp; 17089581 |
| **Indonesia-0.41%** | **Indonesia-0.41%** | **Indonesia-0.41%** |
| First Pacific Co. Ltd. | 1235616 | &nbsp;&nbsp; 998114 |
| Jardine Matheson Holdings Ltd. | 36694 | &nbsp;&nbsp; 3025063 |
|  |  | &nbsp;&nbsp; 4023177 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Iraq-0.07%** | **Iraq-0.07%** | **Iraq-0.07%** |
| United Energy Group Ltd.<sup>(a)</sup> | 8656230 | &nbsp;&nbsp; $722422 |
| **Ireland-0.42%** | **Ireland-0.42%** | **Ireland-0.42%** |
| AIB Group PLC | 232656 | &nbsp;&nbsp; 2413085 |
| Bank of Ireland Group PLC | 88914 | &nbsp;&nbsp; 1729953 |
|  |  | &nbsp;&nbsp; 4143038 |
| **Israel-3.10%** | **Israel-3.10%** | **Israel-3.10%** |
| Amot Investments Ltd. | 33891 | &nbsp;&nbsp; 224774 |
| Bank Hapoalim B.M. | 144860 | &nbsp;&nbsp; 3652790 |
| Bank Leumi le-Israel B.M. | 189548 | &nbsp;&nbsp; 4584841 |
| Bezeq The Israeli Telecommunication Corp. <br> Ltd.<br>| 264125 | &nbsp;&nbsp; 695867 |
| Big Shopping Centers Ltd. | 2321 | &nbsp;&nbsp; 558810 |
| Clal Insurance Enterprises Holdings Ltd.<sup>(a)</sup> | 45349 | &nbsp;&nbsp; 3389068 |
| Delek Group Ltd. | 5266 | &nbsp;&nbsp; 1614221 |
| Elbit Systems Ltd. | 1636 | &nbsp;&nbsp; 1262444 |
| FIBI Holdings Ltd. | 3002 | &nbsp;&nbsp; 313477 |
| First International Bank of Israel Ltd. (The) | 6608 | &nbsp;&nbsp; 568093 |
| Harel Insurance Investments & Financial <br> Services Ltd.<br>| 18552 | &nbsp;&nbsp; 975290 |
| ICL Group Ltd. | 45989 | &nbsp;&nbsp; 217774 |
| Israel Corp. Ltd. | 601 | &nbsp;&nbsp; 155174 |
| Israel Discount Bank Ltd., Class A | 149985 | &nbsp;&nbsp; 1813672 |
| Melisron Ltd. | 1638 | &nbsp;&nbsp; 221758 |
| Menora Mivtachim Holdings Ltd. | 9503 | &nbsp;&nbsp; 1358357 |
| Migdal Insurance & Financial Holdings <br> Ltd.<sup>(b)</sup><br>| 361733 | &nbsp;&nbsp; 1957673 |
| Mizrahi Tefahot Bank Ltd. | 12508 | &nbsp;&nbsp; 936308 |
| Next Vision Stabilized Systems Ltd. | 11714 | &nbsp;&nbsp; 1335194 |
| OPC Energy Ltd.<sup>(b)</sup> | 12186 | &nbsp;&nbsp; 384371 |
| Phoenix Finance Ltd. | 67606 | &nbsp;&nbsp; 3453541 |
| Shufersal Ltd. | 14719 | &nbsp;&nbsp; 206199 |
| Strauss Group Ltd. | 10251 | &nbsp;&nbsp; 451714 |
|  |  | &nbsp;&nbsp; 30331410 |
| **Italy-4.43%** | **Italy-4.43%** | **Italy-4.43%** |
| A2A S.p.A. | 121958 | &nbsp;&nbsp; 355505 |
| Assicurazioni Generali S.p.A. | 29283 | &nbsp;&nbsp; 1245954 |
| Banca Mediolanum S.p.A. | 46722 | &nbsp;&nbsp; 1001357 |
| Banca Monte dei Paschi di Siena S.p.A. | 702527 | &nbsp;&nbsp; 6850739 |
| Banco BPM S.p.A.<sup>(a)</sup> | 525041 | &nbsp;&nbsp; 7728048 |
| BPER Banca S.p.A. | 401361 | &nbsp;&nbsp; 5648442 |
| Coca-Cola HBC AG<sup>(b)</sup> | 25987 | &nbsp;&nbsp; 1682847 |
| Enel S.p.A. | 44516 | &nbsp;&nbsp; 534895 |
| Eni S.p.A.<sup>(a)</sup> | 19857 | &nbsp;&nbsp; 463402 |
| FinecoBank Banca Fineco S.p.A. | 29259 | &nbsp;&nbsp; 688060 |
| Hera S.p.A. | 53415 | &nbsp;&nbsp; 278688 |
| Intesa Sanpaolo S.p.A. | 182467 | &nbsp;&nbsp; 1251054 |
| Italgas S.p.A. | 155866 | &nbsp;&nbsp; 2007211 |
| Leonardo S.p.A. | 30941 | &nbsp;&nbsp; 2082943 |
| Mediobanca Banca di Credito Finanziario <br> S.p.A.<br>| 18589 | &nbsp;&nbsp; 402460 |
| Pirelli & C. S.p.A.<sup>(c)</sup> | 32083 | &nbsp;&nbsp; 239817 |
| Poste Italiane S.p.A.<sup>(c)</sup> | 51489 | &nbsp;&nbsp; 1378339 |
| Prysmian S.p.A. | 4509 | &nbsp;&nbsp; 542700 |
| Snam S.p.A. | 68979 | &nbsp;&nbsp; 535200 |
| Telecom Italia S.p.A.<sup>(b)</sup> | 2156418 | &nbsp;&nbsp; 1616858 |
| Telecom Italia S.p.A., RSP<sup>(b)</sup> | 1025175 | &nbsp;&nbsp; 895687 |
| Terna S.p.A. | 21762 | &nbsp;&nbsp; 261669 |

---

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

------

**5**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Italy-(continued)** | **Italy-(continued)** | **Italy-(continued)** |
| UniCredit S.p.A. | 22851 | &nbsp;&nbsp; $1944222 |
| Unipol Assicurazioni S.p.A. | 147922 | &nbsp;&nbsp; 3677279 |
|  |  | &nbsp;&nbsp; 43313376 |
| **Ivory Coast-0.09%** | **Ivory Coast-0.09%** | **Ivory Coast-0.09%** |
| Endeavour Mining PLC | 12984 | &nbsp;&nbsp; 925479 |
| **Japan-31.29%** | **Japan-31.29%** | **Japan-31.29%** |
| Activia Properties, Inc. | 166 | &nbsp;&nbsp; 158818 |
| Advantest Corp. | 7940 | &nbsp;&nbsp; 1375318 |
| AEON Co. Ltd.<sup>(a)</sup> | 117853 | &nbsp;&nbsp; 1678234 |
| AGC, Inc. | 9160 | &nbsp;&nbsp; 406360 |
| Aica Kogyo Co. Ltd. | 7426 | &nbsp;&nbsp; 189005 |
| Air Water, Inc. | 47167 | &nbsp;&nbsp; 655116 |
| Aisin Corp. | 151879 | &nbsp;&nbsp; 2696624 |
| Ajinomoto Co., Inc. | 29675 | &nbsp;&nbsp; 944089 |
| Alfresa Holdings Corp. | 21180 | &nbsp;&nbsp; 364128 |
| Alps Alpine Co. Ltd. | 26470 | &nbsp;&nbsp; 396376 |
| ALSOK Co. Ltd. | 20324 | &nbsp;&nbsp; 167014 |
| Amada Co. Ltd. | 40654 | &nbsp;&nbsp; 676098 |
| ANA Holdings, Inc. | 8040 | &nbsp;&nbsp; 175356 |
| Asahi Group Holdings Ltd. | 40320 | &nbsp;&nbsp; 439102 |
| Asahi Kasei Corp. | 95646 | &nbsp;&nbsp; 1127518 |
| Asics Corp. | 24640 | &nbsp;&nbsp; 755304 |
| Astellas Pharma, Inc. | 17610 | &nbsp;&nbsp; 293132 |
| Azbil Corp. | 46030 | &nbsp;&nbsp; 427605 |
| Bandai Namco Holdings, Inc. | 39241 | &nbsp;&nbsp; 1064173 |
| BayCurrent, Inc.<sup>(a)</sup> | 11400 | &nbsp;&nbsp; 331113 |
| BIPROGY, Inc. | 10683 | &nbsp;&nbsp; 324465 |
| Bridgestone Corp. | 41584 | &nbsp;&nbsp; 1004099 |
| Canon Marketing Japan, Inc. | 6864 | &nbsp;&nbsp; 307562 |
| Canon, Inc. | 7106 | &nbsp;&nbsp; 214811 |
| Capcom Co. Ltd. | 12448 | &nbsp;&nbsp; 282772 |
| Central Japan Railway Co. | 40620 | &nbsp;&nbsp; 1199232 |
| Chiba Bank Ltd. (The)<sup>(a)</sup> | 108630 | &nbsp;&nbsp; 1616159 |
| Chubu Electric Power Co., Inc. | 135835 | &nbsp;&nbsp; 2294706 |
| Chugin Financial Group, Inc. | 96820 | &nbsp;&nbsp; 1987314 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 25450 | &nbsp;&nbsp; 672986 |
| COMSYS Holdings Corp. | 15639 | &nbsp;&nbsp; 575849 |
| Cosmos Pharmaceutical Corp. | 6920 | &nbsp;&nbsp; 307430 |
| CyberAgent, Inc. | 77380 | &nbsp;&nbsp; 682459 |
| Dai Nippon Printing Co. Ltd. | 13481 | &nbsp;&nbsp; 280237 |
| Daicel Corp. | 28300 | &nbsp;&nbsp; 297149 |
| Daifuku Co. Ltd. | 50452 | &nbsp;&nbsp; 2083066 |
| Dai-ichi Life Holdings, Inc. | 352170 | &nbsp;&nbsp; 3614668 |
| Daikin Industries Ltd. | 3457 | &nbsp;&nbsp; 439342 |
| Daito Trust Construction Co. Ltd. | 9189 | &nbsp;&nbsp; 211656 |
| Daiwa House Industry Co. Ltd. | 40313 | &nbsp;&nbsp; 1455127 |
| Denso Corp. | 17038 | &nbsp;&nbsp; 244523 |
| DIC Corp. | 14050 | &nbsp;&nbsp; 398792 |
| Disco Corp. | 610 | &nbsp;&nbsp; 293367 |
| DMG Mori Co. Ltd. | 11100 | &nbsp;&nbsp; 219865 |
| East Japan Railway Co. | 41133 | &nbsp;&nbsp; 1016266 |
| Ebara Corp. | 80430 | &nbsp;&nbsp; 2825699 |
| Electric Power Development Co. Ltd. | 59660 | &nbsp;&nbsp; 1425183 |
| ENEOS Holdings, Inc. | 203467 | &nbsp;&nbsp; 1941705 |
| EXEO Group, Inc. | 53450 | &nbsp;&nbsp; 1024462 |
| FANUC Corp. | 13353 | &nbsp;&nbsp; 604781 |
| Food & Life Cos. Ltd. | 16390 | &nbsp;&nbsp; 1058000 |
| Fuji Electric Co. Ltd. | 8860 | &nbsp;&nbsp; 785506 |
| FUJIFILM Holdings Corp. | 8776 | &nbsp;&nbsp; 180516 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Fujikura Ltd. | 13850 | &nbsp;&nbsp; $2365530 |
| Fujitsu Ltd. | 16652 | &nbsp;&nbsp; 371317 |
| Fukuoka Financial Group, Inc. | 38590 | &nbsp;&nbsp; 1688374 |
| Furukawa Electric Co. Ltd. | 40830 | &nbsp;&nbsp; 7317409 |
| GMO Internet Group, Inc.<sup>(a)</sup> | 25660 | &nbsp;&nbsp; 493000 |
| GS Yuasa Corp. | 10490 | &nbsp;&nbsp; 372707 |
| Gunma Bank Ltd. (The) | 91530 | &nbsp;&nbsp; 1323482 |
| Hachijuni Nagano Bank Ltd. | 191710 | &nbsp;&nbsp; 2547623 |
| Hankyu Hanshin Holdings, Inc.<sup>(a)</sup> | 7840 | &nbsp;&nbsp; 228845 |
| Haseko Corp. | 50090 | &nbsp;&nbsp; 1094600 |
| Hikari Tsushin, Inc. | 1320 | &nbsp;&nbsp; 373279 |
| Hirogin Holdings, Inc. | 34720 | &nbsp;&nbsp; 429494 |
| Hitachi Construction Machinery Co. Ltd.<sup>(a)</sup> | 28300 | &nbsp;&nbsp; 1271817 |
| Honda Motor Co. Ltd. | 73710 | &nbsp;&nbsp; 738575 |
| Horiba Ltd. | 5500 | &nbsp;&nbsp; 738858 |
| Hoshizaki Corp. | 8808 | &nbsp;&nbsp; 309612 |
| Hulic Co. Ltd. | 46120 | &nbsp;&nbsp; 611355 |
| Ibiden Co. Ltd. | 43075 | &nbsp;&nbsp; 2620021 |
| Idemitsu Kosan Co. Ltd. | 40930 | &nbsp;&nbsp; 391447 |
| IHI Corp. | 146200 | &nbsp;&nbsp; 4000711 |
| Iida Group Holdings Co. Ltd. | 13540 | &nbsp;&nbsp; 240666 |
| INFRONEER Holdings, Inc.<sup>(a)</sup> | 45610 | &nbsp;&nbsp; 763592 |
| Inpex Corp. | 88708 | &nbsp;&nbsp; 2166159 |
| Invincible Investment Corp. | 563 | &nbsp;&nbsp; 239127 |
| Isetan Mitsukoshi Holdings Ltd. | 21990 | &nbsp;&nbsp; 431778 |
| Isuzu Motors Ltd. | 26060 | &nbsp;&nbsp; 485830 |
| ITOCHU Corp. | 22890 | &nbsp;&nbsp; 331505 |
| Itoham Yonekyu Holdings, Inc. | 14760 | &nbsp;&nbsp; 609810 |
| Iyogin Holdings, Inc. | 72690 | &nbsp;&nbsp; 1575889 |
| J. Front Retailing Co. Ltd.<sup>(a)</sup> | 105251 | &nbsp;&nbsp; 1735216 |
| Japan Airlines Co. Ltd.<sup>(a)</sup> | 37470 | &nbsp;&nbsp; 774394 |
| Japan Hotel REIT Investment Corp.<sup>(a)</sup> | 391 | &nbsp;&nbsp; 212432 |
| Japan Metropolitan Fund Investment <br> Corp.<sup>(a)</sup><br>| 207 | &nbsp;&nbsp; 161483 |
| Japan Post Bank Co. Ltd. | 13340 | &nbsp;&nbsp; 261225 |
| Japan Post Holdings Co. Ltd. | 57930 | &nbsp;&nbsp; 754595 |
| Japan Post Insurance Co. Ltd. | 50190 | &nbsp;&nbsp; 1638666 |
| Japan Prime Realty Investment Corp. | 206 | &nbsp;&nbsp; 140626 |
| Japan Real Estate Investment Corp. | 191 | &nbsp;&nbsp; 159067 |
| Japan Steel Works Ltd. (The) | 8960 | &nbsp;&nbsp; 582477 |
| Japan Tobacco, Inc. | 5824 | &nbsp;&nbsp; 222880 |
| JFE Holdings, Inc.<sup>(a)</sup> | 31050 | &nbsp;&nbsp; 437206 |
| JGC Holdings Corp. | 26270 | &nbsp;&nbsp; 416308 |
| JTEKT Corp. | 98150 | &nbsp;&nbsp; 1347464 |
| JX Advanced Metals Corp. | 194360 | &nbsp;&nbsp; 5159505 |
| Kajima Corp. | 75828 | &nbsp;&nbsp; 3468536 |
| Kamigumi Co. Ltd. | 20074 | &nbsp;&nbsp; 747776 |
| Kandenko Co. Ltd. | 28083 | &nbsp;&nbsp; 1255060 |
| Kaneka Corp. | 11200 | &nbsp;&nbsp; 378661 |
| Kansai Electric Power Co., Inc. (The) | 18020 | &nbsp;&nbsp; 325556 |
| Kawasaki Heavy Industries Ltd. | 54570 | &nbsp;&nbsp; 6346933 |
| Kawasaki Kisen Kaisha Ltd.<sup>(a)</sup> | 36550 | &nbsp;&nbsp; 587757 |
| KDDI Corp. | 16693 | &nbsp;&nbsp; 286818 |
| KDX Realty Investment Corp. | 350 | &nbsp;&nbsp; 381079 |
| Keihan Holdings Co. Ltd. | 10790 | &nbsp;&nbsp; 239472 |
| Keikyu Corp. | 39710 | &nbsp;&nbsp; 397868 |
| Keio Corp. | 10890 | &nbsp;&nbsp; 292546 |
| Kewpie Corp. | 9741 | &nbsp;&nbsp; 279574 |
| Kinden Corp. | 21172 | &nbsp;&nbsp; 1148211 |
| Kioxia Holdings Corp.<sup>(b)</sup> | 13950 | &nbsp;&nbsp; 1885748 |

---

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

------

**6**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Kirin Holdings Co. Ltd. | 21480 | &nbsp;&nbsp; $372939 |
| Kobe Steel Ltd. | 45510 | &nbsp;&nbsp; 662427 |
| Koei Tecmo Holdings Co. Ltd. | 12320 | &nbsp;&nbsp; 142243 |
| Koito Manufacturing Co. Ltd.<sup>(a)</sup> | 14250 | &nbsp;&nbsp; 256941 |
| Kokuyo Co. Ltd. | 91462 | &nbsp;&nbsp; 539754 |
| Komatsu Ltd. | 59143 | &nbsp;&nbsp; 2839614 |
| Konami Group Corp. | 4963 | &nbsp;&nbsp; 662444 |
| Konica Minolta, Inc. | 106600 | &nbsp;&nbsp; 406848 |
| Kubota Corp. | 17000 | &nbsp;&nbsp; 345651 |
| Kusuri no Aoki Holdings Co. Ltd. | 8450 | &nbsp;&nbsp; 219522 |
| Kyocera Corp. | 24011 | &nbsp;&nbsp; 424183 |
| Kyoto Financial Group, Inc. | 37670 | &nbsp;&nbsp; 933252 |
| Kyushu Electric Power Co., Inc. | 31870 | &nbsp;&nbsp; 410887 |
| Kyushu Financial Group, Inc. | 61390 | &nbsp;&nbsp; 524749 |
| Kyushu Railway Co. | 6720 | &nbsp;&nbsp; 170759 |
| Lixil Corp.<sup>(a)</sup> | 37670 | &nbsp;&nbsp; 442726 |
| LY Corp.<sup>(a)</sup> | 99270 | &nbsp;&nbsp; 245432 |
| M3, Inc.<sup>(a)</sup> | 43270 | &nbsp;&nbsp; 473855 |
| Mabuchi Motor Co. Ltd. | 20078 | &nbsp;&nbsp; 236366 |
| Macnica Holdings, Inc.<sup>(a)</sup> | 17920 | &nbsp;&nbsp; 316792 |
| Makita Corp. | 10890 | &nbsp;&nbsp; 421480 |
| Marubeni Corp. | 104321 | &nbsp;&nbsp; 3993156 |
| Marui Group Co. Ltd. | 14660 | &nbsp;&nbsp; 298195 |
| Maruichi Steel Tube Ltd. | 25804 | &nbsp;&nbsp; 268546 |
| MatsukiyoCocokara & Co. | 52340 | &nbsp;&nbsp; 865852 |
| Mazda Motor Corp.<sup>(a)</sup> | 30540 | &nbsp;&nbsp; 270505 |
| Mebuki Financial Group, Inc. | 251680 | &nbsp;&nbsp; 2159240 |
| Medipal Holdings Corp. | 19220 | &nbsp;&nbsp; 376743 |
| Metaplanet, Inc.<sup>(a)(b)</sup> | 49280 | &nbsp;&nbsp; 101607 |
| Mitsubishi Chemical Group Corp. | 33800 | &nbsp;&nbsp; 250885 |
| Mitsubishi Corp. | 16667 | &nbsp;&nbsp; 562581 |
| Mitsubishi Electric Corp. | 59206 | &nbsp;&nbsp; 2254137 |
| Mitsubishi Estate Co. Ltd. | 49637 | &nbsp;&nbsp; 1674352 |
| Mitsubishi HC Capital, Inc. | 25860 | &nbsp;&nbsp; 250694 |
| Mitsubishi Heavy Industries Ltd. | 24887 | &nbsp;&nbsp; 793548 |
| Mitsubishi Logistics Corp. | 31854 | &nbsp;&nbsp; 292059 |
| Mitsubishi Materials Corp. | 16090 | &nbsp;&nbsp; 617562 |
| Mitsubishi Motors Corp. | 86340 | &nbsp;&nbsp; 236693 |
| Mitsubishi UFJ Financial Group, Inc. | 29644 | &nbsp;&nbsp; 550452 |
| Mitsui & Co. Ltd. | 19649 | &nbsp;&nbsp; 736824 |
| Mitsui Chemicals, Inc. | 19455 | &nbsp;&nbsp; 296294 |
| Mitsui Fudosan Co. Ltd. | 65260 | &nbsp;&nbsp; 879919 |
| Mitsui Kinzoku Co. Ltd. | 35530 | &nbsp;&nbsp; 8351191 |
| Mitsui OSK Lines Ltd.<sup>(a)</sup> | 21790 | &nbsp;&nbsp; 808717 |
| Mizuho Financial Group, Inc. | 31066 | &nbsp;&nbsp; 1386334 |
| Modec, Inc.<sup>(a)</sup> | 28710 | &nbsp;&nbsp; 2468359 |
| MS&AD Insurance Group Holdings, Inc. | 31087 | &nbsp;&nbsp; 866505 |
| Nabtesco Corp. | 16700 | &nbsp;&nbsp; 541445 |
| Nagoya Railroad Co. Ltd. | 16290 | &nbsp;&nbsp; 192451 |
| Nankai Electric Railway Co. Ltd. | 13640 | &nbsp;&nbsp; 272252 |
| NEC Corp. | 39397 | &nbsp;&nbsp; 1092494 |
| Nexon Co. Ltd. | 8960 | &nbsp;&nbsp; 190376 |
| NGK Insulators Ltd. | 45467 | &nbsp;&nbsp; 1332124 |
| NH Foods Ltd. | 8350 | &nbsp;&nbsp; 382933 |
| NHK Spring Co. Ltd. | 18530 | &nbsp;&nbsp; 355674 |
| Nifco, Inc. | 12930 | &nbsp;&nbsp; 458338 |
| Nikkon Holdings Co. Ltd.<sup>(a)</sup> | 33826 | &nbsp;&nbsp; 855139 |
| Nintendo Co. Ltd. | 2973 | &nbsp;&nbsp; 168194 |
| Nippon Building Fund, Inc. | 158 | &nbsp;&nbsp; 147025 |
| Nippon Electric Glass Co. Ltd. | 15067 | &nbsp;&nbsp; 662201 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Nippon Express Holdings, Inc., Class H | 87077 | &nbsp;&nbsp; $2146961 |
| Nippon Kayaku Co. Ltd. | 19040 | &nbsp;&nbsp; 244403 |
| Nippon Paint Holdings Co. Ltd. | 57120 | &nbsp;&nbsp; 423169 |
| Nippon Steel Corp. | 122480 | &nbsp;&nbsp; 497701 |
| Nippon Television Holdings, Inc. | 9908 | &nbsp;&nbsp; 215725 |
| Nippon Yusen K.K. | 29930 | &nbsp;&nbsp; 1027949 |
| Nipro Corp. | 34920 | &nbsp;&nbsp; 356078 |
| Nissan Chemical Corp. | 6004 | &nbsp;&nbsp; 273168 |
| Niterra Co. Ltd. | 39832 | &nbsp;&nbsp; 2009126 |
| Nitto Denko Corp. | 61406 | &nbsp;&nbsp; 1424398 |
| NOF Corp. | 15369 | &nbsp;&nbsp; 308513 |
| NOK Corp. | 10180 | &nbsp;&nbsp; 216595 |
| Nomura Holdings, Inc. | 159030 | &nbsp;&nbsp; 1476823 |
| Nomura Real Estate Holdings, Inc. | 26570 | &nbsp;&nbsp; 197839 |
| Nomura Real Estate Master Fund, Inc.<sup>(a)</sup> | 146 | &nbsp;&nbsp; 156108 |
| Nomura Research Institute Ltd. | 5646 | &nbsp;&nbsp; 154944 |
| NSK Ltd. | 59560 | &nbsp;&nbsp; 535954 |
| Obayashi Corp. | 115288 | &nbsp;&nbsp; 3255524 |
| Odakyu Electric Railway Co. Ltd. | 19850 | &nbsp;&nbsp; 228166 |
| Oji Holdings Corp. | 304799 | &nbsp;&nbsp; 1920688 |
| OKUMA Corp. | 7840 | &nbsp;&nbsp; 233934 |
| Open House Group Co. Ltd. | 18936 | &nbsp;&nbsp; 1401819 |
| Organo Corp. | 5600 | &nbsp;&nbsp; 620478 |
| ORIX Corp. | 41093 | &nbsp;&nbsp; 1442697 |
| ORIX JREIT, Inc.<sup>(a)</sup> | 637 | &nbsp;&nbsp; 424934 |
| Osaka Gas Co. Ltd. | 73009 | &nbsp;&nbsp; 3048470 |
| Otsuka Holdings Co. Ltd. | 6178 | &nbsp;&nbsp; 425837 |
| Pan Pacific International Holdings Corp. | 90673 | &nbsp;&nbsp; 606116 |
| Panasonic Holdings Corp. | 214283 | &nbsp;&nbsp; 3456427 |
| Park24 Co. Ltd. | 16900 | &nbsp;&nbsp; 243059 |
| Persol Holdings Co. Ltd. | 131340 | &nbsp;&nbsp; 209933 |
| Rakuten Bank Ltd.<sup>(b)</sup> | 4990 | &nbsp;&nbsp; 203062 |
| Resona Holdings, Inc. | 234170 | &nbsp;&nbsp; 2858032 |
| Resonac Holdings Corp. | 14075 | &nbsp;&nbsp; 1069149 |
| Resorttrust, Inc. | 31988 | &nbsp;&nbsp; 396999 |
| Ricoh Co. Ltd. | 18020 | &nbsp;&nbsp; 169342 |
| Rinnai Corp. | 11614 | &nbsp;&nbsp; 302558 |
| Rohm Co. Ltd. | 10890 | &nbsp;&nbsp; 199772 |
| Round One Corp.<sup>(a)</sup> | 50090 | &nbsp;&nbsp; 344677 |
| Ryohin Keikaku Co. Ltd.<sup>(a)</sup> | 53175 | &nbsp;&nbsp; 1213790 |
| Sankyo Co. Ltd. | 55059 | &nbsp;&nbsp; 776368 |
| Sankyu, Inc. | 28127 | &nbsp;&nbsp; 1809667 |
| Sanrio Co. Ltd.<sup>(a)</sup> | 14150 | &nbsp;&nbsp; 518922 |
| Sanwa Holdings Corp. | 29816 | &nbsp;&nbsp; 789268 |
| SBI Holdings, Inc. | 221030 | &nbsp;&nbsp; 4728755 |
| SCREEN Holdings Co. Ltd. | 8450 | &nbsp;&nbsp; 1232134 |
| SCSK Corp.<sup>(a)</sup> | 3770 | &nbsp;&nbsp; 136756 |
| Secom Co. Ltd. | 7966 | &nbsp;&nbsp; 309139 |
| Sega Sammy Holdings, Inc. | 11400 | &nbsp;&nbsp; 190835 |
| Seibu Holdings, Inc.<sup>(a)</sup> | 92874 | &nbsp;&nbsp; 2757772 |
| Sekisui Chemical Co. Ltd. | 61305 | &nbsp;&nbsp; 1194154 |
| Sekisui House Ltd. | 7840 | &nbsp;&nbsp; 191582 |
| Sekisui House Reit, Inc. | 480 | &nbsp;&nbsp; 289342 |
| Seven & i Holdings Co. Ltd.<sup>(a)</sup> | 18120 | &nbsp;&nbsp; 255604 |
| SG Holdings Co. Ltd.<sup>(a)</sup> | 34210 | &nbsp;&nbsp; 347065 |
| SHIFT, Inc.<sup>(a)(b)</sup> | 24540 | &nbsp;&nbsp; 110497 |
| Shikoku Electric Power Co., Inc.<sup>(a)</sup> | 30850 | &nbsp;&nbsp; 349541 |
| SHIMAMURA Co. Ltd.<sup>(a)</sup> | 23025 | &nbsp;&nbsp; 529688 |
| Shimizu Corp. | 189449 | &nbsp;&nbsp; 4235487 |
| Shionogi & Co. Ltd. | 63039 | &nbsp;&nbsp; 1488877 |

---

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

------

**7**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Shizuoka Financial Group, Inc. | 119320 | &nbsp;&nbsp; $2399275 |
| SKY Perfect JSAT Holdings, Inc. | 42071 | &nbsp;&nbsp; 773694 |
| Skylark Holdings Co. Ltd. | 22910 | &nbsp;&nbsp; 527288 |
| SoftBank Corp. | 223101 | &nbsp;&nbsp; 305236 |
| SoftBank Group Corp. | 8960 | &nbsp;&nbsp; 229488 |
| Sojitz Corp. | 41230 | &nbsp;&nbsp; 1865803 |
| Sompo Holdings, Inc. | 47614 | &nbsp;&nbsp; 1889551 |
| Sony Financial Group, Inc.<sup>(b)</sup> | 18563 | &nbsp;&nbsp; 18991 |
| Sony Group Corp. | 18526 | &nbsp;&nbsp; 425990 |
| Sotetsu Holdings, Inc. | 9470 | &nbsp;&nbsp; 178319 |
| Square Enix Holdings Co. Ltd. | 31681 | &nbsp;&nbsp; 522132 |
| Stanley Electric Co. Ltd. | 10280 | &nbsp;&nbsp; 216838 |
| Subaru Corp. | 98241 | &nbsp;&nbsp; 1843189 |
| Sugi Holdings Co. Ltd.<sup>(a)</sup> | 25723 | &nbsp;&nbsp; 590172 |
| Sumitomo Bakelite Co. Ltd. | 7460 | &nbsp;&nbsp; 286826 |
| Sumitomo Chemical Co. Ltd. | 114130 | &nbsp;&nbsp; 417024 |
| Sumitomo Corp. | 57745 | &nbsp;&nbsp; 2452663 |
| Sumitomo Electric Industries Ltd. | 141169 | &nbsp;&nbsp; 9330727 |
| Sumitomo Heavy Industries Ltd. | 7330 | &nbsp;&nbsp; 289130 |
| Sumitomo Metal Mining Co. Ltd. | 5700 | &nbsp;&nbsp; 463062 |
| Sumitomo Mitsui Financial Group, Inc. | 15145 | &nbsp;&nbsp; 571652 |
| Sumitomo Mitsui Trust Group, Inc. | 69640 | &nbsp;&nbsp; 2428892 |
| Sumitomo Pharma Co. Ltd.<sup>(a)(b)</sup> | 51210 | &nbsp;&nbsp; 828935 |
| Sumitomo Realty & Development Co. Ltd. | 37060 | &nbsp;&nbsp; 1253185 |
| Sumitomo Rubber Industries Ltd. | 25660 | &nbsp;&nbsp; 455601 |
| Sundrug Co. Ltd. | 9766 | &nbsp;&nbsp; 264125 |
| Suzuken Co. Ltd. | 9980 | &nbsp;&nbsp; 421093 |
| Suzuki Motor Corp. | 82183 | &nbsp;&nbsp; 1243203 |
| T&D Holdings, Inc. | 44900 | &nbsp;&nbsp; 1209577 |
| Taiheiyo Cement Corp. | 32990 | &nbsp;&nbsp; 948669 |
| Taisei Corp. | 30907 | &nbsp;&nbsp; 4016967 |
| Taiyo Holdings Co. Ltd.<sup>(a)</sup> | 16184 | &nbsp;&nbsp; 556050 |
| Takara Holdings, Inc. | 19040 | &nbsp;&nbsp; 198648 |
| Takasago Thermal Engineering Co. Ltd. | 23475 | &nbsp;&nbsp; 787938 |
| Takashimaya Co. Ltd.<sup>(a)</sup> | 49480 | &nbsp;&nbsp; 628437 |
| Takeda Pharmaceutical Co. Ltd. | 10887 | &nbsp;&nbsp; 407574 |
| TDK Corp. | 29420 | &nbsp;&nbsp; 454609 |
| Terumo Corp. | 10157 | &nbsp;&nbsp; 137464 |
| THK Co. Ltd.<sup>(a)</sup> | 26370 | &nbsp;&nbsp; 949551 |
| TIS, Inc. | 25488 | &nbsp;&nbsp; 526911 |
| Tobu Railway Co. Ltd. | 18120 | &nbsp;&nbsp; 365226 |
| Toho Co. Ltd.<sup>(a)</sup> | 45975 | &nbsp;&nbsp; 460816 |
| Toho Gas Co. Ltd.<sup>(a)</sup> | 11810 | &nbsp;&nbsp; 426191 |
| Tokio Marine Holdings, Inc. | 16919 | &nbsp;&nbsp; 702854 |
| Tokyo Century Corp. | 15370 | &nbsp;&nbsp; 224415 |
| Tokyo Electric Power Co. Holdings, Inc.<sup>(b)</sup> | 198330 | &nbsp;&nbsp; 886850 |
| Tokyo Gas Co. Ltd. | 94232 | &nbsp;&nbsp; 4626963 |
| Tokyo Metro Co. Ltd.<sup>(a)</sup> | 24330 | &nbsp;&nbsp; 260437 |
| Tokyo Ohka Kogyo Co. Ltd. | 12450 | &nbsp;&nbsp; 731070 |
| Tokyo Seimitsu Co. Ltd. | 4070 | &nbsp;&nbsp; 448067 |
| Tokyo Tatemono Co. Ltd. | 33900 | &nbsp;&nbsp; 948730 |
| Tokyu Corp. | 22300 | &nbsp;&nbsp; 285047 |
| Tokyu Fudosan Holdings Corp. | 97330 | &nbsp;&nbsp; 979195 |
| Toray Industries, Inc. | 226290 | &nbsp;&nbsp; 1938268 |
| Toridoll Holdings Corp.<sup>(a)</sup> | 5800 | &nbsp;&nbsp; 158473 |
| Tosoh Corp.<sup>(a)</sup> | 56769 | &nbsp;&nbsp; 992357 |
| Toyo Seikan Group Holdings Ltd. | 58810 | &nbsp;&nbsp; 1536680 |
| Toyo Suisan Kaisha Ltd. | 3799 | &nbsp;&nbsp; 298915 |
| Toyo Tire Corp. | 76260 | &nbsp;&nbsp; 2350632 |
| Toyoda Gosei Co. Ltd. | 39910 | &nbsp;&nbsp; 1297243 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Toyota Boshoku Corp. | 33800 | &nbsp;&nbsp; $691403 |
| Toyota Industries Corp. | 7427 | &nbsp;&nbsp; 962105 |
| Toyota Tsusho Corp. | 94366 | &nbsp;&nbsp; 4219299 |
| Tsuruha Holdings, Inc.<sup>(a)</sup> | 74363 | &nbsp;&nbsp; 1253953 |
| United Urban Investment Corp. | 345 | &nbsp;&nbsp; 409794 |
| USS Co. Ltd. | 37207 | &nbsp;&nbsp; 452037 |
| Visional, Inc.<sup>(b)</sup> | 2140 | &nbsp;&nbsp; 100793 |
| West Japan Railway Co. | 78184 | &nbsp;&nbsp; 1682295 |
| Yamada Holdings Co. Ltd. | 76260 | &nbsp;&nbsp; 283075 |
| Yamaguchi Financial Group, Inc. | 34627 | &nbsp;&nbsp; 608766 |
| Yamaha Motor Co. Ltd. | 24230 | &nbsp;&nbsp; 192726 |
| Yamato Holdings Co. Ltd. | 108020 | &nbsp;&nbsp; 1323483 |
| Yamato Kogyo Co. Ltd. | 5088 | &nbsp;&nbsp; 423391 |
| Yamazaki Baking Co. Ltd. | 22400 | &nbsp;&nbsp; 503540 |
| Yokogawa Electric Corp. | 15361 | &nbsp;&nbsp; 612861 |
| Yokohama Financial Group, Inc. | 261450 | &nbsp;&nbsp; 2823637 |
| Yokohama Rubber Co. Ltd. (The) | 69030 | &nbsp;&nbsp; 3473077 |
| Zenkoku Hosho Co. Ltd. | 13993 | &nbsp;&nbsp; 288226 |
| Zensho Holdings Co. Ltd. | 7330 | &nbsp;&nbsp; 465405 |
| Zeon Corp. | 34373 | &nbsp;&nbsp; 470687 |
|  |  | &nbsp;&nbsp; 306314079 |
| **Luxembourg-0.72%** | **Luxembourg-0.72%** | **Luxembourg-0.72%** |
| ArcelorMittal S.A. | 79891 | &nbsp;&nbsp; 5229591 |
| Eurofins Scientific SE | 19013 | &nbsp;&nbsp; 1530907 |
| RTL Group S.A. | 6658 | &nbsp;&nbsp; 290935 |
|  |  | &nbsp;&nbsp; 7051433 |
| **Macau-0.08%** | **Macau-0.08%** | **Macau-0.08%** |
| Galaxy Entertainment Group Ltd. | 53700 | &nbsp;&nbsp; 285791 |
| MGM China Holdings Ltd. | 226794 | &nbsp;&nbsp; 362660 |
| Sands China Ltd. | 74013 | &nbsp;&nbsp; 167237 |
|  |  | &nbsp;&nbsp; 815688 |
| **Mexico-0.10%** | **Mexico-0.10%** | **Mexico-0.10%** |
| Fresnillo PLC | 16685 | &nbsp;&nbsp; 949774 |
| **Netherlands-1.68%** | **Netherlands-1.68%** | **Netherlands-1.68%** |
| ABN AMRO Bank N.V., CVA<sup>(c)</sup> | 72133 | &nbsp;&nbsp; 2414096 |
| Akzo Nobel N.V.<sup>(a)</sup> | 8068 | &nbsp;&nbsp; 566337 |
| argenx SE<sup>(b)</sup> | 358 | &nbsp;&nbsp; 276749 |
| ASR Nederland N.V. | 18354 | &nbsp;&nbsp; 1332639 |
| BE Semiconductor Industries N.V. | 1672 | &nbsp;&nbsp; 374389 |
| CTP N.V.<sup>(c)</sup> | 15726 | &nbsp;&nbsp; 333664 |
| Euronext N.V.<sup>(c)</sup> | 6265 | &nbsp;&nbsp; 1034296 |
| EXOR N.V. | 2642 | &nbsp;&nbsp; 231683 |
| Heineken Holding N.V. | 3847 | &nbsp;&nbsp; 332998 |
| ING Groep N.V. | 27415 | &nbsp;&nbsp; 790401 |
| JDE Peet's N.V. | 18194 | &nbsp;&nbsp; 681566 |
| Koninklijke Ahold Delhaize N.V. | 58487 | &nbsp;&nbsp; 2887867 |
| Koninklijke KPN N.V. | 222410 | &nbsp;&nbsp; 1263354 |
| Koninklijke Vopak N.V. | 6602 | &nbsp;&nbsp; 362616 |
| NN Group N.V. | 32807 | &nbsp;&nbsp; 2688704 |
| Prosus N.V.<sup>(b)</sup> | 6955 | &nbsp;&nbsp; 357218 |
| Randstad N.V. | 10475 | &nbsp;&nbsp; 345119 |
| Universal Music Group N.V. | 7796 | &nbsp;&nbsp; 175412 |
|  |  | &nbsp;&nbsp; 16449108 |
| **New Zealand-0.21%** | **New Zealand-0.21%** | **New Zealand-0.21%** |
| a2 Milk Co. Ltd. (The) | 109746 | &nbsp;&nbsp; 760534 |
| Air New Zealand Ltd. | 527355 | &nbsp;&nbsp; 175403 |
| Auckland International Airport Ltd. | 61291 | &nbsp;&nbsp; 337255 |

---

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

------

**8**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **New Zealand-(continued)** | **New Zealand-(continued)** | **New Zealand-(continued)** |
| Contact Energy Ltd. | 63029 | &nbsp;&nbsp; $351469 |
| Fisher & Paykel Healthcare Corp. Ltd. | 12169 | &nbsp;&nbsp; 297597 |
| Xero Ltd.<sup>(b)</sup> | 1770 | &nbsp;&nbsp; 104632 |
|  |  | &nbsp;&nbsp; 2026890 |
| **Nigeria-0.09%** | **Nigeria-0.09%** | **Nigeria-0.09%** |
| Airtel Africa PLC<sup>(c)</sup> | 179439 | &nbsp;&nbsp; 839877 |
| **Norway-0.57%** | **Norway-0.57%** | **Norway-0.57%** |
| Aker ASA, Class A | 5246 | &nbsp;&nbsp; 509028 |
| Aker BP ASA | 22837 | &nbsp;&nbsp; 693476 |
| DNB Bank ASA | 31379 | &nbsp;&nbsp; 992752 |
| Gjensidige Forsikring ASA | 14177 | &nbsp;&nbsp; 400345 |
| Kongsberg Gruppen ASA | 10814 | &nbsp;&nbsp; 438287 |
| Mowi ASA | 11928 | &nbsp;&nbsp; 281629 |
| Norsk Hydro ASA | 42891 | &nbsp;&nbsp; 397748 |
| Orkla ASA | 40396 | &nbsp;&nbsp; 552727 |
| Telenor ASA | 33368 | &nbsp;&nbsp; 618627 |
| Var Energi ASA | 65366 | &nbsp;&nbsp; 246646 |
| Vend Marketplaces ASA, Class B | 16271 | &nbsp;&nbsp; 409792 |
|  |  | &nbsp;&nbsp; 5541057 |
| **Poland-0.61%** | **Poland-0.61%** | **Poland-0.61%** |
| Bank Polska Kasa Opieki S.A. | 22285 | &nbsp;&nbsp; 1412193 |
| Dino Polska S.A.<sup>(a)(b)(c)</sup> | 17561 | &nbsp;&nbsp; 197485 |
| mBank S.A.<sup>(b)</sup> | 908 | &nbsp;&nbsp; 263935 |
| ORLEN S.A. | 34789 | &nbsp;&nbsp; 1120683 |
| Powszechna Kasa Oszczednosci Bank Polski <br> S.A.<br>| 53744 | &nbsp;&nbsp; 1392630 |
| Powszechny Zaklad Ubezpieczen S.A. | 81023 | &nbsp;&nbsp; 1535262 |
|  |  | &nbsp;&nbsp; 5922188 |
| **Portugal-0.62%** | **Portugal-0.62%** | **Portugal-0.62%** |
| Banco Comercial Portugues S.A., Class R | 2717831 | &nbsp;&nbsp; 2852486 |
| EDP S.A. | 158993 | &nbsp;&nbsp; 845287 |
| Galp Energia SGPS S.A. | 38260 | &nbsp;&nbsp; 829568 |
| Jeronimo Martins SGPS S.A. | 58654 | &nbsp;&nbsp; 1540315 |
|  |  | &nbsp;&nbsp; 6067656 |
| **Singapore-1.35%** | **Singapore-1.35%** | **Singapore-1.35%** |
| CapitaLand Ascendas REIT | 128123 | &nbsp;&nbsp; 272175 |
| CapitaLand Integrated Commercial Trust | 249356 | &nbsp;&nbsp; 482446 |
| City Developments Ltd. | 73100 | &nbsp;&nbsp; 566209 |
| ComfortDelGro Corp. Ltd. | 406230 | &nbsp;&nbsp; 497340 |
| DBS Group Holdings Ltd. | 15950 | &nbsp;&nbsp; 718499 |
| Keppel DC REIT | 152110 | &nbsp;&nbsp; 277551 |
| Keppel Ltd. | 169185 | &nbsp;&nbsp; 1747516 |
| Oversea-Chinese Banking Corp. Ltd. | 47215 | &nbsp;&nbsp; 799060 |
| Seatrium Ltd.<sup>(a)</sup> | 361840 | &nbsp;&nbsp; 684795 |
| Sembcorp Industries Ltd.<sup>(a)</sup> | 153430 | &nbsp;&nbsp; 740838 |
| Singapore Airlines Ltd. | 136730 | &nbsp;&nbsp; 775461 |
| Singapore Exchange Ltd. | 82601 | &nbsp;&nbsp; 1186249 |
| Singapore Technologies Engineering Ltd.<sup>(a)</sup> | 200156 | &nbsp;&nbsp; 1575074 |
| Singapore Telecommunications Ltd. | 117277 | &nbsp;&nbsp; 466613 |
| United Overseas Bank Ltd. | 30285 | &nbsp;&nbsp; 883675 |
| UOL Group Ltd. | 140090 | &nbsp;&nbsp; 1248482 |
| Venture Corp. Ltd. | 25660 | &nbsp;&nbsp; 316854 |
|  |  | &nbsp;&nbsp; 13238837 |
| **South Africa-0.03%** | **South Africa-0.03%** | **South Africa-0.03%** |
| Anglo American PLC | 5711 | &nbsp;&nbsp; 284260 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-12.58%** | **South Korea-12.58%** | **South Korea-12.58%** |
| BNK Financial Group, Inc. | 89786 | &nbsp;&nbsp; $1243197 |
| Cheil Worldwide, Inc. | 19825 | &nbsp;&nbsp; 302283 |
| CJ Corp. | 3760 | &nbsp;&nbsp; 571332 |
| Coway Co. Ltd.<sup>(b)</sup> | 15927 | &nbsp;&nbsp; 904905 |
| DB Insurance Co. Ltd. | 12443 | &nbsp;&nbsp; 1580823 |
| Doosan Bobcat, Inc. | 22083 | &nbsp;&nbsp; 995784 |
| Doosan Co. Ltd. | 2140 | &nbsp;&nbsp; 1904150 |
| Doosan Co. Ltd., Preference Shares | 998 | &nbsp;&nbsp; 426420 |
| Doosan Enerbility Co. Ltd.<sup>(b)</sup> | 11221 | &nbsp;&nbsp; 829291 |
| E-MART, Inc. | 9496 | &nbsp;&nbsp; 692841 |
| GS Holdings Corp. | 7428 | &nbsp;&nbsp; 355005 |
| Hana Financial Group, Inc. | 88635 | &nbsp;&nbsp; 7497392 |
| Hanjin Kal Corp.<sup>(b)</sup> | 3768 | &nbsp;&nbsp; 408400 |
| Hankook Tire & Technology Co. Ltd. | 6251 | &nbsp;&nbsp; 316627 |
| Hanwha Aerospace Co. Ltd. | 1609 | &nbsp;&nbsp; 1337535 |
| Hanwha Corp.<sup>(b)</sup> | 18404 | &nbsp;&nbsp; 1747639 |
| Hanwha Corp., Third Pfd.<sup>(b)</sup> | 12965 | &nbsp;&nbsp; 505784 |
| Hanwha Ocean Co. Ltd.<sup>(b)</sup> | 1846 | &nbsp;&nbsp; 181127 |
| Hanwha Systems Co. Ltd.<sup>(b)</sup> | 12243 | &nbsp;&nbsp; 965313 |
| HD Hyundai Co. Ltd. | 27602 | &nbsp;&nbsp; 5614924 |
| HD Hyundai Electric Co. Ltd. | 1306 | &nbsp;&nbsp; 953452 |
| HD Hyundai Heavy Industries Co. Ltd. | 2124 | &nbsp;&nbsp; 889478 |
| HD Hyundai Marine Solution Co. Ltd. | 1526 | &nbsp;&nbsp; 195401 |
| HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd.<br>| 7786 | &nbsp;&nbsp; 2435502 |
| HMM Co. Ltd. | 45400 | &nbsp;&nbsp; 672922 |
| HYBE Co. Ltd. | 1231 | &nbsp;&nbsp; 330957 |
| Hyosung Heavy Industries Corp. | 636 | &nbsp;&nbsp; 1246682 |
| Hyundai Engineering & Construction Co. <br> Ltd.<br>| 46195 | &nbsp;&nbsp; 5290691 |
| Hyundai Glovis Co. Ltd. | 16188 | &nbsp;&nbsp; 3259456 |
| Hyundai Mobis Co. Ltd. | 10158 | &nbsp;&nbsp; 3651319 |
| Hyundai Rotem Co. Ltd. | 4015 | &nbsp;&nbsp; 641930 |
| Hyundai Steel Co. | 52300 | &nbsp;&nbsp; 1686688 |
| iM Financial Group Co. Ltd. | 91985 | &nbsp;&nbsp; 1175587 |
| Industrial Bank of Korea | 103516 | &nbsp;&nbsp; 1853862 |
| Kakao Corp. | 12982 | &nbsp;&nbsp; 561729 |
| Kangwon Land, Inc. | 13512 | &nbsp;&nbsp; 178768 |
| KB Financial Group, Inc. | 44929 | &nbsp;&nbsp; 4958729 |
| KCC Corp. | 1599 | &nbsp;&nbsp; 723866 |
| KEPCO Plant Service & Engineering Co. <br> Ltd.<sup>(b)</sup><br>| 10010 | &nbsp;&nbsp; 431320 |
| Kia Corp. | 6387 | &nbsp;&nbsp; 911985 |
| Korea Aerospace Industries Ltd. | 3727 | &nbsp;&nbsp; 495240 |
| Korea Electric Power Corp. | 117914 | &nbsp;&nbsp; 4739450 |
| Korea Investment Holdings Co. Ltd. | 9366 | &nbsp;&nbsp; 1684134 |
| Korean Air Lines Co. Ltd.<sup>(b)</sup> | 32197 | &nbsp;&nbsp; 627432 |
| KT&G Corp. | 9965 | &nbsp;&nbsp; 1129102 |
| LG CNS Co. Ltd. | 4531 | &nbsp;&nbsp; 234117 |
| LG Display Co. Ltd.<sup>(b)</sup> | 25882 | &nbsp;&nbsp; 258304 |
| LG Uplus Corp. | 140878 | &nbsp;&nbsp; 1620760 |
| LIG Nex1 Co. Ltd.<sup>(b)</sup> | 2121 | &nbsp;&nbsp; 748751 |
| LS Corp. | 11346 | &nbsp;&nbsp; 2247866 |
| LS Electric Co. Ltd. | 2657 | &nbsp;&nbsp; 1455023 |
| Meritz Financial Group, Inc.<sup>(b)</sup> | 5691 | &nbsp;&nbsp; 502027 |
| Mirae Asset Securities Co. Ltd. | 14636 | &nbsp;&nbsp; 733662 |
| Mirae Asset Securities Co. Ltd., Second <br> Pfd.<br>| 57244 | &nbsp;&nbsp; 918725 |
| NAVER Corp. | 8440 | &nbsp;&nbsp; 1490963 |
| Orion Corp. | 5554 | &nbsp;&nbsp; 515032 |

---

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

------

**9**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| Pan Ocean Co. Ltd. | 76381 | &nbsp;&nbsp; $280208 |
| S-1 Corp. | 6185 | &nbsp;&nbsp; 376833 |
| Samsung C&T Corp. | 3376 | &nbsp;&nbsp; 822709 |
| Samsung E&A Co. Ltd. | 36092 | &nbsp;&nbsp; 912518 |
| Samsung Electro-Mechanics Co. Ltd. | 5755 | &nbsp;&nbsp; 1798668 |
| Samsung Fire & Marine Insurance Co. Ltd. | 3913 | &nbsp;&nbsp; 1442058 |
| Samsung Heavy Industries Co. Ltd.<sup>(b)</sup> | 44330 | &nbsp;&nbsp; 892284 |
| Samsung Life Insurance Co. Ltd. | 8568 | &nbsp;&nbsp; 1371604 |
| Samsung Securities Co. Ltd. | 35226 | &nbsp;&nbsp; 2617401 |
| Samyang Foods Co. Ltd. | 440 | &nbsp;&nbsp; 373503 |
| Shinhan Financial Group Co. Ltd. | 36361 | &nbsp;&nbsp; 2445513 |
| SK hynix, Inc. | 6301 | &nbsp;&nbsp; 4658912 |
| SK Square Co. Ltd.<sup>(b)</sup> | 30483 | &nbsp;&nbsp; 13681320 |
| SK, Inc. | 9051 | &nbsp;&nbsp; 2527231 |
| Woori Financial Group, Inc. | 362389 | &nbsp;&nbsp; 9068645 |
|  |  | &nbsp;&nbsp; 123101091 |
| **Spain-2.98%** | **Spain-2.98%** | **Spain-2.98%** |
| Acciona S.A.<sup>(a)</sup> | 5789 | &nbsp;&nbsp; 1678791 |
| ACS Actividades de Construccion y <br> Servicios S.A.<br>| 43465 | &nbsp;&nbsp; 5604231 |
| Aena S.M.E. S.A.<sup>(c)</sup> | 9361 | &nbsp;&nbsp; 294817 |
| Banco Bilbao Vizcaya Argentaria S.A. | 38609 | &nbsp;&nbsp; 893566 |
| Banco de Sabadell S.A.<sup>(a)</sup> | 1756604 | &nbsp;&nbsp; 6608637 |
| Banco Santander S.A. | 188221 | &nbsp;&nbsp; 2372049 |
| Bankinter S.A.<sup>(a)</sup> | 273745 | &nbsp;&nbsp; 4538890 |
| CaixaBank S.A. | 181024 | &nbsp;&nbsp; 2229473 |
| Endesa S.A. | 16699 | &nbsp;&nbsp; 680738 |
| Grifols S.A.<sup>(a)</sup> | 23814 | &nbsp;&nbsp; 298543 |
| Iberdrola S.A. | 9720 | &nbsp;&nbsp; 229249 |
| Mapfre S.A.<sup>(a)</sup> | 368250 | &nbsp;&nbsp; 1710356 |
| Repsol S.A. | 73085 | &nbsp;&nbsp; 1652698 |
| Telefonica S.A.<sup>(a)</sup> | 93274 | &nbsp;&nbsp; 422966 |
|  |  | &nbsp;&nbsp; 29215004 |
| **Sweden-3.27%** | **Sweden-3.27%** | **Sweden-3.27%** |
| Addtech AB | 10870 | &nbsp;&nbsp; 402021 |
| Alfa Laval AB | 4368 | &nbsp;&nbsp; 257949 |
| Assa Abloy AB, Class B | 11317 | &nbsp;&nbsp; 481976 |
| Axfood AB<sup>(a)</sup> | 15529 | &nbsp;&nbsp; 566842 |
| Beijer Ref AB | 18673 | &nbsp;&nbsp; 291504 |
| Boliden AB<sup>(b)</sup> | 43980 | &nbsp;&nbsp; 3488128 |
| Epiroc AB, Class A | 10567 | &nbsp;&nbsp; 317614 |
| Essity AB, Class B | 7942 | &nbsp;&nbsp; 252413 |
| Evolution AB<sup>(a)(c)</sup> | 2404 | &nbsp;&nbsp; 144874 |
| Getinge AB, Class B<sup>(a)</sup> | 12849 | &nbsp;&nbsp; 287766 |
| Hexagon AB, Class B | 44910 | &nbsp;&nbsp; 511190 |
| Industrivarden AB, Class A | 4538 | &nbsp;&nbsp; 257696 |
| Industrivarden AB, Class C<sup>(a)</sup> | 6383 | &nbsp;&nbsp; 360608 |
| Investor AB, Class B | 5730 | &nbsp;&nbsp; 239140 |
| Lifco AB, Class B<sup>(a)</sup> | 4957 | &nbsp;&nbsp; 175976 |
| Saab AB, Class B | 16289 | &nbsp;&nbsp; 1190033 |
| Sandvik AB<sup>(a)</sup> | 30225 | &nbsp;&nbsp; 1332791 |
| Securitas AB, Class B<sup>(a)</sup> | 119112 | &nbsp;&nbsp; 2120847 |
| Skandinaviska Enskilda Banken AB, Class A | 58858 | &nbsp;&nbsp; 1252085 |
| Skanska AB, Class B<sup>(a)</sup> | 80270 | &nbsp;&nbsp; 2462191 |
| SKF AB, Class B | 65377 | &nbsp;&nbsp; 1869818 |
| SSAB AB, Class A | 96532 | &nbsp;&nbsp; 862112 |
| SSAB AB, Class B<sup>(a)</sup> | 278823 | &nbsp;&nbsp; 2463283 |
| Svenska Cellulosa AB S.C.A., Class B<sup>(a)</sup> | 13297 | &nbsp;&nbsp; 180618 |
| Svenska Handelsbanken AB, Class A<sup>(a)</sup> | 94776 | &nbsp;&nbsp; 1516052 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Sweden-(continued)** | **Sweden-(continued)** | **Sweden-(continued)** |
| Swedbank AB, Class A<sup>(a)</sup> | 97113 | &nbsp;&nbsp; $3732476 |
| Tele2 AB, Class B | 76476 | &nbsp;&nbsp; 1614857 |
| Telefonaktiebolaget LM Ericsson, Class B | 70435 | &nbsp;&nbsp; 814679 |
| Telia Co. AB<sup>(a)</sup> | 169919 | &nbsp;&nbsp; 872815 |
| Trelleborg AB, Class B | 6001 | &nbsp;&nbsp; 263195 |
| Volvo AB, Class B<sup>(a)</sup> | 37311 | &nbsp;&nbsp; 1452517 |
|  |  | &nbsp;&nbsp; 32036066 |
| **Switzerland-2.16%** | **Switzerland-2.16%** | **Switzerland-2.16%** |
| Adecco Group AG<sup>(a)</sup> | 12848 | &nbsp;&nbsp; 361109 |
| Avolta AG<sup>(b)</sup> | 42182 | &nbsp;&nbsp; 2772294 |
| Banque Cantonale Vaudoise<sup>(a)</sup> | 1472 | &nbsp;&nbsp; 225136 |
| Belimo Holding AG | 660 | &nbsp;&nbsp; 657639 |
| BKW AG | 2215 | &nbsp;&nbsp; 435132 |
| Cie Financiere Richemont S.A. | 1540 | &nbsp;&nbsp; 313859 |
| Flughafen Zureich AG<sup>(b)</sup> | 1683 | &nbsp;&nbsp; 576491 |
| Galderma Group AG, Class A | 3897 | &nbsp;&nbsp; 735212 |
| Geberit AG | 708 | &nbsp;&nbsp; 595172 |
| Georg Fischer AG | 4067 | &nbsp;&nbsp; 256947 |
| Helvetia Baloise Holding AG | 8506 | &nbsp;&nbsp; 2208260 |
| Julius Baer Group Ltd. | 24349 | &nbsp;&nbsp; 2069856 |
| Logitech International S.A., Class R | 4840 | &nbsp;&nbsp; 443922 |
| Lonza Group AG | 346 | &nbsp;&nbsp; 240595 |
| PSP Swiss Property AG | 2800 | &nbsp;&nbsp; 602885 |
| Sandoz Group AG | 15692 | &nbsp;&nbsp; 1381984 |
| Schindler Holding AG, PC | 761 | &nbsp;&nbsp; 289662 |
| Swiss Life Holding AG<sup>(b)</sup> | 982 | &nbsp;&nbsp; 1124253 |
| Swiss Prime Site AG | 4465 | &nbsp;&nbsp; 851789 |
| Swisscom AG | 438 | &nbsp;&nbsp; 410737 |
| Swissquote Group Holding S.A. | 4079 | &nbsp;&nbsp; 2175797 |
| Temenos AG | 5561 | &nbsp;&nbsp; 515764 |
| UBS Group AG | 19830 | &nbsp;&nbsp; 823719 |
| VZ Holding AG | 1186 | &nbsp;&nbsp; 222927 |
| Zurich Insurance Group AG | 1165 | &nbsp;&nbsp; 878560 |
|  |  | &nbsp;&nbsp; 21169701 |
| **Taiwan-0.06%** | **Taiwan-0.06%** | **Taiwan-0.06%** |
| FIT Hon Teng Ltd.<sup>(a)(b)(c)</sup> | 688697 | &nbsp;&nbsp; 551978 |
| **United Kingdom-7.80%** | **United Kingdom-7.80%** | **United Kingdom-7.80%** |
| 3i Group PLC | 18765 | &nbsp;&nbsp; 836353 |
| Admiral Group PLC | 28030 | &nbsp;&nbsp; 1117126 |
| Ashtead Group PLC | 3231 | &nbsp;&nbsp; 230877 |
| Associated British Foods PLC | 15383 | &nbsp;&nbsp; 408713 |
| Aviva PLC | 524351 | &nbsp;&nbsp; 4820649 |
| BAE Systems PLC | 42502 | &nbsp;&nbsp; 1210787 |
| Barclays PLC | 638440 | &nbsp;&nbsp; 3865950 |
| Beazley PLC | 70075 | &nbsp;&nbsp; 1191159 |
| British American Tobacco PLC | 12323 | &nbsp;&nbsp; 767688 |
| BT Group PLC | 860992 | &nbsp;&nbsp; 2503490 |
| Burberry Group PLC<sup>(b)</sup> | 67386 | &nbsp;&nbsp; 1050999 |
| Centrica PLC | 2403533 | &nbsp;&nbsp; 6430360 |
| Compass Group PLC | 10711 | &nbsp;&nbsp; 327229 |
| Convatec Group PLC<sup>(c)</sup> | 84821 | &nbsp;&nbsp; 291955 |
| DCC PLC | 7520 | &nbsp;&nbsp; 523140 |
| Diploma PLC | 5542 | &nbsp;&nbsp; 422323 |
| Entain PLC | 19064 | &nbsp;&nbsp; 147356 |
| Haleon PLC | 39430 | &nbsp;&nbsp; 215915 |
| Halma PLC | 13361 | &nbsp;&nbsp; 750034 |
| Hikma Pharmaceuticals PLC | 10244 | &nbsp;&nbsp; 181246 |
| Hiscox Ltd. | 56315 | &nbsp;&nbsp; 1170520 |

---

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

------

**10**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Howden Joinery Group PLC | 15687 | &nbsp;&nbsp; $203926 |
| HSBC Holdings PLC | 36085 | &nbsp;&nbsp; 672864 |
| ICG PLC | 6534 | &nbsp;&nbsp; 146733 |
| IMI PLC | 26277 | &nbsp;&nbsp; 1017117 |
| Imperial Brands PLC | 81671 | &nbsp;&nbsp; 3649268 |
| Informa PLC | 33245 | &nbsp;&nbsp; 374587 |
| InterContinental Hotels Group PLC | 3234 | &nbsp;&nbsp; 444417 |
| International Consolidated Airlines Group <br> S.A.<br>| 766735 | &nbsp;&nbsp; 4356811 |
| Intertek Group PLC | 3403 | &nbsp;&nbsp; 216325 |
| J Sainsbury PLC | 221053 | &nbsp;&nbsp; 1036384 |
| Kingfisher PLC | 72302 | &nbsp;&nbsp; 362818 |
| Land Securities Group PLC | 23195 | &nbsp;&nbsp; 201034 |
| Legal & General Group PLC | 135891 | &nbsp;&nbsp; 495198 |
| Lloyds Banking Group PLC | 3465275 | &nbsp;&nbsp; 4722384 |
| Marks & Spencer Group PLC | 95193 | &nbsp;&nbsp; 507703 |
| Melrose Industries PLC | 44526 | &nbsp;&nbsp; 338005 |
| National Grid PLC<sup>(a)</sup> | 22911 | &nbsp;&nbsp; 427570 |
| NatWest Group PLC | 614653 | &nbsp;&nbsp; 5090992 |
| Next PLC | 5726 | &nbsp;&nbsp; 1041027 |
| Pearson PLC | 37555 | &nbsp;&nbsp; 482160 |
| Reckitt Benckiser Group PLC | 9914 | &nbsp;&nbsp; 871340 |
| Rentokil Initial PLC | 69124 | &nbsp;&nbsp; 426057 |
| Rightmove PLC | 34456 | &nbsp;&nbsp; 207125 |
| Rolls-Royce Holdings PLC | 44285 | &nbsp;&nbsp; 794446 |
| Sage Group PLC (The) | 24796 | &nbsp;&nbsp; 272201 |
| Schroders PLC | 102666 | &nbsp;&nbsp; 806514 |
| Severn Trent PLC | 7335 | &nbsp;&nbsp; 322994 |
| Shell PLC | 5687 | &nbsp;&nbsp; 237622 |
| Smith & Nephew PLC | 49006 | &nbsp;&nbsp; 902505 |
| Smiths Group PLC | 31659 | &nbsp;&nbsp; 1167667 |
| Spirax Group PLC | 2119 | &nbsp;&nbsp; 225258 |
| SSE PLC | 15113 | &nbsp;&nbsp; 544969 |
| St. James's Place PLC | 126520 | &nbsp;&nbsp; 2285501 |
| Standard Chartered PLC | 43435 | &nbsp;&nbsp; 1068885 |
| Standard Life PLC | 292983 | &nbsp;&nbsp; 3018965 |
| Tesco PLC | 300092 | &nbsp;&nbsp; 1938044 |
| United Utilities Group PLC | 39204 | &nbsp;&nbsp; 733111 |
| Vodafone Group PLC | 1009557 | &nbsp;&nbsp; 1550856 |
| Weir Group PLC (The) | 21196 | &nbsp;&nbsp; 1002946 |
| Whitbread PLC | 9542 | &nbsp;&nbsp; 333288 |
| Wise PLC, Class A<sup>(b)</sup> | 291594 | &nbsp;&nbsp; 3370640 |
|  |  | &nbsp;&nbsp; 76332126 |
| **United States-1.35%** | **United States-1.35%** | **United States-1.35%** |
| A.P. Moller - Maersk A/S, Class A | 561 | &nbsp;&nbsp; 1373167 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| A.P. Moller - Maersk A/S, Class B<sup>(a)</sup> | 751 | &nbsp;&nbsp; $1863326 |
| Aegon Ltd. | 36164 | &nbsp;&nbsp; 275011 |
| Amrize Ltd.<sup>(b)</sup> | 14100 | &nbsp;&nbsp; 904239 |
| BP PLC | 107444 | &nbsp;&nbsp; 694736 |
| Buzzi S.p.A. | 8912 | &nbsp;&nbsp; 513416 |
| Ferrovial SE | 6401 | &nbsp;&nbsp; 476696 |
| GFL Environmental, Inc. | 3485 | &nbsp;&nbsp; 154031 |
| GSK PLC | 11033 | &nbsp;&nbsp; 327048 |
| Holcim AG<sup>(b)</sup> | 43237 | &nbsp;&nbsp; 3973799 |
| Sims Ltd. | 45351 | &nbsp;&nbsp; 709342 |
| Swiss Re AG<sup>(a)</sup> | 7688 | &nbsp;&nbsp; 1353038 |
| Tenaris S.A. | 22454 | &nbsp;&nbsp; 613289 |
|  |  | &nbsp;&nbsp; 13231138 |
| **Zambia-0.07%** | **Zambia-0.07%** | **Zambia-0.07%** |
| First Quantum Minerals Ltd.<sup>(b)</sup> | 23005 | &nbsp;&nbsp; 688876 |
| Total Common Stocks & Other Equity Interests <br>(Cost $807,529,419) | Total Common Stocks & Other Equity Interests <br>(Cost $807,529,419) | &nbsp;&nbsp; 976280891 |
| **Money Market Funds-0.05%** | **Money Market Funds-0.05%** | **Money Market Funds-0.05%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $498,267)<br>| 498267 | &nbsp;&nbsp; 498267 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.79% <br>(Cost $808,027,686) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.79% <br>(Cost $808,027,686) | &nbsp;&nbsp; 976779158 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-6.20%** | **Money Market Funds-6.20%** | **Money Market Funds-6.20%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 16874433 | &nbsp;&nbsp; 16874433 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 43751877 | &nbsp;&nbsp; 43765003 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $60,639,436) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $60,639,436) | &nbsp;&nbsp; 60639436 |
| TOTAL INVESTMENTS IN SECURITIES-105.99% <br>(Cost $868,667,122) | TOTAL INVESTMENTS IN SECURITIES-105.99% <br>(Cost $868,667,122) | &nbsp;&nbsp; 1037418594 |
| OTHER ASSETS LESS LIABILITIES-(5.99)% | OTHER ASSETS LESS LIABILITIES-(5.99)% | &nbsp;&nbsp; (58594961)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $978823633 |

---

---

| |
|:---|
| Investment Abbreviations: |
| BR-Bearer Shares |
| CVA-Dutch Certificates |
| PC-Participation Certificate |
| Pfd.-Preferred |
| REIT-Real Estate Investment Trust |
| RSP-Registered Savings Plan Shares |

---

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

------

**11**

------

**Invesco International Developed Dynamic Multifactor ETF (IMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</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> February 28, 2026 was $13,362,552, which represented 1.37% of the Fund's Net Assets.<br>|
| <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 six months ended February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**(Loss)**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $204216 | &nbsp;&nbsp; $62510864 | &nbsp;&nbsp; $(62216813)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $498267 | &nbsp;&nbsp; $23367 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 1765964 | &nbsp;&nbsp; 43193317 | &nbsp;&nbsp; (28084848)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16874433 | &nbsp;&nbsp; 151,289<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 4677276 | &nbsp;&nbsp; 100798487 | &nbsp;&nbsp; (61710490)<br>| &nbsp;&nbsp; (191)<br>| &nbsp;&nbsp; (79)<br>| &nbsp;&nbsp; 43765003 | &nbsp;&nbsp; 409,714<br> \*<br>|
| Total | &nbsp;&nbsp; $6647456 | &nbsp;&nbsp; $206502668 | &nbsp;&nbsp; $(152012151)<br>| &nbsp;&nbsp; $(191)<br>| &nbsp;&nbsp; $(79)<br>| &nbsp;&nbsp; $61137703 | &nbsp;&nbsp; $584370 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J. 

---

| | |
|:---|:---|
| This Fund has holdings greater than 10% of net assets in the following country: |  |
| Japan | 31.29% |
| South Korea | 12.58% |

---

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

------

**12**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
| **Communication Services-9.74%** | **Communication Services-9.74%** | **Communication Services-9.74%** |
| Alphabet, Inc., Class A | 249313 | &nbsp;&nbsp; $77725821 |
| Alphabet, Inc., Class C | 203048 | &nbsp;&nbsp; 63235239 |
| AST SpaceMobile, Inc.<sup>(b)(c)</sup> | 4251 | &nbsp;&nbsp; 336637 |
| AT&T, Inc. | 506823 | &nbsp;&nbsp; 14196112 |
| Charter Communications, Inc., <br> Class A<sup>(b)(c)</sup><br>| 19280 | &nbsp;&nbsp; 4523666 |
| Comcast Corp., Class A | 221288 | &nbsp;&nbsp; 6851076 |
| DoubleVerify Holdings, Inc.<sup>(b)</sup> | 40869 | &nbsp;&nbsp; 430759 |
| Electronic Arts, Inc. | 11189 | &nbsp;&nbsp; 2244178 |
| Fox Corp., Class A | 32189 | &nbsp;&nbsp; 1813528 |
| Fox Corp., Class B | 20639 | &nbsp;&nbsp; 1067655 |
| GCI Liberty, Inc., Class C<sup>(b)(c)</sup> | 9533 | &nbsp;&nbsp; 375124 |
| IAC, Inc.<sup>(b)(c)</sup> | 11377 | &nbsp;&nbsp; 435967 |
| Iridium Communications, Inc. | 29255 | &nbsp;&nbsp; 700657 |
| Liberty Broadband Corp., Class C<sup>(b)</sup> | 24629 | &nbsp;&nbsp; 1344990 |
| Liberty Global Ltd., Class A (Belgium)<sup>(b)(c)</sup> | 25790 | &nbsp;&nbsp; 328565 |
| Liberty Global Ltd., Class C (Belgium)<sup>(b)</sup> | 19228 | &nbsp;&nbsp; 236504 |
| Liberty Media Corp.-Liberty Formula <br> One<sup>(b)</sup><br>| 3517 | &nbsp;&nbsp; 322122 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 22177 | &nbsp;&nbsp; 3595779 |
| Match Group, Inc. | 100933 | &nbsp;&nbsp; 3189483 |
| Meta Platforms, Inc., Class A | 226114 | &nbsp;&nbsp; 146562573 |
| Millicom International Cellular S.A. <br> (Guatemala)<br>| 32432 | &nbsp;&nbsp; 2363968 |
| Netflix, Inc.<sup>(b)</sup> | 311936 | &nbsp;&nbsp; 30020721 |
| New York Times Co. (The), Class A<sup>(c)</sup> | 13728 | &nbsp;&nbsp; 1095357 |
| News Corp., Class A | 47422 | &nbsp;&nbsp; 1151880 |
| News Corp., Class B | 15105 | &nbsp;&nbsp; 404512 |
| Nexstar Media Group, Inc., Class A<sup>(c)</sup> | 8417 | &nbsp;&nbsp; 2112835 |
| Omnicom Group, Inc. | 26418 | &nbsp;&nbsp; 2253191 |
| Pinterest, Inc., Class A<sup>(b)(c)</sup> | 284287 | &nbsp;&nbsp; 4869836 |
| Reddit, Inc., Class A<sup>(b)(c)</sup> | 5176 | &nbsp;&nbsp; 754713 |
| Roblox Corp., Class A<sup>(b)</sup> | 36335 | &nbsp;&nbsp; 2494761 |
| Roku, Inc., Class A<sup>(b)</sup> | 15068 | &nbsp;&nbsp; 1482842 |
| Sirius XM Holdings, Inc.<sup>(c)</sup> | 39929 | &nbsp;&nbsp; 876841 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 14658 | &nbsp;&nbsp; 7547991 |
| TKO Group Holdings, Inc. | 5302 | &nbsp;&nbsp; 1186959 |
| T-Mobile US, Inc. | 19142 | &nbsp;&nbsp; 4155537 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 45681 | &nbsp;&nbsp; 1088121 |
| Verizon Communications, Inc. | 136527 | &nbsp;&nbsp; 6845464 |
| Versant Media Group, Inc.<sup>(b)</sup> | 8939 | &nbsp;&nbsp; 297847 |
| Walt Disney Co. (The) | 242505 | &nbsp;&nbsp; 25715230 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 148755 | &nbsp;&nbsp; 4190428 |
| ZoomInfo Technologies, Inc., Class A<sup>(b)(c)</sup> | 89456 | &nbsp;&nbsp; 555522 |
|  |  | &nbsp;&nbsp; 430980991 |
| **Consumer Discretionary-12.99%** | **Consumer Discretionary-12.99%** | **Consumer Discretionary-12.99%** |
| ADT, Inc. | 197651 | &nbsp;&nbsp; 1585161 |
| Airbnb, Inc., Class A<sup>(b)</sup> | 99302 | &nbsp;&nbsp; 13416693 |
| Amazon.com, Inc.<sup>(b)</sup> | 528509 | &nbsp;&nbsp; 110986890 |
| Amer Sports, Inc. (Finland)<sup>(b)</sup> | 16924 | &nbsp;&nbsp; 642773 |
| Aptiv PLC<sup>(b)</sup> | 98626 | &nbsp;&nbsp; 7252956 |
| Aramark | 39317 | &nbsp;&nbsp; 1645416 |
| AutoNation, Inc.<sup>(b)</sup> | 6751 | &nbsp;&nbsp; 1317525 |
| AutoZone, Inc.<sup>(b)</sup> | 728 | &nbsp;&nbsp; 2734062 |
| Bath & Body Works, Inc. | 67738 | &nbsp;&nbsp; 1541717 |
| Best Buy Co., Inc.<sup>(c)</sup> | 59086 | &nbsp;&nbsp; 3661559 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Birkenstock Holding PLC (Germany)<sup>(b)(c)</sup> | 5920 | &nbsp;&nbsp; $246568 |
| Booking Holdings, Inc. | 3223 | &nbsp;&nbsp; 13663425 |
| BorgWarner, Inc. | 49000 | &nbsp;&nbsp; 2820930 |
| Boyd Gaming Corp. | 14486 | &nbsp;&nbsp; 1205670 |
| Bright Horizons Family Solutions, Inc.<sup>(b)</sup> | 8792 | &nbsp;&nbsp; 655180 |
| Brunswick Corp. | 15810 | &nbsp;&nbsp; 1258792 |
| Burlington Stores, Inc.<sup>(b)</sup> | 19339 | &nbsp;&nbsp; 5934559 |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 76972 | &nbsp;&nbsp; 1928149 |
| CarMax, Inc.<sup>(b)(c)</sup> | 34294 | &nbsp;&nbsp; 1480472 |
| Carnival Corp. | 584345 | &nbsp;&nbsp; 18436085 |
| Carvana Co.<sup>(b)(c)</sup> | 17564 | &nbsp;&nbsp; 5869186 |
| Cava Group, Inc.<sup>(b)(c)</sup> | 11754 | &nbsp;&nbsp; 969352 |
| Chewy, Inc., Class A<sup>(b)(c)</sup> | 83100 | &nbsp;&nbsp; 2278602 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 93907 | &nbsp;&nbsp; 3495219 |
| Churchill Downs, Inc.<sup>(c)</sup> | 11643 | &nbsp;&nbsp; 1070341 |
| Coupang, Inc. (South Korea)<sup>(b)</sup> | 319162 | &nbsp;&nbsp; 6089611 |
| Crocs, Inc.<sup>(b)</sup> | 26952 | &nbsp;&nbsp; 2444816 |
| D.R. Horton, Inc. | 61586 | &nbsp;&nbsp; 9877779 |
| Darden Restaurants, Inc.<sup>(c)</sup> | 10212 | &nbsp;&nbsp; 2183836 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 35021 | &nbsp;&nbsp; 4106913 |
| Dick's Sporting Goods, Inc.<sup>(c)</sup> | 26903 | &nbsp;&nbsp; 5478258 |
| Dillard's, Inc., Class A<sup>(c)</sup> | 1825 | &nbsp;&nbsp; 1100092 |
| Domino's Pizza, Inc. | 2626 | &nbsp;&nbsp; 1056991 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 38479 | &nbsp;&nbsp; 6790389 |
| DraftKings, Inc., Class A<sup>(b)</sup> | 25564 | &nbsp;&nbsp; 609446 |
| Duolingo, Inc.<sup>(b)</sup> | 3528 | &nbsp;&nbsp; 356328 |
| Dutch Bros, Inc., Class A<sup>(b)</sup> | 17273 | &nbsp;&nbsp; 926006 |
| eBay, Inc. | 71598 | &nbsp;&nbsp; 6505394 |
| Etsy, Inc.<sup>(b)</sup> | 56835 | &nbsp;&nbsp; 3119105 |
| Expedia Group, Inc. | 48875 | &nbsp;&nbsp; 10541849 |
| Five Below, Inc.<sup>(b)</sup> | 17165 | &nbsp;&nbsp; 3836892 |
| Floor & Decor Holdings, Inc., Class A<sup>(b)(c)</sup> | 28059 | &nbsp;&nbsp; 1938596 |
| Flutter Entertainment PLC (Ireland)<sup>(b)(c)</sup> | 12883 | &nbsp;&nbsp; 1367402 |
| Ford Motor Co. | 1483388 | &nbsp;&nbsp; 20900937 |
| GameStop Corp., Class A<sup>(b)(c)</sup> | 57660 | &nbsp;&nbsp; 1385570 |
| Gap, Inc. (The) | 148520 | &nbsp;&nbsp; 4164501 |
| Garmin Ltd. | 12837 | &nbsp;&nbsp; 3245579 |
| General Motors Co. | 304509 | &nbsp;&nbsp; 23967903 |
| Gentex Corp. | 16087 | &nbsp;&nbsp; 376436 |
| Genuine Parts Co. | 12041 | &nbsp;&nbsp; 1436010 |
| Grand Canyon Education, Inc.<sup>(b)(c)</sup> | 3516 | &nbsp;&nbsp; 559290 |
| H&R Block, Inc. | 22390 | &nbsp;&nbsp; 685582 |
| Harley-Davidson, Inc. | 35930 | &nbsp;&nbsp; 646740 |
| Hasbro, Inc. | 18100 | &nbsp;&nbsp; 1802579 |
| Hilton Worldwide Holdings, Inc. | 8953 | &nbsp;&nbsp; 2791366 |
| Home Depot, Inc. (The) | 31017 | &nbsp;&nbsp; 11808792 |
| Hyatt Hotels Corp., Class A<sup>(c)</sup> | 7717 | &nbsp;&nbsp; 1246295 |
| Las Vegas Sands Corp. | 71288 | &nbsp;&nbsp; 4043455 |
| Lear Corp. | 13532 | &nbsp;&nbsp; 1776075 |
| Lennar Corp., Class A | 51586 | &nbsp;&nbsp; 5899375 |
| Lennar Corp., Class B | 2426 | &nbsp;&nbsp; 258927 |
| Lithia Motors, Inc., Class A | 7027 | &nbsp;&nbsp; 1964609 |
| LKQ Corp.<sup>(c)</sup> | 34277 | &nbsp;&nbsp; 1134911 |
| Lowe's Cos., Inc. | 32743 | &nbsp;&nbsp; 8662815 |
| lululemon athletica, Inc.<sup>(b)</sup> | 28281 | &nbsp;&nbsp; 5236793 |
| Macy's, Inc. | 173247 | &nbsp;&nbsp; 3426826 |
| Marriott International, Inc., Class A | 11948 | &nbsp;&nbsp; 4082990 |
| Mattel, Inc.<sup>(b)</sup> | 83846 | &nbsp;&nbsp; 1421190 |

---

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

------

**13**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| McDonald's Corp. | 5765 | &nbsp;&nbsp; $1966211 |
| MGM Resorts International<sup>(b)(c)</sup> | 76364 | &nbsp;&nbsp; 2814777 |
| Mohawk Industries, Inc.<sup>(b)(c)</sup> | 19381 | &nbsp;&nbsp; 2427858 |
| Murphy USA, Inc. | 1332 | &nbsp;&nbsp; 520466 |
| Newell Brands, Inc. | 116423 | &nbsp;&nbsp; 529725 |
| NIKE, Inc., Class B | 135343 | &nbsp;&nbsp; 8415628 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 199273 | &nbsp;&nbsp; 4939978 |
| NVR, Inc.<sup>(b)</sup> | 272 | &nbsp;&nbsp; 2044839 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> | 12063 | &nbsp;&nbsp; 1291947 |
| On Holding AG, Class A (Switzerland)<sup>(b)</sup> | 39114 | &nbsp;&nbsp; 1818019 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 18393 | &nbsp;&nbsp; 1726735 |
| PENN Entertainment, Inc.<sup>(b)</sup> | 57895 | &nbsp;&nbsp; 905478 |
| Penske Automotive Group, Inc. | 3508 | &nbsp;&nbsp; 552580 |
| Planet Fitness, Inc., Class A<sup>(b)(c)</sup> | 8411 | &nbsp;&nbsp; 690964 |
| Pool Corp. | 4626 | &nbsp;&nbsp; 1050935 |
| PulteGroup, Inc. | 52324 | &nbsp;&nbsp; 7178853 |
| PVH Corp. | 19150 | &nbsp;&nbsp; 1313690 |
| Ralph Lauren Corp. | 8027 | &nbsp;&nbsp; 2910590 |
| Restaurant Brands International, Inc. <br> (Canada)<br>| 11975 | &nbsp;&nbsp; 858727 |
| RH<sup>(b)(c)</sup> | 2813 | &nbsp;&nbsp; 466142 |
| Ross Stores, Inc. | 30443 | &nbsp;&nbsp; 6260298 |
| Royal Caribbean Cruises Ltd. | 75765 | &nbsp;&nbsp; 23559884 |
| Service Corp. International | 8480 | &nbsp;&nbsp; 713846 |
| SharkNinja, Inc.<sup>(b)</sup> | 18248 | &nbsp;&nbsp; 2242132 |
| Somnigroup International, Inc. | 22123 | &nbsp;&nbsp; 1980230 |
| Starbucks Corp. | 77064 | &nbsp;&nbsp; 7553813 |
| Tapestry, Inc. | 34226 | &nbsp;&nbsp; 5321116 |
| Tesla, Inc.<sup>(b)</sup> | 112811 | &nbsp;&nbsp; 45407556 |
| Texas Roadhouse, Inc. | 6281 | &nbsp;&nbsp; 1148606 |
| Thor Industries, Inc.<sup>(c)</sup> | 21886 | &nbsp;&nbsp; 2103901 |
| TJX Cos., Inc. (The) | 39380 | &nbsp;&nbsp; 6366171 |
| Toll Brothers, Inc. | 28823 | &nbsp;&nbsp; 4532128 |
| TopBuild Corp.<sup>(b)(c)</sup> | 9870 | &nbsp;&nbsp; 4424721 |
| Tractor Supply Co. | 46765 | &nbsp;&nbsp; 2424298 |
| Travel + Leisure Co. | 19965 | &nbsp;&nbsp; 1471420 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 8774 | &nbsp;&nbsp; 6008347 |
| V.F. Corp. | 125950 | &nbsp;&nbsp; 2445949 |
| Vail Resorts, Inc.<sup>(c)</sup> | 5093 | &nbsp;&nbsp; 691680 |
| Valvoline, Inc.<sup>(b)(c)</sup> | 14046 | &nbsp;&nbsp; 530939 |
| Viking Holdings Ltd.<sup>(b)(c)</sup> | 12488 | &nbsp;&nbsp; 974314 |
| Wayfair, Inc., Class A<sup>(b)(c)</sup> | 13048 | &nbsp;&nbsp; 995954 |
| Whirlpool Corp.<sup>(c)</sup> | 12438 | &nbsp;&nbsp; 851132 |
| Williams-Sonoma, Inc. | 38641 | &nbsp;&nbsp; 7946522 |
| Wingstop, Inc. | 3149 | &nbsp;&nbsp; 817197 |
| Wyndham Hotels & Resorts, Inc. | 5723 | &nbsp;&nbsp; 468141 |
| Wynn Resorts Ltd.<sup>(c)</sup> | 29994 | &nbsp;&nbsp; 3245051 |
| YETI Holdings, Inc.<sup>(b)(c)</sup> | 39591 | &nbsp;&nbsp; 1730523 |
| Yum! Brands, Inc. | 5693 | &nbsp;&nbsp; 957335 |
|  |  | &nbsp;&nbsp; 574949877 |
| **Consumer Staples-2.83%** | **Consumer Staples-2.83%** | **Consumer Staples-2.83%** |
| Albertson's Cos., Inc., Class A<sup>(c)</sup> | 71436 | &nbsp;&nbsp; 1278704 |
| Altria Group, Inc. | 55071 | &nbsp;&nbsp; 3802102 |
| Archer-Daniels-Midland Co. | 59441 | &nbsp;&nbsp; 4103807 |
| BellRing Brands, Inc.<sup>(b)</sup> | 16958 | &nbsp;&nbsp; 311858 |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 26570 | &nbsp;&nbsp; 2624850 |
| Boston Beer Co., Inc. (The), Class A<sup>(b)(c)</sup> | 2261 | &nbsp;&nbsp; 512749 |
| Bunge Global S.A. | 19321 | &nbsp;&nbsp; 2331079 |
| Campbell's Co. (The) | 10465 | &nbsp;&nbsp; 282032 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Casey's General Stores, Inc. | 1928 | &nbsp;&nbsp; $1321817 |
| Celsius Holdings, Inc.<sup>(b)(c)</sup> | 27047 | &nbsp;&nbsp; 1449990 |
| Church & Dwight Co., Inc. | 4106 | &nbsp;&nbsp; 430555 |
| Clorox Co. (The) | 8726 | &nbsp;&nbsp; 1109598 |
| Coca-Cola Co. (The) | 17232 | &nbsp;&nbsp; 1405442 |
| Coca-Cola Consolidated, Inc. | 13007 | &nbsp;&nbsp; 2632617 |
| Colgate-Palmolive Co. | 10709 | &nbsp;&nbsp; 1061690 |
| Conagra Brands, Inc. | 19871 | &nbsp;&nbsp; 382517 |
| Constellation Brands, Inc., Class A | 4703 | &nbsp;&nbsp; 742415 |
| Costco Wholesale Corp. | 10473 | &nbsp;&nbsp; 10586004 |
| Coty, Inc., Class A<sup>(b)(c)</sup> | 70578 | &nbsp;&nbsp; 177151 |
| Darling Ingredients, Inc.<sup>(b)</sup> | 66725 | &nbsp;&nbsp; 3547101 |
| Dollar General Corp. | 67852 | &nbsp;&nbsp; 10601196 |
| Dollar Tree, Inc.<sup>(b)</sup> | 17519 | &nbsp;&nbsp; 2215803 |
| e.l.f. Beauty, Inc.<sup>(b)(c)</sup> | 9334 | &nbsp;&nbsp; 859195 |
| Estee Lauder Cos., Inc. (The), Class A | 15359 | &nbsp;&nbsp; 1681350 |
| Freshpet, Inc.<sup>(b)(c)</sup> | 6782 | &nbsp;&nbsp; 572740 |
| General Mills, Inc. | 17564 | &nbsp;&nbsp; 794420 |
| Hershey Co. (The) | 4503 | &nbsp;&nbsp; 1063969 |
| Hormel Foods Corp. | 14599 | &nbsp;&nbsp; 373734 |
| Ingredion, Inc. | 3252 | &nbsp;&nbsp; 381980 |
| Kenvue, Inc. | 120014 | &nbsp;&nbsp; 2294668 |
| Keurig Dr Pepper, Inc.<sup>(c)</sup> | 28713 | &nbsp;&nbsp; 869430 |
| Kimberly-Clark Corp. | 11455 | &nbsp;&nbsp; 1276545 |
| Kraft Heinz Co. (The) | 41064 | &nbsp;&nbsp; 1010585 |
| Kroger Co. (The)<sup>(c)</sup> | 73712 | &nbsp;&nbsp; 5030107 |
| Lamb Weston Holdings, Inc. | 31401 | &nbsp;&nbsp; 1513214 |
| Maplebear, Inc.<sup>(b)(c)</sup> | 48520 | &nbsp;&nbsp; 1819985 |
| McCormick & Co., Inc. | 7699 | &nbsp;&nbsp; 546937 |
| Molson Coors Beverage Co., Class B | 17609 | &nbsp;&nbsp; 862665 |
| Mondelez International, Inc., Class A | 27281 | &nbsp;&nbsp; 1679964 |
| Monster Beverage Corp.<sup>(b)</sup> | 13809 | &nbsp;&nbsp; 1177908 |
| PepsiCo, Inc. | 15790 | &nbsp;&nbsp; 2680194 |
| Performance Food Group Co.<sup>(b)</sup> | 29305 | &nbsp;&nbsp; 2844343 |
| Philip Morris International, Inc. | 33804 | &nbsp;&nbsp; 6315601 |
| Pilgrim's Pride Corp. | 8442 | &nbsp;&nbsp; 364357 |
| Primo Brands Corp. | 15419 | &nbsp;&nbsp; 349703 |
| Procter & Gamble Co. (The) | 17870 | &nbsp;&nbsp; 2987864 |
| Smithfield Foods, Inc. | 14935 | &nbsp;&nbsp; 371583 |
| Sprouts Farmers Market, Inc.<sup>(b)(c)</sup> | 24274 | &nbsp;&nbsp; 1793120 |
| Sysco Corp. | 26563 | &nbsp;&nbsp; 2421483 |
| Target Corp. | 101901 | &nbsp;&nbsp; 11595315 |
| Tyson Foods, Inc., Class A | 27311 | &nbsp;&nbsp; 1774942 |
| US Foods Holding Corp.<sup>(b)</sup> | 38610 | &nbsp;&nbsp; 3730112 |
| Walmart, Inc. | 87734 | &nbsp;&nbsp; 11225565 |
|  |  | &nbsp;&nbsp; 125174655 |
| **Energy-7.96%** | **Energy-7.96%** | **Energy-7.96%** |
| Antero Midstream Corp. | 31557 | &nbsp;&nbsp; 709401 |
| Antero Resources Corp.<sup>(b)</sup> | 78091 | &nbsp;&nbsp; 2874530 |
| APA Corp.<sup>(c)</sup> | 197527 | &nbsp;&nbsp; 5998895 |
| Baker Hughes Co., Class A | 258477 | &nbsp;&nbsp; 16868209 |
| Cheniere Energy, Inc. | 21502 | &nbsp;&nbsp; 5068666 |
| Chevron Corp. | 135160 | &nbsp;&nbsp; 25242482 |
| Chord Energy Corp. | 17715 | &nbsp;&nbsp; 1919775 |
| ConocoPhillips | 245069 | &nbsp;&nbsp; 27805529 |
| Coterra Energy, Inc. | 208920 | &nbsp;&nbsp; 6390863 |
| Devon Energy Corp. | 290653 | &nbsp;&nbsp; 12652125 |
| Diamondback Energy, Inc. | 44631 | &nbsp;&nbsp; 7769365 |
| DT Midstream, Inc. | 4251 | &nbsp;&nbsp; 590209 |

---

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

------

**14**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-(continued)** | **Energy-(continued)** | **Energy-(continued)** |
| EOG Resources, Inc. | 135276 | &nbsp;&nbsp; $16785046 |
| EQT Corp. | 86688 | &nbsp;&nbsp; 5324377 |
| Expand Energy Corp. | 6562 | &nbsp;&nbsp; 708171 |
| Exxon Mobil Corp. | 295722 | &nbsp;&nbsp; 45097605 |
| Halliburton Co. | 368256 | &nbsp;&nbsp; 13257216 |
| HF Sinclair Corp. | 60522 | &nbsp;&nbsp; 3026705 |
| Kinder Morgan, Inc. | 89318 | &nbsp;&nbsp; 2971610 |
| Marathon Petroleum Corp.<sup>(c)</sup> | 72120 | &nbsp;&nbsp; 14294905 |
| Matador Resources Co. | 54520 | &nbsp;&nbsp; 2802328 |
| NOV, Inc. | 203253 | &nbsp;&nbsp; 4117906 |
| Occidental Petroleum Corp. | 220767 | &nbsp;&nbsp; 11718312 |
| ONEOK, Inc.<sup>(c)</sup> | 55473 | &nbsp;&nbsp; 4591500 |
| Ovintiv, Inc.<sup>(c)</sup> | 136965 | &nbsp;&nbsp; 6929059 |
| Permian Resources Corp. | 456470 | &nbsp;&nbsp; 8348836 |
| Phillips 66 | 105103 | &nbsp;&nbsp; 16220546 |
| Range Resources Corp.<sup>(c)</sup> | 84832 | &nbsp;&nbsp; 3501865 |
| SLB Ltd. | 558452 | &nbsp;&nbsp; 28670926 |
| Targa Resources Corp. | 30829 | &nbsp;&nbsp; 7269478 |
| TechnipFMC PLC (United Kingdom) | 169210 | &nbsp;&nbsp; 11220315 |
| Texas Pacific Land Corp. | 6933 | &nbsp;&nbsp; 3634903 |
| Valero Energy Corp.<sup>(c)</sup> | 93330 | &nbsp;&nbsp; 19099051 |
| Viper Energy, Inc., Class A | 30733 | &nbsp;&nbsp; 1430314 |
| Weatherford International PLC | 43340 | &nbsp;&nbsp; 4570636 |
| Williams Cos., Inc. (The) | 38687 | &nbsp;&nbsp; 2890693 |
|  |  | &nbsp;&nbsp; 352372352 |
| **Financials-10.56%** | **Financials-10.56%** | **Financials-10.56%** |
| Affiliated Managers Group, Inc. | 7452 | &nbsp;&nbsp; 2281653 |
| Affirm Holdings, Inc.<sup>(b)</sup> | 32075 | &nbsp;&nbsp; 1506883 |
| Aflac, Inc. | 13748 | &nbsp;&nbsp; 1552562 |
| AGNC Investment Corp. | 68296 | &nbsp;&nbsp; 765598 |
| Allstate Corp. (The) | 20254 | &nbsp;&nbsp; 4344888 |
| Ally Financial, Inc. | 82289 | &nbsp;&nbsp; 3245478 |
| American Express Co.<sup>(c)</sup> | 34792 | &nbsp;&nbsp; 10747249 |
| American Financial Group, Inc. | 4732 | &nbsp;&nbsp; 629261 |
| American International Group, Inc. | 43417 | &nbsp;&nbsp; 3494634 |
| Ameriprise Financial, Inc. | 7561 | &nbsp;&nbsp; 3554577 |
| Annaly Capital Management, Inc. | 61591 | &nbsp;&nbsp; 1431375 |
| Aon PLC, Class A | 4748 | &nbsp;&nbsp; 1592812 |
| Apollo Global Management, Inc.<sup>(c)</sup> | 41881 | &nbsp;&nbsp; 4380753 |
| Arch Capital Group Ltd.<sup>(b)</sup> | 24761 | &nbsp;&nbsp; 2479814 |
| Ares Management Corp., Class A | 15430 | &nbsp;&nbsp; 1728314 |
| Arthur J. Gallagher & Co. | 3507 | &nbsp;&nbsp; 800297 |
| Assurant, Inc. | 3836 | &nbsp;&nbsp; 880707 |
| Assured Guaranty Ltd. | 3603 | &nbsp;&nbsp; 310615 |
| AXIS Capital Holdings Ltd. | 5798 | &nbsp;&nbsp; 612965 |
| Bank of America Corp. | 294096 | &nbsp;&nbsp; 14654804 |
| Bank of New York Mellon Corp. (The) | 30358 | &nbsp;&nbsp; 3615638 |
| Bank OZK<sup>(c)</sup> | 28426 | &nbsp;&nbsp; 1323515 |
| Berkshire Hathaway, Inc., Class B<sup>(b)(c)</sup> | 17133 | &nbsp;&nbsp; 8651308 |
| BlackRock, Inc. | 4558 | &nbsp;&nbsp; 4846202 |
| Blackstone, Inc., Class A | 64620 | &nbsp;&nbsp; 7325969 |
| Block, Inc., Class A<sup>(b)</sup> | 127373 | &nbsp;&nbsp; 8113660 |
| Blue Owl Capital, Inc. | 103187 | &nbsp;&nbsp; 1088623 |
| BOK Financial Corp.<sup>(c)</sup> | 3196 | &nbsp;&nbsp; 401801 |
| Brighthouse Financial, Inc.<sup>(b)(c)</sup> | 15605 | &nbsp;&nbsp; 935988 |
| Brookfield Asset Management Ltd., <br> Class A (Canada)<sup>(c)</sup><br>| 8051 | &nbsp;&nbsp; 376384 |
| Brown & Brown, Inc.<sup>(c)</sup> | 8539 | &nbsp;&nbsp; 613271 |
| Bullish (Cayman Islands)<sup>(b)(c)</sup> | 8668 | &nbsp;&nbsp; 272088 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Capital One Financial Corp. | 116048 | &nbsp;&nbsp; $22703631 |
| Carlyle Group, Inc. (The) | 27296 | &nbsp;&nbsp; 1419119 |
| Cboe Global Markets, Inc. | 2548 | &nbsp;&nbsp; 763687 |
| Charles Schwab Corp. (The) | 84201 | &nbsp;&nbsp; 8015935 |
| Chubb Ltd. | 12365 | &nbsp;&nbsp; 4214734 |
| Cincinnati Financial Corp. | 13810 | &nbsp;&nbsp; 2264564 |
| Citigroup, Inc. | 74346 | &nbsp;&nbsp; 8192186 |
| Citizens Financial Group, Inc. | 89500 | &nbsp;&nbsp; 5387005 |
| CME Group, Inc., Class A | 4151 | &nbsp;&nbsp; 1326244 |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup> | 36585 | &nbsp;&nbsp; 6433472 |
| Columbia Banking System, Inc. | 67656 | &nbsp;&nbsp; 1924813 |
| Commerce Bancshares, Inc. | 6681 | &nbsp;&nbsp; 340664 |
| Corebridge Financial, Inc. | 44382 | &nbsp;&nbsp; 1146831 |
| Corpay, Inc.<sup>(b)</sup> | 7511 | &nbsp;&nbsp; 2441826 |
| Credit Acceptance Corp.<sup>(b)(c)</sup> | 1624 | &nbsp;&nbsp; 768444 |
| Cullen/Frost Bankers, Inc. | 7712 | &nbsp;&nbsp; 1065953 |
| East West Bancorp, Inc. | 33176 | &nbsp;&nbsp; 3631113 |
| Equitable Holdings, Inc. | 50453 | &nbsp;&nbsp; 2029220 |
| Euronet Worldwide, Inc.<sup>(b)(c)</sup> | 10007 | &nbsp;&nbsp; 695987 |
| Evercore, Inc., Class A | 7584 | &nbsp;&nbsp; 2342243 |
| Everest Group Ltd. | 3140 | &nbsp;&nbsp; 1053439 |
| F.N.B. Corp. | 49574 | &nbsp;&nbsp; 842262 |
| FactSet Research Systems, Inc. | 1786 | &nbsp;&nbsp; 387223 |
| Fidelity National Financial, Inc.<sup>(c)</sup> | 29911 | &nbsp;&nbsp; 1581694 |
| Fidelity National Information Services, <br> Inc.<br>| 76311 | &nbsp;&nbsp; 3888809 |
| Fifth Third Bancorp | 173562 | &nbsp;&nbsp; 8586112 |
| First American Financial Corp. | 8528 | &nbsp;&nbsp; 597898 |
| First Citizens BancShares, Inc., Class A | 3507 | &nbsp;&nbsp; 6656812 |
| First Hawaiian, Inc. | 19806 | &nbsp;&nbsp; 490397 |
| First Horizon Corp. | 149899 | &nbsp;&nbsp; 3566097 |
| Fiserv, Inc.<sup>(b)</sup> | 64998 | &nbsp;&nbsp; 4048725 |
| Franklin Resources, Inc. | 49969 | &nbsp;&nbsp; 1326177 |
| Freedom Holding Corp. (Kazakhstan)<sup>(b)(c)</sup> | 4380 | &nbsp;&nbsp; 526345 |
| Global Payments, Inc. | 43425 | &nbsp;&nbsp; 3320275 |
| Globe Life, Inc. | 15461 | &nbsp;&nbsp; 2245865 |
| Goldman Sachs Group, Inc. (The) | 9332 | &nbsp;&nbsp; 8021507 |
| Hamilton Lane, Inc., Class A<sup>(c)</sup> | 5625 | &nbsp;&nbsp; 590287 |
| Hanover Insurance Group, Inc. (The) | 2058 | &nbsp;&nbsp; 371737 |
| Hartford Insurance Group, Inc. (The) | 17469 | &nbsp;&nbsp; 2460159 |
| Houlihan Lokey, Inc. | 4442 | &nbsp;&nbsp; 727466 |
| Huntington Bancshares, Inc. | 221255 | &nbsp;&nbsp; 3717084 |
| Interactive Brokers Group, Inc., Class A | 87011 | &nbsp;&nbsp; 6194313 |
| Intercontinental Exchange, Inc. | 9182 | &nbsp;&nbsp; 1507042 |
| Invesco Ltd.<sup>(d)</sup> | 109369 | &nbsp;&nbsp; 2872030 |
| Jack Henry & Associates, Inc. | 2116 | &nbsp;&nbsp; 343765 |
| Janus Henderson Group PLC | 21818 | &nbsp;&nbsp; 1136718 |
| Jefferies Financial Group, Inc. | 6173 | &nbsp;&nbsp; 274081 |
| JPMorgan Chase & Co. | 48187 | &nbsp;&nbsp; 14470556 |
| Kemper Corp. | 11315 | &nbsp;&nbsp; 365701 |
| KeyCorp | 63635 | &nbsp;&nbsp; 1319790 |
| Kinsale Capital Group, Inc. | 5833 | &nbsp;&nbsp; 2272945 |
| KKR & Co., Inc., Class A | 62865 | &nbsp;&nbsp; 5512003 |
| Lazard, Inc. | 29315 | &nbsp;&nbsp; 1483339 |
| Lincoln National Corp.<sup>(c)</sup> | 69622 | &nbsp;&nbsp; 2388035 |
| Loews Corp. | 4561 | &nbsp;&nbsp; 501801 |
| LPL Financial Holdings, Inc. | 10687 | &nbsp;&nbsp; 3210161 |
| M&T Bank Corp. | 21646 | &nbsp;&nbsp; 4696749 |
| Markel Group, Inc.<sup>(b)</sup> | 809 | &nbsp;&nbsp; 1676628 |
| MarketAxess Holdings, Inc.<sup>(c)</sup> | 4904 | &nbsp;&nbsp; 941568 |

---

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

------

**15**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Marsh & McLennan Cos., Inc. | 7268 | &nbsp;&nbsp; $1357226 |
| Mastercard, Inc., Class A | 13836 | &nbsp;&nbsp; 7156118 |
| MetLife, Inc. | 42791 | &nbsp;&nbsp; 3083947 |
| MGIC Investment Corp. | 33460 | &nbsp;&nbsp; 887694 |
| Moody's Corp. | 3554 | &nbsp;&nbsp; 1697355 |
| Morgan Stanley | 93415 | &nbsp;&nbsp; 15554532 |
| Morningstar, Inc. | 1967 | &nbsp;&nbsp; 360236 |
| MSCI, Inc. | 3517 | &nbsp;&nbsp; 2011126 |
| Nasdaq, Inc. | 9489 | &nbsp;&nbsp; 831047 |
| Northern Trust Corp. | 14342 | &nbsp;&nbsp; 2052197 |
| NU Holdings Ltd., Class A (Brazil)<sup>(b)(c)</sup> | 596672 | &nbsp;&nbsp; 8938147 |
| Old Republic International Corp. | 11544 | &nbsp;&nbsp; 494891 |
| OneMain Holdings, Inc.<sup>(c)</sup> | 40063 | &nbsp;&nbsp; 2204266 |
| PayPal Holdings, Inc. | 268664 | &nbsp;&nbsp; 12414963 |
| Pinnacle Financial Partners, Inc. | 35485 | &nbsp;&nbsp; 3220619 |
| PNC Financial Services Group, Inc. (The) | 35467 | &nbsp;&nbsp; 7531417 |
| Popular, Inc. | 10539 | &nbsp;&nbsp; 1426559 |
| Primerica, Inc. | 2853 | &nbsp;&nbsp; 723692 |
| Principal Financial Group, Inc. | 24398 | &nbsp;&nbsp; 2328057 |
| Progressive Corp. (The) | 33950 | &nbsp;&nbsp; 7253757 |
| Prosperity Bancshares, Inc. | 4368 | &nbsp;&nbsp; 307376 |
| Prudential Financial, Inc.<sup>(c)</sup> | 26629 | &nbsp;&nbsp; 2619761 |
| Raymond James Financial, Inc. | 20472 | &nbsp;&nbsp; 3133854 |
| Regions Financial Corp. | 139925 | &nbsp;&nbsp; 3894113 |
| Reinsurance Group of America, Inc. | 5485 | &nbsp;&nbsp; 1183279 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 5084 | &nbsp;&nbsp; 1537707 |
| Rithm Capital Corp. | 33943 | &nbsp;&nbsp; 341127 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 59749 | &nbsp;&nbsp; 4531962 |
| Ryan Specialty Holdings, Inc., Class A<sup>(c)</sup> | 8109 | &nbsp;&nbsp; 319089 |
| S&P Global, Inc. | 6544 | &nbsp;&nbsp; 2891663 |
| SEI Investments Co. | 4255 | &nbsp;&nbsp; 346017 |
| Shift4 Payments, Inc., Class A<sup>(b)(c)</sup> | 27311 | &nbsp;&nbsp; 1203596 |
| SLM Corp. | 31967 | &nbsp;&nbsp; 599062 |
| SoFi Technologies, Inc.<sup>(b)(c)</sup> | 67314 | &nbsp;&nbsp; 1195497 |
| SouthState Bank Corp. | 10880 | &nbsp;&nbsp; 1073530 |
| Starwood Property Trust, Inc.<sup>(c)</sup> | 16015 | &nbsp;&nbsp; 285227 |
| State Street Corp. | 9870 | &nbsp;&nbsp; 1269479 |
| Stifel Financial Corp. | 16813 | &nbsp;&nbsp; 1244966 |
| Synchrony Financial | 124034 | &nbsp;&nbsp; 8571990 |
| T. Rowe Price Group, Inc.<sup>(c)</sup> | 22731 | &nbsp;&nbsp; 2151035 |
| Toast, Inc., Class A<sup>(b)</sup> | 54594 | &nbsp;&nbsp; 1490962 |
| TPG, Inc.<sup>(c)</sup> | 15018 | &nbsp;&nbsp; 652082 |
| Tradeweb Markets, Inc., Class A | 3461 | &nbsp;&nbsp; 426586 |
| Travelers Cos., Inc. (The) | 8119 | &nbsp;&nbsp; 2505848 |
| Truist Financial Corp. | 56273 | &nbsp;&nbsp; 2774822 |
| U.S. Bancorp | 195293 | &nbsp;&nbsp; 10674715 |
| Unum Group | 24565 | &nbsp;&nbsp; 1762047 |
| Virtu Financial, Inc., Class A | 14312 | &nbsp;&nbsp; 592660 |
| Visa, Inc., Class A | 20562 | &nbsp;&nbsp; 6582719 |
| Voya Financial, Inc. | 9123 | &nbsp;&nbsp; 610146 |
| W.R. Berkley Corp.<sup>(c)</sup> | 13413 | &nbsp;&nbsp; 961712 |
| Webster Financial Corp.<sup>(c)</sup> | 45557 | &nbsp;&nbsp; 3286026 |
| Wells Fargo & Co. | 256372 | &nbsp;&nbsp; 20881499 |
| Western Alliance Bancorporation | 11289 | &nbsp;&nbsp; 906732 |
| Western Union Co. (The)<sup>(c)</sup> | 33206 | &nbsp;&nbsp; 319774 |
| WEX, Inc.<sup>(b)</sup> | 7921 | &nbsp;&nbsp; 1181734 |
| White Mountains Insurance Group Ltd.<sup>(c)</sup> | 117 | &nbsp;&nbsp; 259800 |
| Willis Towers Watson PLC | 1438 | &nbsp;&nbsp; 438834 |
| Wintrust Financial Corp. | 10190 | &nbsp;&nbsp; 1467971 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| XP, Inc., Class A (Brazil) | 207378 | &nbsp;&nbsp; $4464848 |
| Zions Bancorporation N.A. | 51489 | &nbsp;&nbsp; 2949290 |
|  |  | &nbsp;&nbsp; 467259935 |
| **Health Care-7.58%** | **Health Care-7.58%** | **Health Care-7.58%** |
| Abbott Laboratories | 40640 | &nbsp;&nbsp; 4728464 |
| AbbVie, Inc. | 32814 | &nbsp;&nbsp; 7615473 |
| Acadia Healthcare Co., Inc.<sup>(b)(c)</sup> | 22239 | &nbsp;&nbsp; 521282 |
| Agilent Technologies, Inc. | 14670 | &nbsp;&nbsp; 1780645 |
| Align Technology, Inc.<sup>(b)</sup> | 19422 | &nbsp;&nbsp; 3692122 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 6134 | &nbsp;&nbsp; 2042131 |
| Amgen, Inc. | 15791 | &nbsp;&nbsp; 6129435 |
| Avantor, Inc.<sup>(b)(c)</sup> | 151584 | &nbsp;&nbsp; 1371835 |
| Baxter International, Inc. | 28775 | &nbsp;&nbsp; 586147 |
| Becton, Dickinson and Co. | 8960 | &nbsp;&nbsp; 1581261 |
| Biogen, Inc.<sup>(b)</sup> | 52151 | &nbsp;&nbsp; 10003605 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 19104 | &nbsp;&nbsp; 1179290 |
| Bio-Techne Corp.<sup>(c)</sup> | 11550 | &nbsp;&nbsp; 681450 |
| Boston Scientific Corp.<sup>(b)</sup> | 15609 | &nbsp;&nbsp; 1199552 |
| Bristol-Myers Squibb Co. | 31318 | &nbsp;&nbsp; 1953304 |
| Bruker Corp.<sup>(c)</sup> | 9655 | &nbsp;&nbsp; 387262 |
| Cardinal Health, Inc. | 21270 | &nbsp;&nbsp; 4875722 |
| Cencora, Inc. | 9147 | &nbsp;&nbsp; 3403965 |
| Centene Corp.<sup>(b)</sup> | 105575 | &nbsp;&nbsp; 4738206 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup><br>| 10016 | &nbsp;&nbsp; 1787756 |
| Chemed Corp. | 843 | &nbsp;&nbsp; 345638 |
| Cigna Group (The) | 30761 | &nbsp;&nbsp; 8915153 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 11489 | &nbsp;&nbsp; 961285 |
| Corcept Therapeutics, Inc.<sup>(b)(c)</sup> | 15009 | &nbsp;&nbsp; 535821 |
| CVS Health Corp. | 217733 | &nbsp;&nbsp; 17396867 |
| Danaher Corp. | 22321 | &nbsp;&nbsp; 4701695 |
| DaVita, Inc.<sup>(b)(c)</sup> | 8879 | &nbsp;&nbsp; 1387788 |
| DENTSPLY SIRONA, Inc.<sup>(c)</sup> | 37314 | &nbsp;&nbsp; 547770 |
| Dexcom, Inc.<sup>(b)</sup> | 56072 | &nbsp;&nbsp; 4117367 |
| Doximity, Inc., Class A<sup>(b)</sup> | 21966 | &nbsp;&nbsp; 538826 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 73716 | &nbsp;&nbsp; 6374223 |
| Elanco Animal Health, Inc.<sup>(b)(c)</sup> | 142762 | &nbsp;&nbsp; 3768917 |
| Elevance Health, Inc. | 22153 | &nbsp;&nbsp; 7088960 |
| Eli Lilly and Co. | 18998 | &nbsp;&nbsp; 19985706 |
| Encompass Health Corp.<sup>(c)</sup> | 8198 | &nbsp;&nbsp; 884400 |
| Exact Sciences Corp.<sup>(b)</sup> | 3509 | &nbsp;&nbsp; 362760 |
| Exelixis, Inc.<sup>(b)</sup> | 49928 | &nbsp;&nbsp; 2199828 |
| GE HealthCare Technologies, Inc. | 60530 | &nbsp;&nbsp; 5100863 |
| Gilead Sciences, Inc. | 26503 | &nbsp;&nbsp; 3947622 |
| Globus Medical, Inc., Class A<sup>(b)</sup> | 13923 | &nbsp;&nbsp; 1329090 |
| Halozyme Therapeutics, Inc.<sup>(b)(c)</sup> | 34249 | &nbsp;&nbsp; 2381333 |
| HCA Healthcare, Inc. | 20570 | &nbsp;&nbsp; 10895929 |
| Henry Schein, Inc.<sup>(b)</sup> | 12460 | &nbsp;&nbsp; 1026579 |
| Hologic, Inc.<sup>(b)</sup> | 11623 | &nbsp;&nbsp; 875909 |
| Humana, Inc.<sup>(c)</sup> | 33230 | &nbsp;&nbsp; 6331644 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 4738 | &nbsp;&nbsp; 3111587 |
| Illumina, Inc.<sup>(b)</sup> | 4204 | &nbsp;&nbsp; 565270 |
| Incyte Corp.<sup>(b)</sup> | 6358 | &nbsp;&nbsp; 643875 |
| Insmed, Inc.<sup>(b)</sup> | 3120 | &nbsp;&nbsp; 465910 |
| Inspire Medical Systems, Inc.<sup>(b)</sup> | 3516 | &nbsp;&nbsp; 226817 |
| Insulet Corp.<sup>(b)</sup> | 8228 | &nbsp;&nbsp; 2029107 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 13017 | &nbsp;&nbsp; 6554190 |
| IQVIA Holdings, Inc.<sup>(b)(c)</sup> | 24079 | &nbsp;&nbsp; 4305566 |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> | 15250 | &nbsp;&nbsp; 2897805 |

---

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

------

**16**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Johnson & Johnson | 15189 | &nbsp;&nbsp; $3773403 |
| Labcorp Holdings, Inc. | 3862 | &nbsp;&nbsp; 1116581 |
| Masimo Corp.<sup>(b)</sup> | 1722 | &nbsp;&nbsp; 301953 |
| McKesson Corp. | 10413 | &nbsp;&nbsp; 10281484 |
| Medpace Holdings, Inc.<sup>(b)</sup> | 4410 | &nbsp;&nbsp; 1992262 |
| Medtronic PLC | 31754 | &nbsp;&nbsp; 3101096 |
| Merck & Co., Inc. | 110459 | &nbsp;&nbsp; 13677033 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 1628 | &nbsp;&nbsp; 2224971 |
| Molina Healthcare, Inc.<sup>(b)(c)</sup> | 11157 | &nbsp;&nbsp; 1718736 |
| Natera, Inc.<sup>(b)</sup> | 8926 | &nbsp;&nbsp; 1856965 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 7965 | &nbsp;&nbsp; 1053371 |
| Organon & Co. | 81729 | &nbsp;&nbsp; 595804 |
| Penumbra, Inc.<sup>(b)</sup> | 3370 | &nbsp;&nbsp; 1160594 |
| Perrigo Co. PLC | 24579 | &nbsp;&nbsp; 324934 |
| Pfizer, Inc. | 393434 | &nbsp;&nbsp; 10878450 |
| Qiagen N.V. | 6039 | &nbsp;&nbsp; 300742 |
| Quest Diagnostics, Inc.<sup>(c)</sup> | 3517 | &nbsp;&nbsp; 745287 |
| Regeneron Pharmaceuticals, Inc. | 11291 | &nbsp;&nbsp; 8825836 |
| Repligen Corp.<sup>(b)(c)</sup> | 3685 | &nbsp;&nbsp; 474370 |
| ResMed, Inc. | 12304 | &nbsp;&nbsp; 3153023 |
| Revvity, Inc.<sup>(c)</sup> | 9933 | &nbsp;&nbsp; 976513 |
| Royalty Pharma PLC, Class A | 41943 | &nbsp;&nbsp; 1938186 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 15145 | &nbsp;&nbsp; 253830 |
| Solventum Corp.<sup>(b)</sup> | 31607 | &nbsp;&nbsp; 2345239 |
| Sotera Health Co.<sup>(b)</sup> | 40160 | &nbsp;&nbsp; 652600 |
| STERIS PLC | 4462 | &nbsp;&nbsp; 1125986 |
| Stryker Corp. | 6836 | &nbsp;&nbsp; 2648677 |
| Teleflex, Inc. | 5667 | &nbsp;&nbsp; 691714 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 38591 | &nbsp;&nbsp; 9238299 |
| Thermo Fisher Scientific, Inc. | 12536 | &nbsp;&nbsp; 6532635 |
| United Therapeutics Corp.<sup>(b)</sup> | 9358 | &nbsp;&nbsp; 4715496 |
| UnitedHealth Group, Inc. | 87696 | &nbsp;&nbsp; 25718606 |
| Universal Health Services, Inc., Class B | 14340 | &nbsp;&nbsp; 2955474 |
| Veeva Systems, Inc., Class A<sup>(b)</sup> | 12316 | &nbsp;&nbsp; 2241635 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 1941 | &nbsp;&nbsp; 964347 |
| Viatris, Inc. | 233399 | &nbsp;&nbsp; 3484647 |
| Waters Corp.<sup>(b)</sup> | 5058 | &nbsp;&nbsp; 1615424 |
| West Pharmaceutical Services, Inc. | 6504 | &nbsp;&nbsp; 1654227 |
| Zimmer Biomet Holdings, Inc. | 15106 | &nbsp;&nbsp; 1487035 |
| Zoetis, Inc. | 27398 | &nbsp;&nbsp; 3591878 |
|  |  | &nbsp;&nbsp; 335450350 |
| **Industrials-12.03%** | **Industrials-12.03%** | **Industrials-12.03%** |
| 3M Co. | 27012 | &nbsp;&nbsp; 4465624 |
| A.O. Smith Corp.<sup>(c)</sup> | 15718 | &nbsp;&nbsp; 1226004 |
| AAON, Inc.<sup>(c)</sup> | 6099 | &nbsp;&nbsp; 617219 |
| Acuity, Inc. | 4542 | &nbsp;&nbsp; 1369822 |
| Advanced Drainage Systems, Inc. | 18651 | &nbsp;&nbsp; 3195662 |
| AECOM | 9834 | &nbsp;&nbsp; 963535 |
| AGCO Corp. | 9798 | &nbsp;&nbsp; 1337427 |
| Air Lease Corp., Class A | 28628 | &nbsp;&nbsp; 1856240 |
| Alaska Air Group, Inc.<sup>(b)(c)</sup> | 32248 | &nbsp;&nbsp; 1663997 |
| Allegion PLC | 5153 | &nbsp;&nbsp; 830406 |
| Allison Transmission Holdings, Inc. | 10174 | &nbsp;&nbsp; 1274802 |
| Amentum Holdings, Inc.<sup>(b)</sup> | 103059 | &nbsp;&nbsp; 3078372 |
| American Airlines Group, Inc.<sup>(b)(c)</sup> | 271713 | &nbsp;&nbsp; 3551289 |
| AMETEK, Inc. | 4771 | &nbsp;&nbsp; 1141319 |
| API Group Corp.<sup>(b)</sup> | 19004 | &nbsp;&nbsp; 844918 |
| Applied Industrial Technologies, Inc. | 4626 | &nbsp;&nbsp; 1307215 |
| Armstrong World Industries, Inc. | 2462 | &nbsp;&nbsp; 427157 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| ATI, Inc.<sup>(b)</sup> | 28170 | &nbsp;&nbsp; $4608330 |
| Automatic Data Processing, Inc. | 7804 | &nbsp;&nbsp; 1672865 |
| Avis Budget Group, Inc.<sup>(b)(c)</sup> | 11314 | &nbsp;&nbsp; 1102097 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 4910 | &nbsp;&nbsp; 2663184 |
| Booz Allen Hamilton Holding Corp. | 15480 | &nbsp;&nbsp; 1220288 |
| Broadridge Financial Solutions, Inc. | 3257 | &nbsp;&nbsp; 605379 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 40461 | &nbsp;&nbsp; 4219678 |
| BWX Technologies, Inc. | 5008 | &nbsp;&nbsp; 1031548 |
| C.H. Robinson Worldwide, Inc. | 14434 | &nbsp;&nbsp; 2673898 |
| CACI International, Inc., Class A<sup>(b)(c)</sup> | 1615 | &nbsp;&nbsp; 985425 |
| Carlisle Cos., Inc.<sup>(c)</sup> | 7747 | &nbsp;&nbsp; 3058283 |
| Carpenter Technology Corp. | 9674 | &nbsp;&nbsp; 3850929 |
| Carrier Global Corp. | 47815 | &nbsp;&nbsp; 3079286 |
| Caterpillar, Inc. | 38092 | &nbsp;&nbsp; 28295880 |
| Cintas Corp. | 6404 | &nbsp;&nbsp; 1288037 |
| Clarivate PLC<sup>(b)(c)</sup> | 103079 | &nbsp;&nbsp; 237082 |
| Clean Harbors, Inc.<sup>(b)</sup> | 3651 | &nbsp;&nbsp; 1070473 |
| CNH Industrial N.V.<sup>(c)</sup> | 193217 | &nbsp;&nbsp; 2376569 |
| Comfort Systems USA, Inc. | 4845 | &nbsp;&nbsp; 6925298 |
| Concentrix Corp.<sup>(c)</sup> | 18838 | &nbsp;&nbsp; 617886 |
| Copart, Inc.<sup>(b)</sup> | 43190 | &nbsp;&nbsp; 1645107 |
| Core & Main, Inc., Class A<sup>(b)</sup> | 50786 | &nbsp;&nbsp; 2750570 |
| Crane Co. | 3382 | &nbsp;&nbsp; 678192 |
| CSX Corp. | 95071 | &nbsp;&nbsp; 4058581 |
| Cummins, Inc. | 7858 | &nbsp;&nbsp; 4588050 |
| Curtiss-Wright Corp. | 1506 | &nbsp;&nbsp; 1054697 |
| Deere & Co. | 17839 | &nbsp;&nbsp; 11233397 |
| Delta Air Lines, Inc. | 244112 | &nbsp;&nbsp; 16038158 |
| Donaldson Co., Inc. | 3422 | &nbsp;&nbsp; 317425 |
| Dover Corp. | 8589 | &nbsp;&nbsp; 1936820 |
| Eaton Corp. PLC | 14362 | &nbsp;&nbsp; 5398963 |
| EMCOR Group, Inc. | 7084 | &nbsp;&nbsp; 5133208 |
| Emerson Electric Co. | 27789 | &nbsp;&nbsp; 4189192 |
| Equifax, Inc. | 9991 | &nbsp;&nbsp; 2087719 |
| ESAB Corp. | 9468 | &nbsp;&nbsp; 1194578 |
| Everus Construction Group, Inc.<sup>(b)(c)</sup> | 18202 | &nbsp;&nbsp; 2200076 |
| ExlService Holdings, Inc.<sup>(b)(c)</sup> | 12080 | &nbsp;&nbsp; 377500 |
| Expeditors International of Washington, <br> Inc.<br>| 9676 | &nbsp;&nbsp; 1403310 |
| Fastenal Co. | 28023 | &nbsp;&nbsp; 1290179 |
| FedEx Corp. | 38090 | &nbsp;&nbsp; 14740830 |
| Ferguson Enterprises, Inc. | 22117 | &nbsp;&nbsp; 5767229 |
| Flowserve Corp. | 19372 | &nbsp;&nbsp; 1714809 |
| Fortive Corp. | 17686 | &nbsp;&nbsp; 1047011 |
| Fortune Brands Innovations, Inc. | 23986 | &nbsp;&nbsp; 1303399 |
| FTAI Aviation Ltd. | 4817 | &nbsp;&nbsp; 1473039 |
| FTI Consulting, Inc.<sup>(b)(c)</sup> | 3409 | &nbsp;&nbsp; 560508 |
| Gates Industrial Corp. PLC<sup>(b)</sup> | 38794 | &nbsp;&nbsp; 1069551 |
| GE Vernova, Inc. | 29074 | &nbsp;&nbsp; 25399046 |
| Generac Holdings, Inc.<sup>(b)</sup> | 24460 | &nbsp;&nbsp; 5512550 |
| General Dynamics Corp. | 5221 | &nbsp;&nbsp; 1864158 |
| General Electric Co. | 29160 | &nbsp;&nbsp; 9980302 |
| Genpact Ltd. | 19462 | &nbsp;&nbsp; 773031 |
| Graco, Inc.<sup>(c)</sup> | 5434 | &nbsp;&nbsp; 510361 |
| GXO Logistics, Inc.<sup>(b)(c)</sup> | 48380 | &nbsp;&nbsp; 3039715 |
| Hayward Holdings, Inc.<sup>(b)</sup> | 45567 | &nbsp;&nbsp; 729072 |
| HEICO Corp.<sup>(c)</sup> | 1084 | &nbsp;&nbsp; 346295 |
| HEICO Corp., Class A<sup>(c)</sup> | 2244 | &nbsp;&nbsp; 538807 |
| Hexcel Corp.<sup>(c)</sup> | 9910 | &nbsp;&nbsp; 918558 |
| Honeywell International, Inc. | 13977 | &nbsp;&nbsp; 3404657 |

---

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

------

**17**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Howmet Aerospace, Inc. | 17914 | &nbsp;&nbsp; $4702962 |
| Hubbell, Inc. | 3431 | &nbsp;&nbsp; 1755403 |
| Huntington Ingalls Industries, Inc. | 3683 | &nbsp;&nbsp; 1637167 |
| IDEX Corp. | 2187 | &nbsp;&nbsp; 458111 |
| Illinois Tool Works, Inc. | 6098 | &nbsp;&nbsp; 1772262 |
| Ingersoll Rand, Inc. | 21677 | &nbsp;&nbsp; 2040673 |
| ITT, Inc. | 6162 | &nbsp;&nbsp; 1247250 |
| J.B. Hunt Transport Services, Inc. | 11596 | &nbsp;&nbsp; 2706622 |
| Jacobs Solutions, Inc. | 5249 | &nbsp;&nbsp; 723627 |
| Johnson Controls International PLC | 38331 | &nbsp;&nbsp; 5531163 |
| KBR, Inc. | 13648 | &nbsp;&nbsp; 576355 |
| Kirby Corp.<sup>(b)</sup> | 11995 | &nbsp;&nbsp; 1556951 |
| Knight-Swift Transportation Holdings, Inc. | 25683 | &nbsp;&nbsp; 1615974 |
| L3Harris Technologies, Inc. | 7079 | &nbsp;&nbsp; 2580579 |
| Landstar System, Inc. | 2467 | &nbsp;&nbsp; 401998 |
| Leidos Holdings, Inc. | 11560 | &nbsp;&nbsp; 2024156 |
| Lennox International, Inc. | 3403 | &nbsp;&nbsp; 1939506 |
| Leonardo DRS, Inc. | 17559 | &nbsp;&nbsp; 761885 |
| Lincoln Electric Holdings, Inc. | 3630 | &nbsp;&nbsp; 1041992 |
| Lockheed Martin Corp. | 9187 | &nbsp;&nbsp; 6045781 |
| Lyft, Inc., Class A<sup>(b)(c)</sup> | 196006 | &nbsp;&nbsp; 2712723 |
| Masco Corp. | 23207 | &nbsp;&nbsp; 1662085 |
| MasTec, Inc.<sup>(b)</sup> | 18687 | &nbsp;&nbsp; 5569100 |
| Middleby Corp. (The)<sup>(b)</sup> | 11219 | &nbsp;&nbsp; 1894440 |
| MSA Safety, Inc. | 1664 | &nbsp;&nbsp; 325162 |
| MSC Industrial Direct Co., Inc., Class A<sup>(c)</sup> | 3238 | &nbsp;&nbsp; 303854 |
| Mueller Industries, Inc. | 17543 | &nbsp;&nbsp; 2069372 |
| Nordson Corp. | 1976 | &nbsp;&nbsp; 579837 |
| Norfolk Southern Corp. | 11444 | &nbsp;&nbsp; 3601885 |
| Northrop Grumman Corp. | 8141 | &nbsp;&nbsp; 5897178 |
| nVent Electric PLC | 12759 | &nbsp;&nbsp; 1510155 |
| Old Dominion Freight Line, Inc. | 25251 | &nbsp;&nbsp; 5127216 |
| Oshkosh Corp. | 17420 | &nbsp;&nbsp; 2961748 |
| Otis Worldwide Corp. | 13789 | &nbsp;&nbsp; 1276310 |
| Owens Corning | 14826 | &nbsp;&nbsp; 1809810 |
| PACCAR, Inc. | 38760 | &nbsp;&nbsp; 4887248 |
| Parker-Hannifin Corp. | 7873 | &nbsp;&nbsp; 7945274 |
| Parsons Corp.<sup>(b)(c)</sup> | 6893 | &nbsp;&nbsp; 454938 |
| Paychex, Inc. | 9599 | &nbsp;&nbsp; 898946 |
| Paycom Software, Inc. | 14991 | &nbsp;&nbsp; 1886318 |
| Paylocity Holding Corp.<sup>(b)(c)</sup> | 7557 | &nbsp;&nbsp; 804745 |
| Pentair PLC | 9175 | &nbsp;&nbsp; 910068 |
| Quanta Services, Inc. | 9939 | &nbsp;&nbsp; 5596452 |
| QXO, Inc.<sup>(b)(c)</sup> | 42152 | &nbsp;&nbsp; 1009540 |
| RB Global, Inc. (Canada) | 12774 | &nbsp;&nbsp; 1289663 |
| RBC Bearings, Inc.<sup>(b)</sup> | 1907 | &nbsp;&nbsp; 1098279 |
| Regal Rexnord Corp. | 12743 | &nbsp;&nbsp; 2815948 |
| Republic Services, Inc. | 2787 | &nbsp;&nbsp; 638223 |
| Robert Half, Inc. | 10534 | &nbsp;&nbsp; 257240 |
| Rocket Lab Corp.<sup>(b)</sup> | 20144 | &nbsp;&nbsp; 1391950 |
| Rockwell Automation, Inc. | 7291 | &nbsp;&nbsp; 2970718 |
| Rollins, Inc.<sup>(c)</sup> | 6622 | &nbsp;&nbsp; 403214 |
| RTX Corp. | 29771 | &nbsp;&nbsp; 6032200 |
| Ryder System, Inc. | 9441 | &nbsp;&nbsp; 2091748 |
| Saia, Inc.<sup>(b)(c)</sup> | 7980 | &nbsp;&nbsp; 3235012 |
| Science Applications International Corp. | 4948 | &nbsp;&nbsp; 456502 |
| Sensata Technologies Holding PLC | 42188 | &nbsp;&nbsp; 1575300 |
| Simpson Manufacturing Co., Inc. | 4913 | &nbsp;&nbsp; 951009 |
| SiteOne Landscape Supply, Inc.<sup>(b)(c)</sup> | 9376 | &nbsp;&nbsp; 1339737 |
| Snap-on, Inc. | 3205 | &nbsp;&nbsp; 1234630 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Southwest Airlines Co. | 122679 | &nbsp;&nbsp; $6043168 |
| SS&C Technologies Holdings, Inc. | 9597 | &nbsp;&nbsp; 722558 |
| Stanley Black & Decker, Inc. | 45399 | &nbsp;&nbsp; 3926560 |
| Tetra Tech, Inc. | 25302 | &nbsp;&nbsp; 906824 |
| Textron, Inc. | 19265 | &nbsp;&nbsp; 1900492 |
| Timken Co. (The) | 11954 | &nbsp;&nbsp; 1295575 |
| Toro Co. (The)<sup>(c)</sup> | 13230 | &nbsp;&nbsp; 1307918 |
| Trane Technologies PLC | 10190 | &nbsp;&nbsp; 4711041 |
| TransDigm Group, Inc. | 2298 | &nbsp;&nbsp; 2993811 |
| TransUnion | 22212 | &nbsp;&nbsp; 1744753 |
| Trex Co., Inc.<sup>(b)(c)</sup> | 19437 | &nbsp;&nbsp; 805081 |
| Uber Technologies, Inc.<sup>(b)</sup> | 544311 | &nbsp;&nbsp; 41051936 |
| U-Haul Holding Co., Series N | 11096 | &nbsp;&nbsp; 523287 |
| Union Pacific Corp. | 20509 | &nbsp;&nbsp; 5434475 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 162896 | &nbsp;&nbsp; 17315845 |
| United Parcel Service, Inc., Class B<sup>(c)</sup> | 95607 | &nbsp;&nbsp; 11086588 |
| United Rentals, Inc.<sup>(c)</sup> | 17035 | &nbsp;&nbsp; 14309400 |
| Valmont Industries, Inc. | 3517 | &nbsp;&nbsp; 1617574 |
| Veralto Corp. | 3688 | &nbsp;&nbsp; 359322 |
| Verisk Analytics, Inc. | 3194 | &nbsp;&nbsp; 662979 |
| Vertiv Holdings Co., Class A | 43020 | &nbsp;&nbsp; 10965368 |
| W.W. Grainger, Inc.<sup>(c)</sup> | 2101 | &nbsp;&nbsp; 2405078 |
| Wabtec Corp. | 8073 | &nbsp;&nbsp; 2130868 |
| Waste Management, Inc. | 4617 | &nbsp;&nbsp; 1111958 |
| Watsco, Inc.<sup>(c)</sup> | 2745 | &nbsp;&nbsp; 1145571 |
| WESCO International, Inc. | 23457 | &nbsp;&nbsp; 6790801 |
| WillScot Holdings Corp. | 42060 | &nbsp;&nbsp; 908917 |
| Woodward, Inc. | 3695 | &nbsp;&nbsp; 1429078 |
| XPO, Inc.<sup>(b)(c)</sup> | 27960 | &nbsp;&nbsp; 5884741 |
| Xylem, Inc. | 10590 | &nbsp;&nbsp; 1372040 |
|  |  | &nbsp;&nbsp; 532461874 |
| **Information Technology-28.33%** | **Information Technology-28.33%** | **Information Technology-28.33%** |
| Accenture PLC, Class A | 35860 | &nbsp;&nbsp; 7484699 |
| Adobe, Inc.<sup>(b)</sup> | 51807 | &nbsp;&nbsp; 13594675 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 105412 | &nbsp;&nbsp; 21104536 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 18177 | &nbsp;&nbsp; 1788435 |
| Amdocs Ltd. | 3507 | &nbsp;&nbsp; 244789 |
| Amkor Technology, Inc. | 62844 | &nbsp;&nbsp; 3005200 |
| Amphenol Corp., Class A | 18696 | &nbsp;&nbsp; 2730738 |
| Analog Devices, Inc. | 22326 | &nbsp;&nbsp; 7943367 |
| AppFolio, Inc., Class A<sup>(b)</sup> | 2734 | &nbsp;&nbsp; 485996 |
| Apple, Inc. | 694097 | &nbsp;&nbsp; 183366545 |
| Applied Materials, Inc. | 123314 | &nbsp;&nbsp; 45909802 |
| AppLovin Corp., Class A<sup>(b)</sup> | 20340 | &nbsp;&nbsp; 8843222 |
| Arista Networks, Inc.<sup>(b)</sup> | 87801 | &nbsp;&nbsp; 11721433 |
| Arrow Electronics, Inc.<sup>(b)</sup> | 4913 | &nbsp;&nbsp; 747562 |
| Astera Labs, Inc.<sup>(b)</sup> | 6462 | &nbsp;&nbsp; 767879 |
| Atlassian Corp., Class A<sup>(b)</sup> | 12459 | &nbsp;&nbsp; 936045 |
| Autodesk, Inc.<sup>(b)</sup> | 13080 | &nbsp;&nbsp; 3215980 |
| Avnet, Inc. | 10586 | &nbsp;&nbsp; 696982 |
| Bentley Systems, Inc., Class B<sup>(c)</sup> | 14231 | &nbsp;&nbsp; 520143 |
| BILL Holdings, Inc.<sup>(b)(c)</sup> | 11698 | &nbsp;&nbsp; 520678 |
| Broadcom, Inc. | 90048 | &nbsp;&nbsp; 28774838 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 10466 | &nbsp;&nbsp; 3154452 |
| CDW Corp. | 12948 | &nbsp;&nbsp; 1587943 |
| Ciena Corp.<sup>(b)</sup> | 11825 | &nbsp;&nbsp; 4123377 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 13213 | &nbsp;&nbsp; 1864619 |
| Cisco Systems, Inc. | 69323 | &nbsp;&nbsp; 5508406 |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 18731 | &nbsp;&nbsp; 3225291 |

---

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

------

**18**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Cognex Corp. | 17800 | &nbsp;&nbsp; $968320 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 32170 | &nbsp;&nbsp; 2072713 |
| Coherent Corp.<sup>(b)</sup> | 17506 | &nbsp;&nbsp; 4532829 |
| Corning, Inc. | 24729 | &nbsp;&nbsp; 3718747 |
| Crane NXT Co. | 7138 | &nbsp;&nbsp; 344694 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 16296 | &nbsp;&nbsp; 6061786 |
| Datadog, Inc., Class A<sup>(b)</sup> | 24568 | &nbsp;&nbsp; 2750633 |
| Dell Technologies, Inc., Class C | 133693 | &nbsp;&nbsp; 19797259 |
| DocuSign, Inc.<sup>(b)</sup> | 78040 | &nbsp;&nbsp; 3517263 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup> | 42505 | &nbsp;&nbsp; 1062200 |
| DXC Technology Co.<sup>(b)</sup> | 55879 | &nbsp;&nbsp; 703517 |
| Dynatrace, Inc.<sup>(b)</sup> | 47458 | &nbsp;&nbsp; 1704691 |
| Elastic N.V.<sup>(b)</sup> | 6656 | &nbsp;&nbsp; 346578 |
| Enphase Energy, Inc.<sup>(b)(c)</sup> | 29423 | &nbsp;&nbsp; 1243710 |
| Entegris, Inc. | 22675 | &nbsp;&nbsp; 3003304 |
| EPAM Systems, Inc.<sup>(b)</sup> | 16312 | &nbsp;&nbsp; 2299992 |
| F5, Inc.<sup>(b)</sup> | 6194 | &nbsp;&nbsp; 1680804 |
| Fair Isaac Corp.<sup>(b)(c)</sup> | 1621 | &nbsp;&nbsp; 2284573 |
| First Solar, Inc.<sup>(b)</sup> | 31606 | &nbsp;&nbsp; 6232703 |
| Flex Ltd.<sup>(b)</sup> | 97064 | &nbsp;&nbsp; 6116973 |
| Fortinet, Inc.<sup>(b)</sup> | 73301 | &nbsp;&nbsp; 5792978 |
| Gartner, Inc.<sup>(b)(c)</sup> | 8823 | &nbsp;&nbsp; 1386976 |
| Gen Digital, Inc. | 67594 | &nbsp;&nbsp; 1525597 |
| GitLab, Inc., Class A<sup>(b)(c)</sup> | 6833 | &nbsp;&nbsp; 179708 |
| GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup> | 17556 | &nbsp;&nbsp; 834788 |
| Globant S.A.<sup>(b)(c)</sup> | 9404 | &nbsp;&nbsp; 467943 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 13661 | &nbsp;&nbsp; 1190693 |
| Guidewire Software, Inc.<sup>(b)</sup> | 3716 | &nbsp;&nbsp; 540009 |
| Hewlett Packard Enterprise Co. | 385064 | &nbsp;&nbsp; 8267324 |
| HP, Inc. | 159059 | &nbsp;&nbsp; 3020530 |
| HubSpot, Inc.<sup>(b)</sup> | 3507 | &nbsp;&nbsp; 927637 |
| Intel Corp.<sup>(b)</sup> | 32263 | &nbsp;&nbsp; 1471515 |
| International Business Machines Corp. | 22229 | &nbsp;&nbsp; 5339628 |
| Intuit, Inc. | 15712 | &nbsp;&nbsp; 6426679 |
| Jabil, Inc. | 29297 | &nbsp;&nbsp; 7763412 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 13075 | &nbsp;&nbsp; 4018340 |
| KLA Corp. | 15528 | &nbsp;&nbsp; 23673212 |
| Kyndryl Holdings, Inc.<sup>(b)</sup> | 97336 | &nbsp;&nbsp; 1200153 |
| Lam Research Corp. | 163903 | &nbsp;&nbsp; 38335273 |
| Lattice Semiconductor Corp.<sup>(b)</sup> | 12351 | &nbsp;&nbsp; 1181003 |
| Littelfuse, Inc. | 2758 | &nbsp;&nbsp; 972085 |
| Lumentum Holdings, Inc.<sup>(b)</sup> | 5318 | &nbsp;&nbsp; 3727439 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup><br>| 2810 | &nbsp;&nbsp; 697217 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 3852 | &nbsp;&nbsp; 521676 |
| Marvell Technology, Inc. | 41216 | &nbsp;&nbsp; 3366935 |
| Microchip Technology, Inc. | 30884 | &nbsp;&nbsp; 2305182 |
| Micron Technology, Inc. | 255246 | &nbsp;&nbsp; 105255793 |
| Microsoft Corp. | 326985 | &nbsp;&nbsp; 128420089 |
| MKS, Inc. | 15511 | &nbsp;&nbsp; 3791819 |
| MongoDB, Inc.<sup>(b)</sup> | 4872 | &nbsp;&nbsp; 1600306 |
| Monolithic Power Systems, Inc. | 9459 | &nbsp;&nbsp; 10809178 |
| Motorola Solutions, Inc. | 2837 | &nbsp;&nbsp; 1368172 |
| NetApp, Inc. | 24661 | &nbsp;&nbsp; 2442179 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 47963 | &nbsp;&nbsp; 1836024 |
| NVIDIA Corp. | 1420131 | &nbsp;&nbsp; 251633012 |
| Okta, Inc.<sup>(b)</sup> | 26580 | &nbsp;&nbsp; 1927050 |
| ON Semiconductor Corp.<sup>(b)</sup> | 144839 | &nbsp;&nbsp; 9628897 |
| Onto Innovation, Inc.<sup>(b)</sup> | 8529 | &nbsp;&nbsp; 1841326 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Oracle Corp. | 109754 | &nbsp;&nbsp; $15958232 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 108965 | &nbsp;&nbsp; 14948908 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 50668 | &nbsp;&nbsp; 7545478 |
| Pegasystems, Inc. | 12679 | &nbsp;&nbsp; 554453 |
| Procore Technologies, Inc.<sup>(b)(c)</sup> | 6785 | &nbsp;&nbsp; 373446 |
| PTC, Inc.<sup>(b)</sup> | 9413 | &nbsp;&nbsp; 1473982 |
| Pure Storage, Inc., Class A<sup>(b)</sup> | 37304 | &nbsp;&nbsp; 2395663 |
| Qnity Electronics, Inc. | 37804 | &nbsp;&nbsp; 4792035 |
| Qorvo, Inc.<sup>(b)</sup> | 18111 | &nbsp;&nbsp; 1501402 |
| QUALCOMM, Inc. | 153846 | &nbsp;&nbsp; 21901516 |
| Ralliant Corp. | 26385 | &nbsp;&nbsp; 1210808 |
| RingCentral, Inc., Class A<sup>(b)</sup> | 34681 | &nbsp;&nbsp; 1264122 |
| Roper Technologies, Inc. | 1475 | &nbsp;&nbsp; 515852 |
| Salesforce, Inc. | 70610 | &nbsp;&nbsp; 13754122 |
| Samsara, Inc., Class A<sup>(b)(c)</sup> | 17183 | &nbsp;&nbsp; 496589 |
| Sandisk Corp.<sup>(b)</sup> | 1367 | &nbsp;&nbsp; 868537 |
| ServiceNow, Inc.<sup>(b)</sup> | 50689 | &nbsp;&nbsp; 5474919 |
| Skyworks Solutions, Inc. | 33852 | &nbsp;&nbsp; 2016902 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 16664 | &nbsp;&nbsp; 2806384 |
| Strategy, Inc., Class A<sup>(b)(c)</sup> | 2719 | &nbsp;&nbsp; 352110 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 310022 | &nbsp;&nbsp; 10041613 |
| Synopsys, Inc.<sup>(b)</sup> | 15392 | &nbsp;&nbsp; 6372288 |
| TD SYNNEX Corp. | 13679 | &nbsp;&nbsp; 2145004 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 1679 | &nbsp;&nbsp; 1143567 |
| Teradata Corp.<sup>(b)(c)</sup> | 43978 | &nbsp;&nbsp; 1384867 |
| Teradyne, Inc. | 19757 | &nbsp;&nbsp; 6322833 |
| Texas Instruments, Inc. | 30819 | &nbsp;&nbsp; 6537018 |
| Trimble, Inc.<sup>(b)</sup> | 31622 | &nbsp;&nbsp; 2114563 |
| Twilio, Inc., Class A<sup>(b)</sup> | 19929 | &nbsp;&nbsp; 2410612 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 1907 | &nbsp;&nbsp; 676394 |
| Ubiquiti, Inc. | 688 | &nbsp;&nbsp; 527689 |
| UiPath, Inc., Class A<sup>(b)(c)</sup> | 49753 | &nbsp;&nbsp; 533850 |
| Unity Software, Inc.<sup>(b)</sup> | 10087 | &nbsp;&nbsp; 183886 |
| Universal Display Corp.<sup>(c)</sup> | 7751 | &nbsp;&nbsp; 826954 |
| VeriSign, Inc. | 3327 | &nbsp;&nbsp; 758356 |
| Vontier Corp. | 23860 | &nbsp;&nbsp; 976351 |
| Western Digital Corp. | 71251 | &nbsp;&nbsp; 19928905 |
| Workday, Inc., Class A<sup>(b)</sup> | 16550 | &nbsp;&nbsp; 2213728 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 9547 | &nbsp;&nbsp; 2138146 |
| Zoom Communications, Inc., Class A<sup>(b)(c)</sup> | 65951 | &nbsp;&nbsp; 4876417 |
| Zscaler, Inc.<sup>(b)</sup> | 9814 | &nbsp;&nbsp; 1442560 |
|  |  | &nbsp;&nbsp; 1253759759 |
| **Materials-4.30%** | **Materials-4.30%** | **Materials-4.30%** |
| Air Products and Chemicals, Inc. | 4826 | &nbsp;&nbsp; 1330383 |
| Albemarle Corp. | 2564 | &nbsp;&nbsp; 458110 |
| Alcoa Corp. | 108691 | &nbsp;&nbsp; 6747537 |
| Amcor PLC<sup>(c)</sup> | 12079 | &nbsp;&nbsp; 584986 |
| AngloGold Ashanti PLC (Australia) | 104871 | &nbsp;&nbsp; 13399368 |
| AptarGroup, Inc. | 2701 | &nbsp;&nbsp; 388161 |
| Avery Dennison Corp. | 4742 | &nbsp;&nbsp; 931092 |
| Axalta Coating Systems Ltd.<sup>(b)</sup> | 26363 | &nbsp;&nbsp; 880788 |
| Ball Corp. | 5916 | &nbsp;&nbsp; 397141 |
| Celanese Corp. | 27458 | &nbsp;&nbsp; 1371252 |
| CF Industries Holdings, Inc. | 47431 | &nbsp;&nbsp; 4721282 |
| Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 140801 | &nbsp;&nbsp; 1500939 |
| Corteva, Inc. | 46563 | &nbsp;&nbsp; 3730628 |
| CRH PLC | 69701 | &nbsp;&nbsp; 8362726 |
| Crown Holdings, Inc. | 17405 | &nbsp;&nbsp; 1994613 |
| Dow, Inc. | 100618 | &nbsp;&nbsp; 3091991 |

---

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

------

**19**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| DuPont de Nemours, Inc. | 63723 | &nbsp;&nbsp; $3188699 |
| Eagle Materials, Inc. | 5596 | &nbsp;&nbsp; 1252385 |
| Eastman Chemical Co. | 14454 | &nbsp;&nbsp; 1091422 |
| Ecolab, Inc. | 5707 | &nbsp;&nbsp; 1759753 |
| Element Solutions, Inc. | 26907 | &nbsp;&nbsp; 944167 |
| FMC Corp.<sup>(c)</sup> | 28457 | &nbsp;&nbsp; 419456 |
| Freeport-McMoRan, Inc. | 516656 | &nbsp;&nbsp; 35173940 |
| Graphic Packaging Holding Co.<sup>(c)</sup> | 27156 | &nbsp;&nbsp; 332118 |
| Huntsman Corp. | 29302 | &nbsp;&nbsp; 370670 |
| International Flavors & Fragrances, Inc. | 21776 | &nbsp;&nbsp; 1790640 |
| International Paper Co.<sup>(c)</sup> | 65262 | &nbsp;&nbsp; 2842160 |
| James Hardie Industries PLC<sup>(b)(c)</sup> | 30554 | &nbsp;&nbsp; 743990 |
| Linde PLC | 5913 | &nbsp;&nbsp; 3004277 |
| Louisiana-Pacific Corp. | 23780 | &nbsp;&nbsp; 2015117 |
| LyondellBasell Industries N.V., Class A | 34309 | &nbsp;&nbsp; 1973454 |
| Martin Marietta Materials, Inc. | 3508 | &nbsp;&nbsp; 2373408 |
| Mosaic Co. (The) | 127169 | &nbsp;&nbsp; 3540385 |
| MP Materials Corp.<sup>(b)(c)</sup> | 7632 | &nbsp;&nbsp; 449296 |
| NewMarket Corp.<sup>(c)</sup> | 478 | &nbsp;&nbsp; 299233 |
| Newmont Corp. | 195271 | &nbsp;&nbsp; 25385230 |
| Nucor Corp. | 95303 | &nbsp;&nbsp; 16857195 |
| Olin Corp. | 38702 | &nbsp;&nbsp; 981870 |
| Packaging Corp. of America | 3610 | &nbsp;&nbsp; 838025 |
| PPG Industries, Inc. | 15352 | &nbsp;&nbsp; 1892441 |
| Reliance, Inc. | 7464 | &nbsp;&nbsp; 2355937 |
| Royal Gold, Inc. | 4376 | &nbsp;&nbsp; 1311881 |
| RPM International, Inc. | 5796 | &nbsp;&nbsp; 661440 |
| Scotts Miracle-Gro Co. (The) | 17904 | &nbsp;&nbsp; 1255428 |
| Sealed Air Corp. | 30648 | &nbsp;&nbsp; 1283538 |
| Sherwin-Williams Co. (The) | 6809 | &nbsp;&nbsp; 2468875 |
| Silgan Holdings, Inc. | 6262 | &nbsp;&nbsp; 300889 |
| Smurfit WestRock PLC | 58940 | &nbsp;&nbsp; 2770769 |
| Solstice Advanced Materials, Inc. | 47886 | &nbsp;&nbsp; 3759530 |
| Sonoco Products Co. | 5251 | &nbsp;&nbsp; 296524 |
| Southern Copper Corp. (Mexico)<sup>(c)</sup> | 10657 | &nbsp;&nbsp; 2326423 |
| Steel Dynamics, Inc. | 51022 | &nbsp;&nbsp; 9853879 |
| Vulcan Materials Co. | 4757 | &nbsp;&nbsp; 1474670 |
| Westlake Corp. | 6375 | &nbsp;&nbsp; 671797 |
|  |  | &nbsp;&nbsp; 190201908 |
| **Real Estate-1.27%** | **Real Estate-1.27%** | **Real Estate-1.27%** |
| Alexandria Real Estate Equities, Inc. | 18983 | &nbsp;&nbsp; 1025841 |
| American Homes 4 Rent, Class A | 9340 | &nbsp;&nbsp; 280200 |
| American Tower Corp. | 23570 | &nbsp;&nbsp; 4522140 |
| AvalonBay Communities, Inc. | 3510 | &nbsp;&nbsp; 622077 |
| Brixmor Property Group, Inc. | 15377 | &nbsp;&nbsp; 465462 |
| BXP, Inc. | 12383 | &nbsp;&nbsp; 713013 |
| Camden Property Trust | 2531 | &nbsp;&nbsp; 274209 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 26612 | &nbsp;&nbsp; 3929528 |
| CoStar Group, Inc.<sup>(b)</sup> | 11389 | &nbsp;&nbsp; 508291 |
| CubeSmart | 12361 | &nbsp;&nbsp; 508532 |
| Digital Realty Trust, Inc. | 10534 | &nbsp;&nbsp; 1866625 |
| EPR Properties | 6550 | &nbsp;&nbsp; 389136 |
| Equinix, Inc. | 2866 | &nbsp;&nbsp; 2792229 |
| Equity LifeStyle Properties, Inc.<sup>(c)</sup> | 4403 | &nbsp;&nbsp; 295705 |
| Equity Residential | 11906 | &nbsp;&nbsp; 752578 |
| Essex Property Trust, Inc. | 2975 | &nbsp;&nbsp; 758952 |
| Extra Space Storage, Inc. | 11698 | &nbsp;&nbsp; 1766749 |
| Federal Realty Investment Trust | 2939 | &nbsp;&nbsp; 319675 |
| Gaming and Leisure Properties, Inc. | 6819 | &nbsp;&nbsp; 333517 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Healthpeak Properties, Inc. | 24276 | &nbsp;&nbsp; $429200 |
| Highwoods Properties, Inc. | 10539 | &nbsp;&nbsp; 237022 |
| Host Hotels & Resorts, Inc. | 126946 | &nbsp;&nbsp; 2486872 |
| Howard Hughes Holdings, Inc.<sup>(b)</sup> | 4650 | &nbsp;&nbsp; 336521 |
| Invitation Homes, Inc. | 15358 | &nbsp;&nbsp; 404530 |
| Iron Mountain, Inc. | 13752 | &nbsp;&nbsp; 1489754 |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 12228 | &nbsp;&nbsp; 3858545 |
| Kilroy Realty Corp.<sup>(c)</sup> | 18253 | &nbsp;&nbsp; 544304 |
| Kimco Realty Corp. | 25814 | &nbsp;&nbsp; 607920 |
| Lamar Advertising Co., Class A<sup>(c)</sup> | 4188 | &nbsp;&nbsp; 576855 |
| Mid-America Apartment Communities, <br> Inc.<br>| 3434 | &nbsp;&nbsp; 459675 |
| National Storage Affiliates Trust | 7342 | &nbsp;&nbsp; 257117 |
| NNN REIT, Inc. | 5712 | &nbsp;&nbsp; 258868 |
| Omega Healthcare Investors, Inc. | 10539 | &nbsp;&nbsp; 508718 |
| Park Hotels & Resorts, Inc.<sup>(c)</sup> | 59947 | &nbsp;&nbsp; 678001 |
| Prologis, Inc. | 35043 | &nbsp;&nbsp; 4996081 |
| Public Storage | 6180 | &nbsp;&nbsp; 1897631 |
| Rayonier, Inc.<sup>(c)</sup> | 16527 | &nbsp;&nbsp; 355165 |
| Realty Income Corp. | 11195 | &nbsp;&nbsp; 750065 |
| Regency Centers Corp. | 3542 | &nbsp;&nbsp; 279818 |
| Rexford Industrial Realty, Inc. | 9856 | &nbsp;&nbsp; 369304 |
| SBA Communications Corp., Class A | 7223 | &nbsp;&nbsp; 1452979 |
| Simon Property Group, Inc. | 18177 | &nbsp;&nbsp; 3705381 |
| Sun Communities, Inc.<sup>(c)</sup> | 3346 | &nbsp;&nbsp; 456595 |
| UDR, Inc.<sup>(c)</sup> | 6754 | &nbsp;&nbsp; 253275 |
| Ventas, Inc.<sup>(c)</sup> | 10209 | &nbsp;&nbsp; 879607 |
| VICI Properties, Inc. | 50567 | &nbsp;&nbsp; 1527629 |
| Vornado Realty Trust<sup>(c)</sup> | 18406 | &nbsp;&nbsp; 507638 |
| W.P. Carey, Inc.<sup>(c)</sup> | 7477 | &nbsp;&nbsp; 558158 |
| Welltower, Inc. | 6416 | &nbsp;&nbsp; 1328882 |
| Weyerhaeuser Co. | 31961 | &nbsp;&nbsp; 784003 |
| Zillow Group, Inc., Class A<sup>(b)(c)</sup> | 7391 | &nbsp;&nbsp; 331117 |
| Zillow Group, Inc., Class C<sup>(b)</sup> | 9904 | &nbsp;&nbsp; 441916 |
|  |  | &nbsp;&nbsp; 56133605 |
| **Utilities-2.36%** | **Utilities-2.36%** | **Utilities-2.36%** |
| AES Corp. (The) | 281312 | &nbsp;&nbsp; 4861071 |
| Alliant Energy Corp.<sup>(c)</sup> | 5965 | &nbsp;&nbsp; 431508 |
| Ameren Corp. | 8063 | &nbsp;&nbsp; 913377 |
| American Electric Power Co., Inc.<sup>(c)</sup> | 18767 | &nbsp;&nbsp; 2511400 |
| American Water Works Co., Inc. | 10188 | &nbsp;&nbsp; 1385874 |
| Atmos Energy Corp. | 3818 | &nbsp;&nbsp; 713164 |
| Brookfield Renewable Corp. (Canada)<sup>(c)</sup> | 33934 | &nbsp;&nbsp; 1450000 |
| CenterPoint Energy, Inc.<sup>(c)</sup> | 24154 | &nbsp;&nbsp; 1050699 |
| Clearway Energy, Inc., Class C | 14850 | &nbsp;&nbsp; 568903 |
| CMS Energy Corp. | 9182 | &nbsp;&nbsp; 716839 |
| Consolidated Edison, Inc. | 13098 | &nbsp;&nbsp; 1473787 |
| Constellation Energy Corp. | 31571 | &nbsp;&nbsp; 10414641 |
| Dominion Energy, Inc. | 38254 | &nbsp;&nbsp; 2415358 |
| DTE Energy Co. | 7536 | &nbsp;&nbsp; 1117137 |
| Duke Energy Corp. | 21152 | &nbsp;&nbsp; 2767739 |
| Edison International | 28237 | &nbsp;&nbsp; 2110433 |
| Entergy Corp. | 16381 | &nbsp;&nbsp; 1754569 |
| Essential Utilities, Inc. | 13001 | &nbsp;&nbsp; 519650 |
| Evergy, Inc. | 8824 | &nbsp;&nbsp; 738216 |
| Eversource Energy | 21767 | &nbsp;&nbsp; 1658863 |
| Exelon Corp. | 55489 | &nbsp;&nbsp; 2745041 |
| FirstEnergy Corp. | 17664 | &nbsp;&nbsp; 903690 |
| MDU Resources Group, Inc. | 10842 | &nbsp;&nbsp; 224213 |

---

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

------

**20**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| National Fuel Gas Co. | 6867 | &nbsp;&nbsp; $625103 |
| NextEra Energy, Inc. | 108444 | &nbsp;&nbsp; 10168794 |
| NiSource, Inc. | 13306 | &nbsp;&nbsp; 629374 |
| NRG Energy, Inc. | 58997 | &nbsp;&nbsp; 10558103 |
| OGE Energy Corp.<sup>(c)</sup> | 5576 | &nbsp;&nbsp; 274005 |
| PG&E Corp. | 267107 | &nbsp;&nbsp; 5075033 |
| Pinnacle West Capital Corp.<sup>(c)</sup> | 6167 | &nbsp;&nbsp; 618550 |
| PPL Corp. | 18277 | &nbsp;&nbsp; 712437 |
| Public Service Enterprise Group, Inc. | 11289 | &nbsp;&nbsp; 971644 |
| Sempra | 21082 | &nbsp;&nbsp; 2029564 |
| Southern Co. (The) | 26496 | &nbsp;&nbsp; 2580180 |
| Talen Energy Corp.<sup>(b)</sup> | 12580 | &nbsp;&nbsp; 4666803 |
| UGI Corp. | 33420 | &nbsp;&nbsp; 1250242 |
| Vistra Corp. | 103428 | &nbsp;&nbsp; 17985095 |
| WEC Energy Group, Inc. | 9984 | &nbsp;&nbsp; 1167729 |
| Xcel Energy, Inc. | 22476 | &nbsp;&nbsp; 1873599 |
|  |  | &nbsp;&nbsp; 104632427 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $3,959,428,376) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $3,959,428,376) | &nbsp;&nbsp; 4423377733 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-5.47%** | **Money Market Funds-5.47%** | **Money Market Funds-5.47%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 78487059 | &nbsp;&nbsp; $78487059 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 163309380 | &nbsp;&nbsp; 163358373 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $241,845,432) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $241,845,432) | &nbsp;&nbsp; 241845432 |
| TOTAL INVESTMENTS IN SECURITIES-105.42% <br>(Cost $4,201,273,808) | TOTAL INVESTMENTS IN SECURITIES-105.42% <br>(Cost $4,201,273,808) | &nbsp;&nbsp; 4665223165 |
| OTHER ASSETS LESS LIABILITIES-(5.42)% | OTHER ASSETS LESS LIABILITIES-(5.42)% | &nbsp;&nbsp; (239653878)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $4425569287 |

---

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

---

| | |
|:---|:---|
| 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> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 six months ended February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3011111 | &nbsp;&nbsp; $(433091)<br>| &nbsp;&nbsp; $238353 | &nbsp;&nbsp; $55657 | &nbsp;&nbsp; $2872030 | &nbsp;&nbsp; $45767 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 282600 | &nbsp;&nbsp; 37530933 | &nbsp;&nbsp; (37813533)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 23430 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 13790373 | &nbsp;&nbsp; 284510183 | &nbsp;&nbsp; (219813497)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 78487059 | &nbsp;&nbsp; 658,902<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 35830361 | &nbsp;&nbsp; 600997697 | &nbsp;&nbsp; (473470192)<br>| &nbsp;&nbsp; (2305)<br>| &nbsp;&nbsp; 2812 | &nbsp;&nbsp; 163358373 | &nbsp;&nbsp; 1,765,275<br> \*<br>|
| Total | &nbsp;&nbsp; $49903334 | &nbsp;&nbsp; $926049924 | &nbsp;&nbsp; $(731530313)<br>| &nbsp;&nbsp; $236048 | &nbsp;&nbsp; $58469 | &nbsp;&nbsp; $244717462 | &nbsp;&nbsp; $2493374 |

---

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

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

------

**21**

------

**Invesco Russell 1000**<sup>®</sup> **Dynamic Multifactor ETF (OMFL)—(continued)**

February 28, 2026

*(Unaudited)*

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J. 

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

------

**22**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.73%** | **Common Stocks & Other Equity Interests-99.73%** | **Common Stocks & Other Equity Interests-99.73%** |
| **Communication Services-3.19%** | **Communication Services-3.19%** | **Communication Services-3.19%** |
| AMC Entertainment Holdings, Inc.<sup>(b)(c)</sup> | 114495 | &nbsp;&nbsp; $132814 |
| AMC Networks, Inc., Class A<sup>(b)(c)</sup> | 9531 | &nbsp;&nbsp; 77868 |
| Angi, Inc.<sup>(b)(c)</sup> | 4215 | &nbsp;&nbsp; 32793 |
| Atlanta Braves Holdings, Inc., Class A<sup>(b)(c)</sup> | 419 | &nbsp;&nbsp; 20284 |
| Atlanta Braves Holdings, Inc., Series C<sup>(b)</sup> | 2797 | &nbsp;&nbsp; 122257 |
| ATN International, Inc. | 4085 | &nbsp;&nbsp; 117730 |
| Bandwidth, Inc., Class A<sup>(b)(c)</sup> | 6422 | &nbsp;&nbsp; 95174 |
| Boston Omaha Corp., Class A<sup>(b)(c)</sup> | 2541 | &nbsp;&nbsp; 31381 |
| Bumble, Inc., Class A<sup>(b)(c)</sup> | 7443 | &nbsp;&nbsp; 22627 |
| Cable One, Inc.<sup>(c)</sup> | 504 | &nbsp;&nbsp; 48359 |
| CarGurus, Inc.<sup>(b)(c)</sup> | 5673 | &nbsp;&nbsp; 174161 |
| Cars.com, Inc.<sup>(b)(c)</sup> | 9008 | &nbsp;&nbsp; 76928 |
| Cinemark Holdings, Inc. | 12512 | &nbsp;&nbsp; 353339 |
| Cogent Communications Holdings, Inc. | 3073 | &nbsp;&nbsp; 57649 |
| CuriosityStream, Inc. | 9936 | &nbsp;&nbsp; 33584 |
| E.W. Scripps Co. (The), Class A<sup>(b)(c)</sup> | 47148 | &nbsp;&nbsp; 195664 |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 3079 | &nbsp;&nbsp; 355717 |
| Entravision Communications Corp., Class A | 8900 | &nbsp;&nbsp; 27590 |
| Eventbrite, Inc., Class A<sup>(b)(c)</sup> | 14192 | &nbsp;&nbsp; 62729 |
| EverQuote, Inc., Class A<sup>(b)(c)</sup> | 7534 | &nbsp;&nbsp; 119037 |
| fuboTV, Inc.<sup>(b)(c)</sup> | 118706 | &nbsp;&nbsp; 138886 |
| Getty Images Holdings, Inc.<sup>(b)(c)</sup> | 32651 | &nbsp;&nbsp; 25402 |
| Globalstar, Inc.<sup>(b)(c)</sup> | 2435 | &nbsp;&nbsp; 151627 |
| Gogo, Inc.<sup>(b)(c)</sup> | 12075 | &nbsp;&nbsp; 51077 |
| Gray Media, Inc. | 47546 | &nbsp;&nbsp; 246764 |
| Grindr, Inc. (Singapore), (Acquired <br> 07/05/2024 - 12/19/2025; <br> Cost $17,998)<sup>(b)(c)(d)</sup><br>| 1362 | &nbsp;&nbsp; 15500 |
| Ibotta, Inc., Class A<sup>(b)(c)</sup> | 1649 | &nbsp;&nbsp; 41176 |
| IDT Corp., Class B<sup>(c)</sup> | 3465 | &nbsp;&nbsp; 176542 |
| iHeartMedia, Inc., Class A<sup>(b)</sup> | 56308 | &nbsp;&nbsp; 184127 |
| IMAX Corp.<sup>(b)(c)</sup> | 5484 | &nbsp;&nbsp; 234880 |
| John Wiley & Sons, Inc., Class A<sup>(c)</sup> | 5436 | &nbsp;&nbsp; 168625 |
| Liberty Latin America Ltd., Class A<sup>(b)</sup> | 11071 | &nbsp;&nbsp; 86797 |
| Liberty Latin America Ltd., Class C<sup>(b)</sup> | 36643 | &nbsp;&nbsp; 290945 |
| Lionsgate Studios Corp.<sup>(b)</sup> | 18327 | &nbsp;&nbsp; 164943 |
| Lumen Technologies, Inc.<sup>(b)</sup> | 69671 | &nbsp;&nbsp; 495361 |
| Madison Square Garden Entertainment <br> Corp.<sup>(b)</sup><br>| 5867 | &nbsp;&nbsp; 370442 |
| Magnite, Inc.<sup>(b)(c)</sup> | 16949 | &nbsp;&nbsp; 230845 |
| Marcus Corp. (The) | 4247 | &nbsp;&nbsp; 71477 |
| MediaAlpha, Inc., Class A<sup>(b)(c)</sup> | 7508 | &nbsp;&nbsp; 74630 |
| National CineMedia, Inc.<sup>(c)</sup> | 15414 | &nbsp;&nbsp; 54874 |
| Newsmax, Inc.<sup>(b)(c)</sup> | 4313 | &nbsp;&nbsp; 25662 |
| Nextdoor Holdings, Inc.<sup>(b)</sup> | 7710 | &nbsp;&nbsp; 13493 |
| Nexxen International Ltd. (Israel)<sup>(b)</sup> | 7085 | &nbsp;&nbsp; 45627 |
| Optimum Communications, Inc., Class A<sup>(b)</sup> | 60156 | &nbsp;&nbsp; 86625 |
| Playtika Holding Corp.<sup>(c)</sup> | 7985 | &nbsp;&nbsp; 24674 |
| PubMatic, Inc., Class A<sup>(b)(c)</sup> | 5533 | &nbsp;&nbsp; 44817 |
| QuinStreet, Inc.<sup>(b)(c)</sup> | 7432 | &nbsp;&nbsp; 87103 |
| Reservoir Media, Inc.<sup>(b)(c)</sup> | 2669 | &nbsp;&nbsp; 23941 |
| Rumble, Inc.<sup>(b)(c)</sup> | 3851 | &nbsp;&nbsp; 20834 |
| Scholastic Corp.<sup>(c)</sup> | 8375 | &nbsp;&nbsp; 291199 |
| Shenandoah Telecommunications Co.<sup>(c)</sup> | 7135 | &nbsp;&nbsp; 97250 |
| Shutterstock, Inc. | 3808 | &nbsp;&nbsp; 63974 |
| Sinclair, Inc. | 12221 | &nbsp;&nbsp; 199691 |
| Sphere Entertainment Co.<sup>(b)</sup> | 1939 | &nbsp;&nbsp; 230760 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services-(continued)** | **Communication Services-(continued)** | **Communication Services-(continued)** |
| Spok Holdings, Inc. | 3482 | &nbsp;&nbsp; $42271 |
| Stagwell, Inc.<sup>(b)(c)</sup> | 19434 | &nbsp;&nbsp; 93672 |
| TEGNA, Inc. | 24515 | &nbsp;&nbsp; 513589 |
| Telephone and Data Systems, Inc. | 11518 | &nbsp;&nbsp; 515430 |
| Thryv Holdings, Inc.<sup>(b)(c)</sup> | 4643 | &nbsp;&nbsp; 10772 |
| TripAdvisor, Inc.<sup>(b)(c)</sup> | 18290 | &nbsp;&nbsp; 184912 |
| Uniti Group, Inc.<sup>(b)(c)</sup> | 22058 | &nbsp;&nbsp; 161465 |
| USA TODAY Co., Inc.<sup>(b)(c)</sup> | 40402 | &nbsp;&nbsp; 240392 |
| Webtoon Entertainment, Inc. (South <br> Korea)<sup>(b)(c)</sup><br>| 2324 | &nbsp;&nbsp; 26145 |
| Yelp, Inc.<sup>(b)(c)</sup> | 7378 | &nbsp;&nbsp; 164456 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 5118 | &nbsp;&nbsp; 138595 |
| ZipRecruiter, Inc., Class A<sup>(b)(c)</sup> | 8578 | &nbsp;&nbsp; 15526 |
|  |  | &nbsp;&nbsp; 8795480 |
| **Consumer Discretionary-12.14%** | **Consumer Discretionary-12.14%** | **Consumer Discretionary-12.14%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup> | 1768 | &nbsp;&nbsp; 172910 |
| Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 7050 | &nbsp;&nbsp; 423917 |
| Accel Entertainment, Inc.<sup>(b)(c)</sup> | 12006 | &nbsp;&nbsp; 136388 |
| Acushnet Holdings Corp. | 1444 | &nbsp;&nbsp; 147765 |
| Adient PLC<sup>(b)</sup> | 22788 | &nbsp;&nbsp; 554204 |
| Advance Auto Parts, Inc.<sup>(c)</sup> | 7632 | &nbsp;&nbsp; 405793 |
| American Eagle Outfitters, Inc. | 22858 | &nbsp;&nbsp; 561621 |
| American Public Education, Inc.<sup>(b)(c)</sup> | 6386 | &nbsp;&nbsp; 292607 |
| America's Car-Mart, Inc.<sup>(b)(c)</sup> | 864 | &nbsp;&nbsp; 17245 |
| Arhaus, Inc.<sup>(b)(c)</sup> | 12393 | &nbsp;&nbsp; 102242 |
| Arko Corp.<sup>(c)</sup> | 15856 | &nbsp;&nbsp; 101954 |
| Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 1639 | &nbsp;&nbsp; 350385 |
| Bally's Corp.<sup>(b)</sup> | 1197 | &nbsp;&nbsp; 17021 |
| Barnes & Noble Education, Inc.<sup>(b)(c)</sup> | 4682 | &nbsp;&nbsp; 40499 |
| Bassett Furniture Industries, Inc.<sup>(c)</sup> | 2336 | &nbsp;&nbsp; 34970 |
| Beazer Homes USA, Inc.<sup>(b)</sup> | 6285 | &nbsp;&nbsp; 160770 |
| Biglari Holdings, Inc., Class B<sup>(b)(c)</sup> | 134 | &nbsp;&nbsp; 51963 |
| BJ's Restaurants, Inc.<sup>(b)</sup> | 4981 | &nbsp;&nbsp; 189228 |
| Black Rock Coffee Bar, Inc., Class A<sup>(b)(c)</sup> | 2384 | &nbsp;&nbsp; 31803 |
| Bloomin' Brands, Inc.<sup>(c)</sup> | 14645 | &nbsp;&nbsp; 89627 |
| Boot Barn Holdings, Inc.<sup>(b)</sup> | 1131 | &nbsp;&nbsp; 214008 |
| Brightstar Lottery PLC | 18574 | &nbsp;&nbsp; 251863 |
| Brinker International, Inc.<sup>(b)</sup> | 1579 | &nbsp;&nbsp; 234008 |
| Buckle, Inc. (The)<sup>(c)</sup> | 3451 | &nbsp;&nbsp; 184801 |
| Build-A-Bear Workshop, Inc.<sup>(c)</sup> | 3183 | &nbsp;&nbsp; 154885 |
| Caleres, Inc. | 4750 | &nbsp;&nbsp; 56478 |
| Callaway Golf Co.<sup>(b)</sup> | 6707 | &nbsp;&nbsp; 94300 |
| Camping World Holdings, Inc., Class A<sup>(c)</sup> | 9307 | &nbsp;&nbsp; 77434 |
| Capri Holdings Ltd.<sup>(b)</sup> | 3991 | &nbsp;&nbsp; 81855 |
| Carriage Services, Inc. | 2848 | &nbsp;&nbsp; 131207 |
| Carter's, Inc. | 4933 | &nbsp;&nbsp; 165502 |
| Cavco Industries, Inc.<sup>(b)</sup> | 462 | &nbsp;&nbsp; 266694 |
| Century Communities, Inc. | 4239 | &nbsp;&nbsp; 284988 |
| Champion Homes, Inc.<sup>(b)(c)</sup> | 2225 | &nbsp;&nbsp; 207993 |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 7091 | &nbsp;&nbsp; 459355 |
| Citi Trends, Inc.<sup>(b)</sup> | 1671 | &nbsp;&nbsp; 79172 |
| Cooper-Standard Holdings, Inc.<sup>(b)(c)</sup> | 15033 | &nbsp;&nbsp; 577869 |
| Coursera, Inc.<sup>(b)(c)</sup> | 15728 | &nbsp;&nbsp; 100816 |
| Covista, Inc.<sup>(b)(c)</sup> | 3570 | &nbsp;&nbsp; 349860 |
| Cracker Barrel Old Country Store, Inc.<sup>(c)</sup> | 3326 | &nbsp;&nbsp; 108827 |
| Cricut, Inc., Class A<sup>(c)</sup> | 13926 | &nbsp;&nbsp; 59882 |
| Dana, Inc. | 34512 | &nbsp;&nbsp; 1181691 |

---

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

------

**23**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Dauch Corp.<sup>(b)</sup> | 38332 | &nbsp;&nbsp; $252991 |
| Dave & Buster's Entertainment, Inc.<sup>(b)(c)</sup> | 4405 | &nbsp;&nbsp; 64842 |
| Designer Brands, Inc., Class A<sup>(c)</sup> | 7734 | &nbsp;&nbsp; 55066 |
| Dine Brands Global, Inc.<sup>(c)</sup> | 4622 | &nbsp;&nbsp; 143097 |
| Dorman Products, Inc.<sup>(b)(c)</sup> | 1665 | &nbsp;&nbsp; 196237 |
| Dream Finders Homes, Inc., Class A<sup>(b)(c)</sup> | 6730 | &nbsp;&nbsp; 121611 |
| Driven Brands Holdings, Inc.<sup>(b)(c)</sup> | 4290 | &nbsp;&nbsp; 47190 |
| El Pollo Loco Holdings, Inc.<sup>(b)</sup> | 6793 | &nbsp;&nbsp; 75131 |
| Envela Corp.<sup>(b)(c)</sup> | 1570 | &nbsp;&nbsp; 21132 |
| Ermenegildo Zegna N.V. (Italy)<sup>(c)</sup> | 8261 | &nbsp;&nbsp; 93101 |
| Escalade, Inc.<sup>(c)</sup> | 2708 | &nbsp;&nbsp; 38995 |
| Ethan Allen Interiors, Inc.<sup>(c)</sup> | 4654 | &nbsp;&nbsp; 106018 |
| European Wax Center, Inc., Class A<sup>(b)(c)</sup> | 6966 | &nbsp;&nbsp; 39846 |
| EVgo, Inc.<sup>(b)(c)</sup> | 9190 | &nbsp;&nbsp; 25181 |
| Figs, Inc., Class A<sup>(b)</sup> | 17862 | &nbsp;&nbsp; 275968 |
| First Watch Restaurant Group, Inc.<sup>(b)(c)</sup> | 8967 | &nbsp;&nbsp; 111729 |
| Flexsteel Industries, Inc. | 679 | &nbsp;&nbsp; 34948 |
| Fox Factory Holding Corp.<sup>(b)</sup> | 5743 | &nbsp;&nbsp; 96712 |
| Frontdoor, Inc.<sup>(b)(c)</sup> | 4963 | &nbsp;&nbsp; 340313 |
| Garrett Motion, Inc. (Switzerland) | 32725 | &nbsp;&nbsp; 666281 |
| Genesco, Inc.<sup>(b)(c)</sup> | 2533 | &nbsp;&nbsp; 68999 |
| Genius Sports Ltd. (United Kingdom)<sup>(b)</sup> | 16772 | &nbsp;&nbsp; 104154 |
| Gentherm, Inc.<sup>(b)(c)</sup> | 5956 | &nbsp;&nbsp; 195178 |
| GigaCloud Technology, Inc., Class A<sup>(b)(c)</sup> | 13515 | &nbsp;&nbsp; 599255 |
| G-III Apparel Group Ltd. | 7957 | &nbsp;&nbsp; 243405 |
| Global Business Travel Group, Inc.<sup>(b)(c)</sup> | 4872 | &nbsp;&nbsp; 26650 |
| Gold com, Inc. | 7037 | &nbsp;&nbsp; 404416 |
| Golden Entertainment, Inc.<sup>(c)</sup> | 4412 | &nbsp;&nbsp; 127507 |
| Goodyear Tire & Rubber Co. (The)<sup>(b)(c)</sup> | 49506 | &nbsp;&nbsp; 408425 |
| Graham Holdings Co., Class B<sup>(c)</sup> | 405 | &nbsp;&nbsp; 426550 |
| Green Brick Partners, Inc.<sup>(b)(c)</sup> | 3722 | &nbsp;&nbsp; 274163 |
| Group 1 Automotive, Inc. | 1021 | &nbsp;&nbsp; 332581 |
| Groupon, Inc.<sup>(b)(c)</sup> | 7812 | &nbsp;&nbsp; 98587 |
| Hamilton Beach Brands Holding Co., Class A | 2191 | &nbsp;&nbsp; 41717 |
| Haverty Furniture Cos., Inc. | 4364 | &nbsp;&nbsp; 103907 |
| Helen of Troy Ltd.<sup>(b)(c)</sup> | 2400 | &nbsp;&nbsp; 42336 |
| Hilton Grand Vacations, Inc.<sup>(b)(c)</sup> | 5343 | &nbsp;&nbsp; 240221 |
| Holley, Inc.<sup>(b)</sup> | 25769 | &nbsp;&nbsp; 105138 |
| Hovnanian Enterprises, Inc., Class A<sup>(b)</sup> | 1532 | &nbsp;&nbsp; 192450 |
| Inspired Entertainment, Inc.<sup>(b)(c)</sup> | 7428 | &nbsp;&nbsp; 60612 |
| Installed Building Products, Inc.<sup>(c)</sup> | 798 | &nbsp;&nbsp; 261553 |
| J Jill, Inc.<sup>(c)</sup> | 1448 | &nbsp;&nbsp; 25007 |
| Jack in the Box, Inc.<sup>(c)</sup> | 2316 | &nbsp;&nbsp; 39187 |
| JAKKS Pacific, Inc. | 2034 | &nbsp;&nbsp; 44463 |
| Johnson Outdoors, Inc., Class A<sup>(c)</sup> | 1268 | &nbsp;&nbsp; 61485 |
| KB Home | 5893 | &nbsp;&nbsp; 374677 |
| Kohl's Corp.<sup>(c)</sup> | 23691 | &nbsp;&nbsp; 387822 |
| Kontoor Brands, Inc. | 3108 | &nbsp;&nbsp; 202673 |
| Krispy Kreme, Inc. | 8533 | &nbsp;&nbsp; 31999 |
| Kura Sushi USA, Inc., Class A<sup>(b)(c)</sup> | 486 | &nbsp;&nbsp; 34229 |
| Lands' End, Inc.<sup>(b)</sup> | 3658 | &nbsp;&nbsp; 58784 |
| Latham Group, Inc.<sup>(b)(c)</sup> | 7839 | &nbsp;&nbsp; 52600 |
| Laureate Education, Inc., Class A<sup>(b)</sup> | 10270 | &nbsp;&nbsp; 332132 |
| La-Z-Boy, Inc. | 6808 | &nbsp;&nbsp; 243182 |
| LCI Industries<sup>(c)</sup> | 3634 | &nbsp;&nbsp; 484049 |
| Legacy Housing Corp.<sup>(b)(c)</sup> | 1408 | &nbsp;&nbsp; 30863 |
| Leggett & Platt, Inc.<sup>(c)</sup> | 23821 | &nbsp;&nbsp; 278229 |
| LGI Homes, Inc.<sup>(b)(c)</sup> | 2267 | &nbsp;&nbsp; 117657 |
| Life Time Group Holdings, Inc.<sup>(b)(c)</sup> | 6395 | &nbsp;&nbsp; 172665 |
| Lincoln Educational Services Corp.<sup>(b)(c)</sup> | 6555 | &nbsp;&nbsp; 237553 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Lindblad Expeditions Holdings, Inc.<sup>(b)</sup> | 8195 | &nbsp;&nbsp; $161523 |
| Lovesac Co. (The)<sup>(b)(c)</sup> | 2345 | &nbsp;&nbsp; 29969 |
| M/I Homes, Inc.<sup>(b)(c)</sup> | 2742 | &nbsp;&nbsp; 389803 |
| Malibu Boats, Inc., Class A<sup>(b)(c)</sup> | 3114 | &nbsp;&nbsp; 90493 |
| Marine Products Corp. | 2155 | &nbsp;&nbsp; 16356 |
| MarineMax, Inc.<sup>(b)(c)</sup> | 4963 | &nbsp;&nbsp; 151372 |
| Marriott Vacations Worldwide Corp. | 3086 | &nbsp;&nbsp; 200621 |
| MasterCraft Boat Holdings, Inc.<sup>(b)(c)</sup> | 3453 | &nbsp;&nbsp; 74947 |
| Matthews International Corp., Class A<sup>(c)</sup> | 5341 | &nbsp;&nbsp; 141163 |
| McGraw Hill, Inc.<sup>(b)(c)</sup> | 3047 | &nbsp;&nbsp; 42658 |
| Meritage Homes Corp.<sup>(c)</sup> | 3859 | &nbsp;&nbsp; 291046 |
| Mister Car Wash, Inc.<sup>(b)</sup> | 10992 | &nbsp;&nbsp; 78263 |
| Monarch Casino & Resort, Inc. | 1891 | &nbsp;&nbsp; 181725 |
| Monro, Inc.<sup>(c)</sup> | 6556 | &nbsp;&nbsp; 141151 |
| Motorcar Parts of America, Inc.<sup>(b)(c)</sup> | 7059 | &nbsp;&nbsp; 72990 |
| Movado Group, Inc.<sup>(c)</sup> | 4224 | &nbsp;&nbsp; 105389 |
| Nathan's Famous, Inc. | 757 | &nbsp;&nbsp; 76139 |
| National Vision Holdings, Inc.<sup>(b)(c)</sup> | 15811 | &nbsp;&nbsp; 426423 |
| Navan, Inc., Class A<sup>(b)(c)</sup> | 1176 | &nbsp;&nbsp; 11454 |
| OneSpaWorld Holdings Ltd. (Bahamas) | 10031 | &nbsp;&nbsp; 215967 |
| OneWater Marine, Inc., Class A<sup>(b)(c)</sup> | 1340 | &nbsp;&nbsp; 15256 |
| Oxford Industries, Inc.<sup>(c)</sup> | 1865 | &nbsp;&nbsp; 73835 |
| Papa John's International, Inc.<sup>(c)</sup> | 7540 | &nbsp;&nbsp; 236379 |
| Patrick Industries, Inc.<sup>(c)</sup> | 3852 | &nbsp;&nbsp; 476839 |
| Peloton Interactive, Inc., Class A<sup>(b)(c)</sup> | 34164 | &nbsp;&nbsp; 137339 |
| Perdoceo Education Corp. | 10126 | &nbsp;&nbsp; 337702 |
| Petco Health & Wellness Co., Inc.<sup>(b)</sup> | 18687 | &nbsp;&nbsp; 47652 |
| Phinia, Inc. | 7883 | &nbsp;&nbsp; 572542 |
| Phoenix Education Partners, Inc. | 1072 | &nbsp;&nbsp; 31731 |
| Polaris, Inc. | 6856 | &nbsp;&nbsp; 416433 |
| Portillo's, Inc., Class A<sup>(b)(c)</sup> | 12006 | &nbsp;&nbsp; 64112 |
| Pursuit Attractions and Hospitality, Inc.<sup>(b)(c)</sup> | 1291 | &nbsp;&nbsp; 44875 |
| RCI Hospitality Holdings, Inc.<sup>(c)</sup> | 1019 | &nbsp;&nbsp; 22550 |
| RealReal, Inc. (The)<sup>(b)(c)</sup> | 16302 | &nbsp;&nbsp; 199863 |
| Red Rock Resorts, Inc., Class A | 6233 | &nbsp;&nbsp; 377408 |
| Revolve Group, Inc.<sup>(b)</sup> | 4084 | &nbsp;&nbsp; 102753 |
| Rocky Brands, Inc. | 3441 | &nbsp;&nbsp; 155533 |
| Rush Street Interactive, Inc.<sup>(b)</sup> | 14022 | &nbsp;&nbsp; 276935 |
| Sabre Corp.<sup>(b)</sup> | 37954 | &nbsp;&nbsp; 44786 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 31584 | &nbsp;&nbsp; 507555 |
| Savers Value Village, Inc.<sup>(b)(c)</sup> | 5882 | &nbsp;&nbsp; 55467 |
| Serve Robotics, Inc.<sup>(b)(c)</sup> | 8307 | &nbsp;&nbsp; 82987 |
| Shake Shack, Inc., Class A<sup>(b)(c)</sup> | 1486 | &nbsp;&nbsp; 142671 |
| Shoe Carnival, Inc.<sup>(c)</sup> | 2626 | &nbsp;&nbsp; 53019 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 4450 | &nbsp;&nbsp; 428046 |
| Six Flags Entertainment Corp.<sup>(b)(c)</sup> | 7564 | &nbsp;&nbsp; 128815 |
| Sleep Number Corp.<sup>(b)(c)</sup> | 2154 | &nbsp;&nbsp; 13290 |
| Smith & Wesson Brands, Inc.<sup>(c)</sup> | 7832 | &nbsp;&nbsp; 93201 |
| Solid Power, Inc.<sup>(b)(c)</sup> | 15665 | &nbsp;&nbsp; 55454 |
| Sonic Automotive, Inc., Class A | 3988 | &nbsp;&nbsp; 250127 |
| Sonos, Inc.<sup>(b)</sup> | 13201 | &nbsp;&nbsp; 203295 |
| Standard Motor Products, Inc. | 7032 | &nbsp;&nbsp; 279030 |
| Steven Madden Ltd. | 6241 | &nbsp;&nbsp; 225300 |
| Stitch Fix, Inc., Class A<sup>(b)(c)</sup> | 41477 | &nbsp;&nbsp; 138118 |
| Strategic Education, Inc. | 2737 | &nbsp;&nbsp; 225200 |
| Strattec Security Corp.<sup>(b)(c)</sup> | 2080 | &nbsp;&nbsp; 183040 |
| Stride, Inc.<sup>(b)(c)</sup> | 3512 | &nbsp;&nbsp; 296343 |
| Sturm, Ruger & Co., Inc.<sup>(c)</sup> | 2802 | &nbsp;&nbsp; 104907 |
| Super Group (SGHC) Ltd. (Guernsey) | 10034 | &nbsp;&nbsp; 107364 |
| Superior Group of Cos., Inc.<sup>(c)</sup> | 1922 | &nbsp;&nbsp; 19085 |

---

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

------

**24**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Sweetgreen, Inc., Class A<sup>(b)(c)</sup> | 3725 | &nbsp;&nbsp; $20674 |
| Target Hospitality Corp.<sup>(b)(c)</sup> | 7839 | &nbsp;&nbsp; 61066 |
| Taylor Morrison Home Corp., Class A<sup>(b)(c)</sup> | 5150 | &nbsp;&nbsp; 339334 |
| ThredUp, Inc., Class A<sup>(b)(c)</sup> | 23422 | &nbsp;&nbsp; 114299 |
| Tri Pointe Homes, Inc.<sup>(b)(c)</sup> | 10722 | &nbsp;&nbsp; 496429 |
| Udemy, Inc.<sup>(b)</sup> | 8238 | &nbsp;&nbsp; 41437 |
| United Parks & Resorts, Inc.<sup>(b)(c)</sup> | 3057 | &nbsp;&nbsp; 106353 |
| Universal Technical Institute, Inc.<sup>(b)(c)</sup> | 6945 | &nbsp;&nbsp; 251409 |
| Upbound Group, Inc. | 8382 | &nbsp;&nbsp; 179794 |
| Urban Outfitters, Inc.<sup>(b)</sup> | 2691 | &nbsp;&nbsp; 178144 |
| Victoria's Secret & Co.<sup>(b)(c)</sup> | 7817 | &nbsp;&nbsp; 490126 |
| Visteon Corp. | 4756 | &nbsp;&nbsp; 455007 |
| Warby Parker, Inc., Class A<sup>(b)(c)</sup> | 6065 | &nbsp;&nbsp; 151686 |
| Weyco Group, Inc.<sup>(c)</sup> | 1327 | &nbsp;&nbsp; 41495 |
| Winmark Corp. | 317 | &nbsp;&nbsp; 144628 |
| Winnebago Industries, Inc.<sup>(c)</sup> | 5087 | &nbsp;&nbsp; 202920 |
| Wolverine World Wide, Inc. | 12382 | &nbsp;&nbsp; 218790 |
| XPEL, Inc.<sup>(b)(c)(e)</sup> | 3636 | &nbsp;&nbsp; 154966 |
| Zumiez, Inc.<sup>(b)(c)</sup> | 4054 | &nbsp;&nbsp; 106296 |
|  |  | &nbsp;&nbsp; 33460991 |
| **Consumer Staples-3.51%** | **Consumer Staples-3.51%** | **Consumer Staples-3.51%** |
| Andersons, Inc. (The) | 10808 | &nbsp;&nbsp; 705654 |
| B&G Foods, Inc.<sup>(c)</sup> | 15659 | &nbsp;&nbsp; 83149 |
| Beauty Health Co. (The)<sup>(b)(c)</sup> | 26103 | &nbsp;&nbsp; 27147 |
| BRC, Inc., Class A<sup>(b)(c)</sup> | 12728 | &nbsp;&nbsp; 8012 |
| Calavo Growers, Inc.<sup>(c)</sup> | 3071 | &nbsp;&nbsp; 82426 |
| Cal-Maine Foods, Inc.<sup>(c)</sup> | 4004 | &nbsp;&nbsp; 348788 |
| Central Garden & Pet Co.<sup>(b)(c)</sup> | 1202 | &nbsp;&nbsp; 47106 |
| Central Garden & Pet Co., Class A<sup>(b)</sup> | 8084 | &nbsp;&nbsp; 279221 |
| Chefs' Warehouse, Inc. (The)<sup>(b)(c)</sup> | 6194 | &nbsp;&nbsp; 442190 |
| Dole PLC | 20648 | &nbsp;&nbsp; 331194 |
| Edgewell Personal Care Co. | 6217 | &nbsp;&nbsp; 141375 |
| Energizer Holdings, Inc.<sup>(c)</sup> | 8134 | &nbsp;&nbsp; 175613 |
| FitLife Brands, Inc.<sup>(b)</sup> | 787 | &nbsp;&nbsp; 11907 |
| Fresh Del Monte Produce, Inc. | 7492 | &nbsp;&nbsp; 321632 |
| Grocery Outlet Holding Corp.<sup>(b)(c)</sup> | 15645 | &nbsp;&nbsp; 154573 |
| Herbalife Ltd.<sup>(b)</sup> | 48784 | &nbsp;&nbsp; 952264 |
| HF Foods Group, Inc.<sup>(b)</sup> | 8241 | &nbsp;&nbsp; 17224 |
| Honest Co., Inc. (The)<sup>(b)(c)</sup> | 7838 | &nbsp;&nbsp; 21946 |
| Ingles Markets, Inc., Class A<sup>(c)</sup> | 4730 | &nbsp;&nbsp; 402523 |
| Interparfums, Inc. | 1142 | &nbsp;&nbsp; 115091 |
| J&J Snack Foods Corp. | 1227 | &nbsp;&nbsp; 106823 |
| John B. Sanfilippo & Son, Inc. | 1448 | &nbsp;&nbsp; 119619 |
| Lifeway Foods, Inc.<sup>(b)(c)</sup> | 867 | &nbsp;&nbsp; 19213 |
| Limoneira Co.<sup>(c)</sup> | 1543 | &nbsp;&nbsp; 21741 |
| Mama's Creations, Inc.<sup>(b)(c)</sup> | 6290 | &nbsp;&nbsp; 107811 |
| Marzetti Co. (The) | 902 | &nbsp;&nbsp; 148235 |
| Medifast, Inc.<sup>(b)(c)</sup> | 2250 | &nbsp;&nbsp; 23692 |
| MGP Ingredients, Inc.<sup>(c)</sup> | 2273 | &nbsp;&nbsp; 43187 |
| Mission Produce, Inc.<sup>(b)(c)</sup> | 7559 | &nbsp;&nbsp; 107262 |
| National Beverage Corp.<sup>(b)(c)</sup> | 1440 | &nbsp;&nbsp; 52344 |
| Natural Grocers by Vitamin Cottage, Inc. | 2449 | &nbsp;&nbsp; 66196 |
| Nature's Sunshine Products, Inc.<sup>(b)(c)</sup> | 5167 | &nbsp;&nbsp; 143023 |
| Niagen Bioscience, Inc.<sup>(b)(c)</sup> | 10573 | &nbsp;&nbsp; 53394 |
| Nu Skin Enterprises, Inc., Class A | 21073 | &nbsp;&nbsp; 178699 |
| Oil-Dri Corp.of America<sup>(c)</sup> | 2631 | &nbsp;&nbsp; 178487 |
| Olaplex Holdings, Inc.<sup>(b)(c)</sup> | 20676 | &nbsp;&nbsp; 33288 |
| PriceSmart, Inc.<sup>(c)</sup> | 2914 | &nbsp;&nbsp; 450563 |
| Seneca Foods Corp., Class A<sup>(b)</sup> | 2084 | &nbsp;&nbsp; 289634 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Simply Good Foods Co. (The)<sup>(b)(c)</sup> | 6373 | &nbsp;&nbsp; $108723 |
| Spectrum Brands Holdings, Inc. | 3433 | &nbsp;&nbsp; 269079 |
| SunOpta, Inc. (Canada)<sup>(b)</sup> | 10795 | &nbsp;&nbsp; 69952 |
| Tootsie Roll Industries, Inc.<sup>(c)</sup> | 2551 | &nbsp;&nbsp; 107729 |
| Turning Point Brands, Inc. | 2786 | &nbsp;&nbsp; 381654 |
| United Natural Foods, Inc.<sup>(b)(c)</sup> | 16990 | &nbsp;&nbsp; 649188 |
| Universal Corp.<sup>(c)</sup> | 6011 | &nbsp;&nbsp; 322971 |
| USANA Health Sciences, Inc.<sup>(b)</sup> | 1996 | &nbsp;&nbsp; 42954 |
| Utz Brands, Inc. | 10526 | &nbsp;&nbsp; 97787 |
| Village Super Market, Inc., Class A<sup>(c)</sup> | 2975 | &nbsp;&nbsp; 116471 |
| Vita Coco Co., Inc. (The)<sup>(b)(c)</sup> | 3921 | &nbsp;&nbsp; 227653 |
| Vital Farms, Inc.<sup>(b)(c)</sup> | 3469 | &nbsp;&nbsp; 73161 |
| WD-40 Co. | 771 | &nbsp;&nbsp; 183652 |
| Weis Markets, Inc. | 2934 | &nbsp;&nbsp; 198808 |
| Zevia PBC, Class A<sup>(b)(c)</sup> | 5995 | &nbsp;&nbsp; 8033 |
|  |  | &nbsp;&nbsp; 9670061 |
| **Energy-9.37%** | **Energy-9.37%** | **Energy-9.37%** |
| Archrock, Inc.<sup>(c)</sup> | 10123 | &nbsp;&nbsp; 357646 |
| Ardmore Shipping Corp. (Ireland) | 12505 | &nbsp;&nbsp; 204832 |
| Atlas Energy Solutions, Inc.<sup>(c)</sup> | 7673 | &nbsp;&nbsp; 73891 |
| BKV Corp. (Thailand)<sup>(b)(c)</sup> | 1640 | &nbsp;&nbsp; 51381 |
| Borr Drilling Ltd. (Mexico)<sup>(c)</sup> | 43114 | &nbsp;&nbsp; 264289 |
| Bristow Group, Inc.<sup>(b)</sup> | 8288 | &nbsp;&nbsp; 395338 |
| Cactus, Inc., Class A | 5020 | &nbsp;&nbsp; 271080 |
| California Resources Corp.<sup>(c)</sup> | 8150 | &nbsp;&nbsp; 479546 |
| Calumet, Inc.<sup>(b)(c)</sup> | 9838 | &nbsp;&nbsp; 265232 |
| Centrus Energy Corp., Class A<sup>(b)(c)</sup> | 1294 | &nbsp;&nbsp; 262151 |
| Clean Energy Fuels Corp.<sup>(b)</sup> | 23067 | &nbsp;&nbsp; 52131 |
| CNX Resources Corp.<sup>(b)(c)</sup> | 5817 | &nbsp;&nbsp; 243034 |
| Comstock Resources, Inc.<sup>(b)</sup> | 2081 | &nbsp;&nbsp; 40808 |
| Core Laboratories, Inc. | 8944 | &nbsp;&nbsp; 157325 |
| Core Natural Resources, Inc. | 2957 | &nbsp;&nbsp; 242711 |
| Crescent Energy Co., Class A<sup>(c)</sup> | 29668 | &nbsp;&nbsp; 345929 |
| CVR Energy, Inc.<sup>(b)</sup> | 6664 | &nbsp;&nbsp; 161002 |
| Delek US Holdings, Inc. | 19468 | &nbsp;&nbsp; 741926 |
| DHT Holdings, Inc. | 30533 | &nbsp;&nbsp; 595088 |
| Diversified Energy Co. | 11130 | &nbsp;&nbsp; 153149 |
| DMC Global, Inc.<sup>(b)(c)</sup> | 4874 | &nbsp;&nbsp; 28708 |
| Dorian LPG Ltd. | 9448 | &nbsp;&nbsp; 349482 |
| enCore Energy Corp. (Canada)<sup>(b)(c)</sup> | 5928 | &nbsp;&nbsp; 16006 |
| Energy Fuels, Inc.<sup>(b)(c)</sup> | 19880 | &nbsp;&nbsp; 423842 |
| Energy Services of America Corp.<sup>(c)</sup> | 2736 | &nbsp;&nbsp; 42736 |
| Epsilon Energy Ltd.<sup>(c)</sup> | 3085 | &nbsp;&nbsp; 15795 |
| Evolution Petroleum Corp.<sup>(c)</sup> | 6703 | &nbsp;&nbsp; 29962 |
| Excelerate Energy, Inc., Class A<sup>(c)</sup> | 5592 | &nbsp;&nbsp; 225078 |
| Expro Group Holdings N.V.<sup>(b)</sup> | 20402 | &nbsp;&nbsp; 364380 |
| FLEX LNG Ltd. (Norway)<sup>(b)(c)</sup> | 7772 | &nbsp;&nbsp; 212331 |
| Flowco Holdings, Inc. | 5527 | &nbsp;&nbsp; 124689 |
| Forum Energy Technologies, Inc.<sup>(b)</sup> | 3722 | &nbsp;&nbsp; 215988 |
| FutureFuel Corp. | 4804 | &nbsp;&nbsp; 20753 |
| Gevo, Inc.<sup>(b)(c)</sup> | 10493 | &nbsp;&nbsp; 19097 |
| Golar LNG Ltd. (Cameroon) | 4922 | &nbsp;&nbsp; 218832 |
| Granite Ridge Resources, Inc. | 12722 | &nbsp;&nbsp; 64373 |
| Green Plains, Inc.<sup>(b)</sup> | 21524 | &nbsp;&nbsp; 295525 |
| Gulfport Energy Corp.<sup>(b)(c)</sup> | 947 | &nbsp;&nbsp; 197601 |
| Helix Energy Solutions Group, Inc.<sup>(b)</sup> | 25223 | &nbsp;&nbsp; 231799 |
| Helmerich & Payne, Inc.<sup>(c)</sup> | 11965 | &nbsp;&nbsp; 421407 |
| HighPeak Energy, Inc.<sup>(c)</sup> | 3181 | &nbsp;&nbsp; 16573 |
| Infinity Natural Resources, Inc., Class A<sup>(b)(c)</sup> | 4115 | &nbsp;&nbsp; 68309 |

---

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

------

**25**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-(continued)** | **Energy-(continued)** | **Energy-(continued)** |
| Innovex International, Inc.<sup>(b)(c)</sup> | 9914 | &nbsp;&nbsp; $261234 |
| International Seaways, Inc. | 9990 | &nbsp;&nbsp; 754545 |
| Kinetik Holdings, Inc., Class A<sup>(c)</sup> | 2307 | &nbsp;&nbsp; 104945 |
| Kodiak Gas Services, Inc.<sup>(c)</sup> | 6305 | &nbsp;&nbsp; 344064 |
| Kolibri Global Energy, Inc. (Canada)<sup>(b)</sup> | 7250 | &nbsp;&nbsp; 27695 |
| Kosmos Energy Ltd. (Ghana)<sup>(b)</sup> | 63731 | &nbsp;&nbsp; 148493 |
| Liberty Energy, Inc., Class A | 24521 | &nbsp;&nbsp; 688795 |
| Lightbridge Corp.<sup>(b)(c)</sup> | 6448 | &nbsp;&nbsp; 83373 |
| Magnolia Oil & Gas Corp., Class A | 15600 | &nbsp;&nbsp; 433992 |
| Murphy Oil Corp.<sup>(c)</sup> | 14350 | &nbsp;&nbsp; 475703 |
| Nabors Industries Ltd.<sup>(b)(c)</sup> | 4330 | &nbsp;&nbsp; 338260 |
| NACCO Industries, Inc., Class A | 1502 | &nbsp;&nbsp; 86185 |
| National Energy Services Reunited Corp.<sup>(b)</sup> | 22172 | &nbsp;&nbsp; 555409 |
| Natural Gas Services Group, Inc. | 2921 | &nbsp;&nbsp; 111757 |
| Navigator Holdings Ltd. | 7816 | &nbsp;&nbsp; 164292 |
| New Fortress Energy, Inc.<sup>(b)(c)</sup> | 15466 | &nbsp;&nbsp; 16858 |
| NextDecade Corp.<sup>(b)(c)</sup> | 6323 | &nbsp;&nbsp; 34081 |
| Noble Corp. PLC<sup>(c)</sup> | 9976 | &nbsp;&nbsp; 453210 |
| Nordic American Tankers Ltd.<sup>(c)</sup> | 75223 | &nbsp;&nbsp; 431028 |
| Northern Oil and Gas, Inc.<sup>(c)</sup> | 11702 | &nbsp;&nbsp; 322858 |
| Oceaneering International, Inc.<sup>(b)(c)</sup> | 14346 | &nbsp;&nbsp; 509283 |
| Oil States International, Inc.<sup>(b)</sup> | 22151 | &nbsp;&nbsp; 289957 |
| OPAL Fuels, Inc., Class A<sup>(b)</sup> | 5568 | &nbsp;&nbsp; 11637 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 17337 | &nbsp;&nbsp; 739770 |
| Patterson-UTI Energy, Inc. | 46106 | &nbsp;&nbsp; 392362 |
| PBF Energy, Inc., Class A | 14911 | &nbsp;&nbsp; 530832 |
| Peabody Energy Corp. | 24197 | &nbsp;&nbsp; 763173 |
| PrimeEnergy Resources Corp.<sup>(b)(c)</sup> | 110 | &nbsp;&nbsp; 21879 |
| ProFrac Holding Corp., Class A<sup>(b)</sup> | 5223 | &nbsp;&nbsp; 25854 |
| ProPetro Holding Corp.<sup>(b)</sup> | 21395 | &nbsp;&nbsp; 259521 |
| Ranger Energy Services, Inc., Class A | 5984 | &nbsp;&nbsp; 104241 |
| REX American Resources Corp.<sup>(b)</sup> | 7955 | &nbsp;&nbsp; 282880 |
| Riley Exploration Permian, Inc.<sup>(c)</sup> | 4405 | &nbsp;&nbsp; 127040 |
| RPC, Inc.<sup>(c)</sup> | 23231 | &nbsp;&nbsp; 134972 |
| SandRidge Energy, Inc. | 12895 | &nbsp;&nbsp; 226049 |
| Scorpio Tankers, Inc. (Monaco) | 8975 | &nbsp;&nbsp; 709743 |
| Seadrill Ltd. (Norway)<sup>(b)(c)</sup> | 9800 | &nbsp;&nbsp; 430024 |
| Select Water Solutions, Inc., Class A<sup>(c)</sup> | 19469 | &nbsp;&nbsp; 266141 |
| SFL Corp. Ltd. (Norway)<sup>(c)</sup> | 27101 | &nbsp;&nbsp; 298382 |
| SM Energy Co. | 11815 | &nbsp;&nbsp; 273281 |
| Solaris Energy Infrastructure, Inc., Class B | 6901 | &nbsp;&nbsp; 342497 |
| Summit Midstream Corp.<sup>(b)(c)</sup> | 569 | &nbsp;&nbsp; 16791 |
| Talos Energy, Inc.<sup>(b)(c)</sup> | 35378 | &nbsp;&nbsp; 433381 |
| Teekay Corp. Ltd. (Bermuda)<sup>(c)</sup> | 25732 | &nbsp;&nbsp; 333229 |
| Teekay Tankers Ltd., Class A (Canada) | 8602 | &nbsp;&nbsp; 673279 |
| TETRA Technologies, Inc.<sup>(b)(c)</sup> | 51098 | &nbsp;&nbsp; 442509 |
| Tidewater, Inc.<sup>(b)(c)</sup> | 6515 | &nbsp;&nbsp; 517421 |
| Transocean Ltd.<sup>(b)(c)</sup> | 44531 | &nbsp;&nbsp; 288561 |
| Uranium Energy Corp.<sup>(b)(c)</sup> | 15071 | &nbsp;&nbsp; 231038 |
| VAALCO Energy, Inc. | 29603 | &nbsp;&nbsp; 152455 |
| Valaris Ltd.<sup>(b)</sup> | 7001 | &nbsp;&nbsp; 671046 |
| Vitesse Energy, Inc. | 5310 | &nbsp;&nbsp; 102536 |
| W&T Offshore, Inc. | 29148 | &nbsp;&nbsp; 77242 |
| World Kinect Corp.<sup>(c)</sup> | 13480 | &nbsp;&nbsp; 336326 |
|  |  | &nbsp;&nbsp; 25813864 |
| **Financials-20.69%** | **Financials-20.69%** | **Financials-20.69%** |
| 1st Source Corp.<sup>(c)</sup> | 3210 | &nbsp;&nbsp; 215102 |
| Acacia Research Corp.<sup>(b)(c)</sup> | 3793 | &nbsp;&nbsp; 15893 |
| Acadian Asset Management, Inc. | 4683 | &nbsp;&nbsp; 252226 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| ACNB Corp. | 2154 | &nbsp;&nbsp; $108562 |
| ACRES Commercial Realty Corp.<sup>(b)(c)</sup> | 2040 | &nbsp;&nbsp; 37760 |
| Adamas Trust, Inc.<sup>(c)</sup> | 9554 | &nbsp;&nbsp; 78725 |
| Alerus Financial Corp.<sup>(c)</sup> | 4539 | &nbsp;&nbsp; 108210 |
| Amalgamated Financial Corp.<sup>(c)</sup> | 4342 | &nbsp;&nbsp; 167124 |
| Amerant Bancorp, Inc. | 5055 | &nbsp;&nbsp; 107924 |
| American Coastal Insurance Corp. | 9377 | &nbsp;&nbsp; 106804 |
| American Integrity Insurance Group, Inc.<sup>(b)</sup> | 2606 | &nbsp;&nbsp; 53058 |
| Ameris Bancorp | 3102 | &nbsp;&nbsp; 240901 |
| AMERISAFE, Inc. | 2184 | &nbsp;&nbsp; 71046 |
| Ames National Corp. | 2212 | &nbsp;&nbsp; 59746 |
| Apollo Commercial Real Estate Finance, <br> Inc.<sup>(c)</sup><br>| 19845 | &nbsp;&nbsp; 210357 |
| Arbor Realty Trust, Inc.<sup>(c)</sup> | 26051 | &nbsp;&nbsp; 206584 |
| Ares Commercial Real Estate Corp.<sup>(c)</sup> | 6220 | &nbsp;&nbsp; 31224 |
| ARMOUR Residential REIT, Inc.<sup>(c)</sup> | 12705 | &nbsp;&nbsp; 228055 |
| Arrow Financial Corp. | 3209 | &nbsp;&nbsp; 106892 |
| Artisan Partners Asset Management, Inc., <br> Class A<sup>(c)</sup><br>| 6586 | &nbsp;&nbsp; 265284 |
| Associated Banc-Corp | 11449 | &nbsp;&nbsp; 302368 |
| Ategrity Specialty Holdings LLC<sup>(b)</sup> | 1351 | &nbsp;&nbsp; 29884 |
| Atlantic Union Bankshares Corp., Class B<sup>(c)</sup> | 5572 | &nbsp;&nbsp; 206498 |
| Atlanticus Holdings Corp.<sup>(b)(c)</sup> | 1525 | &nbsp;&nbsp; 79773 |
| Avidbank Holdings, Inc.<sup>(b)</sup> | 638 | &nbsp;&nbsp; 18425 |
| Axos Financial, Inc.<sup>(b)</sup> | 3915 | &nbsp;&nbsp; 339900 |
| Bakkt, Inc.<sup>(b)(c)</sup> | 4906 | &nbsp;&nbsp; 46901 |
| Baldwin Insurance Group, Inc. (The), <br> Class A<sup>(b)(c)</sup><br>| 5011 | &nbsp;&nbsp; 116406 |
| Banc of California, Inc. | 12849 | &nbsp;&nbsp; 237321 |
| BancFirst Corp.<sup>(c)</sup> | 1246 | &nbsp;&nbsp; 137060 |
| Banco Latinoamericano de Comercio Exterior <br> S.A., Class E (Panama)<br>| 7083 | &nbsp;&nbsp; 354362 |
| Bancorp, Inc. (The)<sup>(b)</sup> | 4602 | &nbsp;&nbsp; 241559 |
| Bank First Corp.<sup>(c)</sup> | 1462 | &nbsp;&nbsp; 196888 |
| Bank of Hawaii Corp. | 3576 | &nbsp;&nbsp; 270954 |
| Bank of Marin Bancorp | 2211 | &nbsp;&nbsp; 55032 |
| Bank of N.T. Butterfield & Son Ltd. (The) <br> (Bermuda)<br>| 8787 | &nbsp;&nbsp; 445940 |
| Bank7 Corp. | 942 | &nbsp;&nbsp; 38321 |
| BankUnited, Inc. | 8922 | &nbsp;&nbsp; 416657 |
| Bankwell Financial Group, Inc. | 1814 | &nbsp;&nbsp; 84714 |
| Banner Corp. | 4388 | &nbsp;&nbsp; 258234 |
| Bar Harbor Bankshares | 3309 | &nbsp;&nbsp; 106748 |
| BayCom Corp. | 2243 | &nbsp;&nbsp; 65944 |
| BCB Bancorp, Inc.<sup>(c)</sup> | 3147 | &nbsp;&nbsp; 25176 |
| Beacon Financial Corp. | 6967 | &nbsp;&nbsp; 207199 |
| BGC Group, Inc., Class A | 28921 | &nbsp;&nbsp; 275328 |
| Blackstone Mortgage Trust, Inc., Class A | 11987 | &nbsp;&nbsp; 230270 |
| Blue Foundry Bancorp<sup>(b)(c)</sup> | 1449 | &nbsp;&nbsp; 19098 |
| Blue Ridge Bankshares, Inc. | 8946 | &nbsp;&nbsp; 36321 |
| Bowhead Specialty Holdings, Inc.<sup>(b)</sup> | 3319 | &nbsp;&nbsp; 84070 |
| Bread Financial Holdings, Inc. | 7164 | &nbsp;&nbsp; 507641 |
| Bridgewater Bancshares, Inc.<sup>(b)(c)</sup> | 5159 | &nbsp;&nbsp; 94307 |
| BrightSpire Capital, Inc.<sup>(c)</sup> | 13475 | &nbsp;&nbsp; 78290 |
| Burford Capital Ltd.<sup>(c)</sup> | 16109 | &nbsp;&nbsp; 135960 |
| Burke & Herbert Financial Services Corp.<sup>(c)</sup> | 2202 | &nbsp;&nbsp; 141897 |
| Business First Bancshares, Inc.<sup>(c)</sup> | 5516 | &nbsp;&nbsp; 150587 |
| BV Financial, Inc.<sup>(b)(c)</sup> | 1547 | &nbsp;&nbsp; 28898 |
| Byline Bancorp, Inc. | 5514 | &nbsp;&nbsp; 172037 |
| C&F Financial Corp. | 777 | &nbsp;&nbsp; 56581 |

---

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

------

**26**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| California BanCorp | 3681 | &nbsp;&nbsp; $67399 |
| Camden National Corp.<sup>(c)</sup> | 3012 | &nbsp;&nbsp; 139034 |
| Cantaloupe, Inc.<sup>(b)(c)</sup> | 10212 | &nbsp;&nbsp; 106613 |
| Capital Bancorp, Inc. | 2108 | &nbsp;&nbsp; 61996 |
| Capital City Bank Group, Inc. | 2922 | &nbsp;&nbsp; 125193 |
| Capitol Federal Financial, Inc. | 24140 | &nbsp;&nbsp; 173325 |
| Carter Bankshares, Inc.<sup>(b)</sup> | 4447 | &nbsp;&nbsp; 92675 |
| Cass Information Systems, Inc. | 2007 | &nbsp;&nbsp; 89071 |
| Cathay General Bancorp | 5937 | &nbsp;&nbsp; 295128 |
| CB Financial Services, Inc.<sup>(c)</sup> | 947 | &nbsp;&nbsp; 32965 |
| Central Pacific Financial Corp. | 5450 | &nbsp;&nbsp; 173582 |
| CF Bankshares, Inc. | 1003 | &nbsp;&nbsp; 30311 |
| Chain Bridge Bancorp, Inc.<sup>(b)(c)</sup> | 575 | &nbsp;&nbsp; 19837 |
| Chemung Financial Corp. | 1030 | &nbsp;&nbsp; 57186 |
| Chicago Atlantic Real Estate Finance, Inc. | 3307 | &nbsp;&nbsp; 40180 |
| Chimera Investment Corp. | 17139 | &nbsp;&nbsp; 233262 |
| ChoiceOne Financial Services, Inc. | 2255 | &nbsp;&nbsp; 64538 |
| Citizens & Northern Corp. | 3831 | &nbsp;&nbsp; 86044 |
| Citizens Community Bancorp, Inc. | 2228 | &nbsp;&nbsp; 38789 |
| Citizens Financial Services, Inc. | 955 | &nbsp;&nbsp; 57357 |
| Citizens, Inc.<sup>(b)</sup> | 14942 | &nbsp;&nbsp; 80986 |
| City Holding Co.<sup>(c)</sup> | 1731 | &nbsp;&nbsp; 207668 |
| Civista Bancshares, Inc. | 4388 | &nbsp;&nbsp; 104478 |
| Claros Mortgage Trust, Inc.<sup>(b)(c)</sup> | 3851 | &nbsp;&nbsp; 9204 |
| CNB Financial Corp. | 5423 | &nbsp;&nbsp; 151898 |
| CNO Financial Group, Inc. | 10279 | &nbsp;&nbsp; 429765 |
| Coastal Financial Corp.<sup>(b)(c)</sup> | 2502 | &nbsp;&nbsp; 185623 |
| CoastalSouth Bancshares, Inc. | 811 | &nbsp;&nbsp; 19910 |
| Cohen & Steers, Inc.<sup>(c)</sup> | 1060 | &nbsp;&nbsp; 70882 |
| Colony Bankcorp, Inc. | 3737 | &nbsp;&nbsp; 74105 |
| Columbia Financial, Inc.<sup>(b)(c)</sup> | 2157 | &nbsp;&nbsp; 38610 |
| Commercial Bancgroup, Inc.<sup>(b)(c)</sup> | 1707 | &nbsp;&nbsp; 44399 |
| Community Financial System, Inc. | 4108 | &nbsp;&nbsp; 248739 |
| Community Trust Bancorp, Inc. | 2982 | &nbsp;&nbsp; 179039 |
| Community West Bancshares, Class B<sup>(c)</sup> | 2942 | &nbsp;&nbsp; 68343 |
| Compass Diversified Holdings | 4623 | &nbsp;&nbsp; 34626 |
| ConnectOne Bancorp, Inc. | 7134 | &nbsp;&nbsp; 189265 |
| Consumer Portfolio Services, Inc.<sup>(b)(c)</sup> | 2461 | &nbsp;&nbsp; 19934 |
| Crawford & Co., Class A | 4566 | &nbsp;&nbsp; 49130 |
| Customers Bancorp, Inc.<sup>(b)(c)</sup> | 5468 | &nbsp;&nbsp; 368762 |
| CVB Financial Corp.<sup>(c)</sup> | 11524 | &nbsp;&nbsp; 221607 |
| Dave, Inc.<sup>(b)(c)</sup> | 2314 | &nbsp;&nbsp; 447227 |
| Diamond Hill Investment Group, Inc. | 438 | &nbsp;&nbsp; 75279 |
| DigitalBridge Group, Inc.<sup>(c)</sup> | 13044 | &nbsp;&nbsp; 201530 |
| Dime Community Bancshares, Inc., Class B<sup>(c)</sup> | 5091 | &nbsp;&nbsp; 164694 |
| Donegal Group, Inc., Class A | 5232 | &nbsp;&nbsp; 92188 |
| Donnelley Financial Solutions, Inc.<sup>(b)(c)</sup> | 3492 | &nbsp;&nbsp; 173762 |
| Dynex Capital, Inc. | 14948 | &nbsp;&nbsp; 209720 |
| Eagle Bancorp Montana, Inc. | 2163 | &nbsp;&nbsp; 46937 |
| Eagle Bancorp, Inc.<sup>(c)</sup> | 4337 | &nbsp;&nbsp; 110377 |
| Eagle Financial Services, Inc.<sup>(c)</sup> | 1083 | &nbsp;&nbsp; 37591 |
| Eastern Bankshares, Inc. | 10662 | &nbsp;&nbsp; 208549 |
| ECB Bancorp, Inc.<sup>(b)(c)</sup> | 1342 | &nbsp;&nbsp; 23069 |
| Ellington Financial, Inc. | 2824 | &nbsp;&nbsp; 35074 |
| Employers Holdings, Inc. | 3828 | &nbsp;&nbsp; 158288 |
| Enact Holdings, Inc. | 1542 | &nbsp;&nbsp; 64517 |
| Encore Capital Group, Inc.<sup>(b)(c)</sup> | 3537 | &nbsp;&nbsp; 241542 |
| Enova International, Inc.<sup>(b)</sup> | 4159 | &nbsp;&nbsp; 578309 |
| Enterprise Financial Services Corp. | 4991 | &nbsp;&nbsp; 284986 |
| Equity Bancshares, Inc., Class A | 2828 | &nbsp;&nbsp; 126921 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Esquire Financial Holdings, Inc.<sup>(c)</sup> | 1254 | &nbsp;&nbsp; $126629 |
| Essent Group Ltd. | 4705 | &nbsp;&nbsp; 286252 |
| EVERTEC, Inc. | 8096 | &nbsp;&nbsp; 229198 |
| F&G Annuities & Life, Inc.<sup>(c)</sup> | 1519 | &nbsp;&nbsp; 34405 |
| Farmers & Merchants Bancorp, Inc.<sup>(c)</sup> | 2287 | &nbsp;&nbsp; 59142 |
| Farmers National Banc Corp.<sup>(c)</sup> | 11678 | &nbsp;&nbsp; 150997 |
| FB Bancorp, Inc.<sup>(b)</sup> | 1747 | &nbsp;&nbsp; 23008 |
| FB Financial Corp.<sup>(c)</sup> | 3107 | &nbsp;&nbsp; 169922 |
| Federal Agricultural Mortgage Corp., Class C | 1633 | &nbsp;&nbsp; 257459 |
| Fidelis Insurance Holdings Ltd. (United <br> Kingdom)<sup>(c)</sup><br>| 11322 | &nbsp;&nbsp; 215797 |
| Fidelity D&D Bancorp, Inc. | 945 | &nbsp;&nbsp; 41438 |
| Finance of America Cos., Inc., Class A<sup>(b)(c)</sup> | 1185 | &nbsp;&nbsp; 22930 |
| Financial Institutions, Inc. | 3157 | &nbsp;&nbsp; 99067 |
| Finward Bancorp | 861 | &nbsp;&nbsp; 32167 |
| Finwise Bancorp<sup>(b)</sup> | 1130 | &nbsp;&nbsp; 19029 |
| First Bancorp | 18235 | &nbsp;&nbsp; 385306 |
| First Bancorp, Inc. (The) | 2267 | &nbsp;&nbsp; 62683 |
| First Bancorp/Southern Pines NC<sup>(c)</sup> | 4847 | &nbsp;&nbsp; 275261 |
| First Bank | 5226 | &nbsp;&nbsp; 83198 |
| First Busey Corp. | 9397 | &nbsp;&nbsp; 238308 |
| First Business Financial Services, Inc. | 2151 | &nbsp;&nbsp; 117552 |
| First Capital, Inc.<sup>(c)</sup> | 1087 | &nbsp;&nbsp; 55220 |
| First Commonwealth Financial Corp. | 14073 | &nbsp;&nbsp; 246700 |
| First Community Bankshares, Inc.<sup>(c)</sup> | 2414 | &nbsp;&nbsp; 94460 |
| First Community Corp. | 1589 | &nbsp;&nbsp; 45795 |
| First Financial Bancorp | 12285 | &nbsp;&nbsp; 344840 |
| First Financial Bankshares, Inc. | 5495 | &nbsp;&nbsp; 169960 |
| First Financial Corp. | 2702 | &nbsp;&nbsp; 171199 |
| First Foundation, Inc.<sup>(b)(c)</sup> | 3956 | &nbsp;&nbsp; 23222 |
| First Internet Bancorp | 1171 | &nbsp;&nbsp; 23748 |
| First Interstate BancSystem, Inc., Class A<sup>(c)</sup> | 7514 | &nbsp;&nbsp; 260060 |
| First Merchants Corp. | 8823 | &nbsp;&nbsp; 344803 |
| First Mid Bancshares, Inc. | 4478 | &nbsp;&nbsp; 183643 |
| First National Corp. | 677 | &nbsp;&nbsp; 17974 |
| First United Corp. | 1393 | &nbsp;&nbsp; 49410 |
| First Western Financial, Inc.<sup>(b)(c)</sup> | 1614 | &nbsp;&nbsp; 40818 |
| FirstCash Holdings, Inc.<sup>(c)</sup> | 1526 | &nbsp;&nbsp; 294198 |
| FirstSun Capital Bancorp<sup>(b)(c)</sup> | 2008 | &nbsp;&nbsp; 73232 |
| Five Star Bancorp | 2934 | &nbsp;&nbsp; 114221 |
| Flagstar Bank N.A | 8158 | &nbsp;&nbsp; 103525 |
| Flushing Financial Corp. | 4592 | &nbsp;&nbsp; 70855 |
| Flywire Corp.<sup>(b)</sup> | 7800 | &nbsp;&nbsp; 96018 |
| Forge Global Holdings, Inc.<sup>(b)(c)</sup> | 2645 | &nbsp;&nbsp; 119025 |
| Franklin BSP Realty Trust, Inc.<sup>(c)</sup> | 13206 | &nbsp;&nbsp; 120571 |
| Franklin Financial Services Corp. | 1277 | &nbsp;&nbsp; 65740 |
| FS Bancorp, Inc. | 1600 | &nbsp;&nbsp; 63216 |
| Fulton Financial Corp.<sup>(c)</sup> | 17197 | &nbsp;&nbsp; 351679 |
| FVCBankcorp, Inc. | 3015 | &nbsp;&nbsp; 46552 |
| GBank Financial Holdings, Inc.<sup>(b)</sup> | 1495 | &nbsp;&nbsp; 45164 |
| GCM Grosvenor, Inc., Class A | 11844 | &nbsp;&nbsp; 137154 |
| Genworth Financial, Inc., Class A<sup>(b)(c)</sup> | 54768 | &nbsp;&nbsp; 462242 |
| German American Bancorp, Inc.<sup>(c)</sup> | 4356 | &nbsp;&nbsp; 180077 |
| Glacier Bancorp, Inc. | 3542 | &nbsp;&nbsp; 161126 |
| Goosehead Insurance, Inc., Class A<sup>(b)(c)</sup> | 1579 | &nbsp;&nbsp; 85582 |
| Great Southern Bancorp, Inc.<sup>(c)</sup> | 1560 | &nbsp;&nbsp; 95987 |
| Green Dot Corp., Class A<sup>(b)</sup> | 16509 | &nbsp;&nbsp; 190844 |
| Greene County Bancorp, Inc. | 1007 | &nbsp;&nbsp; 22224 |
| Greenlight Capital Re Ltd., Class A<sup>(b)</sup> | 6863 | &nbsp;&nbsp; 97386 |
| HA Sustainable Infrastructure Capital, Inc.<sup>(c)</sup> | 6136 | &nbsp;&nbsp; 224087 |

---

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

------

**27**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Hamilton Insurance Group Ltd., Class B <br> (Bermuda)<sup>(b)</sup><br>| 13621 | &nbsp;&nbsp; $430287 |
| Hancock Whitney Corp. | 5400 | &nbsp;&nbsp; 355374 |
| Hanmi Financial Corp. | 6511 | &nbsp;&nbsp; 170002 |
| Hanover Bancorp, Inc. | 865 | &nbsp;&nbsp; 17888 |
| Hawthorn Bancshares, Inc. | 1389 | &nbsp;&nbsp; 45823 |
| HBT Financial, Inc. | 2559 | &nbsp;&nbsp; 68991 |
| HCI Group, Inc. | 2018 | &nbsp;&nbsp; 356016 |
| Heritage Commerce Corp.<sup>(c)</sup> | 11667 | &nbsp;&nbsp; 145021 |
| Heritage Financial Corp.<sup>(c)</sup> | 5636 | &nbsp;&nbsp; 148847 |
| Heritage Insurance Holdings, Inc.<sup>(b)(c)</sup> | 11326 | &nbsp;&nbsp; 315656 |
| Hilltop Holdings, Inc. | 7630 | &nbsp;&nbsp; 285591 |
| Hingham Institution for Savings (The)<sup>(c)</sup> | 252 | &nbsp;&nbsp; 70338 |
| Hippo Holdings, Inc.<sup>(b)(c)</sup> | 3077 | &nbsp;&nbsp; 88495 |
| Home Bancorp, Inc. | 1767 | &nbsp;&nbsp; 104430 |
| Home BancShares, Inc. | 7739 | &nbsp;&nbsp; 212513 |
| HomeTrust Bancshares, Inc.<sup>(c)</sup> | 3359 | &nbsp;&nbsp; 141548 |
| Hope Bancorp, Inc.<sup>(c)</sup> | 18365 | &nbsp;&nbsp; 206790 |
| Horace Mann Educators Corp. | 9102 | &nbsp;&nbsp; 396028 |
| Horizon Bancorp, Inc. | 6767 | &nbsp;&nbsp; 113956 |
| Independent Bank Corp.<sup>(c)</sup> | 3585 | &nbsp;&nbsp; 279881 |
| Independent Bank Corp. | 3690 | &nbsp;&nbsp; 128227 |
| International Bancshares Corp.<sup>(c)</sup> | 3960 | &nbsp;&nbsp; 265756 |
| International Money Express, Inc.<sup>(b)(c)</sup> | 5402 | &nbsp;&nbsp; 85244 |
| Invesco Mortgage Capital, Inc.<sup>(c)(f)</sup> | 22712 | &nbsp;&nbsp; 191462 |
| Investar Holding Corp. | 2121 | &nbsp;&nbsp; 59876 |
| Investors Title Co. | 280 | &nbsp;&nbsp; 64652 |
| Jackson Financial, Inc., Class A | 3908 | &nbsp;&nbsp; 427848 |
| Jefferson Capital, Inc. | 700 | &nbsp;&nbsp; 14441 |
| John Marshall Bancorp, Inc. | 2082 | &nbsp;&nbsp; 39974 |
| Kearny Financial Corp. | 10747 | &nbsp;&nbsp; 82215 |
| Kingstone Cos., Inc.<sup>(c)</sup> | 2994 | &nbsp;&nbsp; 49341 |
| Kingsway Financial Services, Inc. <br> (Canada)<sup>(b)(c)</sup><br>| 3297 | &nbsp;&nbsp; 40355 |
| KKR Real Estate Finance Trust, Inc.<sup>(c)</sup> | 12342 | &nbsp;&nbsp; 85777 |
| Ladder Capital Corp. | 17498 | &nbsp;&nbsp; 181454 |
| Lakeland Financial Corp.<sup>(c)</sup> | 2866 | &nbsp;&nbsp; 166486 |
| Landmark Bancorp, Inc.<sup>(c)</sup> | 1171 | &nbsp;&nbsp; 32484 |
| LCNB Corp. | 4311 | &nbsp;&nbsp; 73244 |
| Lemonade, Inc.<sup>(b)(c)</sup> | 2537 | &nbsp;&nbsp; 131264 |
| LendingClub Corp.<sup>(b)(c)</sup> | 1109 | &nbsp;&nbsp; 16535 |
| LendingTree, Inc.<sup>(b)(c)</sup> | 3112 | &nbsp;&nbsp; 116295 |
| LINKBANCORP, Inc. | 4660 | &nbsp;&nbsp; 40309 |
| Live Oak Bancshares, Inc. | 6280 | &nbsp;&nbsp; 227776 |
| Lument Finance Trust, Inc. | 8341 | &nbsp;&nbsp; 11511 |
| MainStreet Bancshares, Inc. | 1180 | &nbsp;&nbsp; 26196 |
| Marex Group PLC (United Kingdom)<sup>(c)</sup> | 10443 | &nbsp;&nbsp; 453853 |
| Marqeta, Inc., Class A<sup>(b)(c)</sup> | 42853 | &nbsp;&nbsp; 164556 |
| Mechanics Bancorp<sup>(c)</sup> | 2166 | &nbsp;&nbsp; 30887 |
| Medallion Financial Corp. | 5243 | &nbsp;&nbsp; 52902 |
| Mercantile Bank Corp. | 3605 | &nbsp;&nbsp; 186234 |
| Merchants Bancorp<sup>(c)</sup> | 1062 | &nbsp;&nbsp; 44901 |
| Mercury General Corp. | 2479 | &nbsp;&nbsp; 224548 |
| Meridian Corp. | 2370 | &nbsp;&nbsp; 46073 |
| MetroCity Bankshares, Inc. | 3065 | &nbsp;&nbsp; 86126 |
| Metropolitan Bank Holding Corp. | 2894 | &nbsp;&nbsp; 243530 |
| MFA Financial, Inc. | 24675 | &nbsp;&nbsp; 249464 |
| Miami International Holdings, Inc.<sup>(b)</sup> | 972 | &nbsp;&nbsp; 41407 |
| Mid Penn Bancorp, Inc.<sup>(c)</sup> | 3684 | &nbsp;&nbsp; 118514 |
| Midland States Bancorp, Inc.<sup>(c)</sup> | 4103 | &nbsp;&nbsp; 90799 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Moelis & Co., Class A | 2920 | &nbsp;&nbsp; $173331 |
| MVB Financial Corp. | 2332 | &nbsp;&nbsp; 62964 |
| National Bank Holdings Corp., Class A | 5333 | &nbsp;&nbsp; 213267 |
| National Bankshares, Inc.<sup>(c)</sup> | 1058 | &nbsp;&nbsp; 39728 |
| Navient Corp. | 14477 | &nbsp;&nbsp; 127253 |
| NB Bancorp, Inc. | 5937 | &nbsp;&nbsp; 126696 |
| NBT Bancorp, Inc. | 4969 | &nbsp;&nbsp; 212276 |
| NCR Atleos Corp.<sup>(b)(c)</sup> | 11735 | &nbsp;&nbsp; 519626 |
| Nelnet, Inc., Class A | 1206 | &nbsp;&nbsp; 156129 |
| NerdWallet, Inc., Class A<sup>(b)(c)</sup> | 9336 | &nbsp;&nbsp; 101296 |
| Nexpoint Real Estate Finance, Inc. | 1578 | &nbsp;&nbsp; 22897 |
| NI Holdings, Inc.<sup>(b)</sup> | 1238 | &nbsp;&nbsp; 16441 |
| Nicolet Bankshares, Inc. | 2520 | &nbsp;&nbsp; 384955 |
| NMI Holdings, Inc., Class A<sup>(b)</sup> | 8325 | &nbsp;&nbsp; 327256 |
| Northeast Bank | 1318 | &nbsp;&nbsp; 146140 |
| Northeast Community Bancorp, Inc. | 2617 | &nbsp;&nbsp; 63331 |
| Northfield Bancorp, Inc. | 6476 | &nbsp;&nbsp; 86390 |
| Northpointe Bancshares, Inc.<sup>(c)</sup> | 4309 | &nbsp;&nbsp; 77821 |
| Northrim BanCorp, Inc. | 3875 | &nbsp;&nbsp; 91024 |
| Northwest Bancshares, Inc.<sup>(c)</sup> | 17203 | &nbsp;&nbsp; 214177 |
| Norwood Financial Corp. | 1437 | &nbsp;&nbsp; 41759 |
| Oak Valley Bancorp<sup>(c)</sup> | 1540 | &nbsp;&nbsp; 49280 |
| OceanFirst Financial Corp.<sup>(c)</sup> | 11286 | &nbsp;&nbsp; 203825 |
| Octave Specialty Group, Inc.<sup>(b)(c)</sup> | 6296 | &nbsp;&nbsp; 33684 |
| OFG Bancorp | 7181 | &nbsp;&nbsp; 287814 |
| Ohio Valley Banc Corp. | 1139 | &nbsp;&nbsp; 48556 |
| Old National Bancorp | 6676 | &nbsp;&nbsp; 154216 |
| Old Second Bancorp, Inc. | 10268 | &nbsp;&nbsp; 201561 |
| Onity Group, Inc.<sup>(b)</sup> | 1287 | &nbsp;&nbsp; 53938 |
| OP Bancorp<sup>(c)</sup> | 2529 | &nbsp;&nbsp; 33787 |
| Oportun Financial Corp.<sup>(b)(c)</sup> | 20152 | &nbsp;&nbsp; 104387 |
| OppFi, Inc. | 12810 | &nbsp;&nbsp; 117596 |
| Orange County Bancorp, Inc.<sup>(c)</sup> | 2215 | &nbsp;&nbsp; 73560 |
| Orchid Island Capital, Inc.<sup>(c)</sup> | 22673 | &nbsp;&nbsp; 168687 |
| Origin Bancorp, Inc. | 5714 | &nbsp;&nbsp; 237702 |
| Orrstown Financial Services, Inc. | 2730 | &nbsp;&nbsp; 98116 |
| Oscar Health, Inc., Class A<sup>(b)(c)</sup> | 25938 | &nbsp;&nbsp; 353794 |
| Pagseguro Digital Ltd., Class A (Brazil)<sup>(c)</sup> | 28900 | &nbsp;&nbsp; 306629 |
| Palomar Holdings, Inc.<sup>(b)(c)</sup> | 2081 | &nbsp;&nbsp; 257440 |
| Park National Corp. | 1280 | &nbsp;&nbsp; 210598 |
| Parke Bancorp, Inc. | 2482 | &nbsp;&nbsp; 69149 |
| Pathward Financial, Inc.<sup>(c)</sup> | 4472 | &nbsp;&nbsp; 406013 |
| Patria Investments Ltd., Class A (Cayman <br> Islands)<sup>(c)</sup><br>| 10587 | &nbsp;&nbsp; 138901 |
| Payoneer Global, Inc.<sup>(b)</sup> | 18677 | &nbsp;&nbsp; 80685 |
| Paysafe Ltd.<sup>(b)(c)</sup> | 4873 | &nbsp;&nbsp; 30505 |
| Paysign, Inc.<sup>(b)(c)</sup> | 9853 | &nbsp;&nbsp; 34978 |
| PCB Bancorp | 2743 | &nbsp;&nbsp; 61333 |
| Peapack-Gladstone Financial Corp.<sup>(c)</sup> | 2955 | &nbsp;&nbsp; 98963 |
| PennyMac Mortgage Investment Trust<sup>(c)</sup> | 2841 | &nbsp;&nbsp; 34831 |
| Peoples Bancorp of North Carolina, Inc. | 1003 | &nbsp;&nbsp; 38325 |
| Peoples Bancorp, Inc.<sup>(c)</sup> | 6888 | &nbsp;&nbsp; 222276 |
| Peoples Financial Services Corp. | 1432 | &nbsp;&nbsp; 76755 |
| Perella Weinberg Partners<sup>(c)</sup> | 8766 | &nbsp;&nbsp; 162259 |
| Pioneer Bancorp, Inc.<sup>(b)</sup> | 2137 | &nbsp;&nbsp; 30153 |
| Piper Sandler Cos. | 563 | &nbsp;&nbsp; 166395 |
| PJT Partners, Inc., Class A | 1650 | &nbsp;&nbsp; 243672 |
| Plumas Bancorp | 1163 | &nbsp;&nbsp; 58499 |
| Ponce Financial Group, Inc.<sup>(b)</sup> | 3452 | &nbsp;&nbsp; 56095 |
| PRA Group, Inc.<sup>(b)</sup> | 5422 | &nbsp;&nbsp; 85396 |

---

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

------

**28**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Preferred Bank<sup>(c)</sup> | 2578 | &nbsp;&nbsp; $226142 |
| Primis Financial Corp. | 3139 | &nbsp;&nbsp; 41466 |
| Princeton Bancorp, Inc. | 958 | &nbsp;&nbsp; 32543 |
| Priority Technology Holdings, Inc.<sup>(b)(c)</sup> | 5257 | &nbsp;&nbsp; 29176 |
| ProAssurance Corp.<sup>(b)(c)</sup> | 11135 | &nbsp;&nbsp; 273364 |
| PROG Holdings, Inc. | 6825 | &nbsp;&nbsp; 240308 |
| Provident Financial Services, Inc.<sup>(c)</sup> | 17062 | &nbsp;&nbsp; 358984 |
| QCR Holdings, Inc. | 3446 | &nbsp;&nbsp; 298079 |
| Radian Group, Inc. | 4213 | &nbsp;&nbsp; 145433 |
| RBB Bancorp<sup>(c)</sup> | 3853 | &nbsp;&nbsp; 82839 |
| Ready Capital Corp. | 13483 | &nbsp;&nbsp; 24944 |
| Red River Bancshares, Inc. | 1135 | &nbsp;&nbsp; 100674 |
| Redwood Trust, Inc.<sup>(c)</sup> | 4328 | &nbsp;&nbsp; 26184 |
| Regional Management Corp. | 3111 | &nbsp;&nbsp; 98992 |
| Remitly Global, Inc.<sup>(b)</sup> | 7221 | &nbsp;&nbsp; 120591 |
| Renasant Corp. | 6211 | &nbsp;&nbsp; 233844 |
| Repay Holdings Corp., Class A<sup>(b)(c)</sup> | 9155 | &nbsp;&nbsp; 25451 |
| Republic Bancorp, Inc., Class A | 1495 | &nbsp;&nbsp; 103155 |
| Richmond Mutual BanCorp, Inc. | 1663 | &nbsp;&nbsp; 22450 |
| Ridgepost Capital, Inc., Class A | 5837 | &nbsp;&nbsp; 47105 |
| Riverview Bancorp, Inc.<sup>(c)</sup> | 3733 | &nbsp;&nbsp; 19972 |
| Root, Inc., Class A<sup>(b)(c)</sup> | 6543 | &nbsp;&nbsp; 339451 |
| S&T Bancorp, Inc.<sup>(c)</sup> | 6338 | &nbsp;&nbsp; 264992 |
| Safety Insurance Group, Inc. | 2769 | &nbsp;&nbsp; 214957 |
| SB Financial Group, Inc. | 1232 | &nbsp;&nbsp; 25576 |
| Seacoast Banking Corp. of Florida | 8182 | &nbsp;&nbsp; 254624 |
| Security National Financial Corp., <br> Class A<sup>(b)(c)</sup><br>| 3457 | &nbsp;&nbsp; 31320 |
| Selective Insurance Group, Inc. | 3686 | &nbsp;&nbsp; 309771 |
| Selectquote, Inc.<sup>(b)</sup> | 31209 | &nbsp;&nbsp; 26843 |
| ServisFirst Bancshares, Inc. | 2539 | &nbsp;&nbsp; 205684 |
| Seven Hills Realty Trust<sup>(c)</sup> | 3277 | &nbsp;&nbsp; 28051 |
| Sezzle, Inc.<sup>(b)(c)</sup> | 3351 | &nbsp;&nbsp; 244455 |
| Shore Bancshares, Inc. | 6482 | &nbsp;&nbsp; 120436 |
| Sierra Bancorp | 2989 | &nbsp;&nbsp; 107544 |
| Silvercrest Asset Management Group, Inc., <br> Class A<br>| 1334 | &nbsp;&nbsp; 20283 |
| Simmons First National Corp., Class A | 13838 | &nbsp;&nbsp; 275515 |
| SiriusPoint Ltd.<sup>(b)</sup> | 18715 | &nbsp;&nbsp; 395635 |
| Skyward Specialty Insurance Group, Inc.<sup>(b)</sup> | 4929 | &nbsp;&nbsp; 229051 |
| Slide Insurance Holdings, Inc.<sup>(b)(c)</sup> | 5033 | &nbsp;&nbsp; 95627 |
| SmartFinancial, Inc. | 3062 | &nbsp;&nbsp; 120061 |
| South Plains Financial, Inc. | 2734 | &nbsp;&nbsp; 111985 |
| Southern First Bancshares, Inc.<sup>(b)</sup> | 1669 | &nbsp;&nbsp; 93197 |
| Southern Missouri Bancorp, Inc. | 2001 | &nbsp;&nbsp; 123882 |
| Southside Bancshares, Inc.<sup>(c)</sup> | 5515 | &nbsp;&nbsp; 172730 |
| SR Bancorp, Inc.<sup>(c)</sup> | 1399 | &nbsp;&nbsp; 23153 |
| Stellar Bancorp, Inc. | 7279 | &nbsp;&nbsp; 274127 |
| StepStone Group, Inc., Class A | 1998 | &nbsp;&nbsp; 86194 |
| Stewart Information Services Corp. | 4022 | &nbsp;&nbsp; 285522 |
| Stock Yards Bancorp, Inc.<sup>(c)</sup> | 2622 | &nbsp;&nbsp; 168175 |
| StoneCo Ltd., Class A (Brazil)<sup>(b)</sup> | 7255 | &nbsp;&nbsp; 121884 |
| StoneX Group, Inc.<sup>(b)</sup> | 5682 | &nbsp;&nbsp; 724455 |
| SWK Holdings Corp.<sup>(c)</sup> | 765 | &nbsp;&nbsp; 12561 |
| Texas Capital Bancshares, Inc.<sup>(b)</sup> | 3331 | &nbsp;&nbsp; 317444 |
| Third Coast Bancshares, Inc.<sup>(b)(c)</sup> | 2826 | &nbsp;&nbsp; 111938 |
| Timberland Bancorp, Inc. | 1818 | &nbsp;&nbsp; 69229 |
| Tiptree, Inc. | 6550 | &nbsp;&nbsp; 111546 |
| Tompkins Financial Corp.<sup>(c)</sup> | 2422 | &nbsp;&nbsp; 185792 |
| Towne Bank | 6501 | &nbsp;&nbsp; 222724 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| TPG Mortgage Investment Trust, Inc. | 11076 | &nbsp;&nbsp; $89605 |
| TPG RE Finance Trust, Inc. | 17053 | &nbsp;&nbsp; 144268 |
| TriCo Bancshares | 4435 | &nbsp;&nbsp; 211904 |
| Triumph Financial, Inc.<sup>(b)(c)</sup> | 1496 | &nbsp;&nbsp; 83567 |
| Trupanion, Inc.<sup>(b)(c)</sup> | 3601 | &nbsp;&nbsp; 95571 |
| TrustCo Bank Corp. | 3919 | &nbsp;&nbsp; 169967 |
| Trustmark Corp. | 6748 | &nbsp;&nbsp; 287397 |
| Two Harbors Investment Corp.<sup>(c)</sup> | 24530 | &nbsp;&nbsp; 253395 |
| UMB Financial Corp. | 1142 | &nbsp;&nbsp; 132335 |
| Union Bankshares, Inc.<sup>(c)</sup> | 641 | &nbsp;&nbsp; 14903 |
| United Bankshares, Inc. | 6307 | &nbsp;&nbsp; 260479 |
| United Community Banks, Inc.<sup>(c)</sup> | 8889 | &nbsp;&nbsp; 285959 |
| United Fire Group, Inc. | 7432 | &nbsp;&nbsp; 288807 |
| United Security Bancshares | 2986 | &nbsp;&nbsp; 31025 |
| Unity Bancorp, Inc. | 1590 | &nbsp;&nbsp; 84572 |
| Universal Insurance Holdings, Inc. | 10210 | &nbsp;&nbsp; 359086 |
| Univest Financial Corp.<sup>(c)</sup> | 5770 | &nbsp;&nbsp; 193583 |
| Upstart Holdings, Inc.<sup>(b)(c)</sup> | 2917 | &nbsp;&nbsp; 79430 |
| USCB Financial Holdings, Inc., Class A | 2655 | &nbsp;&nbsp; 50259 |
| Valley National Bancorp | 21645 | &nbsp;&nbsp; 272943 |
| Velocity Financial, Inc.<sup>(b)</sup> | 1908 | &nbsp;&nbsp; 35470 |
| Victory Capital Holdings, Inc., Class A | 2428 | &nbsp;&nbsp; 167969 |
| Virginia National Bankshares Corp.<sup>(c)</sup> | 920 | &nbsp;&nbsp; 35622 |
| Virtus Investment Partners, Inc. | 815 | &nbsp;&nbsp; 112763 |
| WaFd, Inc.<sup>(c)</sup> | 9322 | &nbsp;&nbsp; 290473 |
| Walker & Dunlop, Inc. | 2183 | &nbsp;&nbsp; 100440 |
| Washington Trust Bancorp, Inc. | 2711 | &nbsp;&nbsp; 91334 |
| Waterstone Financial, Inc. | 4447 | &nbsp;&nbsp; 79201 |
| Webull Corp. (Cayman Islands)<sup>(b)(c)</sup> | 30688 | &nbsp;&nbsp; 178297 |
| WesBanco, Inc. | 6973 | &nbsp;&nbsp; 243148 |
| West Bancorporation, Inc. | 3261 | &nbsp;&nbsp; 79405 |
| Westamerica Bancorporation | 4089 | &nbsp;&nbsp; 207108 |
| Western New England Bancorp, Inc. | 4145 | &nbsp;&nbsp; 53263 |
| Westwood Holdings Group, Inc. | 1740 | &nbsp;&nbsp; 29162 |
| WisdomTree, Inc.<sup>(c)</sup> | 15151 | &nbsp;&nbsp; 259234 |
| World Acceptance Corp.<sup>(b)(c)</sup> | 1096 | &nbsp;&nbsp; 147828 |
| WSFS Financial Corp.<sup>(c)</sup> | 5511 | &nbsp;&nbsp; 350004 |
|  |  | &nbsp;&nbsp; 57018336 |
| **Health Care-11.84%** | **Health Care-11.84%** | **Health Care-11.84%** |
| 10X Genomics, Inc., Class A<sup>(b)</sup> | 7864 | &nbsp;&nbsp; 181265 |
| Acadia Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 9327 | &nbsp;&nbsp; 229071 |
| Accendra Health, Inc.<sup>(b)</sup> | 6974 | &nbsp;&nbsp; 16877 |
| Accuray, Inc.<sup>(b)</sup> | 19051 | &nbsp;&nbsp; 11002 |
| Acme United Corp. | 871 | &nbsp;&nbsp; 39204 |
| AdaptHealth Corp.<sup>(b)(c)</sup> | 25609 | &nbsp;&nbsp; 234322 |
| Adaptive Biotechnologies Corp.<sup>(b)</sup> | 10397 | &nbsp;&nbsp; 166560 |
| Addus HomeCare Corp.<sup>(b)(c)</sup> | 1667 | &nbsp;&nbsp; 172584 |
| ADMA Biologics, Inc.<sup>(b)</sup> | 9495 | &nbsp;&nbsp; 147837 |
| Agios Pharmaceuticals, Inc.<sup>(b)</sup> | 5218 | &nbsp;&nbsp; 157740 |
| Akebia Therapeutics, Inc.<sup>(b)</sup> | 9779 | &nbsp;&nbsp; 12810 |
| Alignment Healthcare, Inc.<sup>(b)(c)</sup> | 13276 | &nbsp;&nbsp; 255165 |
| Alkermes PLC<sup>(b)</sup> | 8450 | &nbsp;&nbsp; 254345 |
| Alphatec Holdings, Inc.<sup>(b)(c)</sup> | 8020 | &nbsp;&nbsp; 109232 |
| Amicus Therapeutics, Inc.<sup>(b)</sup> | 12905 | &nbsp;&nbsp; 185445 |
| AMN Healthcare Services, Inc.<sup>(b)</sup> | 8324 | &nbsp;&nbsp; 162152 |
| Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 14119 | &nbsp;&nbsp; 194983 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 4973 | &nbsp;&nbsp; 100604 |
| Amylyx Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2470 | &nbsp;&nbsp; 37470 |
| AnaptysBio, Inc.<sup>(b)(c)</sup> | 705 | &nbsp;&nbsp; 38810 |

---

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

------

**29**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| AngioDynamics, Inc.<sup>(b)(c)</sup> | 5976 | &nbsp;&nbsp; $68365 |
| ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2582 | &nbsp;&nbsp; 190810 |
| Apogee Therapeutics, Inc.<sup>(b)(c)</sup> | 1667 | &nbsp;&nbsp; 116690 |
| Aquestive Therapeutics, Inc.<sup>(b)(c)</sup> | 17310 | &nbsp;&nbsp; 69240 |
| Arbutus Biopharma Corp.<sup>(b)</sup> | 7960 | &nbsp;&nbsp; 37094 |
| Arcellx, Inc.<sup>(b)(c)</sup> | 1983 | &nbsp;&nbsp; 225646 |
| Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 3820 | &nbsp;&nbsp; 77813 |
| Arcutis Biotherapeutics, Inc.<sup>(b)</sup> | 7034 | &nbsp;&nbsp; 189707 |
| Ardelyx, Inc.<sup>(b)(c)</sup> | 23470 | &nbsp;&nbsp; 153728 |
| Ardent Health, Inc.<sup>(b)(c)</sup> | 3364 | &nbsp;&nbsp; 31588 |
| ArriVent Biopharma, Inc.<sup>(b)</sup> | 884 | &nbsp;&nbsp; 20305 |
| Arrowhead Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 4247 | &nbsp;&nbsp; 268708 |
| ARS Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 4900 | &nbsp;&nbsp; 45472 |
| Artivion, Inc.<sup>(b)</sup> | 4398 | &nbsp;&nbsp; 169323 |
| Astrana Health, Inc.<sup>(b)(c)</sup> | 6255 | &nbsp;&nbsp; 127164 |
| AtriCure, Inc.<sup>(b)</sup> | 4168 | &nbsp;&nbsp; 130292 |
| Atrium Therapeutics, Inc.<sup>(b)</sup> | 146 | &nbsp;&nbsp; 2152 |
| Aurinia Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 16183 | &nbsp;&nbsp; 229313 |
| Avanos Medical, Inc.<sup>(b)</sup> | 1332 | &nbsp;&nbsp; 18781 |
| Aveanna Healthcare Holdings, Inc.<sup>(b)(c)</sup> | 18691 | &nbsp;&nbsp; 137566 |
| Avidity Biosciences, Inc.<sup>(b)</sup> | 1459 | &nbsp;&nbsp; 105048 |
| Axogen, Inc.<sup>(b)(c)</sup> | 6675 | &nbsp;&nbsp; 211798 |
| Axsome Therapeutics, Inc.<sup>(b)</sup> | 875 | &nbsp;&nbsp; 143404 |
| Azenta, Inc.<sup>(b)(c)</sup> | 1758 | &nbsp;&nbsp; 47431 |
| Beam Therapeutics, Inc.<sup>(b)(c)</sup> | 709 | &nbsp;&nbsp; 20178 |
| Beta Bionics, Inc.<sup>(b)(c)</sup> | 2220 | &nbsp;&nbsp; 28039 |
| Bicara Therapeutics, Inc.<sup>(b)(c)</sup> | 2048 | &nbsp;&nbsp; 34365 |
| BioCryst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 13784 | &nbsp;&nbsp; 120610 |
| BioLife Solutions, Inc.<sup>(b)(c)</sup> | 3607 | &nbsp;&nbsp; 87289 |
| Bioventus, Inc., Class A<sup>(b)(c)</sup> | 7011 | &nbsp;&nbsp; 61557 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup> | 949 | &nbsp;&nbsp; 63090 |
| Bright Minds Biosciences, Inc. (Canada)<sup>(b)</sup> | 1721 | &nbsp;&nbsp; 144254 |
| BrightSpring Health Services, Inc.<sup>(b)(c)</sup> | 7433 | &nbsp;&nbsp; 307949 |
| Brookdale Senior Living, Inc.<sup>(b)</sup> | 41512 | &nbsp;&nbsp; 635134 |
| Butterfly Network, Inc.<sup>(b)(c)</sup> | 10305 | &nbsp;&nbsp; 39056 |
| CareDx, Inc.<sup>(b)(c)</sup> | 7375 | &nbsp;&nbsp; 138355 |
| Castle Biosciences, Inc.<sup>(b)(c)</sup> | 5647 | &nbsp;&nbsp; 166982 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 11240 | &nbsp;&nbsp; 259419 |
| Celcuity, Inc.<sup>(b)(c)</sup> | 3080 | &nbsp;&nbsp; 344067 |
| Celldex Therapeutics, Inc.<sup>(b)(c)</sup> | 1879 | &nbsp;&nbsp; 56539 |
| Ceribell, Inc.<sup>(b)</sup> | 1199 | &nbsp;&nbsp; 22385 |
| Cerus Corp.<sup>(b)</sup> | 25209 | &nbsp;&nbsp; 64535 |
| CG Oncology, Inc.<sup>(b)(c)</sup> | 3041 | &nbsp;&nbsp; 178811 |
| Claritev Corp.<sup>(b)(c)</sup> | 434 | &nbsp;&nbsp; 5846 |
| ClearPoint Neuro, Inc.<sup>(b)(c)</sup> | 2044 | &nbsp;&nbsp; 25693 |
| Clover Health Investments Corp.<sup>(b)(c)</sup> | 60503 | &nbsp;&nbsp; 126451 |
| Cogent Biosciences, Inc.<sup>(b)(c)</sup> | 5734 | &nbsp;&nbsp; 222766 |
| Coherus Oncology, Inc.<sup>(b)(c)</sup> | 23273 | &nbsp;&nbsp; 38866 |
| Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup> | 8631 | &nbsp;&nbsp; 359654 |
| Community Health Systems, Inc.<sup>(b)(c)</sup> | 48379 | &nbsp;&nbsp; 167391 |
| Compass Therapeutics, Inc.<sup>(b)(c)</sup> | 17554 | &nbsp;&nbsp; 99180 |
| Concentra Group Holdings Parent, Inc.<sup>(c)</sup> | 14151 | &nbsp;&nbsp; 339058 |
| CONMED Corp.<sup>(c)</sup> | 3904 | &nbsp;&nbsp; 179584 |
| CorMedix, Inc.<sup>(b)(c)</sup> | 7925 | &nbsp;&nbsp; 56505 |
| CorVel Corp.<sup>(b)</sup> | 871 | &nbsp;&nbsp; 44926 |
| Corvus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 11842 | &nbsp;&nbsp; 216235 |
| Crinetics Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1317 | &nbsp;&nbsp; 54129 |
| CRISPR Therapeutics AG (Switzerland)<sup>(b)(c)</sup> | 1974 | &nbsp;&nbsp; 118716 |
| Cross Country Healthcare, Inc.<sup>(b)(c)</sup> | 6494 | &nbsp;&nbsp; 56498 |
| CryoPort, Inc.<sup>(b)</sup> | 1562 | &nbsp;&nbsp; 13152 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Cytek Biosciences, Inc.<sup>(b)(c)</sup> | 14785 | &nbsp;&nbsp; $66237 |
| Cytokinetics, Inc.<sup>(b)(c)</sup> | 1627 | &nbsp;&nbsp; 101232 |
| Day One Biopharmaceuticals, Inc.<sup>(b)(c)</sup> | 2152 | &nbsp;&nbsp; 22811 |
| Definium Therapeutics, Inc.<sup>(b)</sup> | 9864 | &nbsp;&nbsp; 172127 |
| Delcath Systems, Inc.<sup>(b)(c)</sup> | 1389 | &nbsp;&nbsp; 12362 |
| Denali Therapeutics, Inc.<sup>(b)(c)</sup> | 1423 | &nbsp;&nbsp; 30139 |
| Design Therapeutics, Inc.<sup>(b)</sup> | 1453 | &nbsp;&nbsp; 15169 |
| DiaMedica Therapeutics, Inc.<sup>(b)</sup> | 3944 | &nbsp;&nbsp; 31355 |
| Dianthus Therapeutics, Inc.<sup>(b)</sup> | 2900 | &nbsp;&nbsp; 160051 |
| Disc Medicine, Inc.<sup>(b)(c)</sup> | 1830 | &nbsp;&nbsp; 121915 |
| Dyne Therapeutics, Inc.<sup>(b)(c)</sup> | 2097 | &nbsp;&nbsp; 32755 |
| Edgewise Therapeutics, Inc.<sup>(b)(c)</sup> | 1949 | &nbsp;&nbsp; 59328 |
| Electromed, Inc.<sup>(b)(c)</sup> | 950 | &nbsp;&nbsp; 22515 |
| Embecta Corp. | 13232 | &nbsp;&nbsp; 135760 |
| Emergent BioSolutions, Inc.<sup>(b)(c)</sup> | 11776 | &nbsp;&nbsp; 95974 |
| Enanta Pharmaceuticals, Inc.<sup>(b)</sup> | 1551 | &nbsp;&nbsp; 22179 |
| Enhabit, Inc.<sup>(b)(c)</sup> | 8244 | &nbsp;&nbsp; 112201 |
| Enliven Therapeutics, Inc.<sup>(b)(c)</sup> | 1984 | &nbsp;&nbsp; 58905 |
| Enovis Corp.<sup>(b)(c)</sup> | 531 | &nbsp;&nbsp; 13525 |
| Ensign Group, Inc. (The)<sup>(c)</sup> | 764 | &nbsp;&nbsp; 163626 |
| Entrada Therapeutics, Inc.<sup>(b)(c)</sup> | 3323 | &nbsp;&nbsp; 39643 |
| Esperion Therapeutics, Inc.<sup>(b)</sup> | 34964 | &nbsp;&nbsp; 117129 |
| Eton Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 4925 | &nbsp;&nbsp; 83676 |
| Evolent Health, Inc., Class A<sup>(b)(c)</sup> | 12722 | &nbsp;&nbsp; 41346 |
| Evolus, Inc.<sup>(b)(c)</sup> | 2538 | &nbsp;&nbsp; 10913 |
| EyePoint, Inc.<sup>(b)(c)</sup> | 8699 | &nbsp;&nbsp; 152754 |
| Fennec Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 5387 | &nbsp;&nbsp; 45736 |
| Fortrea Holdings, Inc.<sup>(b)</sup> | 11191 | &nbsp;&nbsp; 119968 |
| Fulcrum Therapeutics, Inc.<sup>(b)(c)</sup> | 15046 | &nbsp;&nbsp; 126085 |
| Fulgent Genetics, Inc.<sup>(b)(c)</sup> | 3332 | &nbsp;&nbsp; 51080 |
| GeneDx Holdings Corp.<sup>(b)(c)</sup> | 1683 | &nbsp;&nbsp; 134152 |
| Glaukos Corp.<sup>(b)</sup> | 700 | &nbsp;&nbsp; 84280 |
| Gossamer Bio., Inc.<sup>(b)</sup> | 30717 | &nbsp;&nbsp; 13052 |
| Guardant Health, Inc.<sup>(b)(c)</sup> | 899 | &nbsp;&nbsp; 84416 |
| Guardian Pharmacy Services, Inc., <br> Class A<sup>(b)(c)</sup><br>| 2954 | &nbsp;&nbsp; 98989 |
| Gyre Therapeutics, Inc.<sup>(b)(c)</sup> | 2212 | &nbsp;&nbsp; 18227 |
| Haemonetics Corp.<sup>(b)</sup> | 2979 | &nbsp;&nbsp; 188630 |
| Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 5855 | &nbsp;&nbsp; 167102 |
| Harrow, Inc.<sup>(b)(c)</sup> | 3053 | &nbsp;&nbsp; 165412 |
| HealthEquity, Inc.<sup>(b)</sup> | 1093 | &nbsp;&nbsp; 83604 |
| HealthStream, Inc. | 2891 | &nbsp;&nbsp; 61376 |
| Heartflow, Inc.<sup>(b)(c)</sup> | 859 | &nbsp;&nbsp; 19894 |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 4807 | &nbsp;&nbsp; 69798 |
| ICU Medical, Inc.<sup>(b)</sup> | 1255 | &nbsp;&nbsp; 188978 |
| Ideaya Biosciences, Inc.<sup>(b)(c)</sup> | 2097 | &nbsp;&nbsp; 67523 |
| Immunome, Inc.<sup>(b)(c)</sup> | 3246 | &nbsp;&nbsp; 70958 |
| Immunovant, Inc.<sup>(b)(c)</sup> | 841 | &nbsp;&nbsp; 23321 |
| Indivior Pharmaceuticals, Inc.<sup>(b)</sup> | 8530 | &nbsp;&nbsp; 279102 |
| Inhibrx Biosciences, Inc.<sup>(b)(c)</sup> | 8484 | &nbsp;&nbsp; 628919 |
| Innovage Holding Corp.<sup>(b)(c)</sup> | 5014 | &nbsp;&nbsp; 44925 |
| Innoviva, Inc.<sup>(b)(c)</sup> | 10980 | &nbsp;&nbsp; 252101 |
| Inogen, Inc.<sup>(b)(c)</sup> | 2816 | &nbsp;&nbsp; 17178 |
| Integer Holdings Corp.<sup>(b)(c)</sup> | 1935 | &nbsp;&nbsp; 167726 |
| Integra LifeSciences Holdings Corp.<sup>(b)(c)</sup> | 8134 | &nbsp;&nbsp; 92565 |
| iRadimed Corp. | 1227 | &nbsp;&nbsp; 127031 |
| IRhythm Holdings, Inc.<sup>(b)(c)</sup> | 1248 | &nbsp;&nbsp; 166920 |
| Ironwood Pharmaceuticals, Inc.<sup>(b)</sup> | 28540 | &nbsp;&nbsp; 97607 |
| Jade Biosciences, Inc.<sup>(c)</sup> | 1498 | &nbsp;&nbsp; 22215 |
| Janux Therapeutics, Inc.<sup>(b)</sup> | 2623 | &nbsp;&nbsp; 35699 |

---

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

------

**30**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Journey Medical Corp.<sup>(b)(c)</sup> | 2542 | &nbsp;&nbsp; $20768 |
| Kestra Medical Technologies Ltd.<sup>(b)(c)</sup> | 1138 | &nbsp;&nbsp; 26493 |
| Kodiak Sciences, Inc.<sup>(b)</sup> | 1611 | &nbsp;&nbsp; 43175 |
| KORU Medical Systems, Inc.<sup>(b)</sup> | 5391 | &nbsp;&nbsp; 25715 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 716 | &nbsp;&nbsp; 197358 |
| Kura Oncology, Inc.<sup>(b)(c)</sup> | 7413 | &nbsp;&nbsp; 64715 |
| Kymera Therapeutics, Inc.<sup>(b)(c)</sup> | 2715 | &nbsp;&nbsp; 248015 |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup> | 3387 | &nbsp;&nbsp; 253720 |
| LeMaitre Vascular, Inc.<sup>(c)</sup> | 1707 | &nbsp;&nbsp; 184663 |
| LENZ Therapeutics, Inc.<sup>(b)(c)</sup> | 857 | &nbsp;&nbsp; 11561 |
| Lexeo Therapeutics, Inc.<sup>(b)(c)</sup> | 3575 | &nbsp;&nbsp; 25668 |
| Lifecore Biomedical, Inc.<sup>(b)(c)</sup> | 2010 | &nbsp;&nbsp; 14472 |
| LifeMD, Inc.<sup>(b)(c)</sup> | 7397 | &nbsp;&nbsp; 19750 |
| LifeStance Health Group, Inc.<sup>(b)(c)</sup> | 12259 | &nbsp;&nbsp; 88755 |
| Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1214 | &nbsp;&nbsp; 240748 |
| Liquidia Corp.<sup>(b)(c)</sup> | 5307 | &nbsp;&nbsp; 164623 |
| LivaNova PLC<sup>(b)</sup> | 4036 | &nbsp;&nbsp; 284942 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 373 | &nbsp;&nbsp; 161136 |
| MannKind Corp.<sup>(b)(c)</sup> | 22638 | &nbsp;&nbsp; 74253 |
| MapLight Therapeutics, Inc.<sup>(b)</sup> | 3314 | &nbsp;&nbsp; 57233 |
| Maze Therapeutics, Inc.<sup>(b)</sup> | 1937 | &nbsp;&nbsp; 88308 |
| MBX Biosciences, Inc.<sup>(b)(c)</sup> | 5730 | &nbsp;&nbsp; 186511 |
| Merit Medical Systems, Inc.<sup>(b)</sup> | 1839 | &nbsp;&nbsp; 141934 |
| Mesa Laboratories, Inc. | 490 | &nbsp;&nbsp; 47319 |
| Metsera, Inc.<sup>(b)(c)(g)</sup> | 483 | &nbsp;&nbsp; 0 |
| MiMedx Group, Inc.<sup>(b)(c)</sup> | 14050 | &nbsp;&nbsp; 68704 |
| Mineralys Therapeutics, Inc.<sup>(b)(c)</sup> | 2584 | &nbsp;&nbsp; 75608 |
| Mirum Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2389 | &nbsp;&nbsp; 220481 |
| Monopar Therapeutics, Inc.<sup>(b)</sup> | 1156 | &nbsp;&nbsp; 63355 |
| Monte Rosa Therapeutics, Inc.<sup>(b)</sup> | 10065 | &nbsp;&nbsp; 178654 |
| Myriad Genetics, Inc.<sup>(b)</sup> | 4167 | &nbsp;&nbsp; 19210 |
| National HealthCare Corp. | 1731 | &nbsp;&nbsp; 283018 |
| National Research Corp.<sup>(c)</sup> | 2435 | &nbsp;&nbsp; 32653 |
| NeoGenomics, Inc.<sup>(b)(c)</sup> | 7451 | &nbsp;&nbsp; 73243 |
| NeuroPace, Inc.<sup>(b)</sup> | 2959 | &nbsp;&nbsp; 43142 |
| Novavax, Inc.<sup>(b)(c)</sup> | 10654 | &nbsp;&nbsp; 108032 |
| Novo Nordisk A/S (Denmark)<sup>(b)(g)</sup> | 4621 | &nbsp;&nbsp; 0 |
| Novocure Ltd.<sup>(b)</sup> | 2367 | &nbsp;&nbsp; 32357 |
| Nurix Therapeutics, Inc.<sup>(b)(c)</sup> | 2317 | &nbsp;&nbsp; 37002 |
| Nutex Health, Inc.<sup>(b)(c)</sup> | 3091 | &nbsp;&nbsp; 341432 |
| Nuvalent, Inc., Class A<sup>(b)(c)</sup> | 869 | &nbsp;&nbsp; 88595 |
| Nuvation Bio, Inc.<sup>(b)(c)</sup> | 8303 | &nbsp;&nbsp; 49071 |
| Ocular Therapeutix, Inc.<sup>(b)(c)</sup> | 12979 | &nbsp;&nbsp; 116032 |
| Olema Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 7475 | &nbsp;&nbsp; 180895 |
| Omnicell, Inc.<sup>(b)</sup> | 5279 | &nbsp;&nbsp; 216967 |
| Oncology Institute, Inc. (The)<sup>(b)(c)</sup> | 14886 | &nbsp;&nbsp; 43021 |
| OPKO Health, Inc.<sup>(b)(c)</sup> | 15579 | &nbsp;&nbsp; 18695 |
| OptimizeRx Corp.<sup>(b)(c)</sup> | 3106 | &nbsp;&nbsp; 23543 |
| Option Care Health, Inc.<sup>(b)(c)</sup> | 12106 | &nbsp;&nbsp; 392961 |
| OraSure Technologies, Inc.<sup>(b)(c)</sup> | 9071 | &nbsp;&nbsp; 28574 |
| Organogenesis Holdings, Inc.<sup>(b)(c)</sup> | 22731 | &nbsp;&nbsp; 72966 |
| ORIC Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 3091 | &nbsp;&nbsp; 41574 |
| Orthofix Medical, Inc.<sup>(b)(c)</sup> | 3435 | &nbsp;&nbsp; 46476 |
| OrthoPediatrics Corp.<sup>(b)(c)</sup> | 866 | &nbsp;&nbsp; 16601 |
| Oruka Therapeutics, Inc.<sup>(b)(c)</sup> | 3121 | &nbsp;&nbsp; 107394 |
| Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 8769 | &nbsp;&nbsp; 192129 |
| PACS Group, Inc.<sup>(b)(c)</sup> | 7021 | &nbsp;&nbsp; 256337 |
| Palvella Therapeutics, Inc.<sup>(b)(c)</sup> | 1932 | &nbsp;&nbsp; 260859 |
| Pediatrix Medical Group, Inc.<sup>(b)(c)</sup> | 16789 | &nbsp;&nbsp; 333262 |
| Pennant Group, Inc. (The)<sup>(b)</sup> | 5390 | &nbsp;&nbsp; 181697 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Personalis, Inc.<sup>(b)(c)</sup> | 8720 | &nbsp;&nbsp; $79003 |
| Phibro Animal Health Corp., Class A | 6236 | &nbsp;&nbsp; 340423 |
| Phreesia, Inc.<sup>(b)(c)</sup> | 4274 | &nbsp;&nbsp; 52698 |
| Praxis Precision Medicines, Inc.<sup>(b)(c)</sup> | 2415 | &nbsp;&nbsp; 813251 |
| Precigen, Inc.<sup>(b)(c)</sup> | 14291 | &nbsp;&nbsp; 54163 |
| Prestige Consumer Healthcare, Inc.<sup>(b)(c)</sup> | 3342 | &nbsp;&nbsp; 231601 |
| Privia Health Group, Inc.<sup>(b)</sup> | 10525 | &nbsp;&nbsp; 249969 |
| PROCEPT BioRobotics Corp.<sup>(b)(c)</sup> | 1158 | &nbsp;&nbsp; 26275 |
| Progyny, Inc.<sup>(b)(c)</sup> | 13917 | &nbsp;&nbsp; 246192 |
| Protagonist Therapeutics, Inc.<sup>(b)(c)</sup> | 3961 | &nbsp;&nbsp; 364729 |
| Protalix BioTherapeutics, Inc.<sup>(b)(c)</sup> | 13557 | &nbsp;&nbsp; 39044 |
| PTC Therapeutics, Inc.<sup>(b)(c)</sup> | 1597 | &nbsp;&nbsp; 108899 |
| Puma Biotechnology, Inc.<sup>(b)(c)</sup> | 25112 | &nbsp;&nbsp; 143138 |
| QuidelOrtho Corp.<sup>(b)(c)</sup> | 557 | &nbsp;&nbsp; 12666 |
| RadNet, Inc.<sup>(b)(c)</sup> | 1937 | &nbsp;&nbsp; 135222 |
| Rapport Therapeutics, Inc.<sup>(b)(c)</sup> | 2981 | &nbsp;&nbsp; 86538 |
| Rezolute, Inc.<sup>(b)</sup> | 7238 | &nbsp;&nbsp; 23234 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1431 | &nbsp;&nbsp; 132697 |
| Rigel Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 5491 | &nbsp;&nbsp; 190757 |
| RxSight, Inc.<sup>(b)</sup> | 1357 | &nbsp;&nbsp; 10150 |
| SANUWAVE Health, Inc.<sup>(b)(c)</sup> | 2282 | &nbsp;&nbsp; 55510 |
| Savara, Inc.<sup>(b)</sup> | 11962 | &nbsp;&nbsp; 72011 |
| Scholar Rock Holding Corp.<sup>(b)(c)</sup> | 5173 | &nbsp;&nbsp; 229009 |
| Schrodinger, Inc.<sup>(b)(c)</sup> | 912 | &nbsp;&nbsp; 10999 |
| Select Medical Holdings Corp. | 15631 | &nbsp;&nbsp; 233996 |
| Septerna, Inc.<sup>(b)(c)</sup> | 1784 | &nbsp;&nbsp; 51772 |
| SI-BONE, Inc.<sup>(b)</sup> | 4828 | &nbsp;&nbsp; 74931 |
| SIGA Technologies, Inc.<sup>(c)</sup> | 11397 | &nbsp;&nbsp; 73739 |
| Sight Sciences, Inc.<sup>(b)</sup> | 5278 | &nbsp;&nbsp; 27234 |
| Sionna Therapeutics, Inc.<sup>(b)(c)</sup> | 971 | &nbsp;&nbsp; 35480 |
| Soleno Therapeutics, Inc.<sup>(b)(c)</sup> | 2883 | &nbsp;&nbsp; 112639 |
| Sonida Senior Living, Inc.<sup>(b)</sup> | 1178 | &nbsp;&nbsp; 42278 |
| Spyre Therapeutics, Inc.<sup>(b)(c)</sup> | 4922 | &nbsp;&nbsp; 211695 |
| STAAR Surgical Co., (Acquired 06/27/2025 - <br> 01/05/2026; Cost $135,620)<sup>(b)(c)(d)</sup><br>| 5474 | &nbsp;&nbsp; 108933 |
| Stoke Therapeutics, Inc.<sup>(b)(c)</sup> | 5533 | &nbsp;&nbsp; 201457 |
| Strata Critical Medical, Inc.<sup>(b)(c)</sup> | 8561 | &nbsp;&nbsp; 36641 |
| Supernus Pharmaceuticals, Inc.<sup>(b)</sup> | 5906 | &nbsp;&nbsp; 323235 |
| Surgery Partners, Inc.<sup>(b)(c)</sup> | 8220 | &nbsp;&nbsp; 127410 |
| Syndax Pharmaceuticals, Inc.<sup>(b)</sup> | 854 | &nbsp;&nbsp; 18540 |
| Tactile Systems Technology, Inc.<sup>(b)</sup> | 6175 | &nbsp;&nbsp; 180866 |
| Talkspace, Inc.<sup>(b)(c)</sup> | 22318 | &nbsp;&nbsp; 107573 |
| Tandem Diabetes Care, Inc.<sup>(b)(c)</sup> | 3748 | &nbsp;&nbsp; 94824 |
| Tango Therapeutics, Inc.<sup>(b)(c)</sup> | 9214 | &nbsp;&nbsp; 102644 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)</sup> | 2365 | &nbsp;&nbsp; 178605 |
| Taysha Gene Therapies, Inc.<sup>(b)(c)</sup> | 55528 | &nbsp;&nbsp; 251542 |
| Teladoc Health, Inc.<sup>(b)(c)</sup> | 9872 | &nbsp;&nbsp; 51927 |
| Terns Pharmaceuticals, Inc.<sup>(b)</sup> | 12542 | &nbsp;&nbsp; 528269 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 4855 | &nbsp;&nbsp; 146087 |
| Theravance Biopharma, Inc.<sup>(b)(c)</sup> | 4299 | &nbsp;&nbsp; 78457 |
| TransMedics Group, Inc.<sup>(b)(c)</sup> | 2095 | &nbsp;&nbsp; 304320 |
| Travere Therapeutics, Inc.<sup>(b)</sup> | 2782 | &nbsp;&nbsp; 82876 |
| Trevi Therapeutics, Inc.<sup>(b)(c)</sup> | 25640 | &nbsp;&nbsp; 305629 |
| TruBridge, Inc.<sup>(b)(c)</sup> | 2239 | &nbsp;&nbsp; 43190 |
| Twist Bioscience Corp.<sup>(b)(c)</sup> | 2077 | &nbsp;&nbsp; 97453 |
| Tyra Biosciences, Inc.<sup>(b)(c)</sup> | 2073 | &nbsp;&nbsp; 69052 |
| U.S. Physical Therapy, Inc.<sup>(c)</sup> | 1849 | &nbsp;&nbsp; 153393 |
| UFP Technologies, Inc.<sup>(b)(c)</sup> | 705 | &nbsp;&nbsp; 148459 |
| Upstream Bio, Inc.<sup>(b)(c)</sup> | 3576 | &nbsp;&nbsp; 27464 |
| UroGen Pharma Ltd.<sup>(b)</sup> | 4392 | &nbsp;&nbsp; 95306 |

---

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

------

**31**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Utah Medical Products, Inc. | 493 | &nbsp;&nbsp; $32839 |
| Vanda Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 6465 | &nbsp;&nbsp; 57603 |
| Varex Imaging Corp.<sup>(b)(c)</sup> | 5672 | &nbsp;&nbsp; 74700 |
| Vaxcyte, Inc.<sup>(b)(c)</sup> | 576 | &nbsp;&nbsp; 35562 |
| Vera Therapeutics, Inc.<sup>(b)(c)</sup> | 2542 | &nbsp;&nbsp; 103688 |
| Veracyte, Inc.<sup>(b)(c)</sup> | 3996 | &nbsp;&nbsp; 146214 |
| Verastem, Inc.<sup>(b)(c)</sup> | 1454 | &nbsp;&nbsp; 8317 |
| Vericel Corp.<sup>(b)(c)</sup> | 2677 | &nbsp;&nbsp; 95515 |
| Viemed Healthcare, Inc.<sup>(b)</sup> | 6581 | &nbsp;&nbsp; 57255 |
| Viridian Therapeutics, Inc.<sup>(b)(c)</sup> | 3729 | &nbsp;&nbsp; 109558 |
| WaVe Life Sciences Ltd.<sup>(b)</sup> | 2285 | &nbsp;&nbsp; 31830 |
| Waystar Holding Corp.<sup>(b)(c)</sup> | 1843 | &nbsp;&nbsp; 47273 |
| Xenon Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 1863 | &nbsp;&nbsp; 80537 |
| Xeris Biopharma Holdings, Inc.<sup>(b)</sup> | 19769 | &nbsp;&nbsp; 120986 |
| XOMA Royalty Corp.<sup>(b)(c)</sup> | 808 | &nbsp;&nbsp; 20628 |
| Zenas Biopharma, Inc.<sup>(b)(c)</sup> | 1627 | &nbsp;&nbsp; 42871 |
| Zymeworks, Inc.<sup>(b)(c)</sup> | 4041 | &nbsp;&nbsp; 94115 |
|  |  | &nbsp;&nbsp; 32644336 |
| **Industrials-16.24%** | **Industrials-16.24%** | **Industrials-16.24%** |
| AAR Corp.<sup>(b)</sup> | 3558 | &nbsp;&nbsp; 416891 |
| ABM Industries, Inc. | 8392 | &nbsp;&nbsp; 373444 |
| ACCO Brands Corp.<sup>(c)</sup> | 17741 | &nbsp;&nbsp; 72206 |
| ACV Auctions, Inc., Class A<sup>(b)</sup> | 5496 | &nbsp;&nbsp; 26711 |
| Aebi Schmidt Holding AG (Switzerland) | 6724 | &nbsp;&nbsp; 96960 |
| AeroVironment, Inc.<sup>(b)(c)</sup> | 243 | &nbsp;&nbsp; 61297 |
| AerSale Corp.<sup>(b)</sup> | 6930 | &nbsp;&nbsp; 54054 |
| Alamo Group, Inc. | 1293 | &nbsp;&nbsp; 276094 |
| Albany International Corp., Class A<sup>(c)</sup> | 3019 | &nbsp;&nbsp; 174045 |
| Alight, Inc., Class A | 30033 | &nbsp;&nbsp; 26420 |
| Allegiant Travel Co.<sup>(b)(c)</sup> | 2233 | &nbsp;&nbsp; 228101 |
| Alliance Laundry Holdings, Inc.<sup>(b)</sup> | 2522 | &nbsp;&nbsp; 56568 |
| Allient, Inc.<sup>(c)</sup> | 4038 | &nbsp;&nbsp; 265862 |
| Alta Equipment Group, Inc.<sup>(c)</sup> | 4213 | &nbsp;&nbsp; 29070 |
| Ameresco, Inc., Class A<sup>(b)(c)</sup> | 9388 | &nbsp;&nbsp; 285958 |
| American Superconductor Corp.<sup>(b)(c)</sup> | 6091 | &nbsp;&nbsp; 198445 |
| American Woodmark Corp.<sup>(b)(c)</sup> | 2485 | &nbsp;&nbsp; 124499 |
| Amprius Technologies, Inc.<sup>(b)(c)</sup> | 20871 | &nbsp;&nbsp; 223946 |
| Apogee Enterprises, Inc. | 3053 | &nbsp;&nbsp; 121570 |
| ArcBest Corp.<sup>(c)</sup> | 3762 | &nbsp;&nbsp; 386207 |
| Archer Aviation, Inc., Class A<sup>(b)(c)</sup> | 8465 | &nbsp;&nbsp; 60271 |
| Arcosa, Inc. | 2338 | &nbsp;&nbsp; 251288 |
| Argan, Inc. | 692 | &nbsp;&nbsp; 312265 |
| Array Technologies, Inc.<sup>(b)(c)</sup> | 20960 | &nbsp;&nbsp; 158877 |
| Astec Industries, Inc. | 5233 | &nbsp;&nbsp; 324917 |
| Astronics Corp.<sup>(b)(c)</sup> | 5344 | &nbsp;&nbsp; 430833 |
| Asure Software, Inc.<sup>(b)(c)</sup> | 2815 | &nbsp;&nbsp; 25729 |
| Atkore, Inc. | 3850 | &nbsp;&nbsp; 249134 |
| Atmus Filtration Technologies, Inc. | 5300 | &nbsp;&nbsp; 342009 |
| AZZ, Inc.<sup>(c)</sup> | 3146 | &nbsp;&nbsp; 427793 |
| Barrett Business Services, Inc. | 3680 | &nbsp;&nbsp; 102194 |
| BlackSky Technology, Inc.<sup>(b)(c)</sup> | 4093 | &nbsp;&nbsp; 77153 |
| Bloom Energy Corp., Class A<sup>(b)</sup> | 360 | &nbsp;&nbsp; 56041 |
| Blue Bird Corp.<sup>(b)(c)</sup> | 8733 | &nbsp;&nbsp; 508872 |
| BlueLinx Holdings, Inc.<sup>(b)</sup> | 1380 | &nbsp;&nbsp; 90970 |
| Boise Cascade Co. | 3137 | &nbsp;&nbsp; 259555 |
| Bowman Consulting Group Ltd.<sup>(b)</sup> | 3244 | &nbsp;&nbsp; 108804 |
| BrightView Holdings, Inc.<sup>(b)(c)</sup> | 13418 | &nbsp;&nbsp; 185034 |
| Brink's Co. (The)<sup>(c)</sup> | 3408 | &nbsp;&nbsp; 397952 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Brookfield Business Corp., Class A <br> (Canada)<sup>(c)</sup><br>| 2281 | &nbsp;&nbsp; $78580 |
| Byrna Technologies, Inc.<sup>(b)(c)</sup> | 1635 | &nbsp;&nbsp; 20895 |
| Cadre Holdings, Inc. | 3622 | &nbsp;&nbsp; 160781 |
| Casella Waste Systems, Inc., Class A<sup>(b)(c)</sup> | 1450 | &nbsp;&nbsp; 135082 |
| CBIZ, Inc.<sup>(b)(c)</sup> | 3185 | &nbsp;&nbsp; 91218 |
| CECO Environmental Corp.<sup>(b)(c)</sup> | 4538 | &nbsp;&nbsp; 274322 |
| Centuri Holdings, Inc.<sup>(b)(c)</sup> | 12119 | &nbsp;&nbsp; 375689 |
| Chart Industries, Inc.<sup>(b)</sup> | 818 | &nbsp;&nbsp; 169571 |
| Cimpress PLC (Ireland)<sup>(b)(c)</sup> | 3386 | &nbsp;&nbsp; 247347 |
| Columbus McKinnon Corp. | 3153 | &nbsp;&nbsp; 59844 |
| Concrete Pumping Holdings, Inc.<sup>(b)(c)</sup> | 6811 | &nbsp;&nbsp; 45906 |
| Conduent, Inc.<sup>(b)</sup> | 19397 | &nbsp;&nbsp; 28320 |
| Construction Partners, Inc., Class A<sup>(b)(c)</sup> | 2276 | &nbsp;&nbsp; 305826 |
| CoreCivic, Inc.<sup>(b)</sup> | 14074 | &nbsp;&nbsp; 248828 |
| Costamare Bulkers Holdings Ltd. (Monaco)<sup>(b)</sup> | 1090 | &nbsp;&nbsp; 20797 |
| Costamare, Inc. (Monaco)<sup>(c)</sup> | 14937 | &nbsp;&nbsp; 262443 |
| Covenant Logistics Group, Inc., Class A | 3180 | &nbsp;&nbsp; 93619 |
| CRA International, Inc. | 872 | &nbsp;&nbsp; 150560 |
| CSG Systems International, Inc.<sup>(c)</sup> | 4622 | &nbsp;&nbsp; 369298 |
| CSW Industrials, Inc.<sup>(c)</sup> | 455 | &nbsp;&nbsp; 133920 |
| Custom Truck One Source, Inc.<sup>(b)</sup> | 10286 | &nbsp;&nbsp; 73648 |
| Deluxe Corp.<sup>(c)</sup> | 11606 | &nbsp;&nbsp; 322066 |
| Distribution Solutions Group, Inc.<sup>(b)(c)</sup> | 1231 | &nbsp;&nbsp; 36807 |
| DNOW, Inc.<sup>(b)</sup> | 24729 | &nbsp;&nbsp; 291308 |
| Douglas Dynamics, Inc. | 6015 | &nbsp;&nbsp; 276209 |
| Ducommun, Inc.<sup>(b)(c)</sup> | 2411 | &nbsp;&nbsp; 297975 |
| DXP Enterprises, Inc.<sup>(b)(c)</sup> | 2916 | &nbsp;&nbsp; 403779 |
| Dycom Industries, Inc.<sup>(b)</sup> | 530 | &nbsp;&nbsp; 222611 |
| Eastern Co. (The) | 1266 | &nbsp;&nbsp; 23510 |
| Energy Recovery, Inc.<sup>(b)(c)</sup> | 5646 | &nbsp;&nbsp; 58888 |
| Enerpac Tool Group Corp.<sup>(c)</sup> | 4661 | &nbsp;&nbsp; 190169 |
| EnerSys | 2712 | &nbsp;&nbsp; 450599 |
| Ennis, Inc.<sup>(c)</sup> | 5019 | &nbsp;&nbsp; 105951 |
| Enovix Corp.<sup>(b)(c)</sup> | 3758 | &nbsp;&nbsp; 19805 |
| Enpro, Inc. | 1010 | &nbsp;&nbsp; 261237 |
| Enviri Corp.<sup>(b)(c)</sup> | 21531 | &nbsp;&nbsp; 407582 |
| Eos Energy Enterprises, Inc.<sup>(b)(c)</sup> | 7504 | &nbsp;&nbsp; 42735 |
| ESCO Technologies, Inc.<sup>(c)</sup> | 1254 | &nbsp;&nbsp; 347722 |
| EVI Industries, Inc. | 1787 | &nbsp;&nbsp; 34721 |
| Exponent, Inc. | 1947 | &nbsp;&nbsp; 141703 |
| Falcon's Beyond Global, Inc.<sup>(b)(c)</sup> | 2651 | &nbsp;&nbsp; 17178 |
| Federal Signal Corp.<sup>(c)</sup> | 1544 | &nbsp;&nbsp; 179768 |
| First Advantage Corp.<sup>(b)(c)</sup> | 3674 | &nbsp;&nbsp; 42288 |
| Fluence Energy, Inc.<sup>(b)(c)</sup> | 7188 | &nbsp;&nbsp; 111702 |
| Fluor Corp.<sup>(b)</sup> | 6557 | &nbsp;&nbsp; 342997 |
| Forward Air Corp.<sup>(b)(c)</sup> | 794 | &nbsp;&nbsp; 20080 |
| Franklin Covey Co.<sup>(b)(c)</sup> | 1104 | &nbsp;&nbsp; 14374 |
| Franklin Electric Co., Inc. | 2024 | &nbsp;&nbsp; 201631 |
| Frontier Group Holdings, Inc., Class H<sup>(b)(c)</sup> | 14352 | &nbsp;&nbsp; 63723 |
| GATX Corp. | 1546 | &nbsp;&nbsp; 284727 |
| Genco Shipping & Trading Ltd. | 9843 | &nbsp;&nbsp; 236724 |
| Gencor Industries, Inc.<sup>(b)</sup> | 1366 | &nbsp;&nbsp; 21337 |
| GEO Group, Inc. (The)<sup>(b)</sup> | 10465 | &nbsp;&nbsp; 157394 |
| Gibraltar Industries, Inc.<sup>(b)</sup> | 4365 | &nbsp;&nbsp; 198520 |
| Global Industrial Co. | 3109 | &nbsp;&nbsp; 102535 |
| Gorman-Rupp Co. (The)<sup>(c)</sup> | 3565 | &nbsp;&nbsp; 228980 |
| Graham Corp.<sup>(b)(c)</sup> | 1980 | &nbsp;&nbsp; 160816 |
| Granite Construction, Inc.<sup>(c)</sup> | 3106 | &nbsp;&nbsp; 417633 |
| Great Lakes Dredge & Dock Corp.<sup>(b)</sup> | 14223 | &nbsp;&nbsp; 241080 |

---

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

------

**32**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Greenbrier Cos., Inc. (The)<sup>(c)</sup> | 5348 | &nbsp;&nbsp; $301734 |
| Griffon Corp. | 3077 | &nbsp;&nbsp; 262283 |
| Healthcare Services Group, Inc.<sup>(b)</sup> | 19155 | &nbsp;&nbsp; 417004 |
| Heartland Express, Inc.<sup>(c)</sup> | 7309 | &nbsp;&nbsp; 80618 |
| Helios Technologies, Inc. | 4686 | &nbsp;&nbsp; 334206 |
| Herc Holdings, Inc.<sup>(c)</sup> | 2098 | &nbsp;&nbsp; 293279 |
| Hertz Global Holdings, Inc.<sup>(b)(c)</sup> | 48826 | &nbsp;&nbsp; 221670 |
| Hillman Solutions Corp.<sup>(b)(c)</sup> | 24535 | &nbsp;&nbsp; 201187 |
| Himalaya Shipping Ltd. (Bermuda)<sup>(b)</sup> | 10300 | &nbsp;&nbsp; 151513 |
| HNI Corp. | 5462 | &nbsp;&nbsp; 245572 |
| Hub Group, Inc., Class A<sup>(c)</sup> | 7531 | &nbsp;&nbsp; 324360 |
| Hudson Technologies, Inc.<sup>(b)</sup> | 15997 | &nbsp;&nbsp; 113739 |
| Huron Consulting Group, Inc.<sup>(b)(c)</sup> | 2116 | &nbsp;&nbsp; 299202 |
| Hyster-Yale, Inc. | 2021 | &nbsp;&nbsp; 74433 |
| IBEX Holdings Ltd.<sup>(b)</sup> | 4051 | &nbsp;&nbsp; 117074 |
| ICF International, Inc. | 2351 | &nbsp;&nbsp; 195439 |
| IES Holdings, Inc.<sup>(b)(c)</sup> | 273 | &nbsp;&nbsp; 135231 |
| Innodata, Inc.<sup>(b)(c)</sup> | 4660 | &nbsp;&nbsp; 205832 |
| Insperity, Inc. | 4133 | &nbsp;&nbsp; 91794 |
| Insteel Industries, Inc. | 4379 | &nbsp;&nbsp; 163249 |
| Interface, Inc.<sup>(c)</sup> | 10669 | &nbsp;&nbsp; 335967 |
| Intuitive Machines, Inc.<sup>(b)(c)</sup> | 3545 | &nbsp;&nbsp; 58422 |
| Janus International Group, Inc.<sup>(b)(c)</sup> | 26973 | &nbsp;&nbsp; 187732 |
| JBT Marel Corp. | 1087 | &nbsp;&nbsp; 167398 |
| JELD-WEN Holding, Inc.<sup>(b)</sup> | 8785 | &nbsp;&nbsp; 17219 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 24842 | &nbsp;&nbsp; 137625 |
| Joby Aviation, Inc.<sup>(b)(c)</sup> | 4104 | &nbsp;&nbsp; 41286 |
| Kadant, Inc.<sup>(c)</sup> | 588 | &nbsp;&nbsp; 199432 |
| Karat Packaging, Inc.<sup>(c)</sup> | 1452 | &nbsp;&nbsp; 35792 |
| Kelly Services, Inc., Class A | 6484 | &nbsp;&nbsp; 62960 |
| Kennametal, Inc.<sup>(c)</sup> | 12683 | &nbsp;&nbsp; 510871 |
| Kforce, Inc. | 2759 | &nbsp;&nbsp; 74548 |
| Korn Ferry | 4798 | &nbsp;&nbsp; 300691 |
| Kratos Defense & Security Solutions, Inc.<sup>(b)</sup> | 1468 | &nbsp;&nbsp; 126512 |
| LB Foster Co., Class A<sup>(b)(c)</sup> | 3035 | &nbsp;&nbsp; 93266 |
| Legalzoom.com, Inc.<sup>(b)(c)</sup> | 19044 | &nbsp;&nbsp; 133879 |
| Legence Corp., Class A<sup>(b)(c)</sup> | 2462 | &nbsp;&nbsp; 142919 |
| Limbach Holdings, Inc.<sup>(b)(c)</sup> | 1352 | &nbsp;&nbsp; 123600 |
| Lindsay Corp.<sup>(c)</sup> | 1678 | &nbsp;&nbsp; 226027 |
| Liquidity Services, Inc.<sup>(b)</sup> | 3418 | &nbsp;&nbsp; 108043 |
| LSI Industries, Inc.<sup>(c)</sup> | 5607 | &nbsp;&nbsp; 121223 |
| Luxfer Holdings PLC (United Kingdom)<sup>(c)</sup> | 6550 | &nbsp;&nbsp; 84299 |
| Manitowoc Co., Inc. (The)<sup>(b)(c)</sup> | 14633 | &nbsp;&nbsp; 215837 |
| Marten Transport Ltd.<sup>(c)</sup> | 8255 | &nbsp;&nbsp; 112185 |
| MasterBrand, Inc.<sup>(b)(c)</sup> | 21545 | &nbsp;&nbsp; 218035 |
| Matrix Service Co.<sup>(b)</sup> | 8294 | &nbsp;&nbsp; 91151 |
| Matson, Inc.<sup>(c)</sup> | 2847 | &nbsp;&nbsp; 472972 |
| Maximus, Inc.<sup>(c)</sup> | 4368 | &nbsp;&nbsp; 330264 |
| Mayville Engineering Co., Inc.<sup>(b)(c)</sup> | 3791 | &nbsp;&nbsp; 79611 |
| McGrath RentCorp | 2768 | &nbsp;&nbsp; 307110 |
| Mercury Systems, Inc.<sup>(b)</sup> | 3394 | &nbsp;&nbsp; 302168 |
| Microvast Holdings, Inc.<sup>(b)(c)</sup> | 39422 | &nbsp;&nbsp; 88305 |
| Miller Industries, Inc.<sup>(c)</sup> | 1723 | &nbsp;&nbsp; 72418 |
| MillerKnoll, Inc. | 12302 | &nbsp;&nbsp; 247762 |
| Mistras Group, Inc.<sup>(b)(c)</sup> | 4870 | &nbsp;&nbsp; 74414 |
| Modine Manufacturing Co.<sup>(b)</sup> | 991 | &nbsp;&nbsp; 225205 |
| Montrose Environmental Group, Inc.<sup>(b)(c)</sup> | 6242 | &nbsp;&nbsp; 182391 |
| Moog, Inc., Class A | 926 | &nbsp;&nbsp; 312460 |
| Mueller Water Products, Inc., Class A | 10162 | &nbsp;&nbsp; 304149 |
| MYR Group, Inc.<sup>(b)(c)</sup> | 1552 | &nbsp;&nbsp; 418978 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| NANO Nuclear Energy, Inc.<sup>(b)(c)</sup> | 8862 | &nbsp;&nbsp; $235641 |
| National Presto Industries, Inc.<sup>(c)</sup> | 604 | &nbsp;&nbsp; 79692 |
| Nextpower, Inc., Class A<sup>(b)</sup> | 1632 | &nbsp;&nbsp; 171523 |
| NPK International, Inc.<sup>(b)(c)</sup> | 17790 | &nbsp;&nbsp; 256710 |
| NuScale Power Corp.<sup>(b)(c)</sup> | 5199 | &nbsp;&nbsp; 66807 |
| NWPX Infrastructure, Inc.<sup>(b)</sup> | 2351 | &nbsp;&nbsp; 182438 |
| OPENLANE, Inc.<sup>(b)</sup> | 14012 | &nbsp;&nbsp; 399482 |
| Orion Group Holdings, Inc.<sup>(b)</sup> | 11829 | &nbsp;&nbsp; 162412 |
| Pangaea Logistics Solutions Ltd. | 12261 | &nbsp;&nbsp; 114640 |
| Park Aerospace Corp.<sup>(c)</sup> | 2830 | &nbsp;&nbsp; 74769 |
| Park-Ohio Holdings Corp. | 2453 | &nbsp;&nbsp; 63140 |
| Perma-Fix Environmental Services, Inc.<sup>(b)(c)</sup> | 1526 | &nbsp;&nbsp; 20815 |
| Pitney Bowes, Inc.<sup>(c)</sup> | 48476 | &nbsp;&nbsp; 520147 |
| Planet Labs PBC<sup>(b)(c)</sup> | 17539 | &nbsp;&nbsp; 423391 |
| Powell Industries, Inc. | 700 | &nbsp;&nbsp; 366520 |
| Power Solutions International, Inc.<sup>(b)(c)</sup> | 4117 | &nbsp;&nbsp; 343769 |
| Preformed Line Products Co.<sup>(c)</sup> | 634 | &nbsp;&nbsp; 160814 |
| Primoris Services Corp.<sup>(c)</sup> | 2675 | &nbsp;&nbsp; 403176 |
| Proficient Auto Logistics, Inc.<sup>(b)(c)</sup> | 5802 | &nbsp;&nbsp; 43921 |
| Proto Labs, Inc.<sup>(b)</sup> | 3999 | &nbsp;&nbsp; 248258 |
| Quad/Graphics, Inc. | 7307 | &nbsp;&nbsp; 50491 |
| Quanex Building Products Corp.<sup>(c)</sup> | 7705 | &nbsp;&nbsp; 158184 |
| Radiant Logistics, Inc.<sup>(b)</sup> | 9629 | &nbsp;&nbsp; 71447 |
| RCM Technologies, Inc.<sup>(b)</sup> | 1402 | &nbsp;&nbsp; 26512 |
| Red Cat Holdings, Inc.<sup>(b)(c)</sup> | 10086 | &nbsp;&nbsp; 117502 |
| Resideo Technologies, Inc.<sup>(b)</sup> | 11115 | &nbsp;&nbsp; 430150 |
| Resolute Holdings Management, Inc.<sup>(b)(c)</sup> | 325 | &nbsp;&nbsp; 54779 |
| Richtech Robotics, Inc., Class B<sup>(b)(c)</sup> | 98625 | &nbsp;&nbsp; 245576 |
| Rush Enterprises, Inc., Class A | 5935 | &nbsp;&nbsp; 421207 |
| Rush Enterprises, Inc., Class B | 822 | &nbsp;&nbsp; 53142 |
| RXO, Inc.<sup>(b)(c)</sup> | 10795 | &nbsp;&nbsp; 172288 |
| Safe Bulkers, Inc. (Monaco) | 22548 | &nbsp;&nbsp; 147915 |
| Satellogic, Inc., Class A<sup>(b)(c)</sup> | 8692 | &nbsp;&nbsp; 26076 |
| Shoals Technologies Group, Inc., Class A<sup>(b)(c)</sup> | 39736 | &nbsp;&nbsp; 235634 |
| SkyWest, Inc.<sup>(b)</sup> | 3481 | &nbsp;&nbsp; 362302 |
| SKYX Platforms Corp., Class C<sup>(b)</sup> | 7426 | &nbsp;&nbsp; 14332 |
| SPX Technologies, Inc.<sup>(b)</sup> | 589 | &nbsp;&nbsp; 133668 |
| Standex International Corp. | 1040 | &nbsp;&nbsp; 272480 |
| Sterling Infrastructure, Inc.<sup>(b)(c)</sup> | 516 | &nbsp;&nbsp; 220915 |
| Sun Country Airlines Holdings, Inc.<sup>(b)</sup> | 11868 | &nbsp;&nbsp; 233562 |
| Tecnoglass, Inc.<sup>(c)</sup> | 1772 | &nbsp;&nbsp; 80732 |
| Tennant Co. | 2845 | &nbsp;&nbsp; 173630 |
| Terex Corp. | 18669 | &nbsp;&nbsp; 1284241 |
| Thermon Group Holdings, Inc.<sup>(b)(c)</sup> | 5682 | &nbsp;&nbsp; 288532 |
| TIC Solutions, Inc.<sup>(b)(c)</sup> | 17134 | &nbsp;&nbsp; 162259 |
| Titan International, Inc.<sup>(b)(c)</sup> | 18991 | &nbsp;&nbsp; 184782 |
| Titan Machinery, Inc.<sup>(b)(c)</sup> | 8255 | &nbsp;&nbsp; 160890 |
| Transcat, Inc.<sup>(b)(c)</sup> | 830 | &nbsp;&nbsp; 64715 |
| TriNet Group, Inc. | 2534 | &nbsp;&nbsp; 96495 |
| Trinity Industries, Inc. | 11258 | &nbsp;&nbsp; 384798 |
| Tutor Perini Corp. | 7396 | &nbsp;&nbsp; 557437 |
| UFP Industries, Inc. | 2828 | &nbsp;&nbsp; 291029 |
| UniFirst Corp. | 1573 | &nbsp;&nbsp; 369372 |
| Upwork, Inc.<sup>(b)(c)</sup> | 14463 | &nbsp;&nbsp; 194093 |
| V2X, Inc.<sup>(b)</sup> | 5372 | &nbsp;&nbsp; 374697 |
| Verra Mobility Corp., Class A<sup>(b)</sup> | 8195 | &nbsp;&nbsp; 136938 |
| Vestis Corp.<sup>(c)</sup> | 13370 | &nbsp;&nbsp; 105222 |
| Vicor Corp.<sup>(b)</sup> | 2226 | &nbsp;&nbsp; 448316 |
| Virco Mfg. Corp.<sup>(c)</sup> | 2502 | &nbsp;&nbsp; 15888 |
| Voyager Technologies, Inc., Class A<sup>(b)(c)</sup> | 938 | &nbsp;&nbsp; 25035 |

---

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

------

**33**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| VSE Corp. | 1445 | &nbsp;&nbsp; $328116 |
| Wabash National Corp. | 6025 | &nbsp;&nbsp; 61154 |
| Watts Water Technologies, Inc., Class A | 692 | &nbsp;&nbsp; 227488 |
| Werner Enterprises, Inc.<sup>(c)</sup> | 8517 | &nbsp;&nbsp; 298862 |
| Willdan Group, Inc.<sup>(b)(c)</sup> | 3109 | &nbsp;&nbsp; 277136 |
| Willis Lease Finance Corp. | 447 | &nbsp;&nbsp; 91058 |
| Worthington Enterprises, Inc. | 3891 | &nbsp;&nbsp; 217935 |
| Xometry, Inc., Class A<sup>(b)(c)</sup> | 3766 | &nbsp;&nbsp; 154462 |
| Zurn Elkay Water Solutions Corp. | 2993 | &nbsp;&nbsp; 152583 |
|  |  | &nbsp;&nbsp; 44762064 |
| **Information Technology-9.99%** | **Information Technology-9.99%** | **Information Technology-9.99%** |
| 8x8, Inc.<sup>(b)</sup> | 30366 | &nbsp;&nbsp; 64983 |
| A10 Networks, Inc. | 8623 | &nbsp;&nbsp; 166079 |
| ACI Worldwide, Inc.<sup>(b)(c)</sup> | 4117 | &nbsp;&nbsp; 163363 |
| ACM Research, Inc., Class A<sup>(b)</sup> | 13315 | &nbsp;&nbsp; 741379 |
| Adeia, Inc. | 16658 | &nbsp;&nbsp; 344654 |
| ADTRAN Holdings, Inc.<sup>(b)(c)</sup> | 3019 | &nbsp;&nbsp; 30794 |
| Advanced Energy Industries, Inc. | 968 | &nbsp;&nbsp; 324832 |
| Aehr Test Systems<sup>(b)(c)</sup> | 10029 | &nbsp;&nbsp; 375385 |
| Aeluma, Inc.<sup>(b)(c)</sup> | 1528 | &nbsp;&nbsp; 23638 |
| Agilysys, Inc.<sup>(b)(c)</sup> | 1081 | &nbsp;&nbsp; 78016 |
| Alarm.com Holdings, Inc.<sup>(b)(c)</sup> | 3593 | &nbsp;&nbsp; 171925 |
| Alkami Technology, Inc.<sup>(b)(c)</sup> | 2201 | &nbsp;&nbsp; 36416 |
| Alpha & Omega Semiconductor Ltd.<sup>(b)</sup> | 1474 | &nbsp;&nbsp; 30969 |
| Ambarella, Inc.<sup>(b)</sup> | 2140 | &nbsp;&nbsp; 129128 |
| Amplitude, Inc., Class A<sup>(b)(c)</sup> | 6761 | &nbsp;&nbsp; 49355 |
| Appian Corp., Class A<sup>(b)</sup> | 3455 | &nbsp;&nbsp; 92145 |
| Applied Digital Corp.<sup>(b)(c)</sup> | 15115 | &nbsp;&nbsp; 412186 |
| Applied Optoelectronics, Inc.<sup>(b)(c)</sup> | 1964 | &nbsp;&nbsp; 165428 |
| Arlo Technologies, Inc.<sup>(b)(c)</sup> | 12069 | &nbsp;&nbsp; 189363 |
| Arteris, Inc.<sup>(b)</sup> | 3885 | &nbsp;&nbsp; 66006 |
| Asana, Inc., Class A<sup>(b)(c)</sup> | 2871 | &nbsp;&nbsp; 20384 |
| ASGN, Inc.<sup>(b)</sup> | 4084 | &nbsp;&nbsp; 175204 |
| AvePoint, Inc.<sup>(b)</sup> | 5793 | &nbsp;&nbsp; 62449 |
| Aviat Networks, Inc.<sup>(b)(c)</sup> | 3501 | &nbsp;&nbsp; 87665 |
| Axcelis Technologies, Inc.<sup>(b)(c)</sup> | 3705 | &nbsp;&nbsp; 306070 |
| Backblaze, Inc., Class A<sup>(b)(c)</sup> | 3149 | &nbsp;&nbsp; 11840 |
| Badger Meter, Inc. | 711 | &nbsp;&nbsp; 108378 |
| Bel Fuse, Inc., Class A | 254 | &nbsp;&nbsp; 53835 |
| Bel Fuse, Inc., Class B<sup>(c)</sup> | 2045 | &nbsp;&nbsp; 469757 |
| Belden, Inc. | 2239 | &nbsp;&nbsp; 320849 |
| Benchmark Electronics, Inc.<sup>(c)</sup> | 6798 | &nbsp;&nbsp; 392992 |
| BigBear.ai Holdings, Inc.<sup>(b)(c)</sup> | 74700 | &nbsp;&nbsp; 295812 |
| Bit Digital, Inc.<sup>(b)(c)</sup> | 57026 | &nbsp;&nbsp; 95233 |
| BK Technologies Corp.<sup>(b)(c)</sup> | 842 | &nbsp;&nbsp; 73330 |
| Blackbaud, Inc.<sup>(b)</sup> | 1693 | &nbsp;&nbsp; 82178 |
| BlackLine, Inc.<sup>(b)(c)</sup> | 2546 | &nbsp;&nbsp; 89747 |
| Blend Labs, Inc., Class A<sup>(b)(c)</sup> | 11588 | &nbsp;&nbsp; 19468 |
| Box, Inc., Class A<sup>(b)(c)</sup> | 7274 | &nbsp;&nbsp; 171303 |
| Braze, Inc., Class A<sup>(b)</sup> | 2579 | &nbsp;&nbsp; 48975 |
| C3.ai, Inc., Class A<sup>(b)(c)</sup> | 1607 | &nbsp;&nbsp; 12776 |
| Calix, Inc.<sup>(b)(c)</sup> | 4273 | &nbsp;&nbsp; 221213 |
| Cerence, Inc.<sup>(b)(c)</sup> | 17658 | &nbsp;&nbsp; 139675 |
| CEVA, Inc.<sup>(b)(c)</sup> | 1406 | &nbsp;&nbsp; 29329 |
| Chaince Digital Holdings, Inc. (China)<sup>(b)(c)</sup> | 17628 | &nbsp;&nbsp; 103476 |
| Cipher Digital, Inc.<sup>(b)(c)</sup> | 22041 | &nbsp;&nbsp; 343840 |
| CleanSpark, Inc.<sup>(b)(c)</sup> | 14343 | &nbsp;&nbsp; 142713 |
| Clear Secure, Inc., Class A | 9611 | &nbsp;&nbsp; 467479 |
| Clearfield, Inc.<sup>(b)(c)</sup> | 1845 | &nbsp;&nbsp; 58007 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Clearwater Analytics Holdings, Inc., <br> Class A<sup>(b)</sup><br>| 4642 | &nbsp;&nbsp; $108576 |
| Climb Global Solutions, Inc.<sup>(c)</sup> | 785 | &nbsp;&nbsp; 74324 |
| Cohu, Inc.<sup>(b)(c)</sup> | 3254 | &nbsp;&nbsp; 98271 |
| Commerce.com, Inc., Series 1<sup>(b)</sup> | 7948 | &nbsp;&nbsp; 22095 |
| Commvault Systems, Inc.<sup>(b)</sup> | 943 | &nbsp;&nbsp; 80230 |
| Consensus Cloud Solutions, Inc.<sup>(b)(c)</sup> | 5635 | &nbsp;&nbsp; 169501 |
| Core Scientific, Inc.<sup>(b)(c)</sup> | 3592 | &nbsp;&nbsp; 60956 |
| Corsair Gaming, Inc.<sup>(b)(c)</sup> | 7562 | &nbsp;&nbsp; 41515 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 121 | &nbsp;&nbsp; 13585 |
| Crexendo, Inc.<sup>(b)</sup> | 2796 | &nbsp;&nbsp; 16329 |
| CS Disco, Inc.<sup>(b)(c)</sup> | 2714 | &nbsp;&nbsp; 8821 |
| CTS Corp. | 3397 | &nbsp;&nbsp; 178886 |
| Daily Journal Corp.<sup>(b)(c)</sup> | 148 | &nbsp;&nbsp; 75407 |
| Daktronics, Inc.<sup>(b)(c)</sup> | 7748 | &nbsp;&nbsp; 199743 |
| Diebold Nixdorf, Inc.<sup>(b)(c)</sup> | 4703 | &nbsp;&nbsp; 376240 |
| Digi International, Inc.<sup>(b)(c)</sup> | 5787 | &nbsp;&nbsp; 282521 |
| Digital Turbine, Inc.<sup>(b)(c)</sup> | 35281 | &nbsp;&nbsp; 143241 |
| DigitalOcean Holdings, Inc.<sup>(b)(c)</sup> | 5148 | &nbsp;&nbsp; 288597 |
| Diodes, Inc.<sup>(b)</sup> | 3525 | &nbsp;&nbsp; 240511 |
| Domo, Inc., Class B<sup>(b)(c)</sup> | 3676 | &nbsp;&nbsp; 13197 |
| D-Wave Quantum, Inc. (Canada)<sup>(b)(c)</sup> | 25628 | &nbsp;&nbsp; 481294 |
| Eastman Kodak Co.<sup>(b)(c)</sup> | 14746 | &nbsp;&nbsp; 107941 |
| eGain Corp.<sup>(b)(c)</sup> | 5205 | &nbsp;&nbsp; 48615 |
| ePlus, Inc. | 4669 | &nbsp;&nbsp; 376602 |
| Evolv Technologies Holdings, Inc.<sup>(b)</sup> | 17959 | &nbsp;&nbsp; 95183 |
| Extreme Networks, Inc.<sup>(b)</sup> | 12091 | &nbsp;&nbsp; 169032 |
| Fabrinet (Thailand)<sup>(b)</sup> | 190 | &nbsp;&nbsp; 103670 |
| Fastly, Inc., Class A<sup>(b)</sup> | 10531 | &nbsp;&nbsp; 201353 |
| Five9, Inc.<sup>(b)(c)</sup> | 5115 | &nbsp;&nbsp; 89206 |
| FormFactor, Inc.<sup>(b)</sup> | 3912 | &nbsp;&nbsp; 386819 |
| Frequency Electronics, Inc.<sup>(b)(c)</sup> | 1579 | &nbsp;&nbsp; 79282 |
| Freshworks, Inc., Class A<sup>(b)</sup> | 8841 | &nbsp;&nbsp; 69137 |
| GPGI, Inc., Class A<sup>(c)</sup> | 6112 | &nbsp;&nbsp; 137214 |
| Grid Dynamics Holdings, Inc.<sup>(b)(c)</sup> | 4119 | &nbsp;&nbsp; 27803 |
| Hackett Group, Inc. (The) | 2840 | &nbsp;&nbsp; 38794 |
| Harmonic, Inc.<sup>(b)</sup> | 11289 | &nbsp;&nbsp; 120002 |
| Hut 8 Corp. (Canada)<sup>(b)(c)</sup> | 9608 | &nbsp;&nbsp; 511434 |
| i3 Verticals, Inc., Class A<sup>(b)(c)</sup> | 3601 | &nbsp;&nbsp; 80590 |
| Ichor Holdings Ltd.<sup>(b)</sup> | 3651 | &nbsp;&nbsp; 173605 |
| Immersion Corp.<sup>(c)</sup> | 3527 | &nbsp;&nbsp; 21550 |
| Impinj, Inc.<sup>(b)(c)</sup> | 981 | &nbsp;&nbsp; 120329 |
| indie Semiconductor, Inc., A Shares <br> (China)<sup>(b)(c)</sup><br>| 4181 | &nbsp;&nbsp; 15302 |
| Information Services Group, Inc. | 11162 | &nbsp;&nbsp; 53689 |
| Inseego Corp.<sup>(b)(c)</sup> | 4983 | &nbsp;&nbsp; 61540 |
| Insight Enterprises, Inc.<sup>(b)(c)</sup> | 2528 | &nbsp;&nbsp; 211240 |
| Intapp, Inc.<sup>(b)</sup> | 1679 | &nbsp;&nbsp; 37660 |
| InterDigital, Inc.<sup>(c)</sup> | 492 | &nbsp;&nbsp; 180333 |
| IonQ, Inc.<sup>(b)(c)</sup> | 891 | &nbsp;&nbsp; 34188 |
| Itron, Inc.<sup>(b)</sup> | 2162 | &nbsp;&nbsp; 203120 |
| Kimball Electronics, Inc.<sup>(b)(c)</sup> | 10265 | &nbsp;&nbsp; 256522 |
| Knowles Corp.<sup>(b)</sup> | 5386 | &nbsp;&nbsp; 146338 |
| Kopin Corp.<sup>(b)(c)</sup> | 24356 | &nbsp;&nbsp; 53827 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 3493 | &nbsp;&nbsp; 243532 |
| Life360, Inc.<sup>(b)(c)</sup> | 722 | &nbsp;&nbsp; 38013 |
| LiveRamp Holdings, Inc.<sup>(b)</sup> | 6572 | &nbsp;&nbsp; 178561 |
| MARA Holdings, Inc.<sup>(b)(c)</sup> | 9858 | &nbsp;&nbsp; 88131 |
| MaxLinear, Inc.<sup>(b)(c)</sup> | 2014 | &nbsp;&nbsp; 35104 |
| Methode Electronics, Inc.<sup>(c)</sup> | 5857 | &nbsp;&nbsp; 49550 |

---

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

------

**34**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Mirion Technologies, Inc.<sup>(b)(c)</sup> | 6278 | &nbsp;&nbsp; $135668 |
| Mitek Systems, Inc.<sup>(b)(c)</sup> | 5722 | &nbsp;&nbsp; 83427 |
| M-tron Industries, Inc.<sup>(b)</sup> | 455 | &nbsp;&nbsp; 28797 |
| N-able, Inc.<sup>(b)(c)</sup> | 6764 | &nbsp;&nbsp; 29762 |
| Napco Security Technologies, Inc. | 3892 | &nbsp;&nbsp; 181406 |
| Navitas Semiconductor Corp.<sup>(b)(c)</sup> | 34916 | &nbsp;&nbsp; 314244 |
| NCR Voyix Corp.<sup>(b)(c)</sup> | 24986 | &nbsp;&nbsp; 190893 |
| NETGEAR, Inc.<sup>(b)(c)</sup> | 5828 | &nbsp;&nbsp; 120173 |
| NetScout Systems, Inc.<sup>(b)</sup> | 4716 | &nbsp;&nbsp; 137754 |
| NextNav, Inc.<sup>(b)(c)</sup> | 4810 | &nbsp;&nbsp; 77393 |
| nLight, Inc.<sup>(b)</sup> | 5612 | &nbsp;&nbsp; 315338 |
| Novanta, Inc.<sup>(b)</sup> | 1122 | &nbsp;&nbsp; 150830 |
| NVE Corp.<sup>(c)</sup> | 547 | &nbsp;&nbsp; 37655 |
| OneSpan, Inc. | 5660 | &nbsp;&nbsp; 62486 |
| Ooma, Inc.<sup>(b)</sup> | 3294 | &nbsp;&nbsp; 40714 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 1030 | &nbsp;&nbsp; 293756 |
| Ouster, Inc.<sup>(b)</sup> | 6440 | &nbsp;&nbsp; 122038 |
| Pagaya Technologies Ltd., Class A<sup>(b)(c)</sup> | 10321 | &nbsp;&nbsp; 115492 |
| PagerDuty, Inc.<sup>(b)(c)</sup> | 9546 | &nbsp;&nbsp; 67395 |
| PAR Technology Corp.<sup>(b)(c)</sup> | 1385 | &nbsp;&nbsp; 22700 |
| PC Connection, Inc. | 1977 | &nbsp;&nbsp; 120498 |
| PDF Solutions, Inc.<sup>(b)(c)</sup> | 2720 | &nbsp;&nbsp; 91882 |
| Penguin Solutions, Inc.<sup>(b)(c)</sup> | 10919 | &nbsp;&nbsp; 226897 |
| Photronics, Inc.<sup>(b)(c)</sup> | 11049 | &nbsp;&nbsp; 413564 |
| Plexus Corp.<sup>(b)</sup> | 1811 | &nbsp;&nbsp; 351569 |
| Porch Group, Inc.<sup>(b)(c)</sup> | 29088 | &nbsp;&nbsp; 238812 |
| Power Integrations, Inc. | 2645 | &nbsp;&nbsp; 126748 |
| Powerfleet, Inc.<sup>(b)(c)</sup> | 9902 | &nbsp;&nbsp; 35350 |
| Progress Software Corp.<sup>(b)(c)</sup> | 3568 | &nbsp;&nbsp; 149428 |
| Q2 Holdings, Inc.<sup>(b)</sup> | 1454 | &nbsp;&nbsp; 69966 |
| Qualys, Inc.<sup>(b)</sup> | 1304 | &nbsp;&nbsp; 120581 |
| Quantum Computing, Inc.<sup>(b)(c)</sup> | 12950 | &nbsp;&nbsp; 108910 |
| Rambus, Inc.<sup>(b)</sup> | 1487 | &nbsp;&nbsp; 148194 |
| Rapid7, Inc.<sup>(b)</sup> | 5248 | &nbsp;&nbsp; 32643 |
| Red Violet, Inc.<sup>(b)(c)</sup> | 1798 | &nbsp;&nbsp; 77871 |
| Rezolve AI PLC<sup>(b)(c)</sup> | 10492 | &nbsp;&nbsp; 24446 |
| Ribbon Communications, Inc.<sup>(b)</sup> | 12889 | &nbsp;&nbsp; 28742 |
| Richardson Electronics Ltd.<sup>(c)</sup> | 1982 | &nbsp;&nbsp; 24339 |
| Rigetti Computing, Inc.<sup>(b)(c)</sup> | 15679 | &nbsp;&nbsp; 273128 |
| Rimini Street, Inc.<sup>(b)(c)</sup> | 6631 | &nbsp;&nbsp; 24667 |
| Riot Platforms, Inc.<sup>(b)(c)</sup> | 12774 | &nbsp;&nbsp; 208088 |
| Rogers Corp.<sup>(b)</sup> | 1944 | &nbsp;&nbsp; 209622 |
| Sanmina Corp.<sup>(b)(c)</sup> | 2198 | &nbsp;&nbsp; 341262 |
| ScanSource, Inc.<sup>(b)</sup> | 5006 | &nbsp;&nbsp; 184121 |
| SEMrush Holdings, Inc., Class A<sup>(b)</sup> | 4971 | &nbsp;&nbsp; 58757 |
| Semtech Corp.<sup>(b)</sup> | 1997 | &nbsp;&nbsp; 180169 |
| Silicon Laboratories, Inc.<sup>(b)</sup> | 853 | &nbsp;&nbsp; 174464 |
| SiTime Corp.<sup>(b)(c)</sup> | 366 | &nbsp;&nbsp; 145624 |
| SkyWater Technology, Inc.<sup>(b)(c)</sup> | 6217 | &nbsp;&nbsp; 183153 |
| SoundHound AI, Inc., Class A<sup>(b)(c)</sup> | 13282 | &nbsp;&nbsp; 114225 |
| Sprinklr, Inc., Class A<sup>(b)</sup> | 13303 | &nbsp;&nbsp; 77423 |
| Sprout Social, Inc., Class A<sup>(b)</sup> | 2012 | &nbsp;&nbsp; 12977 |
| SPS Commerce, Inc.<sup>(b)</sup> | 1014 | &nbsp;&nbsp; 57301 |
| Synaptics, Inc.<sup>(b)(c)</sup> | 2485 | &nbsp;&nbsp; 202428 |
| Telos Corp.<sup>(b)</sup> | 7861 | &nbsp;&nbsp; 31601 |
| Tenable Holdings, Inc.<sup>(b)</sup> | 4541 | &nbsp;&nbsp; 87323 |
| Terawulf, Inc.<sup>(b)(c)</sup> | 19150 | &nbsp;&nbsp; 310613 |
| TSS, Inc.<sup>(b)(c)</sup> | 4355 | &nbsp;&nbsp; 44987 |
| TTM Technologies, Inc.<sup>(b)</sup> | 3730 | &nbsp;&nbsp; 388815 |
| Turtle Beach Corp.<sup>(b)(c)</sup> | 3872 | &nbsp;&nbsp; 48555 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Ultra Clean Holdings, Inc.<sup>(b)</sup> | 6288 | &nbsp;&nbsp; $381556 |
| Unisys Corp.<sup>(b)</sup> | 9419 | &nbsp;&nbsp; 22888 |
| Varonis Systems, Inc.<sup>(b)(c)</sup> | 3228 | &nbsp;&nbsp; 74567 |
| Veeco Instruments, Inc.<sup>(b)(c)</sup> | 7018 | &nbsp;&nbsp; 214470 |
| Vertex, Inc., Class A<sup>(b)</sup> | 2513 | &nbsp;&nbsp; 36388 |
| Via Transportation, Inc., Class A<sup>(b)(c)</sup> | 501 | &nbsp;&nbsp; 8607 |
| Viant Technology, Inc., Class A<sup>(b)</sup> | 2397 | &nbsp;&nbsp; 24282 |
| Viasat, Inc.<sup>(b)</sup> | 16548 | &nbsp;&nbsp; 757567 |
| Viavi Solutions, Inc.<sup>(b)(c)</sup> | 15915 | &nbsp;&nbsp; 472835 |
| Vishay Intertechnology, Inc.<sup>(c)</sup> | 15682 | &nbsp;&nbsp; 293567 |
| Vishay Precision Group, Inc.<sup>(b)(c)</sup> | 2813 | &nbsp;&nbsp; 129595 |
| Vistance Networks, Inc.<sup>(b)</sup> | 29453 | &nbsp;&nbsp; 517489 |
| VTEX, Class A (Brazil)<sup>(b)</sup> | 5608 | &nbsp;&nbsp; 19235 |
| Weave Communications, Inc.<sup>(b)</sup> | 2565 | &nbsp;&nbsp; 12928 |
| WhiteFiber, Inc.<sup>(b)(c)</sup> | 1283 | &nbsp;&nbsp; 21619 |
| WM Technology, Inc.<sup>(b)</sup> | 16867 | &nbsp;&nbsp; 11276 |
| Workiva, Inc.<sup>(b)</sup> | 1160 | &nbsp;&nbsp; 71433 |
| Xerox Holdings Corp.<sup>(c)</sup> | 13076 | &nbsp;&nbsp; 23537 |
| Xperi, Inc.<sup>(b)(c)</sup> | 2746 | &nbsp;&nbsp; 16833 |
| Yext, Inc.<sup>(b)(c)</sup> | 17109 | &nbsp;&nbsp; 97179 |
| Zeta Global Holdings Corp., Class A<sup>(b)(c)</sup> | 9861 | &nbsp;&nbsp; 167144 |
|  |  | &nbsp;&nbsp; 27531331 |
| **Materials-5.42%** | **Materials-5.42%** | **Materials-5.42%** |
| AdvanSix, Inc. | 4242 | &nbsp;&nbsp; 75635 |
| Alpha Metallurgical Resources, Inc.<sup>(b)(c)</sup> | 1940 | &nbsp;&nbsp; 315541 |
| American Battery Technology Co.<sup>(b)(c)</sup> | 29525 | &nbsp;&nbsp; 108947 |
| American Vanguard Corp.<sup>(b)</sup> | 4089 | &nbsp;&nbsp; 18850 |
| Ardagh Metal Packaging S.A. | 34384 | &nbsp;&nbsp; 166762 |
| Ascent Industries Co.<sup>(b)</sup> | 2000 | &nbsp;&nbsp; 34320 |
| ASP Isotopes, Inc.<sup>(b)(c)</sup> | 14677 | &nbsp;&nbsp; 78375 |
| Aspen Aerogels, Inc.<sup>(b)(c)</sup> | 7712 | &nbsp;&nbsp; 24061 |
| Avient Corp.<sup>(c)</sup> | 7765 | &nbsp;&nbsp; 318909 |
| Balchem Corp.<sup>(c)</sup> | 1000 | &nbsp;&nbsp; 181430 |
| Cabot Corp. | 4129 | &nbsp;&nbsp; 314382 |
| Caledonia Mining Corp. PLC (South Africa)<sup>(c)</sup> | 4759 | &nbsp;&nbsp; 151051 |
| Century Aluminum Co.<sup>(b)</sup> | 9877 | &nbsp;&nbsp; 509258 |
| Chemours Co. (The) | 11216 | &nbsp;&nbsp; 204580 |
| Clearwater Paper Corp.<sup>(b)</sup> | 2833 | &nbsp;&nbsp; 42467 |
| Coeur Mining, Inc.<sup>(b)</sup> | 8983 | &nbsp;&nbsp; 243888 |
| Commercial Metals Co. | 4700 | &nbsp;&nbsp; 344510 |
| Compass Minerals International, Inc.<sup>(b)(c)</sup> | 4197 | &nbsp;&nbsp; 105764 |
| Constellium SE<sup>(b)</sup> | 38566 | &nbsp;&nbsp; 959908 |
| Contango ORE, Inc.<sup>(b)</sup> | 1331 | &nbsp;&nbsp; 40023 |
| Core Molding Technologies, Inc.<sup>(b)</sup> | 2913 | &nbsp;&nbsp; 53162 |
| Critical Metals Corp. (Austria)<sup>(b)(c)</sup> | 8712 | &nbsp;&nbsp; 88427 |
| Dakota Gold Corp.<sup>(b)</sup> | 7715 | &nbsp;&nbsp; 53696 |
| Ecovyst, Inc.<sup>(b)</sup> | 23360 | &nbsp;&nbsp; 263267 |
| Ferroglobe PLC | 38401 | &nbsp;&nbsp; 196229 |
| Flotek Industries, Inc.<sup>(b)(c)</sup> | 4655 | &nbsp;&nbsp; 71454 |
| Friedman Industries, Inc.<sup>(c)</sup> | 2785 | &nbsp;&nbsp; 51829 |
| Greif, Inc., Class A | 3399 | &nbsp;&nbsp; 247005 |
| Greif, Inc., Class B<sup>(c)</sup> | 607 | &nbsp;&nbsp; 53040 |
| H.B. Fuller Co. | 4819 | &nbsp;&nbsp; 316705 |
| Hawkins, Inc.<sup>(c)</sup> | 1579 | &nbsp;&nbsp; 235429 |
| Hecla Mining Co. | 8227 | &nbsp;&nbsp; 204935 |
| Idaho Strategic Resources, Inc.<sup>(b)(c)</sup> | 3199 | &nbsp;&nbsp; 137781 |
| Ingevity Corp.<sup>(b)</sup> | 2187 | &nbsp;&nbsp; 157530 |
| Innospec, Inc. | 2296 | &nbsp;&nbsp; 175828 |
| Ivanhoe Electric, Inc.<sup>(b)(c)</sup> | 7715 | &nbsp;&nbsp; 132621 |

---

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

------

**35**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Kaiser Aluminum Corp.<sup>(c)</sup> | 4899 | &nbsp;&nbsp; $637556 |
| Knife River Corp.<sup>(b)(c)</sup> | 2394 | &nbsp;&nbsp; 213018 |
| Koppers Holdings, Inc. | 5295 | &nbsp;&nbsp; 200151 |
| Kronos Worldwide, Inc. | 3049 | &nbsp;&nbsp; 17715 |
| LSB Industries, Inc.<sup>(b)(c)</sup> | 13756 | &nbsp;&nbsp; 159845 |
| Magnera Corp.<sup>(b)(c)</sup> | 7210 | &nbsp;&nbsp; 93370 |
| Materion Corp. | 2230 | &nbsp;&nbsp; 363624 |
| Mativ Holdings, Inc., Class A | 18940 | &nbsp;&nbsp; 205310 |
| Metallus, Inc.<sup>(b)(c)</sup> | 9478 | &nbsp;&nbsp; 161126 |
| Minerals Technologies, Inc. | 4314 | &nbsp;&nbsp; 304655 |
| Myers Industries, Inc. | 15420 | &nbsp;&nbsp; 344945 |
| NioCorp Developments Ltd.<sup>(b)(c)</sup> | 29951 | &nbsp;&nbsp; 158740 |
| Novagold Resources, Inc. (Canada)<sup>(b)</sup> | 18239 | &nbsp;&nbsp; 242943 |
| O-I Glass, Inc.<sup>(b)(c)</sup> | 41503 | &nbsp;&nbsp; 556140 |
| Orion S.A. (Germany) | 5783 | &nbsp;&nbsp; 32905 |
| Perimeter Solutions, Inc.<sup>(b)</sup> | 10467 | &nbsp;&nbsp; 245765 |
| Perpetua Resources Corp.<sup>(b)</sup> | 6877 | &nbsp;&nbsp; 253486 |
| PureCycle Technologies, Inc.<sup>(b)</sup> | 1596 | &nbsp;&nbsp; 10071 |
| Quaker Chemical Corp.<sup>(c)</sup> | 1626 | &nbsp;&nbsp; 239071 |
| Ramaco Resources, Inc., Class A<sup>(b)(c)</sup> | 16025 | &nbsp;&nbsp; 242619 |
| Ranpak Holdings Corp.<sup>(b)(c)</sup> | 5920 | &nbsp;&nbsp; 30310 |
| Rayonier Advanced Materials, Inc.<sup>(b)(c)</sup> | 18869 | &nbsp;&nbsp; 178689 |
| Ryerson Holding Corp. | 16838 | &nbsp;&nbsp; 440482 |
| Sensient Technologies Corp.<sup>(c)</sup> | 2772 | &nbsp;&nbsp; 281441 |
| SSR Mining, Inc. (Canada)<sup>(b)</sup> | 9941 | &nbsp;&nbsp; 320001 |
| Stepan Co. | 3513 | &nbsp;&nbsp; 178777 |
| SunCoke Energy, Inc.<sup>(c)</sup> | 16174 | &nbsp;&nbsp; 92192 |
| Sylvamo Corp.<sup>(c)</sup> | 3974 | &nbsp;&nbsp; 183996 |
| Titan America S.A. (Belgium)<sup>(b)(c)</sup> | 2539 | &nbsp;&nbsp; 46007 |
| Tredegar Corp.<sup>(b)(c)</sup> | 4973 | &nbsp;&nbsp; 45652 |
| TriMas Corp. | 5686 | &nbsp;&nbsp; 222209 |
| Tronox Holdings PLC, Class A | 13197 | &nbsp;&nbsp; 98714 |
| U.S. Gold Corp.<sup>(b)</sup> | 1151 | &nbsp;&nbsp; 24977 |
| United States Antimony Corp.<sup>(b)(c)</sup> | 33315 | &nbsp;&nbsp; 297836 |
| United States Lime & Minerals, Inc. | 496 | &nbsp;&nbsp; 56623 |
| USA Rare Earth, Inc.<sup>(b)(c)</sup> | 17115 | &nbsp;&nbsp; 323473 |
| Vox Royalty Corp. (Canada) | 9928 | &nbsp;&nbsp; 63837 |
| Warrior Met Coal, Inc.<sup>(c)</sup> | 5087 | &nbsp;&nbsp; 423442 |
| Worthington Steel, Inc. | 6547 | &nbsp;&nbsp; 272093 |
|  |  | &nbsp;&nbsp; 14941405 |
| **Real Estate-4.97%** | **Real Estate-4.97%** | **Real Estate-4.97%** |
| Acadia Realty Trust<sup>(c)</sup> | 7424 | &nbsp;&nbsp; 155310 |
| Alexander & Baldwin, Inc. | 9523 | &nbsp;&nbsp; 197983 |
| Alexander's, Inc.<sup>(c)</sup> | 295 | &nbsp;&nbsp; 69213 |
| Alpine Income Property Trust, Inc. | 2257 | &nbsp;&nbsp; 44508 |
| American Assets Trust, Inc.<sup>(c)</sup> | 7238 | &nbsp;&nbsp; 141286 |
| American Healthcare REIT, Inc.<sup>(c)</sup> | 3396 | &nbsp;&nbsp; 177407 |
| Apple Hospitality REIT, Inc. | 19283 | &nbsp;&nbsp; 236410 |
| Armada Hoffler Properties, Inc.<sup>(c)</sup> | 13416 | &nbsp;&nbsp; 83850 |
| Braemar Hotels & Resorts, Inc. | 16620 | &nbsp;&nbsp; 48364 |
| Brandywine Realty Trust<sup>(c)</sup> | 16275 | &nbsp;&nbsp; 51917 |
| Broadstone Net Lease, Inc.<sup>(c)</sup> | 16027 | &nbsp;&nbsp; 310764 |
| BRT Apartments Corp. | 1360 | &nbsp;&nbsp; 19951 |
| CareTrust REIT, Inc.<sup>(c)</sup> | 3848 | &nbsp;&nbsp; 156306 |
| CBL & Associates Properties, Inc. | 4641 | &nbsp;&nbsp; 175337 |
| Centerspace | 2118 | &nbsp;&nbsp; 133222 |
| Chatham Lodging Trust | 8542 | &nbsp;&nbsp; 65859 |
| Chiron Real Estate, Inc.<sup>(c)</sup> | 2047 | &nbsp;&nbsp; 70888 |
| Community Healthcare Trust, Inc. | 4070 | &nbsp;&nbsp; 69556 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Compass, Inc., Class A<sup>(b)</sup> | 109826 | &nbsp;&nbsp; $1070803 |
| COPT Defense Properties | 7756 | &nbsp;&nbsp; 246486 |
| CTO Realty Growth, Inc. | 4411 | &nbsp;&nbsp; 85926 |
| Curbline Properties Corp.<sup>(c)</sup> | 5972 | &nbsp;&nbsp; 166081 |
| Cushman & Wakefield Ltd.<sup>(b)</sup> | 29438 | &nbsp;&nbsp; 394764 |
| DiamondRock Hospitality Co.<sup>(c)</sup> | 27503 | &nbsp;&nbsp; 276130 |
| Diversified Healthcare Trust | 34472 | &nbsp;&nbsp; 233031 |
| Douglas Elliman, Inc.<sup>(b)(c)</sup> | 25902 | &nbsp;&nbsp; 59057 |
| Douglas Emmett, Inc.<sup>(c)</sup> | 15057 | &nbsp;&nbsp; 148914 |
| Easterly Government Properties, Inc. | 5912 | &nbsp;&nbsp; 137631 |
| Empire State Realty Trust, Inc., Class A<sup>(c)</sup> | 18380 | &nbsp;&nbsp; 108074 |
| Essential Properties Realty Trust, Inc.<sup>(c)</sup> | 4976 | &nbsp;&nbsp; 168885 |
| eXp World Holdings, Inc.<sup>(c)</sup> | 18023 | &nbsp;&nbsp; 125620 |
| Farmland Partners, Inc. | 5892 | &nbsp;&nbsp; 76832 |
| Forestar Group, Inc.<sup>(b)(c)</sup> | 2447 | &nbsp;&nbsp; 70278 |
| Four Corners Property Trust, Inc. | 7346 | &nbsp;&nbsp; 187470 |
| FrontView REIT, Inc.<sup>(c)</sup> | 1766 | &nbsp;&nbsp; 29263 |
| FRP Holdings, Inc.<sup>(b)</sup> | 1135 | &nbsp;&nbsp; 27172 |
| Getty Realty Corp.<sup>(c)</sup> | 5942 | &nbsp;&nbsp; 195016 |
| Gladstone Commercial Corp. | 5494 | &nbsp;&nbsp; 68620 |
| Gladstone Land Corp.<sup>(c)</sup> | 4153 | &nbsp;&nbsp; 50999 |
| Global Net Lease, Inc.<sup>(c)</sup> | 27025 | &nbsp;&nbsp; 254575 |
| Hudson Pacific Properties, Inc.<sup>(b)(c)</sup> | 1562 | &nbsp;&nbsp; 11309 |
| Independence Realty Trust, Inc.<sup>(c)</sup> | 9192 | &nbsp;&nbsp; 152311 |
| Industrial Logistics Properties Trust | 5557 | &nbsp;&nbsp; 32564 |
| Innovative Industrial Properties, Inc.<sup>(c)</sup> | 3802 | &nbsp;&nbsp; 201354 |
| InvenTrust Properties Corp. | 10365 | &nbsp;&nbsp; 323388 |
| JBG SMITH Properties, (Acquired <br> 07/05/2024 - 01/05/2026; <br> Cost $120,179)<sup>(c)(d)</sup><br>| 7395 | &nbsp;&nbsp; 112478 |
| Kennedy-Wilson Holdings, Inc. | 11859 | &nbsp;&nbsp; 129026 |
| Kite Realty Group Trust<sup>(c)</sup> | 7508 | &nbsp;&nbsp; 195583 |
| LTC Properties, Inc.<sup>(c)</sup> | 5607 | &nbsp;&nbsp; 222486 |
| LXP Industrial Trust | 4841 | &nbsp;&nbsp; 239920 |
| Macerich Co. (The) | 8454 | &nbsp;&nbsp; 173053 |
| Marcus & Millichap, Inc. | 2099 | &nbsp;&nbsp; 55435 |
| Modiv Industrial, Inc. | 1746 | &nbsp;&nbsp; 27080 |
| National Health Investors, Inc. | 2828 | &nbsp;&nbsp; 237750 |
| NET Lease Office Properties | 1625 | &nbsp;&nbsp; 22165 |
| NETSTREIT Corp. | 10255 | &nbsp;&nbsp; 212996 |
| Newmark Group, Inc., Class A<sup>(c)</sup> | 16168 | &nbsp;&nbsp; 234759 |
| NexPoint Residential Trust, Inc. | 2500 | &nbsp;&nbsp; 70475 |
| One Liberty Properties, Inc.<sup>(c)</sup> | 2498 | &nbsp;&nbsp; 58678 |
| Outfront Media, Inc. | 12996 | &nbsp;&nbsp; 374415 |
| Peakstone Realty Trust<sup>(c)</sup> | 10353 | &nbsp;&nbsp; 215964 |
| Pebblebrook Hotel Trust<sup>(c)</sup> | 18228 | &nbsp;&nbsp; 233865 |
| Phillips Edison & Co., Inc. | 5111 | &nbsp;&nbsp; 200760 |
| Piedmont Realty Trust, Inc., Class A<sup>(c)</sup> | 18411 | &nbsp;&nbsp; 139739 |
| Postal Realty Trust, Inc., Class A | 4488 | &nbsp;&nbsp; 93036 |
| RE/MAX Holdings, Inc., Class A<sup>(b)</sup> | 3899 | &nbsp;&nbsp; 24525 |
| Real Brokerage, Inc. (The) (Canada)<sup>(b)</sup> | 35617 | &nbsp;&nbsp; 94385 |
| RLJ Lodging Trust<sup>(c)</sup> | 24337 | &nbsp;&nbsp; 195183 |
| RMR Group, Inc. (The), Class A<sup>(c)</sup> | 3590 | &nbsp;&nbsp; 58804 |
| Ryman Hospitality Properties, Inc. | 2048 | &nbsp;&nbsp; 202240 |
| Sabra Health Care REIT, Inc.<sup>(c)</sup> | 11618 | &nbsp;&nbsp; 238750 |
| Safehold, Inc.<sup>(c)</sup> | 6275 | &nbsp;&nbsp; 101279 |
| Saul Centers, Inc. | 2036 | &nbsp;&nbsp; 69387 |
| Service Properties Trust | 33652 | &nbsp;&nbsp; 77400 |
| Sila Realty Trust, Inc.<sup>(c)</sup> | 7300 | &nbsp;&nbsp; 187829 |
| SITE Centers Corp. | 11517 | &nbsp;&nbsp; 70945 |

---

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

------

**36**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| SL Green Realty Corp.<sup>(c)</sup> | 2550 | &nbsp;&nbsp; $93968 |
| SmartStop Self Storage REIT, Inc. | 4011 | &nbsp;&nbsp; 133767 |
| St. Joe Co. (The) | 2441 | &nbsp;&nbsp; 176167 |
| Stratus Properties, Inc.<sup>(b)</sup> | 716 | &nbsp;&nbsp; 21852 |
| Strawberry Fields REIT, Inc. | 2666 | &nbsp;&nbsp; 34125 |
| Summit Hotel Properties, Inc.<sup>(c)</sup> | 23023 | &nbsp;&nbsp; 103834 |
| Sunstone Hotel Investors, Inc.<sup>(c)</sup> | 17076 | &nbsp;&nbsp; 158465 |
| Tanger, Inc. | 6017 | &nbsp;&nbsp; 222990 |
| Tejon Ranch Co.<sup>(b)(c)</sup> | 2487 | &nbsp;&nbsp; 43796 |
| Terreno Realty Corp.<sup>(c)</sup> | 2360 | &nbsp;&nbsp; 155902 |
| Transcontinental Realty Investors, Inc.<sup>(b)</sup> | 328 | &nbsp;&nbsp; 12028 |
| UMH Properties, Inc.<sup>(c)</sup> | 7066 | &nbsp;&nbsp; 106555 |
| Universal Health Realty Income Trust | 2261 | &nbsp;&nbsp; 98625 |
| Urban Edge Properties | 9428 | &nbsp;&nbsp; 200345 |
| Veris Residential, Inc. | 6211 | &nbsp;&nbsp; 117077 |
| Whitestone REIT | 7170 | &nbsp;&nbsp; 108912 |
| Xenia Hotels & Resorts, Inc.<sup>(c)</sup> | 15188 | &nbsp;&nbsp; 232073 |
|  |  | &nbsp;&nbsp; 13701555 |
| **Utilities-2.37%** | **Utilities-2.37%** | **Utilities-2.37%** |
| American States Water Co. | 2865 | &nbsp;&nbsp; 213528 |
| Avista Corp. | 9670 | &nbsp;&nbsp; 392795 |
| Black Hills Corp. | 4575 | &nbsp;&nbsp; 336994 |
| Brookfield Infrastructure Corp. (Canada) | 8203 | &nbsp;&nbsp; 409166 |
| Cadiz, Inc.<sup>(b)(c)</sup> | 4444 | &nbsp;&nbsp; 23109 |
| California Water Service Group | 6359 | &nbsp;&nbsp; 286664 |
| Chesapeake Utilities Corp.<sup>(c)</sup> | 1908 | &nbsp;&nbsp; 259431 |
| Consolidated Water Co. Ltd. | 3475 | &nbsp;&nbsp; 131529 |
| Genie Energy Ltd., Class B | 5559 | &nbsp;&nbsp; 80772 |
| H2O America<sup>(c)</sup> | 4528 | &nbsp;&nbsp; 243561 |
| Hallador Energy Co.<sup>(b)(c)</sup> | 2864 | &nbsp;&nbsp; 52067 |
| Hawaiian Electric Industries, Inc.<sup>(b)(c)</sup> | 10936 | &nbsp;&nbsp; 169399 |
| MGE Energy, Inc. | 2549 | &nbsp;&nbsp; 209069 |
| Middlesex Water Co.<sup>(c)</sup> | 2414 | &nbsp;&nbsp; 130356 |
| Montauk Renewables, Inc.<sup>(b)(c)</sup> | 8599 | &nbsp;&nbsp; 13242 |
| New Jersey Resources Corp. | 5892 | &nbsp;&nbsp; 319582 |
| Northwest Natural Holding Co. | 7042 | &nbsp;&nbsp; 373508 |
| NorthWestern Energy Group, Inc. | 4888 | &nbsp;&nbsp; 341964 |
| Oklo, Inc.<sup>(b)(c)</sup> | 1107 | &nbsp;&nbsp; 69686 |
| ONE Gas, Inc. | 3518 | &nbsp;&nbsp; 307614 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| Ormat Technologies, Inc. | 2136 | &nbsp;&nbsp; $221503 |
| Otter Tail Corp.<sup>(c)</sup> | 4069 | &nbsp;&nbsp; 346272 |
| Portland General Electric Co.<sup>(c)</sup> | 6411 | &nbsp;&nbsp; 345938 |
| Pure Cycle Corp.<sup>(b)(c)</sup> | 2487 | &nbsp;&nbsp; 26288 |
| RGC Resources, Inc. | 1813 | &nbsp;&nbsp; 39995 |
| Southwest Gas Holdings, Inc. | 4076 | &nbsp;&nbsp; 359381 |
| Spire, Inc.<sup>(c)</sup> | 3998 | &nbsp;&nbsp; 366257 |
| TXNM Energy, Inc. | 3872 | &nbsp;&nbsp; 228525 |
| Unitil Corp.<sup>(c)</sup> | 3341 | &nbsp;&nbsp; 174768 |
| York Water Co. (The) | 2138 | &nbsp;&nbsp; 70297 |
|  |  | &nbsp;&nbsp; 6543260 |
| Total Common Stocks & Other Equity Interests <br>(Cost $236,341,097) | Total Common Stocks & Other Equity Interests <br>(Cost $236,341,097) | &nbsp;&nbsp; 274882683 |
| **Money Market Funds-0.13%** | **Money Market Funds-0.13%** | **Money Market Funds-0.13%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(f)(h)</sup> <br>(Cost $369,439)<br>| 369439 | &nbsp;&nbsp; 369439 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.86% <br>(Cost $236,710,536) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.86% <br>(Cost $236,710,536) | &nbsp;&nbsp; 275252122 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-33.42%** | **Money Market Funds-33.42%** | **Money Market Funds-33.42%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(f)(h)(i)</sup><br>| 25469375 | &nbsp;&nbsp; 25469375 |
| Invesco Private Prime Fund, 3.81%<sup>(f)(h)(i)</sup> | 66626945 | &nbsp;&nbsp; 66646933 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $92,116,436) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $92,116,436) | &nbsp;&nbsp; 92116308 |
| TOTAL INVESTMENTS IN SECURITIES-133.28% <br>(Cost $328,826,972) | TOTAL INVESTMENTS IN SECURITIES-133.28% <br>(Cost $328,826,972) | &nbsp;&nbsp; 367368430 |
| OTHER ASSETS LESS LIABILITIES-(33.28)% | OTHER ASSETS LESS LIABILITIES-(33.28)% | &nbsp;&nbsp; (91740188)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $275628242 |

---

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

---

| | |
|:---|:---|
| 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> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <sup>(d)</sup> | Restricted security. The aggregate value of these securities at February 28, 2026 was $236,911, which represented less than 1% of the Fund's Net Assets. |
| <sup>(e)</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 value of this security at February 28, <br> 2026 represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(f)</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 six months ended February 28, 2026.<br>|

---

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

------

**37**

------

**Invesco Russell 2000**<sup>®</sup> **Dynamic Multifactor ETF (OMFS)—(continued)**

February 28, 2026

*(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>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Mortgage <br> Capital, Inc.<br>| &nbsp;&nbsp; $45559 | &nbsp;&nbsp; $137107 | &nbsp;&nbsp; $(4267)<br>| &nbsp;&nbsp; $12518 | &nbsp;&nbsp; $545 | &nbsp;&nbsp; $191462 | &nbsp;&nbsp; $15699 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 111299 | &nbsp;&nbsp; 5927327 | &nbsp;&nbsp; (5669187)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 369439 | &nbsp;&nbsp; 4455 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 16927485 | &nbsp;&nbsp; 48905438 | &nbsp;&nbsp; (40363548)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 25469375 | &nbsp;&nbsp; 418,550<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 43996033 | &nbsp;&nbsp; 98460580 | &nbsp;&nbsp; (75809686)<br>| &nbsp;&nbsp; (3564)<br>| &nbsp;&nbsp; 3570 | &nbsp;&nbsp; 66646933 | &nbsp;&nbsp; 1,129,632<br> \*<br>|
| Total | &nbsp;&nbsp; $61080376 | &nbsp;&nbsp; $153430452 | &nbsp;&nbsp; $(121846688)<br>| &nbsp;&nbsp; $8954 | &nbsp;&nbsp; $4115 | &nbsp;&nbsp; $92677209 | &nbsp;&nbsp; $1568336 |

---

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

<sup>(g)</sup> Security valued using significant unobservable inputs (Level 3). See Note 4.

<sup>(h)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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. See Note 2J. 

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

------

**38**

------

**Statements of Assets and Liabilities**

February 28, 2026

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco International** <br>**Developed Dynamic** <br>**Multifactor** <br>**ETF (IMFL)**<br>| **Invesco Russell** <br>**1000**<sup>®</sup> **Dynamic** <br>**Multifactor** <br>**ETF (OMFL)**<br>| **Invesco Russell** <br>**2000**<sup>®</sup> **Dynamic** <br>**Multifactor** <br>**ETF (OMFS)**<br>|
| **Assets:** |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $976280891 | &nbsp;&nbsp;&nbsp; $4420505703 | &nbsp;&nbsp;&nbsp; $274691221 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 61137703 | &nbsp;&nbsp;&nbsp; 244717462 | &nbsp;&nbsp;&nbsp; 92677209 |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1559 |
| Due from broker | &nbsp;&nbsp; 2906 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 878 |
| Deposits with brokers: |  |  |  |
| Cash segregated as collateral | &nbsp;&nbsp; 1014188 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |
| Dividends | &nbsp;&nbsp; 1640270 | &nbsp;&nbsp;&nbsp; 4184643 | &nbsp;&nbsp;&nbsp; 172571 |
| Securities lending | &nbsp;&nbsp; 10390 | &nbsp;&nbsp;&nbsp; 23100 | &nbsp;&nbsp;&nbsp; 18461 |
| Investments sold | &nbsp;&nbsp; 2923 | &nbsp;&nbsp;&nbsp; 6833778 | &nbsp;&nbsp;&nbsp; 318290 |
| Fund shares sold | &nbsp;&nbsp; 965893 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; 624237 | &nbsp;&nbsp;&nbsp; 2818 | &nbsp;&nbsp;&nbsp; 34 |
| **Total assets** | &nbsp;&nbsp; 1041679401 | &nbsp;&nbsp;&nbsp; 4676267504 | &nbsp;&nbsp;&nbsp; 367880223 |
| **Liabilities:** |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 906993 | &nbsp;&nbsp;&nbsp; - |
| Due to foreign custodian | &nbsp;&nbsp; 23702 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1867 | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |
| Investments purchased | &nbsp;&nbsp; 965941 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 52522 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 60639436 | &nbsp;&nbsp;&nbsp; 241845432 | &nbsp;&nbsp;&nbsp; 92116436 |
| Collateral upon receipt of securities in-kind | &nbsp;&nbsp; 1014188 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares repurchased | &nbsp;&nbsp; 2923 | &nbsp;&nbsp;&nbsp; 6930758 | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; 209578 | &nbsp;&nbsp;&nbsp; 1013167 | &nbsp;&nbsp;&nbsp; 83023 |
| **Total liabilities** | &nbsp;&nbsp; 62855768 | &nbsp;&nbsp;&nbsp; 250698217 | &nbsp;&nbsp;&nbsp; 92251981 |
| **Net Assets** | &nbsp;&nbsp; $978823633 | &nbsp;&nbsp;&nbsp; $4425569287 | &nbsp;&nbsp;&nbsp; $275628242 |
| **Net assets consist of:** |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $775139082 | &nbsp;&nbsp;&nbsp; $4465531390 | &nbsp;&nbsp;&nbsp; $364197159 |
| Distributable earnings (loss) | &nbsp;&nbsp; 203684551 | &nbsp;&nbsp;&nbsp; (39962103)<br>| &nbsp;&nbsp;&nbsp; (88568917)<br>|
| **Net Assets** | &nbsp;&nbsp; $978823633 | &nbsp;&nbsp;&nbsp; $4425569287 | &nbsp;&nbsp;&nbsp; $275628242 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 28100001 | &nbsp;&nbsp;&nbsp; 70240001 | &nbsp;&nbsp;&nbsp; 5790001 |
| Net asset value | &nbsp;&nbsp; $34.83 | &nbsp;&nbsp;&nbsp; $63.01 | &nbsp;&nbsp;&nbsp; $47.60 |
| Market price | &nbsp;&nbsp; $34.73 | &nbsp;&nbsp;&nbsp; $63.00 | &nbsp;&nbsp;&nbsp; $47.61 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $807529419 | &nbsp;&nbsp;&nbsp; $3956794699 | &nbsp;&nbsp;&nbsp; $236162126 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $61137703 | &nbsp;&nbsp;&nbsp; $244479109 | &nbsp;&nbsp;&nbsp; $92664846 |
| Foreign currencies (due to foreign custodian), at cost | &nbsp;&nbsp; $(23756)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $54235893 | &nbsp;&nbsp;&nbsp; $233305993 | &nbsp;&nbsp;&nbsp; $88307052 |

---

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

------

**39**

------

**Statements of Operations**

For the six months ended February 28, 2026

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco International** <br>**Developed Dynamic** <br>**Multifactor** <br>**ETF (IMFL)**<br>| **Invesco Russell** <br>**1000**<sup>®</sup> **Dynamic** <br>**Multifactor** <br>**ETF (OMFL)**<br>| **Invesco Russell** <br>**2000**<sup>®</sup> **Dynamic** <br>**Multifactor** <br>**ETF (OMFS)**<br>|
| **Investment income:** |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $6120615 | &nbsp;&nbsp;&nbsp; $28601117 | &nbsp;&nbsp;&nbsp; $2003287 |
| Affiliated dividend income | &nbsp;&nbsp; 23367 | &nbsp;&nbsp;&nbsp; 69197 | &nbsp;&nbsp;&nbsp; 20154 |
| Non-cash dividend income | &nbsp;&nbsp; 368156 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Securities lending income, net | &nbsp;&nbsp; 59319 | &nbsp;&nbsp;&nbsp; 131992 | &nbsp;&nbsp;&nbsp; 159013 |
| Foreign withholding tax | &nbsp;&nbsp; (578341)<br>| &nbsp;&nbsp;&nbsp; (22074)<br>| &nbsp;&nbsp;&nbsp; (2819)<br>|
| Total investment income | &nbsp;&nbsp; 5993116 | &nbsp;&nbsp;&nbsp; 28780232 | &nbsp;&nbsp;&nbsp; 2179635 |
| **Expenses:** |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 1128151 | &nbsp;&nbsp;&nbsp; 6920309 | &nbsp;&nbsp;&nbsp; 507307 |
| Less: Waivers | &nbsp;&nbsp; (615)<br>| &nbsp;&nbsp;&nbsp; (599)<br>| &nbsp;&nbsp;&nbsp; (115)<br>|
| Net expenses | &nbsp;&nbsp; 1127536 | &nbsp;&nbsp;&nbsp; 6919710 | &nbsp;&nbsp;&nbsp; 507192 |
| Net investment income | &nbsp;&nbsp; 4865580 | &nbsp;&nbsp;&nbsp; 21860522 | &nbsp;&nbsp;&nbsp; 1672443 |
| **Realized and unrealized gain (loss) from:** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 72725674 | &nbsp;&nbsp;&nbsp; (16580973)<br>| &nbsp;&nbsp;&nbsp; (5057743)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp; 2812 | &nbsp;&nbsp;&nbsp; 3570 |
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 7527187 | &nbsp;&nbsp;&nbsp; 451335108 | &nbsp;&nbsp;&nbsp; 27506757 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 55657 | &nbsp;&nbsp;&nbsp; 545 |
| Foreign currencies | &nbsp;&nbsp; (90749)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net realized gain | &nbsp;&nbsp; 80162033 | &nbsp;&nbsp;&nbsp; 434812604 | &nbsp;&nbsp;&nbsp; 22453129 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 93010051 | &nbsp;&nbsp;&nbsp; (150024902)<br>| &nbsp;&nbsp;&nbsp; 3086910 |
| Affiliated investment securities | &nbsp;&nbsp; (191)<br>| &nbsp;&nbsp;&nbsp; 236048 | &nbsp;&nbsp;&nbsp; 8954 |
| Foreign currencies | &nbsp;&nbsp; 11160 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 93021020 | &nbsp;&nbsp;&nbsp; (149788854)<br>| &nbsp;&nbsp;&nbsp; 3095864 |
| Net realized and unrealized gain | &nbsp;&nbsp; 173183053 | &nbsp;&nbsp;&nbsp; 285023750 | &nbsp;&nbsp;&nbsp; 25548993 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $178048633 | &nbsp;&nbsp;&nbsp; $306884272 | &nbsp;&nbsp;&nbsp; $27221436 |

---

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

------

**40**

------

**Statements of Changes in Net Assets**

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco International** <br>**Developed Dynamic** <br>**Multifactor ETF (IMFL)** | **Invesco International** <br>**Developed Dynamic** <br>**Multifactor ETF (IMFL)** | **Invesco Russell 1000**<sup>®</sup> **Dynamic** <br>**Multifactor ETF (OMFL)** | **Invesco Russell 1000**<sup>®</sup> **Dynamic** <br>**Multifactor ETF (OMFL)** | **Invesco Russell 2000**<sup>®</sup> **Dynamic** <br>**Multifactor ETF (OMFS)** | **Invesco Russell 2000**<sup>®</sup> **Dynamic** <br>**Multifactor ETF (OMFS)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |  |  |
| Net investment income | $4865580 | $10479986 | $21860522 | $37131215 | $1672443 | $2624835 |
| Net realized gain (loss) | 80162033 | (19783336)<br>| 434812604 | 98504113 | 22453129 | 19184853 |
| Change in net unrealized appreciation <br> (depreciation)<br>| 93021020 | 54723613 | (149788854)<br>| 538309735 | 3095864 | 5152651 |
| Net increase in net assets resulting from <br> operations<br>| 178048633 | 45420263 | 306884272 | 673945063 | 27221436 | 26962339 |
| **Distributions to Shareholders from:** |  |  |  |  |  |  |
| Distributable earnings | (10730306)<br>| (13915675)<br>| (20876487)<br>| (37050567)<br>| (1383006)<br>| (3381622)<br>|
| **Shareholder Transactions:** |  |  |  |  |  |  |
| Proceeds from shares sold | 282400266 | 123345376 | 1447732453 | 436736133 | 87797310 | 80853962 |
| Value of shares repurchased | (42312228)<br>| (50412110)<br>| (2287672442)<br>| (1421327852)<br>| (90637084)<br>| (130369960)<br>|
| Net increase (decrease) in net assets <br> resulting from share transactions<br>| 240088038 | 72933266 | (839939989)<br>| (984591719)<br>| (2839774)<br>| (49515998)<br>|
| Net increase (decrease) in net assets | 407406365 | 104437854 | (553932204)<br>| (347697223)<br>| 22998656 | (25935281)<br>|
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 571417268 | 466979414 | 4979501491 | 5327198714 | 252629586 | 278564867 |
| End of period | $978823633 | $571417268 | $4425569287 | $4979501491 | $275628242 | $252629586 |
| **Changes in Shares Outstanding:** |  |  |  |  |  |  |
| Shares sold | 8750000 | 4900000 | 24160000 | 8170000 | 2030000 | 2030000 |
| Shares repurchased | (1400000)<br>| (1950000)<br>| (37920000)<br>| (26150000)<br>| (2090000)<br>| (3290000)<br>|
| Shares outstanding, beginning of period | 20750001 | 17800001 | 84000001 | 101980001 | 5850001 | 7110001 |
| Shares outstanding, end of period | 28100001 | 20750001 | 70240001 | 84000001 | 5790001 | 5850001 |

---

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**41**

------

**Financial Highlights**

Invesco International Developed Dynamic Multifactor ETF (IMFL)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **For the Period** <br>**February 22, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the Period** <br>**February 22, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $27.54 | &nbsp;&nbsp;&nbsp; $26.23 | &nbsp;&nbsp;&nbsp; $24.08 | &nbsp;&nbsp;&nbsp; $19.95 | &nbsp;&nbsp;&nbsp; $27.05 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp; (6.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.81 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp; (5.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $34.83 | &nbsp;&nbsp;&nbsp; $27.54 | &nbsp;&nbsp;&nbsp; $26.23 | &nbsp;&nbsp;&nbsp; $24.08 | &nbsp;&nbsp;&nbsp; $19.95 | &nbsp;&nbsp;&nbsp; $27.05 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $34.73 | &nbsp;&nbsp;&nbsp; $27.53 | &nbsp;&nbsp;&nbsp; $26.17 | &nbsp;&nbsp;&nbsp; $24.09 | &nbsp;&nbsp;&nbsp; $19.75 | &nbsp;&nbsp;&nbsp; $27.16 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 28.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.43<br> %<br>| &nbsp;&nbsp;&nbsp; (22.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.37 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 28.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.74<br> %<br>| &nbsp;&nbsp;&nbsp; (23.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.81 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $978824 | &nbsp;&nbsp;&nbsp; $571417 | &nbsp;&nbsp;&nbsp; $466979 | &nbsp;&nbsp;&nbsp; $237152 | &nbsp;&nbsp;&nbsp; $103717 | &nbsp;&nbsp;&nbsp; $135253 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.34 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.76 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp; 156<br> %<br>| &nbsp;&nbsp;&nbsp; 341<br> %<br>| &nbsp;&nbsp;&nbsp; 337<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>|

---

<sup>(a)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(e)</sup> The net asset value total return from Fund Inception (February 24, 2021, the first day of trading on the exchange) to August 31, 2021 was 9.41%. The market price total return from Fund Inception to August 31, 2021 was 7.90%.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**42**

------

**Financial Highlights—(continued)**

Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF (OMFL)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $59.28 | &nbsp;&nbsp;&nbsp; $52.24 | &nbsp;&nbsp;&nbsp; $48.96 | &nbsp;&nbsp;&nbsp; $42.19 | &nbsp;&nbsp;&nbsp; $48.24 | &nbsp;&nbsp;&nbsp; $32.22 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;6.76 | &nbsp;&nbsp;&nbsp; (6.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.10 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;7.52 | &nbsp;&nbsp;&nbsp; (5.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.62 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $63.01 | &nbsp;&nbsp;&nbsp; $59.28 | &nbsp;&nbsp;&nbsp; $52.24 | &nbsp;&nbsp;&nbsp; $48.96 | &nbsp;&nbsp;&nbsp; $42.19 | &nbsp;&nbsp;&nbsp; $48.24 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $63.00 | &nbsp;&nbsp;&nbsp; $59.24 | &nbsp;&nbsp;&nbsp; $52.22 | &nbsp;&nbsp;&nbsp; $48.96 | &nbsp;&nbsp;&nbsp; $42.24 | &nbsp;&nbsp;&nbsp; $48.24 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.05<br> %<br>| &nbsp;&nbsp;&nbsp; (11.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52.12<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.91<br> %<br>| &nbsp;&nbsp;&nbsp; (11.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.93<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $4425569 | &nbsp;&nbsp;&nbsp; $4979501 | &nbsp;&nbsp;&nbsp; $5327199 | &nbsp;&nbsp;&nbsp; $4774410 | &nbsp;&nbsp;&nbsp; $1957279 | &nbsp;&nbsp;&nbsp; $1704452 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 267<br> %<br>| &nbsp;&nbsp;&nbsp; 350<br> %<br>| &nbsp;&nbsp;&nbsp; 336<br> %<br>| &nbsp;&nbsp;&nbsp; 126<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**43**

------

**Financial Highlights—(continued)**

Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF (OMFS)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $43.18 | &nbsp;&nbsp;&nbsp; $39.18 | &nbsp;&nbsp;&nbsp; $36.20 | &nbsp;&nbsp;&nbsp; $34.67 | &nbsp;&nbsp;&nbsp; $40.51 | &nbsp;&nbsp;&nbsp; $24.92 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp; (5.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.59 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp; (5.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.90 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $47.60 | &nbsp;&nbsp;&nbsp; $43.18 | &nbsp;&nbsp;&nbsp; $39.18 | &nbsp;&nbsp;&nbsp; $36.20 | &nbsp;&nbsp;&nbsp; $34.67 | &nbsp;&nbsp;&nbsp; $40.51 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $47.61 | &nbsp;&nbsp;&nbsp; $43.18 | &nbsp;&nbsp;&nbsp; $39.18 | &nbsp;&nbsp;&nbsp; $36.28 | &nbsp;&nbsp;&nbsp; $34.68 | &nbsp;&nbsp;&nbsp; $40.50 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.31<br> %<br>| &nbsp;&nbsp;&nbsp; (13.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64.12<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.51<br> %<br>| &nbsp;&nbsp;&nbsp; (13.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.95<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $275628 | &nbsp;&nbsp;&nbsp; $252630 | &nbsp;&nbsp;&nbsp; $278565 | &nbsp;&nbsp;&nbsp; $352627 | &nbsp;&nbsp;&nbsp; $144553 | &nbsp;&nbsp;&nbsp; $130035 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.29 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp; 271<br> %<br>| &nbsp;&nbsp;&nbsp; 336<br> %<br>| &nbsp;&nbsp;&nbsp; 265<br> %<br>| &nbsp;&nbsp;&nbsp; 127<br> %<br>|

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Market price total return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Total investment returns calculated for a period of less than one year are not annualized. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. 

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

------

**44**

------

**Notes to Financial Statements**

Invesco Exchange-Traded Self-Indexed Fund Trust

February 28, 2026

*(Unaudited)*

**NOTE 1—Organization**

Invesco Exchange-Traded Self-Indexed Fund Trust (the "Trust") was organized as a Delaware statutory trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolios:

---

| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco International Developed Dynamic Multifactor ETF (IMFL) | "International Developed Dynamic Multifactor ETF" |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF (OMFL) | "Russell 1000<sup>®</sup> Dynamic Multifactor ETF" |
| Invesco Russell 2000<sup>®</sup> Dynamic Multifactor ETF (OMFS) | "Russell 2000<sup>®</sup> Dynamic Multifactor ETF" |

---

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on the Cboe BZX Exchange, Inc.

The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in each Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each Fund reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Except when aggregated in Creation Units by authorized participants ("APs"), the Shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to seek to track the investment results (before fees and expenses) of its respective index listed below (each, an "Underlying Index"):

---

| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| International Developed Dynamic Multifactor ETF | FTSE Developed ex US Invesco Dynamic Multifactor Index |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | Russell 1000<sup>®</sup> Invesco Dynamic Multifactor Index |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | Russell 2000<sup>®</sup> Invesco Dynamic Multifactor Index |

---

**NOTE 2—Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services—Investment Companies.*

**A.** **Security Valuation** - Securities, including restricted securities, are valued according to the following policies:

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller,

------

**45**

------

odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer-specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.

Valuations change in response to many factors, including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in

------

**46**

------

the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

The Funds may periodically participate in litigation related to a Fund's investments. As such, the Funds may receive proceeds from litigation settlements. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund's NAV and, accordingly, they reduce a Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

**C.** **Country Determination** - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether each Fund's Underlying Index has made a country determination and may include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Dividends and Distributions to Shareholders** - Each Fund declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund's financial statements as a tax return of capital at fiscal year-end.

**E.** **Federal Income Taxes** - Each Fund intends to comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and to distribute substantially all of the Fund's taxable earnings to its shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized gains) that is distributed to the shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing book and tax treatments for in-kind transactions, losses deferred due to wash sales, and passive foreign investment company adjustments, if any.

The Funds file U.S. federal tax returns and tax returns in certain other jurisdictions. Generally, a Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Funds' financial statements.

**F.** **Expenses** - Each Fund has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses

------

**47**

------

(except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

Expenses of the Trust that are excluded from a Fund's unitary management fee and are directly identifiable to a specific Fund are applied to that Fund. Expenses of the Trust that are excluded from a Fund's unitary management fee and are not readily identifiable to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of each Fund.

To the extent a Fund invests in other investment companies, the expenses shown in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the investment companies in which it invests. The effects of such investment companies' expenses are included in the realized and unrealized gain or loss on the investments in the investment companies.

**G.** **Accounting Estimates** - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Board member who is not an "interested person" (as defined in the 1940 Act) of the Trust or the Adviser (each, an "Independent Trustee") is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.

**J.** **Securities Lending** - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNY") also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended February 28, 2026, each Fund (except for International Developed Dynamic Multifactor ETF)

------

**48**

------

had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in *Securities lending income, net* on the Statements of Operations, were incurred by each applicable Fund as listed below:

---

| | |
|:---|:---|
|  | **Amount** |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | $8455 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | 10131 |

---

**K.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

**L.** **Other Risks**

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Currency Risk*. Because each Fund's NAV is determined in U.S. dollars, a Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may

------

**49**

------

depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

*Foreign Investment Risk*. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which the Fund could lose its entire investment in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or is subject to sanctions.

*Geographic Concentration Risk*. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries or regions may therefore have a significant negative impact on a Fund's investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund's investments in the affected region.

*Index Risk*. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index's rebalance schedule will result in corresponding changes to each Fund's rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*Industry Concentration Risk*. In following its methodology, each Fund's Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or

------

**50**

------

viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Market Risk*. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Momentum Investing Risk*. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

*Non-Correlation Risk*. Each Fund's return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund's portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

*Portfolio Turnover Risk*. International Developed Dynamic Multifactor ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund's shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

*Small-Capitalization Companies Risk*. Investing in securities of small-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile than those of more established companies. Stocks of small-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, may have more limited product lines and markets, may have less experienced management, may depend on a small number of essential personnel and may have fewer financial resources than larger companies. Securities of small-capitalization companies may be more thinly traded (that is, less liquid) than those of more established companies, making it more difficult for a Fund to buy and sell them at an acceptable price and a desirable time. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small-capitalization companies and the industries in which they focus are still evolving, and, as a result, they may be more sensitive to changing market conditions.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

---

| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>|
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|

---

------

**51**

------

Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2026, the Adviser waived fees for each Fund in the following amounts:

---

| | |
|:---|:---|
| International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; $615 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; 599 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; 115 |

---

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a "Licensor"):

---

| | |
|:---|:---|
| **Fund** | **Licensor** |
| International Developed Dynamic Multifactor ETF | FTSE International Ltd. |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | Frank Russell Company |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | Frank Russell Company |

---

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNY, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended February 28, 2026, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

---

| | |
|:---|:---|
| International Developed Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; $90800 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; 233017 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp;&nbsp; 44047 |

---

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption *Investments sold - affiliated broker* and/or payable caption *Investments purchased - affiliated broker*.

**NOTE 4—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 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 the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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

------

**52**

------

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** |
| International Developed Dynamic Multifactor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $47562200 | &nbsp;&nbsp; $928718691 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $976280891 |
| Money Market Funds | &nbsp;&nbsp; 498267 | &nbsp;&nbsp; 60639436 | &nbsp;&nbsp; - | &nbsp;&nbsp; 61137703 |
| **Total Investments** | &nbsp;&nbsp; $48060467 | &nbsp;&nbsp; $989358127 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1037418594 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $4423377733 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4423377733 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 241845432 | &nbsp;&nbsp; - | &nbsp;&nbsp; 241845432 |
| **Total Investments** | &nbsp;&nbsp; $4423377733 | &nbsp;&nbsp; $241845432 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4665223165 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $274777635 | &nbsp;&nbsp; $105048 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $274882683 |
| Money Market Funds | &nbsp;&nbsp; 369439 | &nbsp;&nbsp; 92116308 | &nbsp;&nbsp; - | &nbsp;&nbsp; 92485747 |
| **Total Investments** | &nbsp;&nbsp; $275147074 | &nbsp;&nbsp; $92221356 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $367368430 |

---

**NOTE 5—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| International Developed Dynamic Multifactor ETF | &nbsp;&nbsp; $37326604 | &nbsp;&nbsp; $956659 | &nbsp;&nbsp; $38283263 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 944972248 | &nbsp;&nbsp; - | &nbsp;&nbsp; 944972248 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 149163301 | &nbsp;&nbsp; 819787 | &nbsp;&nbsp; 149983088 |

---

\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

**NOTE 6—Investment Transactions**

For the six months ended February 28, 2026, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| International Developed Dynamic Multifactor ETF | &nbsp;&nbsp; $741745350 | &nbsp;&nbsp; $713102743 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 2710891763 | &nbsp;&nbsp; 2734983692 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 166352345 | &nbsp;&nbsp; 168357398 |

---

For the six months ended February 28, 2026, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| International Developed Dynamic Multifactor ETF | &nbsp;&nbsp; $241535847 | &nbsp;&nbsp; $36889613 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 1430770975 | &nbsp;&nbsp; 2245049004 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 87623720 | &nbsp;&nbsp; 88529969 |

---

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

------

**53**

------

As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation**<br>| **Cost** |
| International Developed Dynamic Multifactor ETF | &nbsp;&nbsp; $175906795 | &nbsp;&nbsp; $(14922719)<br>| &nbsp;&nbsp; $160984076 | &nbsp;&nbsp; $876434518 |
| Russell 1000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 669241813 | &nbsp;&nbsp; (205750774)<br>| &nbsp;&nbsp; 463491039 | &nbsp;&nbsp; 4201732126 |
| Russell 2000<sup>®</sup> Dynamic Multifactor ETF | &nbsp;&nbsp; 51034681 | &nbsp;&nbsp; (12787846)<br>| &nbsp;&nbsp; 38246835 | &nbsp;&nbsp; 329121595 |

---

**NOTE 7—Trustees' and Officer's Fees**

The Adviser, as a result of each Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 8—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.

------

**54**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

------

**55**

------

**©2026 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SIEII-NCSRS

invesco.com/ETFs

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

------

Item 16. Controls and Procedures.

(a) Based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Invesco Exchange-Traded Self-Indexed Fund Trust</u>

By: <u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Brian Hartigan

Title:Principal Executive Officer

Date: May 4, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: <u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>..</u>

Name:Brian Hartigan

Title:Principal Executive Officer

Date: May 4, 2026

By: <u>/s/ Kelli Gallegos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>_ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Name:Kelli Gallegos

Title:Principal Financial Officer

Date:May 4, 2026

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report of Invesco Exchange-Traded Self-Indexed Fund Trust (the "Registrant") on Form N-CSR for the period ended February 28, 2026 (the "Report"), each of the undersigned officers of the Registrant hereby certifies, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his/her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: May 4, 2026

<u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name:Brian Hartigan

Title: Principal Executive Officer

Dated: May 4, 2026

&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Kelli Gallegos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Kelli Gallegos

Title: Principal Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Brian Hartigan, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded Self-Indexed Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>May 4, 2026</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Brian Hartigan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brian Hartigan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Kelli Gallegos, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded Self-Indexed Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:<u>May 4, 2026</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Kelli Gallegos</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelli Gallegos

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

------